BWE has arranged an approximately $240 million recapitalization for a multi-property seniors housing portfolio spread across three major metropolitan markets in the Midwest. The assignment focused on restructuring the capital stack for a group of purpose-built communities serving older adults, with BWE leading the effort as the exclusive capital markets advisor.
The firm advised O’Reilly Development Company, LLC, a real estate developer and investor based in Springfield, Missouri, on capitalizing the transaction. O’Reilly Development Company originally developed the portfolio, which consists of Independent Living, Assisted Living, and Memory Care communities that were brought online between 2019 and 2022. Each of the communities was designed specifically for seniors housing use, rather than converted from another property type.
The portfolio is geographically diversified across three Midwestern metropolitan statistical areas, though the specific markets were not disclosed. According to the parties, the communities are fully stabilized, with occupancy levels reported in a narrow range between 96% and 99%. These metrics suggest durable demand for seniors housing within the portfolio’s trade areas, as well as operating performance that has reached a steady state following lease-up.
Operations across the portfolio are handled by Arrow Senior Living, a regional seniors housing operator headquartered in St. Charles, Missouri. Arrow serves as the manager of the properties and is also co-invested alongside O’Reilly Development Company in the venture, aligning the operator’s interests with those of the ownership group. The recapitalization supports this ongoing partnership structure between developer-investor and operator.
Commenting on the assignment, Ryan Stoll, National Director of Seniors Housing Capital Markets at BWE, noted that the firm’s role was to ensure the capital markets outcome matched the caliber of the assets in the portfolio. Stoll expressed satisfaction with the result delivered for O’Reilly Development Company and for the residents living within the communities. The specific terms of the recapitalization, including lender, structure, and proceeds use, were not disclosed.
In a separate note for industry participants, Connect CRE highlighted its upcoming Connect Midwest Multifamily conference, scheduled for the afternoon of Tuesday, June 8, 2027, at Joe’s Live in Rosemont, Illinois. While focused on multifamily rather than seniors housing specifically, the event underscores continued interest in residential-related asset classes across the Midwest region.
