TODAY'S DEALS: Health Care REIT, Chartwell Complete $936.5M Purchase in Canada

Heath Care REIT and Chartwell Seniors Housing acquire 42 assets in Canada; Beech Street provides $16.3 million for a 296-unit asset in Florida; and Walker & Dunlop supplies a $15.9 million Freddie Mac CME loan to HAP property.

Canada—Health Care REIT Inc. has completed the acquisition of 42 seniors housing communities in Canada with partner Chartwell Seniors Housing. THe total purchase price was $936.5 million, with Heath Care REIT providing $509.5 million. Thirty-nine of the properties are owned on a 50/50 basis, with Heath Care REIT wholly owning the remaining three properties.

“The investment with Canada’s leading seniors housing operator expands Health Care REIT’s successful U.S. investment strategy into Canada,” says George Chapman, chairman, president and CEO of Health Care REIT. “It establishes the company’s presence in Canada’s largest and most attractive markets with a portfolio of high-quality private pay facilities.”

The properties are located across the Canadian provinces of Quebec, Ontario, British Columbia and Alberta with a concentration in Toronto, Montreal, Quebec City, Ottawa and Vancouver. There are approximately 8,200 units in total within the portfolio.

Beech Street provides $16.3M for Florida apartments

Jacaranda Village

Plantation, Fla.—Beech Street Capital LLC has provided a $16.3 million Fannie Mae conventional loan to refinance Jacaranda Village at Plantation, a 296-unit asset located in Plantation, Fla. The funds were arranged on behalf of Scully Company, a first time client of Beech Street.

“The Beech Street team did a fine job,” says Michael Scully, principal of the Scully Company. “They were able to rate lock and close the loan with higher proceeds and at a lower rate than what was quoted at application.”

Jacaranda Village was built in 1985. Amenities include a swimming pool, children’s pool, heated spa, two tennis courts, a playground, volleyball court, fitness center, and clubhouse.

Walker & Dunlop supplies $15.9M Freddie Mac CME loan to HAP property

Providence, R.I.—Walker & Dunlop, LLC announced that it recently provided $15.9 million in financing for Kent Farm Village, an affordable housing apartment community located in Providence, R.I.

The acquisition loan was structured with a 10-year term and a 30-year amortization under Freddie Mac’s Capital Markets Execution Program (CME). The loan was underwritten to an 80 percent loan-to-value with a 1.30 Debt-Service Coverage ratio.

The owners of Kent Farm Village recently executed a 10-year HAP renewal contract which requires a certain amount of units be designated as affordable housing. At closing, over 55 percent of the units qualified as affordable with the remaining units being market-rate rentals.

Kent Farm Village is a 250-unit apartment community built in 1970 and substantially renovated in 1996. Situated on over 11 acres, the complex is located within close proximity to Downtown Providence, Providence Place Mall, and public transportation. The property offers one-, two-, and three-bedroom floor plans in two mid-rise buildings and 60 two-story townhomes. Property amenities include a community room with computer learning center, resident services coordinator, laundry facilities, 24-hour emergency maintenance, on-site management, professionally landscaped grounds, and recreation areas. Kent Farm Village was 98 percent leased at closing.

Walker & Dunlop Senior Vice President Stephen Farnsworth led the Walker & Dunlop team.

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