Assisted Living Facilities Nab $106M in Recap Funds
Financing to the tune of $105.9 million was recently arranged to recapitalize a portfolio of six assisted living/memory care properties. The assets consist of 631 units/642 beds operating under the Heartis brand.
The financing structure consisted of an $80 million syndicated senior credit facility and a $25.96 million mezzanine loan provided by an institutional partner. Comprised of six newer vintage and well-located residences, this financing provided runway to allow for stabilization of the portfolio subsequent to COVID-19 with an attractive structure that includes an advantageous cost of capital.
The portfolio of six assisted living and memory care properties includes:
Heartis Clear Lake in Clear Lake, TX
Heartis Longview in Longview, TX
Heartis San Antonio in San Antonio
Heartis Arlington in Arlington, TX
Heartis Waco in Waco, TX
Heartis Peoria in Peoria, IL
Grant Saunders and Zach Shulkin of KeyBank Real Estate Capital’s healthcare group and Jon Voight of KeyBanc Capital Markets-Real Estate Syndications structured and syndicated the financing.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
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