NEW YORK CITY and WARRENTON, Va. — Greystone, a national commercial real estate finance firm, and Monticello, which provides specialized private real estate and asset-based lending, have announced plans to combine their seniors housing and healthcare lines of business under a new joint venture. The joint venture will provide capital finance products and services for the seniors housing and healthcare industry. Greystone is the top healthcare lender in the United States for FHA-insured loans, originating over $3 billion overall in seniors housing and healthcare finance across FHA, Fannie Mae, Freddie …
CHICAGO — Fifty-one percent of senior housing properties experienced no COVID-19 deaths in 2020, according to an analysis by NORC at the University of Chicago via a grant provided by the National Investment Center for Seniors Housing & Care (NIC). Researchers analyzed data for four facility types in more than 100 counties across five states. About two-thirds (67 percent) of independent living properties, 64 percent of assisted living properties, and 61 percent of memory care properties studied experienced no COVID-19-related deaths in 2020. Thirty-nine percent (39 percent) of skilled nursing …
MOUNT VERNON, SHORELINE, LAKEWOOD and VANCOUVER, Wash. — The Ensign Group, Inc. (NASDAQ: ENSG) will take over operations of four skilled nursing facilites in Washington. The owner, CareTrust REIT Inc. (NASDAQ: CTRE), is transferring the operations from Five Oaks Healthcare. The four facilities are: Mira Vista Care Center, a 94-bed skilled nursing facility in Mount Vernon; Shoreline Health and Rehabilitation, a 114-bed skilled nursing facility in Shoreline; The Oaks at Lakewood, an 80-bed skilled nursing facility in Lakewood; and The Oaks at Timberline, a 98-bed skilled nursing facility in Vancouver. …
ROCHESTER, Pa. — Evans Senior Investments (ESI) has arranged the sale of Rochester Manor + Villa, a 122-bed skilled nursing and 62-unit personal care community in Rochester, approximately 25 miles northwest of Pittsburgh. An independent owner-operator seeking to exit the industry sold the property an East Coast-based owner-operator looking to expand for $9.2 million, or $64,000 per functional bed/unit. Built in 1965 with a $2.5 million renovation from 2015 to 2019, the community features all private or semi-private rooms. Occupancy averaged 69 percent at the time of sale, with an …
LIVINGSTON, N.J. — Wohlsen Construction and Sunrise Senior Living have broken ground on Sunrise of Livingston, an assisted living and memory care community in Livingston, approximately 20 miles west of downtown Manhattan. The 86,285 square foot community will feature 103 units upon completion. Other project partners include PWC Construction Management and Lantz-Boggio Architects.
CHICAGO — CBRE has arranged $43 million in financing for the construction of a Class A active adult community in Chicago. Aron Will, Austin Sacco and Matthew Kuronen of CBRE Senior Housing partnered with CBRE Chicago’s Debt and Structured Finance professionals John Parrett and Peter Marino to arrange the financing. The five-year loan features 42 months of interest-only payments. A national bank provided the funds. Further details on the property and borrower were not disclosed.
BOSTON — Cushman & Wakefield’s Senior Housing Capital Markets team, based in Boston, has completed more than $250 million in transaction closings in April 2021. The firm advised Lytle Enterprises on the sale of Broadway Proper, a 232-unit independent living and assisted living community located in Tucson, Arizona. A joint venture between Harrison Street Real Estate and Stellar Senior Living acquired the property for an undisclosed price. The Cushman team also advised the buyer on acquisition financing, procuring non-recourse bridge financing from a national bank. Cushman & Wakefield also advised …
ANTIGO, BURLINGTON, MANITOWOC AND KENOSHA, Wis. — Greystone has provided $35 million in HUD-insured loans for the refinancing of a five-property, 558-bed skilled nursing portfolio across Southeast Wisconsin. The facilities are located in Antigo, Burlington, Manitowoc and Kenosha. Each of the nonrecourse loans features a fixed interest rate and is fully amortized over 30 years. The loans refinance the existing debt on the properties, which were purchased in 2017. The undisclosed borrower plans to continue ongoing property improvements. Fred Levine of Greystone originated the loans.
SCOTTSDALE, Ariz. — Cadence Living has hired Melissa Cole as vice president of operations for the North Carolina region. Cole will have principal responsibility over operations of the seven Cadence Living-managed communities in the Charlotte, Winston-Salem and Raleigh metro areas. Cole brings over 20 years of senior living operations experience to Cadence Living and is a member of the North Carolina Assisted Living Association Board of Directors. Before Joining Cadence, she served in a similar role for Five Star Senior Living and also served in various leadership capacities including regional …
CHICAGO — Although the seniors housing industry still faces many challenges, long-term demand still has the sector on a trajectory of growth. That’s according to JLL Valuation Advisory’s fourth annual Seniors Housing Investor Survey and Outlook, released last week. Construction delays resulting from the pandemic will magnify the long-term supply shortage, the report notes. With the baby boomers within approximately 10 years of occupancy, medium- and long-term investment remains positive. Additionally, the need to serve the middle-income population will continue to grow, exacerbated by the global impact of COVID-19. “Investors …