Seniors Housing Business

APR 2018

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

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Acquisitions 18 www.seniorshousingbusiness.com Seniors Housing Business n April 2018 Pat Byrne Pat Burke $5 BILLION IN SALES TRANSACTIONS 845 SOLD SENIOR HOUSING COMMUNITIES 1997-2018 Grant A. Kief, President (630) 858-2501 (314) 961-0070 www.slibinc.com Jason Punzel Matt Alley Jeff Binder Ryan Saul Jeff Clousing Nick Cacciabando Dan Geraghy Kyle Shoemaker Dan Piatkowski Brad Clousing Toby Siefert Dave Balow Brad Goodsell Our experts will help you get a "Top-of-the-Market" price for your Seniors Housing community. Teamwork = Results We have 17 seasoned professionals that are national experts in the Seniors Housing and the Affordable Housing market. Together we have over 175 years of experience. Contact us for a confi dential valuation of your Seniors Housing community. Vince Viverito Arbor provides $41.7 million acquisition loan for skilled nursing facility in New York Syracuse, N.Y. — Arbor Realty Trust Inc. (NYSE: ABR), a real es- tate investment trust and direct lender, has provided a $41.7 mil- lion bridge loan for the acquisition of James Square Health and Reha- bilitation Center, a 440-bed skilled nursing facility in Syracuse. James Square features two four- story nursing facilities built in 1970 and 1982 and a single-story main- tenance facility constructed in 2014, all situated on 5.5 acres. New York-based seniors hous- ing and healthcare firm VestraCare acquired the property from a Chi- cago-based seller. The new owner plans to keep the existing staff, but replace the property administrator, rebrand the community and invest $4 million in capital improvements. Alexander Kaushansky of Arbor Realty Trust arranged the financ- ing. The bridge loan carries an initial term of 36 months and was underwritten with plans for an eventual HUD takeout loan. Evan Goldenberg of EBEX Hold- ings assisted all parties in the fi- nancing. Ari Dobkin of Meridian Capital Group represented Vestra- Care. ESI arranges $32.6 million sale of four-property portfolio in Southern Illinois Southern Illinois — Evans Senior Investments (ESI) has arranged the sale of four Legacy Place assisted living and memory care commu- nities in Southern Illinois for $32.6 million. The four communities are Leg- acy Place–Breese; Legacy Place- Highland; Legacy Place-Waterloo Assisted Living; and Legacy Place- Waterloo Memory Care. The port- folio features 149 assisted living units and 51 memory care units. All four communities were built in the last eight years, and aver- aged 95 percent occupancy over the past 12 months. The sale translates to $163,000 per unit and a capital- ization rate of 8.2 percent. Aron Will of CBRE National Se- nior Housing arranged $24.9 mil- lion in acquisition financing for the transaction. The 10-year, fixed- rate Freddie Mac loan features five years of interest-only payments. ESI represented the seller, an in- dependent owner-operator, in the transaction. The buyer was a re- gional owner-operator with a focus on Missouri and Illinois. SLIB brokers $30 million sale of 183-bed skilled nursing facility in Washington, D.C. Washington, D.C. — Senior Liv- ing Investment Brokerage has ar- ranged the sale of Brinton Woods, a 183-bed skilled nursing facility in Washington, D.C. A partnership between a pri- vate investment group and an East Coast operator acquired the facil- ity from a regional owner-operator looking to reduce its exposure to D.C. The price was $30 million, or $163,934 per bed. The capitalization rate was esti- mated at 10.4 percent. Brinton Woods was constructed in 1982, and recently underwent $1 million in capital improvements. The 63,082-square-foot community was 94 percent occupied at the time of sale. Bradley Clousing and Toby Sief- ert of Senior Living Investment Brokerage handled the transaction. CBRE arranges $26.4 million acquisition financing for 138-unit community in Washington Kennewick, Wash. — CBRE has arranged $26.4 million in financ- ing for the acquisition of Fieldstone Grandridge and Fieldstone Memo- ry Care, a 138-unit assisted living and memory care community in Kennewick, located in the south- east portion of the state. A joint venture between Bourne Financial Group and Cascadia Se- nior Living is the borrower. The community includes two facilities constructed in separate phases be- tween 2015 and 2016. Cascadia will continue to operate the property following the acquisition. Aron Will of CBRE National Se- nior Housing arranged the sev- en-year, fixed-rate loan with 36 months of interest-only payments. A national bank provided the capi- tal. Bourne is a real estate private equity company founded in 2014 in Winter Park, Fla. Cascadia is a Washington-based operator found- ed in 2013. Griffin-American acquires two-property portfolio in Central Wisconsin for $22.6 million Waunakee and Sun Prairie, Wis. — Griffin-American Healthcare REIT IV has acquired a 254-bed seniors Legacy Place — Breese was among the four-property portfolio in Southern Illinois. Evans Senior Investments arranged the portfolio sale for $32.6 million.

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