Seniors Housing

Annaly to Acquire Healthcare Real Estate Specialist MTGE for $900M in REIT Merger

by Camren Skelton May 3, 2018

NEW YORK AND BETHESDA, MD. — New York-based Annaly Capital Management Inc. (NYSE: NLY) has agreed to acquire Bethesda-based real estate investment trust MTGE Investment Corp. (NASDAQ: MTGE) for $900 million in cash and stock. The transaction values healthcare real estate specialist MTGE at $19.65 per share. Under the deal, MTGE shareholders will have the option to receive cash, stock or a combination of the two. In addition, Annaly will assume the existing $55 million in MTGE preferred stock. The transaction is expected to close in the third quarter. “The acquisition of MTGE adds complementary assets, deepens the breadth of our investment alternatives, is accretive to earnings and provides immediate cost savings and efficiencies to shareholders,” says Kevin Keyes, chairman, CEO and president of Annaly. MTGE invests in and manages a portfolio of mortgage-backed securities and investments in triple net leased healthcare real estate. The company is externally managed and advised by MTGE Management LLC, an affiliate of AGNC Investment Corp. As of Dec. 31, MTGE’s portfolio included $6.6 billion in assets. With approximately $104.3 billion in assets as of March 31, Annaly’s portfolio includes securities, loans and equity in the residential and commercial markets. The transaction marks Annaly’s third …

May 3, 2018

Development Multifamily Seniors Housing Washington Western

Capitol Seniors Housing Completes Renovations of Four Communities in Seattle

by Amy Works May 2, 2018

SEATTLE — Capitol Seniors Housing, a Washington, D.C.-based private equity firm, has completed renovations to four of its independent living and assisted living communities in the Seattle metro area. MBK Senior Living, based in Irvine, Calif., operates all four properties. The communities include Northgate Plaza, Mountlake Terrace, The Creekside and Island House. Renovations included the addition of wine/coffee bistro areas, activity spaces, fitness rooms, game rooms and libraries. Interior work included new furniture, fixtures, flooring, paint, cabinets and lighting upgrades. Community exteriors received fresh paint and landscaping. Residential suite renovations included new paint, flooring, quartz countertops, stainless steel appliances and light fixtures.

May 2, 2018

Loans Midwest Multifamily Nebraska Seniors Housing

Lancaster Pollard Provides $23.4M HUD Loan for Refinancing of Skilled Nursing Facility in Papillion, Nebraska

by Kristin Harlow May 1, 2018

PAPILLION, NEB. — Lancaster Pollard has provided a $23.4 million HUD loan for the refinancing of The Cottages at Hillcrest Country Estates in Papillion, about 15 miles southwest of Omaha. The Cottages features 126 skilled nursing beds and 12 independent units. The property is located within Hillcrest Country Estates, a planned 44-acre community featuring independent living, assisted living, memory care and long-term care. The campus was designed and managed in such a way to allow for the individual components, such as the Cottages, to be financed separately. The 35-year, FHA 232/223(f) loan refinances the existing bank debt and inter-company notes used to construct and stabilize The Cottages. Quintin Harris led the transaction for Lancaster Pollard.

May 1, 2018

California Development Multifamily Seniors Housing Western

Carlton Senior Living to Build $30M Seniors Housing Community in Santa Rosa, California

by Amy Works April 30, 2018

SANTA ROSA, CALIF. — The Sonoma County Board of Zoning Adjustments has approved plans by Carlton Senior Living LLC to build a senior living complex in Santa Rosa. The Concord-based Carlton owns and operates 11 Northern California seniors housing communities. The company expects to break ground soon on the 134 rental apartments on the 3.7-acre site. Development costs were estimated at $30 million. The property will offer independent living, assisted living and memory care. Construction is expected to take approximately 14 months.

April 30, 2018

Development Florida Multifamily Seniors Housing Southeast

Big Rock Partners Opens $82M Seniors Housing Community in Central Florida

by Camren Skelton April 30, 2018

CELEBRATION, FLA. — Delray Beach, Fla.-based Big Rock Partners has opened Windsor at Celebration, a 239-unit seniors housing community in Celebration, the Disney-originated master-planned community in Central Florida. Windsor at Celebration features a mix of independent living, assisted living and memory care units. Community amenities include dining venues, a theater, rooftop bar, indoor aquatic center, fitness center, salon, spa and entertainment and leisure programs. Life Care Services, an LCS Company, is managing the community. Balfour Beatty was the project’s general contractor, and Gensler was the architect. Walker & Dunlop arranged a $41 million construction loan through Bank of the Ozarks for the project.

