Adam Sherman of Blueprint Healthcare Real Estate Advisors brought several parties together to arrange the capital for a $30 million assisted living/memory care development in Kissimmee, Florida. Located on a 3.4-acre site in the Osceola Corporate Center, a 900+ acre master planned mixed use development, the community will feature 104 units/114 beds of assisted living and 24 private memory care units, in addition to multiple dining venues and amenities. The developer, Providence One Partners, LLC, and the operator, Watercrest Senior Living, expect to open the three-story community by late summer of 2018. Construction began immediately after Mr. Sherman arranged the capital stack, which includes debt from a regional bank and equity in a JV structure from a private equity fund investor. Upon completion, residents will also be able to utilize the Sun Rail, Orlando’s commuter train line that is expanding into Osceola County and will open a new stop in the Osceola Corporate Center.
Then, in their first transaction since joining Blueprint Healthcare Real Estate Advisors, Pamela Pyms and Hayden Behnke closed the sale of an independent living community (part of a not-for-profit CCRC) in Aurora, Colorado to a private developer/operator from the Denver metro area. This wasn’t a complete exit for the seller, which retained the campus’ skilled nursing facility. The facility probably would not be of much interest to the buyer, which is planning to convert the rental CCRC into a 55+ active adult retirement community. The acquired community originally featured 104 total independent living units, consisting of 44 townhomes and 60 apartments, in addition to the SNF. Not-for-profit to for-profit deals are never easy, but Ms. Pyms and Ms. Behnke worked with the City of Aurora to create a separate division of the property, and sold the community (above the asking price) for $16.125 million, or $155,000 per unit. A successful start for the pair in Blueprint’s new Denver office.
