BOSTON– Cushman & Wakefield announced that the real estate services firm’s Senior Housing Capital Markets team has completed more than $250 million in transaction closings in April 2021.
Cushman & Wakefield advised Lytle Enterprises on the sale of Broadway Proper, a 232-unit, independent and assisted living community located in Tucson, Arizona. The property was acquired by a joint venture between Harrison Street Real Estate and Stellar Senior Living. This team also advised the buyer on its acquisition financing, procuring non-recourse bridge financing from a national bank.
Cushman & Wakefield also advised a large public REIT on the disposition of two assets. The first asset, Brookdale West Bay is an assisted living and memory care community located in the Providence Rhode Island market and was acquired by an east-coast private equity firm. The second asset, Sienna at Otay Ranch, is a 111-unit, assisted living and memory care community that opened in 2018.
This team also handled the sale of a number of skilled nursing transactions. Healthcare Trust, Inc. was represented on the sale of two remaining assets in a three-property portfolio totaling nearly $116 million. The first asset, The Addington at Wellington Green, is a 120-bed skilled nursing and 52-unit assisted living community built in 2011. The second asset, The Institute for Healthy Living at Jupiter, is a 129-bed skilled nursing, 62-unit assisted living, and 30-unit memory care campus that just completed construction and received licensure.
Cushman & Wakefield also represented a pension fund investor on the sale of Wingate at Harwich, a 135-bed, skilled nursing facility in Harwich, Massachusetts. A regional operator acquired the community.
On financings, the team procured two construction loans in April 2021. The first was a $32 million construction loan for the development of The Waters of Pewaukee, a 161-unit, independent living, assisted living and memory care community located in Pewaukee, Wisconsin. The loan was provided by a national healthcare lender and the borrower was a joint venture between The Waters and a private equity partner.
Cushman & Wakefield also closed on a $29 million construction loan on behalf of a joint venture between Avenida Partners and LaSalle Investment Management for a Class-A, 154-unit active adult project located in the Denver metro area.
The Cushman & Wakefield team that was collectively involved in closing these transactions includes Richard Swartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer, Jim Dooley, Dan Baker and Sam Dylag.