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One Year Later HCP Closes on 526-Unit Portfolio

WASHINGTON, DC--The portfolio went under contract in the third quarter of 2015 but because of a cross-collateralized HUD loan the deal wasn't able to close until now.

By Erika Morphy | Updated on October 27, 2016
A holding from the Morningside portfolio A holding from the Morningside portfolio

WASHINGTON, DC–An affiliate of HCP has closed on a 526-unit assisted living portfolio located in the Mid-Atlantic that had not one, not two but three major challenges associated with its sale.

The portfolio, called the Morningside House Mid-Atlantic Portfolio, traded for $186.25 million or $354,424 per unit — nearly a year after going under contract.

The seller, a joint venture between Morningside House Senior Living and Harrison Street Real Estate Capital, put the portfolio on the market last year well aware that it was facing an uphill climb. It was during a period when senior housing REITs were not in active buy mode, for starters. Worse, the portfolio’s operator was shutting down, explained CBRE’s Lisa Widmier, who along with Matthew Whitlock represented the seller.

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