Seniors Housing

Franklin Park Senior Living Sells 112-Unit Assisted Living Facility in Richardson, Texas

by Taylor Williams January 9, 2023

RICHARDSON, TEXAS — Texas-based owner-operator Franklin Park Senior Living has sold Appletree Court, a 112-unit assisted living facility in Richardson, a northeastern suburb of Dallas. The property was built in 1999 and was 90 percent occupied at the time of sale. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield represented Franklin Park in the transaction. The buyer was a partnership between Winterpast Capital Partners and Marcus Investments. Cushman & Wakefield also arranged acquisition financing through a regional lender for the deal.

January 9, 2023

Loans Multifamily Seniors Housing Texas

Greystone Arranges $30M Loan for Refinancing of Seniors Housing Property in Waco

by Taylor Williams January 6, 2023

WACO, TEXAS — Greystone has arranged a $30 million loan for the refinancing of The Delaney at Waco, a 169-unit seniors housing property. The community offers independent living, assisted living and memory care services. Tyler Armstrong of Greystone originated the financing, which was structured with a floating interest rate, seven-year term and a 30-year amortization schedule. The borrower was Iowa-based owner-operator Life Care Services. An undisclosed bank provided the loan.

January 6, 2023

Loans Multifamily Seniors Housing Utah Western

Greystone Arranges $22.5M Refinancing for Seniors Housing Property in Ogden, Utah

by Amy Works January 6, 2023

OGDEN, UTAH — Greystone has arranged a $22.5 million loan to refinance debt on TREEO South Ogden, a seniors housing community in Ogden, approximately 30 miles north of Salt Lake City. Tyler Armstrong, managing director at Greystone, placed the bank loan for Leisure Care, which owns the 143-unit independent living community. The regional bank loan was executed as a floating-rate financing carrying a five-year term and 30-year amortization. The loan featured 12 months of interest-only payments and a mid-200 basis points loan spread.

January 6, 2023

Loans Multifamily Seniors Housing Texas

Greystone Provides $40.4M Agency Refinancing of Seniors Housing Property in Metro Houston

by Taylor Williams January 5, 2023

LEAGUE CITY, TEXAS — Greystone has provided a $40.4 million Fannie Mae loan for the refinancing of The Delaney at South Shore, a 204-unit seniors housing property in League City, a southeastern suburb of Houston. Tyler Armstrong of Greystone originated the nonrecourse loan, which carries a fixed interest rate, 10-year term and a 30-year amortization schedule. In addition, the debt was structured with five years of interest-only payments. The borrower was Life Care Services, a seniors housing owner-operator based in Des Moines, Iowa.

January 5, 2023

Acquisitions Multifamily Seniors Housing Texas

SLIB Negotiates Sale of 64-Unit Seniors Housing Property in Metro Dallas

by Taylor Williams January 4, 2023

FRISCO, TEXAS — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Parsons House Frisco, a 64-unit assisted living and memory care community located on the northern outskirts of Dallas. The community spans 53,651 square feet on a 4.1-acre site. A regional owner-operator sold the asset to a family office located in the Western part of the country for an undisclosed price. The buyer plans to use Ridgline Management Co. as the operator. Matthew Alley and Jason Punzel of SLIB brokered the deal.

January 4, 2023

Acquisitions California Multifamily Seniors Housing Western

SLIB Brokers Sale of 144-Unit Seniors Housing Community in Oceanside, California

by Amy Works January 4, 2023

OCEANSIDE, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Merrill Gardens Oceanside. The 144-unit independent living, assisted living and memory care community is located in Oceanside, a coastal city between Los Angeles and San Diego. The community was built in 1999, totaling approximately 96,905 square feet on 4.4 acres of land. The seller was an East Coast-based private equity firm. The buyer is a Southern California-based investment group, with this being their first seniors housing acquisition. The price was not disclosed. Jason Punzel, Brad Goodsell and Brad Clousing of SLIB handled the transaction. “The Oceanside property is an exciting opportunity for the buyer as they enter into the seniors housing space,” says Goodsell. “With some minor tweaks, the property should do very well in a high-barrier-to-entry market.”

