LAKEWOOD, COLO. — Ziegler, in partnership with M&T Realty Capital Corp., advised on a $105.6 million Freddie Mac refinancing on behalf of The Ridge Senior Living. The loan is for The Ridge Pinehurst, a luxury independent living, assisted living and memory care community in Lakewood, a suburb of Denver. Ridge began opening the 371-unit community in phases starting in September 2020. The original 10-year, fixed-rate loan was structured with five years of interest-only payments, followed by 30-year amortization. The refinancing provided The Ridge with a long-term, fixed-rate loan to replace the original floating-rate construction loan. Eric Johnson of Ziegler arranged and negotiated the transaction. Matt Henning, Matthew Pipitone and Nick Gent led the transaction for M&T.
SAN CLEMENTE, CALIF. — CareTrust REIT Inc. (NYSE: CTRE), along with a regional investor in healthcare real estate, has acquired four skilled nursing facilities on the West Coast. The four-property acquisition includes 450 skilled nursing beds and 20 assisted living units. Links Healthcare Group, a new operator relationship for CareTrust, will operate the facilities pursuant to a 15-year master lease with two five-year extension options. Links is an experienced operator founded by Toby Tilford and Curt Rodriguez and currently operates 16 skilled nursing and seniors housing communities. CareTrust’s initial investment in the facilities, inclusive of transaction costs, was approximately $71.5 million. Aggregate annual cash rent for the first year is approximately $5.4 million, increasing to approximately $6.1 million in the second year, and increasing to approximately $7.1 million in the third year, with CPI-based annual escalators thereafter. The acquisition of these facilities was funded using proceeds from San Clemente-based CareTrust’s $600 million unsecured revolving credit facility.
PORTLAND, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 72-unit assisted living and memory care community in Portland. The facility was built in 1961 with renovations in 2021. The property totals 52,217 square feet on approximately 4.22 acres. The seller was a local owner-operator seeking to retire from the industry. The buyer was a private equity company based in Salt Lake City, with senior living communities throughout the country. This is the buyer’s second community in the Portland market. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the transaction.
BALA CYNWYD, PA. — LCB Senior Living has completed The Residence at Bala Cynwyd, an adaptive reuse project located northwest of Philadelphia. The number of units was not disclosed. Built in the 1850s as Benjamin Schofield’s West Manayunk Woolen Mills, the property eventually became known as Lee’s Shoddy Mill, named after the heavy fabric created from recycled wool and cotton. The Residence at Bala Cynwyd offers independent living, personal care and memory care accommodations. Units are available in studio, one-bedroom and two-bedroom floor plans.
WASHINGTON — Veda Living, the management company spin-off of ETROS Management Firm, has taken on a 10-property management agreement in Washington state. ETROS Management Firm, founded in 2016, specializes in turnaround management solutions for underperforming senior living assets. The properties are all branded as Greenlake Senior Living communities, which target middle-market seniors in the Pacific Northwest. With this most recent management deal, Veda Living now operates a portfolio of 15 properties across the nation.
SAN ANGELO, TEXAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 30-unit assisted living and memory care community in the West Texas city of San Angelo. The property consists of two adjacent buildings on a 2.8-acre site that can support future expansion. A publicly traded REIT sold the asset, which was built in 2012, to an East Coast-based seniors housing owner-operator looking to expand upon its Texas footprint. Both parties involved in the deal requested anonymity.
HOWELL, N.J. — A partnership between New Jersey-based investment firm AMS Acquisitions and Miami-based holding company Vector Group has broken ground on a 100-unit seniors housing project in Howell, located east of Trenton near the Jersey Shore. The site spans 14 acres, and the four-building project will feature one- and two-bedroom units that will be reserved for renters age 55 and above. Amenities will include a pool, great room with a communal kitchen, fitness center, outdoor grilling areas and a tenant lounge. Construction is expected to last about 18 months.
RENO, NEV. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Mountain Lakes Estates, a 131-unit independent living community in Reno. The property was built in 2020 and totals 120,316 square feet on approximately 5.2 acres of land. The seller was a regional owner-operator located in the West. The buyer was a private equity company based in New York that specializes in active adult and independent living communities. The price was not disclosed. Jason Punzel, Dave Balow, Vince Viverito and Brad Goodsell of SLIB handled the transaction.
PORTLAND, ORE. — Lument has provided a $14.7 million proprietary bridge loan to refinance Arcadia Senior Living, a 68-unit assisted living community in Portland. Casey Moore, managing director with Lument in San Diego, led the transaction for Lument. The bridge loan refinances outstanding debt, provides earn-out proceeds and positions Arcadia for a future HUD refinancing. Built in 2019, Avant Senior Housing & Consulting LLC operates the community. Arcadia is owned by a partnership whose principal, Kelvin Ng, represented the borrower in this transaction.
ARIZONA — Capital Funding Group (CFG) has provided $10.3 million in financing for a 112-bed skilled nursing facility in Arizona. The transaction replaces an existing bridge loan, which CFG also provided, into HUD financing. The name of the borrower and more specific details on the property were not disclosed. Tommy Dillon originated the transaction for the CFG.