News

AcquisitionsAssisted LivingFinanceNewsTennessee

CBRE Arranges $32.2M Acquisition Financing for Two Vitality Communities in Metro Nashville

by Jeff Shaw

FRANKLIN and HENDERSONVILLE, Tenn. — CBRE has arranged $32.2 million in financing for the acquisition of Vitality Living Franklin and Vitality Living Hendersonville, both located in high-growth suburbs of Nashville. The borrowers were Winterpast Capital Partners (WCP), Scribner Capital and its institutional partner, and Broadview Real Estate Partners. Vitality Living, WCP’s wholly owned operating platform, will manage the communities under a traditional third-party agreement. The portfolio consists of 256 assisted living and memory care units. Aron Will, Tim Root and Michael Cregan of CBRE National Senior Housing, arranged the financing, …

Continue Reading
0 FacebookTwitterLinkedinEmail
FeaturesInvestmentNews

Investor Survey: Seniors Housing Cap Rates on the Rise, Likely to Continue

by Jeff Shaw

DALLAS — The Seniors Housing & Care Investor Survey, conducted each year by Dallas-based CBRE Research, shows that capitalization rates are on the rise, and many expect that trend to continue. The survey focuses on rapidly changing market conditions due to inflation, staffing shortages and rising interest rates. CBRE’s methodology and pool of respondents was not disclosed with the survey results. The average seniors housing capitalization rate increased by 26 basis points year over year, and survey respondents view assets with the lowest cap rates as those most negatively impacted …

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsAssisted LivingIllinoisNews

SLIB Brokers Sale of 73-Unit The Legacy & Evergreen Place in Chillicothe, Illinois

by Jeff Shaw

CHILLICOTHE, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Legacy & Evergreen Place, a 73-unit assisted living and memory care community in Chillicothe, located along Goose Lake approximately 140 miles southwest of Chicago. The asset was part of a larger portfolio of skilled nursing facilities. The seller of this building, which is buying the remaining portfolio, elected to carve out this asset because the company specializes in skilled nursing. The buyer is a Midwest-based owner that built the community in 2015 and was looking to …

Continue Reading
0 FacebookTwitterLinkedinEmail
FinanceNews

HJ Sims Advises $10.6M Permanent Financing for Community in the Southwest

by Jeff Shaw

FAIRFIELD, Conn. — HJ Sims, a Fairfield-based investment bank and wealth management firm, acted as financial advisor in securing a $10.6 million life insurance company loan. The transaction marks a unique conclusion to a two-year plan with a returning client for the refinance of an assisted living and memory care community in the Southwest. The borrower is a regional owner-operator that currently manages a portfolio of 19 communities in the West. The borrower partnered with Sims in 2021 to close on the acquisition of the value-add, pre-stabilized community. Since the …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingDevelopmentFloridaNews

Wendover Housing Partners Nears Completion of 84-Unit Rochester Park in Brooksville, Florida

by Jeff Shaw

BROOKSVILLE, Fla. — Wendover Housing Partners has started accepting applications for residents at Rochester Park, an affordable seniors housing community in Brooksville, approximately 45 miles north of Tampa. This Hernando County community, designed for residents age 55 and older, will expand Wendover’s footprint on the west coast of Florida. Rochester Park is an 84-unit affordable community with one- and two-bedroom units. Rent will start at $885 per month for one-bedroom units and $1,047 per month for two-bedroom units. “According to the National Low Income Housing Coalition 2023 Gap Report, there …

Continue Reading
0 FacebookTwitterLinkedinEmail
FeaturesNews

NIC: Occupancy Rose 60 Basis Points in Second Quarter for Eighth Consecutive Increase

by Jeff Shaw

ANNAPOLIS, Md. — The occupancy rate for private-pay seniors housing rose 60 basis points to 83.7 percent in the second quarter of 2023, according to data from NIC MAP Vision. It is the eighth consecutive quarter where occupancy has increased as the industry continues to recover from impacts of the COVID-19 pandemic. The occupancy number is a 590 basis point increase over the pandemic low of 77.8 percent in second-quarter 2021, but still short of the pre-pandemic mark of 87.1 percent in first-quarter 2020. NIC MAP Vision is a product …

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsAssisted LivingIowaNews

SLIB Negotiates Sale of 40-Unit Vintage Park in Lenox, Iowa

by Jeff Shaw

LENOX, Iowa — Senior Living Investment Brokerage (SLIB) has arranged the sale of Vintage Park, a 40-unit assisted living and memory care community in Lenox, 25 miles north of the state border with Missouri. The community totals 3,000 square feet on four acres of land. The seller is a local owner and operator looking to exit the seniors housing sector. The buyer is a joint venture between an East Coast investor and a growing Midwest operator. The price was not disclosed. This property is the second acquisition in the state …

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsFinanceNew YorkNewsSkilled Nursing

CFG Provides $8.8M Mezzanine Acquisition Financing for Skilled Nursing Facility in New York City

by Jeff Shaw

NEW YORK CITY — Capital Funding Group (CFG) has provided $8.8 million in mezzanine financing for the acquisition of a skilled nursing facility in Brooklyn. The mezzanine debt was part of a financing package of $60.8 million. The other funds were secured through a syndication effort with a bank CFG has partnered with in the past. The facility features 240 beds. Further details were not disclosed. Craig Casagrande and Andrew Jones of CFG originated the transaction.

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsConnecticutNews

Commonwealth to Manage 116-Unit Saybrook at Haddam in Connecticut

by Jeff Shaw

HADDAM, Conn. — Commonwealth Senior Living has taken over management at Saybrook at Haddam in Haddam, approximately 25 miles south of Hartford. The community will be rebranded to Commonwealth Senior Living at Haddam. It 82 independent living and assisted living apartments as well as 34 memory care apartments. The owner was not disclosed.

Continue Reading
0 FacebookTwitterLinkedinEmail
InvestmentNews

CareTrust REIT Invests $45.2M in West Coast Seniors Housing Properties

by Jeff Shaw

SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based REIT, has closed two separate transactions on the West Coast with an aggregate initial investment amount of approximately $45.2 million. The investments include the acquisition of a skilled nursing facility as well as the funding of a mortgage loan secured by a California skilled nursing, assisted living and independent living campus. CareTrust acquired the 99-bed skilled nursing facility on the West Coast with an initial investment amount, inclusive of transaction costs, of approximately $19.2 million. The acquisition completes …

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts