LAS VEGAS — JCH Consulting Group has arranged the placement of a “long-term, publicly traded credit tenant” at a 95-unit assisted living community in Las Vegas. The name of the facility was not disclosed. The owner, a private equity firm based in California, had not received rent from the previous tenant for over a year and was in the process of eviction. JCH helped the new operator secure an emergency license to take over the distressed property. The new, 25-year lease agreement allows rents to return to market rates within three years. JCH Consulting Group is a real estate brokerage firm focused on seniors housing.
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has negotiated the sale of 18 skilled nursing facilities located throughout the Midwest for $82 million. The portfolio included nine properties in Kansas, six in Missouri, two in Iowa and one in Nebraska. The specific names and locations of the properties were not disclosed. The regional portfolio comprises 1,843 total licensed beds and generated approximately $110 million in revenue on a trailing basis at the time of sale. Most of the facilities are situated in suburban neighborhoods, while several of the centers were in secondary markets within driving distance from Kansas City. The seller, a publicly traded owner-operator, was looking to exit the Midwest region to create a tighter geographic density for its properties, as well as focus on hospital partnerships. The buyer is Illinois-based Cascade Capital Group, which went through several rounds of bidding. The sale includes an undisclosed level of HUD mortgage debt and two leased assets. The sales price equates to $45,000 per bed. Ben Firestone, Christopher Hyldahl and Michael Segal of Blueprint structured the transaction.
DALY CITY, CALIF. — CBRE has arranged an undisclosed amount of financing for a large private equity fund. The borrower will use the funds to refinance debt on Peninsula Del Ray, a 207-unit independent living and assisted living community in Daly City. The property totals 304,350 square feet and is situated 9.5 miles south of downtown San Francisco. Aron Will of CBRE National Senior Housing arranged the four-year, floating-rate loan. A regional bank provided the capital.
SAN JOSE, CALIF. — Greystone, a real estate lending, investment and advisory company, has provided a $27.5 million loan for Oakmont of San Jose, a 66-unit assisted living and memory care community in San Jose. The Freddie Mac loan provides permanent financing to help with lease-up following the recent completion of the community. The loan has an 11-year term with a fixed rate and 30-year amortization schedule. The new financing replaces the remaining balance on the community’s construction loan. Scott Kavel, Neal Raburn and Cary Tremper of Greystone originated the financing.
LOS ANGELES — CBRE Group Inc. has announced plans to combine two of its valuation and advisory practices — Seniors Housing & Care and Medical Office — into a single, cohesive Healthcare Practice Group. The property types covered by the new Healthcare Practice Group include independent living, assisted living, memory care, nursing care, continuing care retirement communities, medical office, surgical centers, outpatient rehab and hospitals. Zach Bowyer, Tom Baroch and Bennett Johnson will lead the new group. Over the past three years, both groups have achieved a combined 30 percent year-over-year growth in revenues. In 2016, these groups completed valuation or advisory assignments on more than 3,000 seniors housing and medical properties throughout the U.S. with an aggregate valuation of over $50 billion.
PHOENIX — McFarlin Group has acquired 6.9 acres of land in Phoenix for the development of an assisted living and memory care community. HealthSouth Corp. sold the plot for $2.7 million. Avison Young’s Julie Johnson and Alexandra Loye represented the seller in the transaction, while D.L. Slaughter Co. represented the buyer. The community, to be named Mariposa Point at Algodon Center, is slated for groundbreaking in late 2017 and completion in early 2018. Surpass Senior Living will operate the property once completed. The parcel is located within the Algodon Medical Center and across from Banner Estrella Medical Center. The property is expected to include more than 80 units of assisted living and memory care and will be licensed for approximately 120 residents.
VISTA, CALIF. — W Designed Developments has acquired a 2.6-acre plot in Southern California, with plans to develop a seniors housing community on the site. Irwin Dubinksy Living Trust and Kissinger Family Trust sold the property for $1 million. Al Apuzzo and Matt Weaver of Lee & Associates – North San Diego County represented sellers while Weston Harmer represented the buyer. The site is in Vista, located between San Diego and Los Angeles. Details on the proposed seniors housing facility were not released.
NASHVILLE, TENN. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged $36.3 million in financing for the acquisition of two skilled nursing facilities in Nashville. The financing includes senior acquisition and capital expenditure loans, as well as a line of credit. The acquisition loan features 12 months of interest-only payments and partial recourse at an 85 percent loan-to-cost rate. The interest rate will float at a level of LIBOR plus 235. Harborview’s Eli Kutner arranged the financing. The borrower and names of facilities were not disclosed.
IRVINE, Calif. — HCP (NYSE: HCP) has completed its previously announced sale of 64 Brookdale Senior Living-operated multifamily communities for $1.1 billion. The deal was announced in November 2016. Affiliates of Blackstone Real Estate Partners VIII LP purchased the portfolio, with Brookdale staying on as operator. Specific names and locations of the properties were not disclosed. The properties total 5,967 units, which equates to a sale price of $189,000 per unit. Occupancy for the portfolio was 85.2 percent at the time the sale was announced. KeyBank Real Estate Capital’s Healthcare platform provided a $703 million financing package for the buyers. Charlie Shoop of KeyBank Real Estate Capital’s Commercial Mortgage Group led the financing team for a Fannie Mae credit facility, which accounts for the bulk of the financing. Peter Trazzera of KeyBank Real Estate Capital’s Healthcare Group led the financing team for KeyBank’s balance sheet financing that made up the rest of the loans. At the time the sale was announced, HCP also noted its plans to terminate leases on 25 Brookdale properties totaling 2,031 units over the next year. HCP also plans to transfer eight expiring Brookdale triple-net leases to a RIDEA structure, through a joint venture where Brookdale acquires 10 percent interest in the properties. …
PHOENIX — Sagewood, a luxury continuing care retirement community (CCRC) in North Phoenix, has broken ground on The Estates, a new neighborhood at the community. The expansion will include 24 new standalone homes as well as a 44-unit assisted living building, a 13,000-square-foot events center, a reconfiguration of the main entrance and new parking areas. Development partners on the project include Life Care Services, Westminster Capital and the Phoenix Chamber of Commerce. Sagewood currently features 292 units spanning the continuum of care, along with two clubhouses and on-site Acacia Health Center that recently doubled in size.