PHILADELPHIA--(Business Wire)--
NAI Bluestone Real Estate Capital, a Philadelphia based real estate investment
banking firm, has arranged $13.8M in FHA senior financing through RED Capital
Group to refinance Carriage Court of Hilliard, an assisted living facility in
Hilliard, OH. The property is owned by Carriage of Court of Hilliard, LLC, a
subsidiary of Wilkinson Corporation, a national owner/operator of independent
living, assisted living and memory care facilities based in Yakima, WA.
Built in 1998, Carriage Court of Hilliard is a 102-unit, 69,184 square foot
assisted living and memory care facility. Good Neighbor Care (GNC), a seasoned
operator of senior housing and a subsidiary of The Wilkinson Corporation, is
managing the facility in addition to the 54 property portfolio currently under
management nationwide.
Wilkinson acquired Carriage Court in 2005 as part of a larger portfolio. At the
time of acquisition, the property stood at 49% occupancy. Since then, GNC has
made significant capital and staffing improvements, resulting in a 48%
improvement in occupancy rates overall.
"Carriage Court is a true Cinderella story thanks to the incredible job GNC and
Wilkinson have done to manage and improve the facility," said Timothy Bradley,
senior associate, NAI Bluestone Real Estate Capital. "This was an
underperforming asset at the time of acquisition, with occupancy rates still
hovering around 70% just 12 months ago. After significant improvements,
occupancy is above 92% and is projected to improve steadily, making it a highly
desirable property to lenders."
Carriage Court represents the fifth transaction NAI Bluestone has successfully
secured on behalf of Wilkinson Corporation and its subsidiaries, bringing the
total transaction volume to $50M over the past three years.
"This deal showcases NAI Bluestone`s ability to find creative financing
solutions in today`s challenging credit environment," said Matthew McManus,
chairman, NAI Bluestone Real Estate Capital. "Our patience, tenacity and
industry know-how are the reasons great clients like Wilkinson Corporation
continue to use our services. I look forward to our next transaction with
Wilkinson in the future."
NAI Bluestone Real Estate Capital arranged for RED Capital Group to finance the
deal through the U.S. Department of Housing and Urban Development`s (HUD)
Federal Housing Administration`s section 232/223(f). The fixed rate,
non-recourse loan represents 85% of the LTV and has a 5.4% interest rate
amortized over 35 years.
ABOUT NAI BLUESTONE REAL ESTATE CAPITAL
NAI Bluestone Real Estate Capital is a Philadelphia-based commercial real estate
investment banking and advisory firm that secures innovative debt, mezzanine,
equity and sponsor equity financing for the nation`s top-tier investors,
operators, owners and developers. Leveraging its up to the minute market
knowledge, credibility and relationships with highly regarded institutional
financing sources, NAI Bluestone specializes in closing complex deals for
sophisticated clients.
NAI Bluestone is part of NAI Global`s managed network, which includes over 5,000
professionals and 325 offices in 55 countries. NAI professionals complete over
$45 billion in transactions annually. For more information please visit
www.bluestonecap.com.
Maven Communications
Sarah Casey, 267-546-9051
scasey@mavenagency.com
Copyright Business Wire 2009
