Ventas Acquires in Washington State
Ventas expanded its portfolio through a recent acquisition of a seniors housing community in Washington State. Built in 2003, MorningStar at Silver Lake is in Everett, Washington, with 113 independent living and 35 assisted living units. The in-place operator will continue to manage the community going forward. MorningStar Senior Living has been operating the community since 2021, coming into a community that was struggling with census at the time. Today, it maintains nearly full occupancy. It is unclear who the current seller was, but according to LevinPro LTC’s deal database, Artemis Real Estate Partners acquired the community in 2018 for $50.5 million, or $341,000 per unit, at a 6.2%... Read More »
Chicago Pacific Founders Acquires Class-A Communities
Berkadia handled the sale and financing of two Class-A independent living, assisted living, and memory care communities: Grand Living at Citrus Hills and Grand Living at Bridgewater. The pair of seniors housing communities have a combined total of 337 units, and are located in Hernando, Florida, and Coralville, Iowa, respectively. Managing Directors Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers led the deal on behalf of the sellers, PGIM Real Estate and Ryan Companies. Managing Directors Austin Sacco and Steve Muth, Senior Director Garrett Sacco, and AVP Alec Rosenfield secured acquisition financing through Freddie Mac. The buyer was Chicago Pacific Founders and its... Read More »
Blueprint Closes Lease-to-Purchase Transaction
A large New York-based seniors housing owner engaged Blueprint to explore the sale of an 80-unit assisted living/memory care community in Harrisburg, Pennsylvania. Kory Buzin and Steve Thomes handled the transaction. Ownership acquired the asset several years prior while in distress and brought on Viva Senior Living as manager to execute a turnaround plan, which was now in its final stages. While the asset was performing, it was non-core to the owner’s geographic portfolio footprint. The seller ultimately selected a buyer group that chose to retain Viva Senior Living as the operator and negotiated a lease structure with performance-based incentives and a purchase option, enabling the... Read More »
BHI Provides Bridge Loan
BHI, the U.S. branch of Bank Hapoalim B.M., provided $49 million in bridge-to-HUD financing for a portfolio of three seniors housing communities in the suburbs of Detroit. The portfolio consists of Hampton Manor of Dundee, Hampton Manor of Trenton and Hampton Manor of Hamburg. Together, the communities total 221 units, with 171 assisted living and 50 memory care units. Shahid Imran, doing business as Hampton Manor, was the borrower. Proceeds from the loan will be used to refinance existing debt and facilitate a partnership buyout, with Imran assuming full ownership of the properties, which were developed within the last five years by Imran and undisclosed partners. Read More »
CareOne/Cardinal Purchase Pennsylvania Property
Blueprint was brought on by a Boston-based real estate investment and development firm in its divestment of a non-core seniors housing community in Quakertown, Pennsylvania. Built in 1989, Independence Court of Quakertown is an 89-unit, 116-bed assisted living community. Occupancy struggled to fully recover from pandemic-era lows, pushing the investment well beyond the intended holding period. However, the community always managed to remain cash-flow positive. The seller approached Blueprint to conduct a risk/reward analysis of executing a material capex investment program versus divesting, with the firm electing to sell. The marketing effort mainly highlighted the community’s history of... Read More »
Two Separate Transactions Close in California
The Reis Team at Marcus & Millichap handled two separate closings in California. First was a lease transaction for an assisted living community in Southern California with 260 beds. The real estate is owned by a local investor, and the team sourced a growing California-based operator that was looking to expand its footprint in the region. The second transaction involved the sale of a 60-bed skilled nursing facility, this time in Northern California. The seller was an independent owner/operator looking to exit the business, and a well-established California-based investor purchased the property. The buyer intends to lease the facility to a growing California-based... Read More »
Town Lane Acquires Two Communities and Recapitalizes a Third
Discovery Senior Living announced the recapitalization and closing of three Class-A, purpose-built, independent living, assisted living and memory care communities: Discovery Village at Naples (Naples, FL), Discovery Village at Sarasota Bay (Sarasota, FL) and Discovery Village at Castle Hills (Lewisville, TX). All three communities were designed, funded, developed and launched through Discovery’s fully integrated platform including its in-house design and development department, capital markets, and management capabilities. Opened within the last four years, the two IL communities total 273 units and have stabilized, while the newly opened 90-unit AL/MC community is quickly... Read More »
Oxford Finance’s Healthy First Half of 2025
Oxford Finance announced a healthy first half of 2025, with more than $715 million in new loan commitments during that period. The largest transaction saw Oxford provide a $234.9 million term loan and a $22.0 million revolving line of credit to refinance four behavioral health facilities and finance the acquisition of 13 skilled nursing facilities consisting of over 1,800 beds for an established California-based operator. For another skilled nursing acquisition, Oxford provided a $79.3 million term loan and a $7.5 million revolving line of credit for five skilled nursing facilities and one assisted living community consisting of 555 beds in Washington State for a growing in-state operator.... Read More »
Cambridge Realty Capital Provides HUD Loans
Cambridge Realty Capital provided $19.316 million in HUD-insured Section 223(f) financing for two seniors housing assets in Texas and Missouri. The Texas financing was provided for the purchase of Ashwood Court, a 120-bed assisted living community in North Richland Hills. The Missouri financing was provided for the refinance of Northland Rehabilitation and Healthcare Center, a 118-bed skilled nursing facility in Kansas City. Cambridge’s Early Rate Lock program was utilized, enabling the owners to early rate lock before all HUD approvals were obtained. That also allowed for the financings to include sufficient funds to complete long-term repairs and improvements. Read More »
60 Seconds with Steve Monroe: Brookdale Senior Living, What’s Next?
So, the big vote occurred last week, and shareholders of Brookdale Senior Living have spoken. We are sure that the recent increases in occupancy convinced some shareholders to stick with management and its “plan.” But the nominees from activist shareholder Ortelius Advisors were not off-the-wall candidates. It was an excellent group, and despite what Brookdale stated, again and again, they would have provided a new perspective and a lot of expertise. The current and temporary CEO could have learned from several of them, specifically Steven Vick, Steven Insoft and Lori Whitman. Oh well, a lost opportunity for many of the shareholders. Not to mention other members of the management team, the... Read More »Schedule a demo
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