Transactions & Financings: Welltower’s Downtown Denver Acquisition; HCP’s Credit Facility Increased

HCP Closes on Upsized $2.5B Credit Facility, New $250M Loan Facility

Irvine, California-based health care real estate investment trust HCP (NYSE: HCP) closed an amended and restated credit agreement providing for a $2.5 billion unsecured revolving credit facility and a new $250 million unsecured term loan facility.

The amendment and restatement extended the maturity date of the unsecured revolving credit facility to May 23, 2023 with two 6-month extension options, and reduced HCP’s borrowing costs.

The unsecured term loan facility includes a 90-day delayed-draw feature, allowing term loans in an aggregate principal amount of up to $250 million to be drawn during such period.  Any such term loans will mature on May 23, 2024. 

Welltower Purchases Denver Senior Living Community for $11.8M

Toledo, Ohio-based health care real estate investment trust (REIT) Welltower (NYSE: WELL) completed an $11.8 million acquisition of The Balfour at Riverfront Park, a luxury senior living community in downtown Denver.

The seller was SHI Denver, a limited liability affiliate of Boston-based real estate investor AEW. The venture paid $9.4 million for the property in 2012, according to Denver Business Journal.

ESI Arranges $12.8M Sale of California Senior Living Facility

vans Senior Investments (ESI) successfully represented the sale of The Manse on Marsh, an 87-unit independent living and assisted living community in San Luis Obispo, California. ESI represented the seller, an independent owner/operator, in the transaction.

At the time of the sale, the community was 75% occupied and 100% private pay.

Regions Bank Provides $16.8M Refinancing for Cleveland Assisted Living Facility

The Regions Bank Healthcare Real Estate Group closed out a $18.8 million, two-year, floating rate loan to the private owner of a 103-unit assisted living and memory care facility in suburban Cleveland.

Proceeds will be used to close out construction debt on the property, as well as provide a small cash-out to the borrower. The community, which opened in the fall of 2018, is 65% occupied and contains 78 assisted living and 25 memory care units.

Blueprint Completes $12.7M Sale of Suburban Chicago Assisted Living Community

Blueprint Healthcare Real Estate advisors Senior Director Alex Florea and General Counsel Jason Salzman completed the $12.7 million Chapter 7 bankruptcy sale of Bright Oaks, a 60-unit assisted living and memory care community in Aurora, Illinois.

The community was in court ordered receivership for one year prior to being marketed by Blueprint and had not achieved profitability. Blueprint was engaged by the court appointed trustee to conduct the marketing process and sell the community through an auction.

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