Senior Living Portfolio Scores $285M Refi

Prime Care Properties received the bridge loan for a collection of 13 facilities totaling nearly 1,500 units.
HarborChase of Venice. Image via Google Street View

Capital One has closed a $285 million bridge loan to refinance a 13-property portfolio of senior living communities owned by Prime Care Properties LLC. Built in the late 1990s, the portfolio totals 1,081 assisted living, 301 memory care and 85 skilled nursing units across seven states.

Harbor Retirement Associates manages two of the facilities, which are located in Florida:

  • HarborChase of Naples – 7801 Airport Pulling Road in Naples, Fla.
  • HarborChase of Venice – 950 Pinebrook Road in Venice, Fla.

The other 11 facilities are managed by Sunrise Senior Living:

  • Brighton Gardens of Stamford – 59 Roxbury Road in Stamford, Conn.
  • Brighton Gardens of Buckhead – 3088 Lenox Road NE in Atlanta
  • Brighton Gardens of Friendship Heights – 5555 Friendship Blvd. in Chevy Chase, Md.
  • Sunrise of Annapolis – 800 Bestgate Road in Annapolis, Md.
  • Sunrise of Pikesville – 3800 Old Court Road in Pikesville, Md.
  • Brighton Gardens of Charlotte – 6000 Park South Drive in Charlotte, N.C.
  • Brighton Gardens of Raleigh – 3101 Duraleigh Road in Raleigh, N.C.
  • Brighton Gardens of Winston-Salem – 2601 Reynolda Road in Winston-Salem, N.C.
  • Brighton Gardens of Middletown – 620 State Highway, 35 South in Middletown, N.J.
  • Brighton Gardens of Mountainside – 1350 Route 22 West in Mountainside, N.J.
  • Brighton Gardens of Brentwood – 103 Arcaro Place in Brentwood, Tenn.

Refi follows deal with HCP

Real estate investment trust HCP announced in August that it had agreed to sell its direct financing lease interests in 13 non-core senior housing properties to Prime Care and its affiliates for $274 million, in a transaction expected to close in September. The facilities in the portfolio were not identified, but HCP said they included 11 properties managed by Sunrise Senior Living and two managed by Harbor Retirement Associates.

Last December, Berkadia closed on $327 million in fixed and variable rate financing for Brookdale Senior Living. The transaction, originated through Freddie Mac’s new Structured Pool Transaction program, was used to refinance 28 senior housing facilities totaling around 2,200 units.