April 30, 2018

Loans Multifamily New York Northeast Seniors Housing

Monticello Provides $31.2M Acquisition Financing for 200-Bed Seniors Housing Community on Staten Island

by Amy Works April 27, 2018

NEW YORK CITY – Monticello Asset Management, through one of its investment vehicles, has provided $31.2 million bridge-to-HUD loan for New Broadview Manor Home For Adults, a 200-bed seniors housing facility on Staten Island. The borrower is The W Group at New Broadview LLC, which will use the funds to acquire the property. New Broadview was built in 1974, with a fifth floor added in 1999. Of the 200 beds, 116 are licensed for the New York State Assisted Living Program (ALP). The remaining 84 beds will be managed by an affiliated home health care agency. The community totals 42,694 square feet on 0.8 acres of land. The facility is located in the residential South Beach section of Staten Island near the Verrazano Bridge and one block from the ocean and boardwalk.

April 27, 2018

Arizona Loans Multifamily Seniors Housing Western

CBRE Negotiates $37M Refinancing for 170-Unit Seniors Housing Community in Arizona

by Amy Works April 27, 2018

SCOTTSDALE, ARIZ. — CBRE has arranged a $37 million refinancing for Andara Senior Living, a 170-unit independent living and assisted living community in the Phoenix suburb of Scottsdale. The borrower is The Reliant Group, which acquired the community in 2013 from the original developer. At that time, Reliant brought in Senior Lifestyle Corp. as operator and implemented a capital improvement plan, leading to an occupancy rate regularly above 90 percent. The Freddie Mac loan includes a seven-year term, fixed rate and 36 months of interest-only payments. Aron Will of CBRE National Senior Housing, along with Andrew Behrens and Jesse Weber of CBRE Multifamily Institutional Group, arranged the financing.

April 27, 2018

Acquisitions Multifamily Seniors Housing Washington Western

JCH Brokers $7.4M Sale of Seniors Housing Community in Central Washington State

by Amy Works April 27, 2018

WENATCHEE, WASH. — JCH Senior Housing Investment Brokerage has arranged the sale of Riverwest Senior Living, a 65-unit independent living and assisted living community in the Central Washington city of Wenatchee. A group of seniors housing industry veterans sold the property to a 1031 exchange buyer for $7.4 million. The deal also included the placement of a new operator, simplifying the asset transfer. Jim Hazzard and Nick Stahler were JCH’s lead agents on the transaction.

April 27, 2018

Arizona Loans Multifamily Seniors Housing Western

Walker & Dunlop Provides $17M Freddie Mac Refinancing for Seniors Housing Community Near Phoenix

by Amy Works April 26, 2018

GILBERT, ARIZ. — Walker & Dunlop Inc. has provided $17 million in Freddie Mac financing for American Orchards, an assisted living and memory care community in the Phoenix suburb of Gilbert. Completed in June 2016, American Orchards consists of two distinct buildings: The Sapwood Building with 38 assisted living suites and The Heartwood Building with 35 memory care suites. The 10-year, non-recourse, fixed-rate financing features two years of interest-only payments. The transaction will allow the borrower — American Care Concepts — to pay off existing bank debt while cashing out equity for future projects. Walker & Dunlop’s team included Kevin Giusti, Jeff Ringwald and Bill Jackson.

April 26, 2018

Colorado Development Multifamily Seniors Housing Western

Hillcrest Development, Pathfinder Partners Complete $1.6M Renovation at Independent Living Property Near Denver

by Amy Works April 26, 2018

AURORA, CO. — Hillcrest Development and Pathfinder Partners have completed a $1.6 million renovation and rebranding program at V-Esprit, a 100-unit seniors housing independent living community in the Denver suburb of Aurora. Previously known as the Shalom Park Senior Living Campus, the two companies acquired the property in 2017. Situated on 14 acres, the community features 40 patio homes and 60 apartments ranging from 725 to 1,373 square feet. Residents are restricted to those aged 55 and older. Renovations to the community include converting four one-bedroom apartment units into a clubhouse and card room, as well as refurbishing and modernizing the theater room, library, communal dining area and leasing office. Apartment interiors were also upgraded along with hallways and corridors. Hillcrest Development Group LLC is a Denver-based development company. Pathfinder Partners LLC is a San Diego-based firm specializing in opportunistic and value-add real estate investments.

April 26, 2018

Newer Posts

Older Posts