APPLETON, Wis. — Berkadia’s Seniors Housing and Healthcare Group has secured a $32.3 million refinancing for a seniors housing facility in Appleton, located near the north bank of Lake Winnebago approximately 30 miles southwest of Green Bay. Chris Cain secured the financing on behalf of the Oregon-based owner and operator, Touchmark. Further details on the property were not disclosed. “We were able to lock in a low interest rate and provide additional equity to the borrower at closing, even with the current COVID-19 restrictions,” says Cain. “We expect to see …
APPLETON, Wis. — Senior Living Investment Brokerage (SLIB) has arranged the sale of ManorCare Health Services in Appleton, approximately 30 miles southwest of Green Bay. The skilled nursing facility features 104 beds. The seller sought to divest of its only skilled nursing facility in the state. The buyer and price were not disclosed.
RACINE, Wis. — Senior Living Investment Brokerage has arranged the sale of The Woods of Caledonia, a 50-unit community-based residential facility (CBRF) in Racine, approximately 25 miles south of Milwaukee. The property totals 54,000 square feet n 4.48 acres. It was originally built in early 1960s and converted to a CBRF in 2008. Occupancy was 75 percent at the time of the sale. The seller was a regional owner-operator that strategically divested this facility due to poor financial performance and the fact that it had transitioned to a Medicaid waiver …
WISCONSIN — Oxford Finance LLC has provided a $9.5 million senior credit facility and revolving line of credit to AB Asset Management LLC and Vitalogy Property Holdings LLC. The proceeds will be used to finance the acquisition of two skilled nursing facilities located in Wisconsin, totaling 158 beds. Vitalogy formed a partnership with AB Asset Management and Symmetry Healthcare to acquire the properties. Levi Rudd and Louis Kass founded Vitalogy in 2015. The company plans to expand its existing multi-state operating platform to the Midwest.
COTTAGE GROVE, Wis. — Evans Senior Investments (ESI) has arranged the sale of Aster Senior Communities of Cottage Grove and Drumlin Residences, a 154-unit independent living, assisted living and memory care campus in Cottage Grove, a suburb of Madison. The campus first opened its doors in 2006 with the 70-unit assisted living community, then followed by the 24-unit memory care community in 2016 and the 130-unit Drumlin Residences independent living section in January of 2018. The campus maintained over 93 percent occupancy for the last few years. ESI represented the …
BELLEVUE, Wis. — National Health Investors Inc. (NYSE:NHI) has exercised its purchase option to acquire The Courtyard at Bellevue, a 43-unit assisted living and memory care community in Bellevue, a small village just outside of downtown Green Bay. The purchase option was part of a deal that included a $3.9 million second mortgage loan at a rate of 13 percent that NHI announced in January 2020. The purchase price is $12.3 million at an initial cash lease yield of 7.5 percent with 2.5 percent annual escalators. The lease has an …
WISCONSIN — Monticello has provided a $2 million working capital loan to the operating companies of three skilled nursing and assisted living facilities totaling 305 beds in Wisconsin. Monticello’s asset-based lending group, Monticello Commercial Capital, provided the financing. The borrower an experienced owner and operator with a current portfolio of 4,969 licensed beds/units.
WAUKESHA, Wis. — New Perspective has completed construction of New Perspective Waukesha, a 128-unit independent living, assisted living and memory care community in the Milwaukee suburb of Waukesha. “This is the second community we’ve opened over the past two months. That said, coronavirus was not part of the initial equation, or for that matter, the world’s plan,” says Chris Hyatt, president of New Perspective. “We forged ahead with development and implemented enhanced operating protocols. New Perspective Franklin opened in July and our experience with both communities was a resounding warm …
WISCONSIN — Monticello has provided $14 million in first lien debt financing for the acquisition of one skilled nursing and assisted living facility and the refinancing of two skilled nursing facilities totaling 305 beds in Wisconsin. The borrower is an experienced owner and operator with a current portfolio of 4,969 licensed beds/units. Further information on the names and locations of the community was not disclosed.
FRANKLIN, Wis. — New Perspective has opened New Perspective|Franklin, a seniors housing community in the southwestern Milwaukee suburb of Franklin. The property totals 149 units of independent living, assisted living and memory care. “Despite opening during the pandemic, our senior living community has received a fantastic response from the Franklin area with initial move-ins even exceeding our initial expectations,” says Chris Hyatt, partner and president with New Perspective.