Transactions & Financings: Kare, NAHCA Team Up for Training Program; MidCap Closes on Mortgage for Future Watermark Community – Senior Housing News
Vium capital announed it closed approximately $200 million worth of deals in seniors housing and healthcare in the month of August.
The $200 million figure comes from six financings that included 28 separate projects in nine different states. For example, Vium closed on a $7.7 million bridge-to-HUD loan and an $11 million bridge-to-HUD loan for assisted living communities in Florida and Oregon, respectively.
Beyond senior living, Vium closed on a $19.8 million bridge loan for a pair of skilled nursing facilities in Arkansas.
Ziegler announced that it closed $36 million in Series 2022 Bonds for a California-based senior living community.
The community — called Carmel Valley Manor — is situated on 25 acres in Carmel, California that includes 27 residential living cottages, 119 residential apartments, 24 AL units and 36 skilled nursing beds.
The borrower plans to pair the proceeds of the bonds with an equity contribution to fund various improvement projects, refinance existing debt and make some financial maneuvers.
Bellweather Enterprise Real State Capital announed the closing of $23.9 in a Federal Housing Administration sub-rehab loan to finance a rehabilitation project for two seniors affordable housing projects in the Atlanta area.
Called Jewish Tower and Zaban Towers, the communities have 200 units and 60 units, respectively for independent living for adults aged 62 years or older. They are situated on the same campus and are connected through a third building titled the William Breman Jewish Home.
The planned rehab project includes updates and improvements to handicap accessibility, roof replacement, window replacement, interior upgrades and improvements to utilities like HVAC and water supply infrastructure.
Grandbridge Real Estate announced that its Atlanta-based senior housing team closed a $34.69 million loan for a senior living community in North Carolina.
The Community — called College Walk Retirement Community — is a 168-unity senior living community with IL and AL units located in Brevard, North Carolina. It is operated by Chattanooga, Tennessee-based BrightSpace Senior Living.
MidCap Financial announed it closed a $37.8M floating rate first mortgage loan for the purchase of a Florida-based senior living community, that will be operated by Watermark Retirement Services.
MidCap closed on the deal with funds managed by affiliates of Fortress Investment Group for the community.
The financing will be used to make capital improvements in addition to purchasing the community which is based in the Orlando suburb of ChampionsGate Florida. It includes 121 IL, 66 AL and 36 memory care units.
Alanna Ellis or Jones Lang LaSalle arranged the financing on behalf of Fortress.
JLL Capital Markets announced that it closed the sale of a senior living community in Grandbury Texas, a suburb of Dallas-Fort Worth.
The community — called Quail Park of Granbury, is a 75-unit community with IL, AL and memory care facilities. It’s comprised of two buildings: one that houses independent living and assisted living units and houses memory care patients.
At the time of closing, Quail Park was occupied at or above 95%, according to a press release.
The JLL team represented the seller and was led by JLL Managing Director Charles Bissell and Director Dean Ferris.
The National Association of Health Care Assistants (NAHCA) announed that it has teamed with labor marketplace Kare to launch a training program for more than 50,000 frontline caregivers.
Kare and NAHCA are partnering with the care enablement platform CareAcademy to provide courses that will enable caregivers to increase confidence, advance careers and further advance the care the patients and residents receive.
Blueprint Healthcare Real Estate Advisors announced it closed on the sale of an assisted living and memory care community in Kentwood Michigan.
The community — called Zpira Place of Brenton — is a private pay community that was built in 2001. The seller made the strategic decision sell the community because it was the only Michigan-based property in the owner’s portfolio.
Cardinal Senior Management, a regional company based in Grand Rapids, Michigan acquired the community.
Senior Living Investment Brokerage announced that it facilitated the sale of a pair of senior living communities in Florida.
Lenox on the Lake, located in Lauderhill, Florida and Majestic, located in Hollywood, Florida, combine to offer 192 total units for assisted living and memory care. The seller was primarily in the skilled nursing space and chose to sell its only assisted living assets.
The buyer is a regional owner/operator based in South Florida.
SLIB’s Bradley Clousing and Daniel Geraghty represented the seller in the transaction.
Bellwether Enterprise Real Estate Capital, Blueprint Healthcare Real Estate Advisors, Grandbridge Real Estate Capital, JLL Capital Markets, Kare, MidCap Financial, National Association of Health Care Assistants, Senior Living Investment Brokerage, SLIB, Vium Capital, Watermark Retirement Communities, Ziegler Capital Markets
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