Real estate firm Cushman & Wakefield is off to a strong start to 2021, securing financing for half a dozen acquisitions, developments and sales across the seniors housing spectrum.
Within the skilled nursing sector, the firm closed on the sale of a Tampa Bay area nursing home — the first of three strategically planned skilled nursing property sales in Florida by Healthcare Trust, for $118 million.
“This property is a recently constructed, high-performing skilled nursing facility with remaining upside in a growing location and an attractive quality mix,” said Aaron Rosenzweig, managing director at Cushman & Wakefield, in a press release announcing the sale.
In terms of acquisition financing, Cushman & Wakefield also recently served as exclusive adviser to two joint ventures involving Harrison Street Real Estate. The first involved Harrison and LCB Senior Living, to secure the acquisition financing for a portfolio of three seniors housing assets in New Jersey. The move represents LCB’s first entry into New Jersey, though the operator owns five communities in Pennsylvania.
Cushman & Wakefield also helped arrange financing for another joint venture between Harrison Street and Stellar Senior Living, for the acquisition of a 211-unit senior living community near Phoenix.
In terms of new developments, Cushman also advised on a joint venture between Benchmark Senior Living and Iron Point Partners, securing a $29.8 million construction loan for the development of a 97-unit senior living facility in Hanover, MA. The firm’s Senior Housing Capital Markets team also helped facilitate a joint venture between Avenida Partners and an undisclosed large institutional capital partner on $16.9 million in construction financing for a 138-unit active adult community near downtown Nashville, TN.