TUCSON, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today various financing transactions for senior housing communities in Tucson, Arizona.
Volt Migrino of Marcus & Millichap Capital Corporation (MMCC) and Alex Snyder, a seniors housing investment specialist, assisted the buyer, a limited liability company and senior housing operator, with securing acquisition financing for two 30-bed assisted living and memory care communities. Additionally, Migrino and Snyder helped the buyer refinance their existing Tucson Assisted Living and Memory Care portfolio. Total financing consideration totaled $4.61 million, representative of a loan-to-value (LTV) ratio of 125%, providing the buyer with working capital to improve the assets.
“MMCC utilized its vast network of nationwide lender relationships to secure the best LTV, loan rates and additional terms within the current seniors housing debt marketplace,” noted Migrino. Snyder added, “Lack of new seniors housing supply across all care levels within Pima County, as compared with other markets across the country, has led to an up-tick in equity investments in Tucson seniors housing and aggressive debt bids from lenders. This is exemplified by the 125% LTV achieved in this transaction.”
Marcus & Millichap recently released a 2021 mid-year investment outlook report for seniors housing and skilled nursing, which is available on www.MarcusMillichap.com along with other market reports across additional commercial real estate product types.