Transactions & Financings: New Senior’s $720M Refinancing, American House Enters Ohio

New Senior Closes $720 Million Refinancing

New Senior Investment Group completed the refinancing of a $720 million secured loan from with Freddie Mac arranged through KeyBank Real Estate Capital.

The loan has a seven-year term and bears interest at LIBOR plus 232 basis points, an improvement of approximately 170 basis points, or $12 million annually, versus the prior financing. Additionally, the refinancing improved the Company’s weighted average debt maturity from three years to over five years.

American House Senior Living Communities Acquires Ohio Facility

American House Senior Living Communities, based in Bloomfield Hills, Michigan, entered the Ohio market with the acquisition Vista Springs of Macedonia, a 100-unit assisted living and memory care community, in Macedonia, Ohio. The property was re-branded as American House Macedonia.

The Ensign Group Acquires Nevada Senior Housing Facility

The Ensign Group announced that Bridgestone Living LLC, Ensign’s assisted and independent living portfolio company, acquired the real estate and operations of Villa Court Assisted Living and Memory Care, a 53-unit assisted living and 20-unit memory care facility located in Las Vegas, Nevada. The acquisition brings Ensign’s growing portfolio to 186 skilled nursing operations, 22 of which also include assisted living operations, 52 assisted and independent living operations, 21 hospice agencies, 22 home health agencies and six home care businesses across sixteen states.  Ensign owns the real estate at 69 of its 237 healthcare operations.

CBRE Completes Three Financing Packages

CBRE National Senior Housing Vice Chairman Aron Will completed three financing packages. First, Will arranged $24.9 million in refinancing on behalf of Welbrook Senior Living for Welbrook Arlington, a 207-unit assisted living, independent living and senior housing community in Riverside, California. MBK Senior Living will continue to operate the property under a third-party agreement. CBRE Multifamily Capital originated a $24.9MM, 10 year floating rate loan with 48 months of interest only through its Fannie Mae DUS Multifamily loan origination program. This transaction represents CBRE’s third financing of the Property over a 5 year period, and CBRE’s second refinance of the Property with Fannie Mae.

In the second transaction, Will secured a $25.5 million, five-year, non recourse floating rate loan with 36 months of interest only from a regional bank, on behalf of a joint venture between Bourne Financial Group and HRA Senior Living (“HRA”) for HarborChase of Wilmington, a Class A, 96-unit Assisted Living and Memory Care community located in Wilmington, Delaware. HRA will continue to operate the property.

In the final transaction, Will arranged an $11.2 million acquisition financing package on behalf of a joint venture between Agemark Senior Living and Trellis Real Estate Group for Entrust of Concord, a 101-unit independent living, assisted living and memory care community in Concord, California. CBRE secured a five-year floating-rate loan with 36 months of interest only from a national bank.

Capital One Arranges $28 Million For Illinois Supportive Living Facility

Capital One provided a 35-year, fixed-rate $28.4 million HUD 232/223(f) loan to refinance a supportive living facility in Des Plaines, Illinois, a suburb of Chicago. The property includes 162 assisted living units, 150 supportive living units, and 71 new licensed skilled nursing beds. Senior Vice President Joshua Rosen originated the transaction for a repeat Capital One customer.

JLL Secures Loan For Massachusetts Senior Living Facility

JLL Capital Markets, Seniors Housing secured $27.5 million in refinancing for Keystone Place at Buzzards Bay, a recently-built 106-unit independent living, assisted living and memory care community in Bourne, Massachusetts, 60 miles south of Boston. The Fannie Mae DUS loan was originated through JLL’s relationship with MSF Real Estate Capital. Senior Vice President Joel Mendes led the financing on behalf of JLL. Senior Vice President Scott Moore led the financing on behalf of MSF.

Written by Chuck Sudo