January 4, 2023

Colorado Loans Lument Multifamily Seniors Housing Western

Lument Provides $31.6M Freddie Mac Refinancing for Seniors Housing Property in Westminster, Colorado

by Amy Works January 3, 2023

WESTMINSTER, COLO. — Lument has provided a $31.6 million Freddie Mac loan to refinance Keystone Place at Legacy Ridge. The 160-unit seniors housing community is located in Westminster, a northern suburb of Denver. Built in 2011, Keystone Place at Legacy Ridge features independent living and assisted living units. The community has maintained strong occupancy throughout 2022. Eric Mestemaker, Doug Harper and Casey Moore led the transaction for Lument. The Freddie Mac loan features a 10-year term, five years of interest-only payments, 30-year amortization and a fixed interest rate. The loan refinanced two existing Freddie Mac loans totaling $28.2 million and provided almost $3 million in cash-out proceeds. During the loan process, the community enjoyed a substantial improvement in net operational income, as occupancy rates rose and rent collections increased. Lument subsequently adjusted its underwriting and successfully secured an increase in loan proceeds. Lument also helped Keystone take advantage of Freddie Mac’s index lock functionality to lock the interest rate more than three months prior to closing, saving 100 basis points and generating substantial debt service savings. Lument has a longstanding relationship with Keystone that dates back more than 10 years and includes acquisition bridge financing, construction financing, mezzanine financing and …

January 3, 2023

Loans Midwest Multifamily Nebraska Seniors Housing Walker & Dunlop

Walker & Dunlop Originates $20.9M for Refinancing of Two Assisted Living Communities in Nebraska

by Kristin Harlow December 23, 2022

LINCOLN AND ASHLAND, NEB. — Walker & Dunlop has originated a total of $20.9 million in HUD refinancing for Fallbrook Assisted Living and Memory Care in Lincoln and Oxbow Living Center in Ashland. Walker & Dunlop’s Kevin Giusti and Mikko Erkamaa originated the loans in both deals on behalf of the borrower, MJ Senior Housing. Both transactions refinanced floating-rate debt and provided cash proceeds. Fallbrook Assisted Living and Memory Care received a $13.3 million loan. The property is a 71-unit assisted living and memory care facility that was built in 2018 and opened in 2019. Oxbow Living Center received a $7.6 million loan. The property is a three-story, 79-unit assisted living and memory care community.

December 23, 2022

Loans Midwest Multifamily Seniors Housing Walker & Dunlop Wisconsin

Walker & Dunlop Arranges $14.7M HUD-Insured Loan for Refinancing of Wisconsin Assisted Living Facility

by Kristin Harlow December 16, 2022

FORT ATKINSON, WIS. — Walker & Dunlop has arranged a $14.7 million HUD-insured loan for the refinancing of Reena Senior Living, an 80-unit assisted living and memory care facility in Fort Atkinson, located about midway between Madison and Milwaukee. The property consists of a three-story assisted living building that was constructed in 2016 and a one-story memory care portion that was built in 2019. Kevin Giusti and Matthew Lund of Walker & Dunlop arranged the loan on behalf of the borrower, Tukka Properties.

December 16, 2022

Acquisitions Multifamily Seniors Housing Texas

Blueprint Negotiates $8.7M Sale of Vacant Seniors Housing Property in Texas

by Taylor Williams December 14, 2022

TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the $8.7 million sale of an unnamed, vacant seniors housing property in Texas. The seller and the location of the facility were not disclosed. Developer Mainstreet originally constructed the 70-unit property as a transitional care facility but did not fully complete construction prior to being foreclosed upon. A Texas-based investor acquired the property and plans to lease it to an East Coast-based skilled nursing operator.

December 14, 2022

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