FLORENCE, KY. — Berkadia has arranged the sale of a 104-unit assisted living and memory care community in Florence, approximately 10 miles southwest of Cincinnati. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders of Berkadia represented the seller, a publicly traded REIT, in the transaction. A private equity group purchased the asset for an undisclosed price.
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE:CTRE), a San Clemente-based seniors housing investor, has acquired three continuing care retirement communities (CCRCs) located in Los Angeles, Orange, and San Diego counties. The portfolio totals 475 assisted living, skilled nursing and memory care beds/units. Bayshire Senior Communities, an existing CareTrust tenant based in Southern California, has taken over management of all three properties. The highest profile property of the three is Torrey Pines Senior Living in San Diego. CareTrust paid $32.3 million for the asset, including transaction costs. Annual cash rent for the first year is approximately $2.6 million, increasing to approximately $3 million in the second year with CPI-based annual escalators thereafter. CareTrust completed the acquisition of the other two CCRCs through a joint-venture arrangement with a third-party regional healthcare investor. Pursuant to the arrangement, CareTrust is the managing member of the joint-venture entity. CareTrust provided a combined common equity and preferred equity investment amount totaling approximately $28 million. The joint-venture landlord has leased these facilities to Bayshire pursuant to a new, triple-net master lease agreement with an initial term of 15 years with two five-year extension options. CareTrust’s initial contractual yield on its combined preferred and common equity investments …
WELDON SPRING, MO. — New Perspective is nearing completion of a new senior living community in Weldon Spring, about 30 miles west of St. Louis. A leasing office is now open at the property, which is scheduled for completion this summer. The community will offer independent living, assisted living and memory care services. The number of units was not provided.
COLUMBUS, OHIO — United Church Homes Management (UCHM) will manage two seniors housing properties in Columbus. Alongside its current management of Wexner Heritage Village, UCHM will now provide management services for Bexley Heritage Apartments and Village Shalom Apartments. UCHM, an affiliate of United Church Homes, is headquartered in Marion, Ohio, and operates more than 90 senior living communities.
CHICAGO — Blueprint Healthcare Real Estate Advisors has arranged the sale of three value-add seniors housing properties in the western suburbs of Chicago for an undisclosed price. Opened between 1994 and 2000, the portfolio comprises approximately 290 assisted living and memory care units and roughly 40 Medicare-only skilled nursing units. According to Blueprint, the communities struggled post COVID and presented a meaningful value-add opportunity, despite some recent capital improvements. Ultimately, the seller elected to divest the properties to preserve liquidity. The buyer was a regional owner-operator looking to expand into Illinois. The seller was a national developer and investor. Ryan Kelly, Connor Doherty, Alex Florea, Lauren Nagle and Brooks Blackmon led the Blueprint team.
ILLINOIS — CFG, a subsidiary of CFG Bank, has provided two HUD loans totaling $13.6 million to refinance debt on two skilled nursing facilities in Illinois. The specific properties were not disclosed, but they total 173 beds. Tim Eberhardt and Ava Julio of CFG originated the loans.
SWEETWATER, FLA. — CREI Holdings has secured a $67 million construction loan for the development of Li’l Abner III, an affordable and workforce housing community in Sweetwater, roughly 15 miles outside of Miami. Centennial Bank provided the financing. Upon completion, which is scheduled for the second quarter of 2026, the property will feature an eight-story building with 328 one- and two-bedroom apartments, with 40 percent of the residences reserved for households earning 80 percent of the area median income (AMI). Additionally, 40 percent of units will be designated for residents age 55 and older. Amenities at Li’l Abner III, which will be situated adjacent to Li’l Abner I and II, will include a fitness center, lounge, central courtyard and storage facilities. Yuleisy Montalvo of Centennial Bank arranged the financing internally. Attorney Manny Diner represented CREI in the loan transaction, and attorney Richard Barbara represented Centennial Bank.
LIVERMORE, CALIF. — G Capital Markets (GCap), a capital advisory firm based in Carmel, has arranged a recapitalization for Bethany Home, a 59-bed assisted living community in Livermore on the eastern edge of the Bay Area. Built in 2021 by a regional owner-operator, the property leased up in 2022 and has shown consistently strong performance for several years with cash flow margins well over 40 percent and occupancy of 90 percent, according to GCap. The bridge-to-HUD loan was structured with a large equity-out component and sized to maximize the takeout refinancing while allowing the borrower to submit a HUD application in 2024 without the need to wait the typical two years of debt seasoning. GCap arranged the $15.5 million credit facility with a regional bank partner. The loan carries an interest rate SOFR spread in the low 300s and a below-market financing fee. The borrower is an existing client of GCap, and this property will be part of a broader permanent portfolio refinancing that is scheduled to close in 2025.
FRESNO, CALIF. — Cambridge Realty Capital Cos. has arranged a $6 million acquisition loan for Twilight Haven Senior Living in the San Joaquin Valley city of Fresno. Twilight Haven comprises 60 independent living units, 116 assisted living beds and 50 skilled nursing beds. A California-based LLC was the borrower. A Utah-based industrial bank provided the capital. The seller was a nonprofit operator facing bankruptcy. The 25-year loan is fully amortizing.
MIAMI — Housing Trust Group (HTG), a leading multifamily developer, and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, have opened Tucker Tower. The $44 million affordable housing community for seniors age 62 and older is located in the Perrine neighborhood of southern Miami. Tucker Tower, the eighth joint venture between HTG and AM Affordable Housing, will be reserved for households earning at or below 25, 30 and 60 percent of the area median income (AMI). With rents ranging from $463 to $1,359 per month, these rates are a notable contrast to the average rental prices in Miami-Dade County, which currently stand at $2,451. According to a recent study from the University of Florida, Miami-Dade County has a gap of more than 90,000 affordable and available units for renter households with incomes below 80 percent of AMI. This gap is projected to grow to nearly 116,000 units by 2030 unless affordable units are added. Tucker Tower is an eight-story community offering a mix of one- and two-bedroom units ranging from 601 square feet to 895 square feet. Six units are fully accessible and three units are hearing impaired units. Funding sources …