Welltower, Invesco Announce $850M Joint Venture
Welltower Inc. (NYSE: WELL) and global real estate manger Invesco Real Estate (“Invesco”) announced an $850 million joint venture partnership comprising a portfolio of 35 medical office buildings spanning 2.6 million square feet. The portfolio was previously wholly owned by Welltower.
The properties are 100% affiliated with health systems with a weighted average lease term of five years. With an average age of 19 years, these properties have experienced strong second generation leasing. Through this partnership, Welltower will retain a 15% economic interest in the portfolio.
Acts Retirement-Life Communities moving to new corporate HQ
Acts Retirement-Life Communities is moving its corporate headquarters to Fort Washington, Pennsylvania, with the acquisition of an 80,000 square-foot office building, which will allow the provider to accommodate its organizational growth. Acts has operated out of its current headquarters in West Point, Pennsylvania since 1989.
Cambridge arranges $4.1M refinancing for Tampa senior living community
Cambridge Realty Capital Companies arranged a $4.1 million HUD Lean loan to refinance Cabot Cove of Largo, a 63-bed assisted living facility in Largo, Florida. Cambridge arranged the loan on behalf of the owner, a Florida limited liability company, using…