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 a large public REIT on the disposition of two assets. The first asset, Brookdale West Bay, is an assisted living and memory care community located in the Providence, Rhode Island, market and was acquired by an East Coast private equity firm. The second asset, Sienna at Otay Ranch, is a 111-unit assisted living and memory care community that opened in 2018.
The Cushman team also represented Healthcare Trust Inc. on the sale of two skilled nursing assets in a three-property portfolio totaling nearly $116 million. The first asset, The Addington at Wellington Green, is a 120-bed skilled nursing and 52-unit assisted living community built in 2011. The second asset, The Institute for Healthy Living at Jupiter, is a 129-bed skilled nursing, 62-unit assisted living and 30-unit memory care campus that just completed construction and received licensure.
Cushman & Wakefield also represented a pension fund investor on the sale of Wingate at Harwich, a 135-bed skilled nursing facility in Harwich, Massachusetts. A regional operator acquired the community.
The team also procured two construction loans. The first was a $32 million construction loan for the development of The Waters of Pewaukee, a 161-unit independent living, assisted living and memory care community located in Pewaukee, Wisconsin. A national healthcare lender provided the funds to a joint venture between The Waters and a private equity partner.
In the last transaction, Cushman & Wakefield closed on a $29 million construction loan on behalf of a joint venture between Avenida Partners and LaSalle Investment Management for a Class A, 154-unit active adult project located in the Denver metro area.
The Cushman & Wakefield team that was collectively involved in closing these transactions includes Richard Swartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer, Jim Dooley, Dan Baker and Sam Dylag.