Senior Living Dealbook: Seattle-area Community Trades; Berkadia Closes $23.3m Loans 

Transactions

Seattle-area community trades

JLL Capital Markets announced it led the sale of Fairwinds Brighton Court, a 182-unit community in Lynnwood, Washington.

JLL marketed the community on behalf of the seller, and the community was purchased by a public real estate investment trust. Leisure Care was retained as the community’s manager, a press release states.

JLL’s team was led by Senior Managing Directors Jay Wagner, Rick Swartz and Aaron Rosenweig, Senior Director Dan Baker and Director Dean Ferris, according to the release.

Financings

Berkadia closes two loans totaling $23.3M

Berkadia announced it closed two loans totaling $23.3 million to refinance a skilled nursing facility and acquire two assisted living communities.

The first loan was a $12.5 million HUD 232/223(f) refinance for a 144-bed skilled nursing community in Moore County, North Carolina on behalf of a repeat client, according to a press release.

The second transaction was a $10.8 million bridge-to-HUD loan used to acquire two communities in Oklahoma totaling 154 units for a repeat California-based client.

Managing Director Jay Healy and Director Andrew Lanzaro of Berkadia Seniors Housing & Healthcare handled the loans.

$35M construction loan gets approved

JLL Capital Markets arranged a $35.1 million construction loan for Benchmark at East Brunswick, an 87-unit, 100-bed assisted living and memory care community planned for East Brunswick, New Jersey.

The financing was arranged on behalf of a joint venture between National Development and an affiliate of Benchmark Senior Living, a press release states.

The community will “be thoughtfully designed to the highest standards, incorporating premium unit finishes and an extensive array of amenities, including multiple dining venues, a theater, fitness center, salon and a variety of outdoor spaces,” according to the release.

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