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Monday, 24 June 2019

Recently Formed Faris Lee Unit Brokers Sale of Calif. Assisted-Living Property

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Kayne Anderson Real Estate has paid $39 million, or $165,958/bed, for the 235-bed Casa Sandoval assisted-living facility in Hayward, Calif.

The Los Angeles investment manager bought the property, at 1200 Russell Way, from an affiliate of Casa Care LLC, a Hayward developer of senior-living communities.

The property was constructed in 1990 and offers independent-living, assisted-living and memory-care units. It's in the East Bay of Northern California, near Hayward Japanese Gardens in De Anza Park.

The transaction was completed through Faris Lee Investment's recently launched Senior Living and Hospitality Group, one of six new business groups created by the Irvine, Calif., firm as part of an expansion of its services.

Faris Lee for the past 22 years has focused primarily on advising clients on retail investments and transactions.

It has divided its resources into six groups - single tenant properties, anchored retail properties, mid-market investments, private capital acquisition, capital markets and the senior living and hospitality industry, explained Richard Chichester, the company's president and chief executive.

"By breaking these out, we can underwrite to those unique qualities," he said. "Characteristics of properties and clients are uniquely different."

"The reason we added senior care is that retail is hyper specific to its location," Chichester said. "Its location matters more than any other commercial real estate. The retail center usually occupies the best retail in the community, and the larger retail sites are going through some repositioning. Many of them have excess land available, and now is the ideal opportunity to use that excess land...





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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • States: California
  • Sector: Assisted Living/Health Care
  • Subject: Brokerage Firms-general (BROK), Property Acquisitions (ACQ)
  • Private: Yes
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Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

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