Cushman & Wakefield Senior Housing Capital Markets, acting as exclusive advisor to Homestead Senior Living, LLC, (a partnership Pike Senior Living, LLC and Solvere Senior Living), has arranged the refinance of Homestead at Hamilton, a 195-unit independent living, assisted living and memory care community in Hamilton, New Jersey. Homestead at Hamilton is newly built and opened its IL units in November 2017 and its licensed AL and MC units in April 2018. The community is currently 61% occupied and expects to stabilize in another 12 months. The four-story class-A community features a complete amenities package and is the newest full-continuum property and the only rental IL option in Hamilton Township, a city of 88,000 residents and 11 miles from Princeton, NJ.
The Cushman & Wakefield team involved in the transaction included Vice Chairman Richard Swartz, Executive Managing Director Jay Wagner, and Director Jim Dooley. “We are pleased to have been a part of this transaction with Pike and their partners which has created a new lending relationship for them with MidCap Financial,” said Swartz.
MidCap Financial, a leading commercial finance company focused on middle market transactions, provided the $57.3 million floating rate first mortgage loan that refinanced the original construction loan and mezzanine debt with accrued interest. The MidCap team that led the transaction included Managing Director Lawrence Brin and Vice President Andrew Lavinder, in connection with President Kevin McMeen.
About MidCap Financial
MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to businesses across all industries throughout North America. The firm's years of experience, strong balance sheet, and flexibility make it a lender of choice for companies across all stages of growth and complexity. MidCap Financial's debt solutions focus in five areas:
- Asset Based Lending - asset-based revolving loans and term loans collateralized by accounts receivable, inventory and other tangible and intangible assets;
- Leverage Lending - leverage based loans to companies backed by private equity sponsors;
- Life Sciences Lending - loans to VC-backed and public pharmaceutical, biotech and medical device companies;
- Real Estate Lending - loans to developers and operators of commercial, residential and healthcare real estate;
- Lender Finance - term loans and revolving credit facilities to consumer and commercial finance lenders.
MidCap Financial refers to MidCap FinCo Designated Activity Company, a private limited company domiciled in Ireland, and its subsidiaries, including MidCap Financial Services, LLC. MidCap Financial Services, LLC employs all personnel and provides sourcing, due diligence and portfolio management services to MidCap FinCo Designated Activity Company pursuant to a services agreement. MidCap Financial is managed by Apollo Capital Management, LP, a subsidiary of Apollo Global Management, pursuant to an investment management agreement between Apollo Capital Management, LP and MidCap FinCo Designated Activity Company.
About Pike Senior Housing Partners, LLC
Pike Companies is a Paterson, NJ-based construction and development firm that focuses within New Jersey and the Tri-State Area to build and developed all asset classes. Pike’s diversified experience includes commercial, industrial, hotels, office, multi-family, educational, and over 35 senior housing and congregate care homes. Pike Construction Co, LLC was the general contractor for the project. For 60 years Pike has delivered every project on time and on budget with a hands-on approach from a senior level. In addition to development, construction, and general contractor services, Pike invests at the principal level on senior housing communities and is actively developing a pipeline of projects in northern and central New Jersey. www.pikeconstruction.com
About Solvere Senior Living
Solvere Senior Living provides real estate management services in the senior housing sector utilizing its signature programs to help seniors identify housing options that suit their unique objectives. Solvere consults for and manages a diverse mix of communities that include IL rental, AL and MC, and CCRC’s across the country. Solvere currently manages 16 communities in eight states. Its affiliate, Solutions Advisors, provides award-winning advertising, marketing, sales training and consulting services exclusively to senior housing properties. www.solvereliving.com
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
