DENVER — Spectrum Retirement, a Denver-based seniors housing owner-operator, has received $330 million for the refinancing of a portfolio of eight seniors housing properties that are located across the Midwest and Southwest United States.
Ryan Stoll and Taylor Mokris of BWE, a national commercial and multifamily mortgage banker, arranged the financing on behalf of Spectrum Retirement. The nonrecourse debt was structured with full-term interest-only payments and a “competitive” interest rate.
“We are honored that Spectrum chose BWE to represent them in the debt capital markets for such a complex transaction,” says Stoll, national director of BWE’s Seniors Housing and Care team. “It is a privilege to partner with one of the industry’s most respected owners and operators, and Spectrum exemplifies the highest standard of excellence.”
The direct lender was not released, but BWE disclosed that the lender was a “global private credit investor.” BWE also said the transaction drew interest from multiple capital sources, including agencies, life insurance companies, banks and private credit firms.
The eight-property portfolio spans major metropolitan areas in four states, all of which benefit from attractive demographics and sustained demand for high-quality senior living, according to BWE. The properties include Green Oaks Senior Living and Palos Heights Senior Living in the Chicago suburbs of Libertyville and Palos Heights, Ill., respectively.
BWE is headquartered in Cleveland and operates more than 40 offices nationwide. The company has closed on more than $1 billion in seniors housing loans since 2021, according to the company’s website.
Spectrum Retirement operates 36 seniors housing communities that offer independent living, assisted living and memory care services, according to A Place for Mom.
— John Nelson