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 …
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 …
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 …
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 …
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.
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.
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 …
IDAHO — Berkadia has arranged $7.8 million in financing for the acquisition of two assisted living and memory care communities in Idaho. Jay Healy and Andrew Lanzaro of Berkadia Seniors Housing & Healthcare arranged the bridge-to-HUD loan to facilitate the acquisition. The buyer, seller, price and locations were not disclosed. The bridge loan is interest-only and carries a term of 18 months with a six-month extension option. The communities were built between 1996 and 1999 and contain an average Medicaid mix of 75 percent. Combined occupancy had declined slightly in …
DALLAS — Lifespace Communities has hired Jenelle Bertolino as vice president, business operations. In this role, she is responsible for leading operations initiatives. Her focus includes team member and resident relations, financial management and procurement, business development, and business strategy. Bertolino has a background in healthcare management and operations. In previous roles in hospitals, integrated health systems and senior living, she has implemented new service lines to meet patient and resident needs and developed new models of care that improved health outcomes and quality of care, while optimizing budgets and …
SAN ANTONIO — Ziegler has arranged $25.3 million in bond financing for Forefront Living San Antonio (FLSA). The financing comprises $22.3 million in tax-exempt notes and $3 million in taxable notes placed with affiliates of FLSA. FLSA plans to use the funds to acquire a 27-acre tract in San Antonio and pay for pre-construction development costs of a seniors housing community on the land. The development will be named Bella Vida at La Cantera. FLSA will own and operate the community, which is slated to include 153 independent living apartments, …