Three Buyers Purchase Florida Portfolio in Receivership
Continuum Advisors ended the first quarter with a five-property portfolio deal closed in their home state of Florida. The communities total 340 units (74 assisted living and 266 memory care) and are located across central and northern Florida. They include Superior Residences of Clermont, a 114-unit AL/MC community in the Orlando MSA, Superior Residences of Cala Hills, a 60-unit MC community in Ocala, Superior Residences of Brandon, a 46-unit MC community just east of Tampa, Superior Residences of Lecanto, a 60-unit MC community along Florida’s northwest central coast, and Superior Residences of Niceville, a 90-unit MC community on the Florida panhandle. They are roughly 20 years old and... Read More »
Blueprint Handles NHI New Jersey Acquisition
A national developer/investor engaged Blueprint in the sale of a high-performing seniors housing community in an affluent and high-barrier-to-entry New Jersey market. Built in 1999, Juniper Village at Paramus comprises 98 assisted living and 22 memory care units in Paramus. The community has been operated by Juniper Communities since February 2021. The lease has a 15-year maturity with two five-year renewal options at an initial yield of 7.95% plus annual fixed escalators. Blueprint targeted a wide cross-section of operators, investors and developers, highlighting in-place cash flow, ability to drive further upside through renovations and scarcity of comparable acquisition... Read More »
Ensign’s Acquisition Spree
The Ensign Group closed several acquisitions throughout February and the beginning of April. First, it acquired the real estate and operations of Citrus Heights Respiratory and Rehabilitation, a 204-bed skilled nursing facility, and Springdale Village Post Acute, a 122-bed skilled nursing facility, both in Mesa, Arizona. Blueprint’s Amy Sitzman and Giancarlo Riso were engaged by the previous owner to explore a sale or lease of Citrus Heights, which generated revenues and EBITDAR of $12.1 million and $1.2 million, respectively, despite operating below market occupancy. The seller later decided to engage Blueprint for the sale of Springdale Village, which (like Citrus Heights) was located... Read More »
Michigan IL Portfolio Sells to Midwest-Based Owner/Operator
Berkadia announced the sale of a portfolio of five independent living communities throughout the Detroit, Michigan MSA. Brooks Minford of Berkadia Seniors Housing & Healthcare closed the 631-unit transaction on behalf of a local multifamily developer/owner/operator. The firm originally developed the portfolio, but the time had come to pass the torch to a new owner with more resources and experience in seniors housing. The portfolio was purchased by a Midwest-based owner/operator of seniors housing communities seeking to expand its footprint in Michigan. No additional details were disclosed. Read More »
Phorcys Capital Partners Expands its Seniors Housing Footprint
Phorcys Capital Partners acquired a stabilized seniors housing community in Clermont, Florida, through Phorcys Senior Housing Recovery Fund LP. Built in 2002 and expanded in 2014, Hunt Trace Senior Living sits on six acres and features 114 assisted living and memory care units. Impact Senior Living will operate the community. The community was part of a portfolio financed by municipal bonds, which fell into default during the pandemic. The asset was acquired through a court-appointed receivership sale at an attractive basis. Phorcys plans to invest approximately $1.5 million in the community over the next year to modernize the plant. Phorcys’ seniors housing platform has now invested... Read More »
JLL Arranges Financing for IRA Capital
JLL Capital Markets arranged $58 million in financing for Quail Park of Lynnwood on behalf of IRA Capital. Developed in two phases in 2014 and 2020, Quail Park comprises 252 units and sits on 15 acres in Lynwood, Washington. Alanna Ellis, John Chun and Zach Brantley of JLL placed the three-year, floating-rate senior loan with a regional bank. We believe the regional bank was BMO, as BMO’s Healthcare Real Estate Finance group announced it closed a $58 million term loan with IRA Capital related to a 252-unit seniors housing community in Lynwood, Washington. Dean Ferris of JLL sold the property to IRA Capital in June. Read More »
ACTS Secures Bond Financing
Ziegler announced the closing of ACTS Retirement-Life Communities, Inc. Obligated Group’s $163.1 million Series 2025 tax-exempt bonds for the Senior Living Finance Practice. The $100.17 million of Series 2025A tax-exempt bonds were issued through the Montgomery County Industrial Development Authority (Pennsylvania) and the $62.93 million of Series 2025B tax-exempt bonds were issued through the Palm Beach County Health Facilities Authority (Florida). ACTS is a Pennsylvania-based not-for-profit organization that was founded to own/operate CCRCs. It currently operates 28 communities in nine states with more than 10,000 units, including communities inside and outside of the ACTS... Read More »
Integrated Senior Foundation Secures Major Bond Financing
JLL recently handled two separate financings in Arizona/California and Minnesota. First, JLL and HJ Sims arranged $239.68 million in tax-exempt and taxable bond financing for the Integrated Senior Foundation – Ativo Portfolio, a three-property seniors housing portfolio totaling 430 units in Arizona and California. Due for completion in 2027, Avito of Sundance will offer 207 units (102 independent living units, 75 assisted living units and 30 memory care beds) in Buckeye, Arizona. Built in 2021, Ativo of Yuma comprises 55 assisted living and 24 memory care units in Yuma, Arizona. Scheduled for completion in 2026, Avito of Santa Clarita will feature 144 units (51 independent... Read More »
Diversified Healthcare Trust Closes Financing
Diversified Healthcare Trust closed a $140 million mortgage financing secured by 14 seniors housing communities in nine states with 1,375 units that are managed by Five Star Senior Living, an operating division of AlerisLife Inc. This non-recourse, three-year loan has an initial maturity date of March 31, 2028, and two one-year extension options, subject to certain conditions. DHC intends to use the loan proceeds to redeem a portion of its outstanding 9.75% senior notes due 2025. The loan has a variable interest rate based on SOFR plus a margin of 2.5% per annum with 24 months of interest-only payments and two six-month extension options of the interest only period, subject to... Read More »
Brookdale Secures Acquisition Financing
CBRE arranged two acquisition financings totaling $241 million across two seniors housing portfolios on behalf of Brookdale Senior Living. Aron Will and Matthew Kuronen arranged the two financings. CBRE originated $130 million in loans through its Freddie Mac Optigo loan origination program for Brookdale’s acquisition of five communities comprised of 533 independent living, assisted living and memory care units across four states. The non-recourse mortgage financing has a ten-year term with five years of interest only. CBRE sourced $161 million through a three-year floating rate loan from Ally Bank, an existing Brookdale lender, including a combination of new loan proceeds and the... Read More »Schedule a demo
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