Columbia Pacific-Singapore Press Holdings Canadian portfolio deal
Columbia Pacific Advisors and Singapore Press Holdings mutually agreed to terminate a previously announced sale of a six-property, 717-unit Canadian senior housing portfolio due to global market instability stemming from the Covid-19 pandemic. The acquisition price was about $175 million, Deal Street Asia reported Wednesday.
Singapore Press Holdings announced the move on its website.
Sabra postpones $150M senior housing investment
Sabra Health Care REIT (Nasdaq: SBRA) has indefinitely postponed plans to acquire a $150 million senior housing investment. The REIT included the announcement in an SEC Form 8-K filing on Wednesday indicating that it resetting its expected Q1 2020 dividend to $0.30 per share, due to market instability caused by the Covid-19 pandemic.
Sabra CEO and Chairman Rick Matros said the company’s focus continues to be the health and well-being of its employees, operating partners, caregivers and residents, and that it needs to maintain a greater portion of its cash flows to manage further disruptions as the pandemic continues to put pressure on global economies.
Sienna Senior Living completes $200M credit facility
Sienna Senior Living entered into a credit agreement with a syndicate of lenders led by a Canadian chartered bank for a $200 million senior unsecured revolving credit facility.
The facility will mature on March 19, 2025 and may be extended for additional one-year terms, subject to certain conditions. The capacity may be increased by up to $50 million during the term of the facility, subject to certain conditions.
NKF completes $49M Florida portfolio sale
Newmark Knight Frank (Nasdaq: NMRK) completed the $48.85 million sale of a two-property, 181-unit assisted living and memory care portfolio consisting of Summer Vista in the Pensacola, Florida market, and The Crossings at Riverview in Tampa, Florida.
NKF’s Senior Housing Investment Sales team of Ryan Maconachy, Chad Lavender, David Fasano and Ross Sanders represented two operating subsidiaries of CNL Healthcare Properties II, Inc., a non-traded REIT based in Orlando, in the sale to a Connecticut based investment fund.
Sarah Anderson and Brittany Robinson from NKF’s Seniors Housing Debt & Structured Finance group secured the non-recourse, floating-rate acquisition financing with three years of interest on behalf of the buyer for The Crossings at Riverview.
Integral Senior Living assumes management of under-construction Pennsylvania community
Integral Senior Living assumed management of Heartis Yardley, a senior living community in Yardley, Pennsylvania currently under construction and set to open in late fall 2020.
Dallas-based health care real estate company Caddis is the owner of the community.
CBRE completes construction financing for California assisted living facility
CBRE National Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Adam Mincberg represented a joint venture between Clearwater Living and an institutional investor in completing a construction financing package for for Clearwater of North Tustin, a planned 100-unit assisted living and memory care community in North Tustin, California.
The community will consist of 72 assisted living units and 28 memory care units on 7.5 acres.
JLL arranges financing package for Illinois senior housing project
JLL Capital Markets worked on behalf of Condor Partners and Solera Senior Living to arrange construction debt and joint venture equity for the development of Trulee Evanston, a 163-unit luxury seniors housing property in Evanston, Illinois.
The debt and equity team representing the developer was led by Senior Director Joel Mendes.
Berkadia arranges $5M financing for Louisiana assisted living facility
Berkadia’s Senior Housing & Healthcare Senior Director Ed Williams secured a $5.02 million, 12-month bridge to HUD loan to refinance an assisted living property located in Louisiana.
The post Transactions & Financings: Covid-19 Market Instability Halts About $325M in Acquisitions appeared first on Senior Housing News.