Sales
SLIB Facilitates AL Sale in Florida
Senior Living Investment Brokerage announced it played a role in the sale of a senior living community in Merritt Island, Florida.
The community – a 70-unit assisted living community built in 2004 – was sold by a publicly traded real estate investment trust (REIT). And the buyer is a Florida-based owner/operator. The new owner plans to deploy capital for renovations that will result in “significant upgrades” in an effort to improve occupancy and therefore the bottom line.
SLIB’s Bradly Clousing and Daniel Geraghty handled the transaction.
Lument Advises Retirement Community on Sale
Lument Securities announced it served as the exclusive advisor to the board of directors of a senior living community in Miami, Florida.
The community – called Epworth Village Retirement Community – is a 290-unit independent living and assisted living community that also has an adjacent 120-bed skilled nursing facility nearby.
Lument advised the board on a sale of the community that will fund the foundation of a charitable organization to continue its nonprofit mission.
Financings
Griffin Living Secures $3M for Building Site
Senior living development firm announced it acquired $3 million in financing to acquire a parcel of land that will be used to build a new assisted living and memory care community in California’s Bay Area.
The community will be located close to high-end retail and dining options and will include a number of amenities as well as 24-hour care. The city of Santa Clarita approved plans for a community with a capacity in excess of 100 residents. Construction is expected to begin this year with the community opening in 2024.
Berkadia Secures 4 Loans Worth More than $80M
Berkadia Seniors Housing & Healthcare announced it secured four loans with financial institution Live Oak Bank that total $86 million in the first quarter of this year. That brings the total financial arrangements between Berkadia and Live Oak to $143 million since October.
All four loans are bridge-to-HUD loans.
All of Berkadia’s deals with Oak Live have been used to refinance four AL/memory care communities, two skilled nursing facilities and one IL community.
CFG Executes $84M in Bridge Loans
Capital Funding Group announced it executed $84.7 million in bridge-to-HUD loans for the purchase of seven skilled nursing facilities and one AL facility in Alabama.
The deal closed on March 24 and was executed on behalf of Venza Care.
The post Transactions & Financings: Lument Advices Community Sale; Berkadia Secures $84M in Q1 Loans appeared first on Senior Housing News.
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