Seniors Housing Business

FEB-MAR 2018

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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Page 23 of 56

Acquisitions 23 February-March 2018 n Seniors Housing Business tiple levels of care. Life Care Services, an affiliate of LCS, purchased the six communi- ties through a joint venture part- nership with ASPECT Investment Partners. The renovation plan is ex- pected to be finalized this year, led by LCS development. Sabra Health Care REIT completes $103.3 million sale of 20 facilities leased to Genesis Irvine, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has completed the previously an- nounced sale of 20 facilities leased to Genesis Healthcare Inc. in Ken- tucky, Ohio and Indiana for $103.3 million. The 20 facilities are part of the original 35 facilities marketed for sale under the previously an- nounced memoranda of under- standing with Genesis. Under the terms of the memoranda, Genesis' annual rent obligations to Irvine- based Sabra will be reduced by $9.3 million as a result of the sale of these facilities. Sabra expects to use the proceeds from the sale to repay debt under its revolving credit facility. The dispositions are part of the REIT's "Sabra 3.0" plan to have more scale and diversification within the company's portfolio as far as continuum of care, opera- tor and geography. Sabra plans to sell its entire portfolio of Genesis- operated skilled nursing facilities for aggregate sales proceeds of $425 million to $475 million. The buyer was an undisclosed private equity investor that entered into a new lease with Genesis on the properties. Christopher Hyl- dahl and Ben Firestone of Blueprint Healthcare Real Estate Advisors ar- ranged the transaction. Meridian arranges $136 million acquisition financing for skilled nursing portfolio in Ohio Ohio — Meridian Capital Group has arranged $136 million in acqui- sition financing for a portfolio con- taining 10 skilled nursing facilities throughout Ohio. The 10-facility portfolio contains 1,464 beds and offers both short- term recovery and rehabilitation services and long-term care, in ad- dition to a memory care program. The names and locations were not disclosed. A balance sheet lender provided the five-year loan. It features six months of interest-only payments and a 25-year amortization. Ari Adlerstein, Ari Dobkin, Josh Simpson and Corey Schwartz, all based in Meridian's New York City headquarters, negotiated the trans- action. Greystone arranges $31.3 million sale of 188-unit affordable community in Denver Denver — Greystone's Real Es- tate Advisors group has arranged the sale of Juanita Nolasco Apart- ments, a 188-unit affordable seniors housing community in Denver. Jonathan Rose Cos. acquired the property from a limited liability company for $31.3 million. Greystone's Aaron Hargrove and Eric Taylor represented the seller. October 2017 Private Owner/Operator $31.2 Million HUD Loan Capital Funding, LLC November 2017 Private Owner/Operator $6 Million Bridge-to-HUD Loan Capital Funding, LLC December 2017 Private Owner/Operator $3 Million Working Capital Line Of Credit Capital Finance, LLC October 2017 Private Owner/Operator $26 Million Bridge-to-HUD Loan Capital Funding, LLC FUNDED FROM START TO Capital Finance, LLC Jeffrey Stein, Executive Managing Director | 410.513.8736 | Capital Funding, LLC Erik Howard, Managing Director | 410.513.8728 | Capital Funding, LLC and Capital Finance, LLC are wholly-owned subsidiaries of CFG Community Bank. CFG Capital Markets, LLC: Member FINRA/SIPC December 2017 Private Owner/Operator $25.5 Million Bridge-to-HUD Loan Capital Funding, LLC December 2017 Private Owner/Operator $23 Million HUD Refinance Capital Funding, LLC

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