Active Adult Community Sells in New Jersey
JLL Capital Markets closed the sale of an active adult community in Englishtown, New Jersey (near Trenton). Built in 2008, Royal Pines at Marlboro comprises 89 units and sold for a purchase price of $29.9 million, or $336,000 per unit. The community comprises one- and two-bedroom units averaging 859 square feet. Unlike most active adult communities, Royal Pines allows 20% of residents to be 35 and older with the other 80% fulfilling the 55+ requirement. Intergenerational living could become more popular over the years, helping to seniors housing industry attract another cohort of seniors looking for it. The seller was a joint venture between vertically integrated real estate company GRJ... Read More »
Links Healthcare Group Buys Two Senior Care Facilities
Links Healthcare Group announced the purchase of two seniors housing communities in San Jose, California. The first purchase was of a skilled nursing facility by the name of Westwood Post-Acute comprising 268 beds. Link’s second acquisition was Westgate Villa Assisted Living comprising 60 units, but both properties sit adjacent to each other. The seller of the two communities was listed as entities affiliated with Stamm Care Homes. Links previously operated the facilities under a lease and had a purchase option for the two buildings. Forbright Bank provided a $38.5 million acquisition loan for Links Healthcare Group to finance the purchase, according to public records. Read More »
CareTrust REIT’s Mark Lamb Steps Down as CIO
The Board of Directors of CareTrust REIT, Inc. announced the appointment of James Callister as Chief Investment Officer, to be effective as of December 31, 2022. Mr. Callister will succeed Mark Lamb, who is leaving the company after a transition period to pursue entrepreneurial opportunities. Mr. Callister currently serves as CareTrust’s Executive Vice President. In the release, CEO Dave Sedgwick stated,“On behalf of the Board and all of us at CareTrust, I express our admiration and gratitude for the tremendous impact Mark has had on building the company since the beginning. Mark has always been a true partner and friend and we wish him continued success in the future.” Mr. Lamb said,... Read More »
Marcus & Millichap Refinances Georgia Community
Marcus & Millichap Capital Corp. arranged an $8.3 million loan to refinance Brookside Commerce, an assisted living community in Commerce, Georgia, approximately 70 miles northwest of Atlanta. Built in 1998, the 62-unit community includes 12 independent living units and is 3.5 miles from Northridge Medical Center, a full-service community hospital. It was acquired in September 2019 with another community in Stone Mountain, Georgia, for a combined $9.75 million, or $104,000 per unit. At the time, it was 93% occupied and had been recently renovated. A New York-based private equity firm was the buyer and secured a bridge loan through CBRE’s multifamily bridge lending program, MF1 Capital,... Read More »
Sonata Senior Living Announces Women-Only Memory Care Program
Sonata Senior Living has announced the expansion of Serenades for her, a new, women-only memory care lifestyle option. This program, originally launched in Serenades at West Orange, Florida, will now be offered in two neighborhoods in Serenades at the Villages and Serenades at Longwood, both in Florida. Serenades for her will also be a brand-new lifestyle option at Sonata Boynton Beach in South Florida. Read More »
Harrison Street Acquires Two Colorado Communities
Harrison Street acquired two Colorado senior living assets from CA Ventures, for an undisclosed price. The deal included the Westminster community totaling 137 units nine miles northwest of downtown Denver near a prominent retail corridor and residential neighborhoods. The upscale senior living community includes 107 assisted living units and 30 memory care units. The other target was the Englewood community, which totals 130 units seven miles south of downtown Denver and features unobstructed views of the Rocky Mountains and Cherry Hills Country Club. The property comprises 106 assisted living units and 24 memory care units across seven stories. Despite opening in February 2020, the... Read More »
60 Seconds with Swett: Giving Thanks in 2022
It’s been yet another difficult year for the senior care industry with new curveballs coming from inflation and soaring interest rates and staffing woes continuing to hammer communities’ bottom lines. But on the eve of Thanksgiving, we can still find things to be thankful for in our industry. First and foremost, after more than two years of dealing with the pandemic and in most cases working while masked for their entire shifts, we are thankful to the senior care staff that showed up to work every day and provided great care for seniors. Our industry offers a good career path for millions of people, and thanks to most providers (and inflation), wages also increased in 2022 across the... Read More »
Connecticut SNF Portfolio Finds New Owner
Blueprint Healthcare Real Estate Advisors has arranged the sale of a Connecticut skilled nursing portfolio on behalf of a joint venture owner. The portfolio comprises three facilities totaling more than 380 units in the greater Hartford area. The facilities had historically maintained stable census levels with a steady stream of referrals and admissions from regional referral sources, including Hartford Hospital, Manchester Memorial and Rockville General. Multiple parties were interested in the portfolio, but it ultimately sold to a regional acquirer. The buyer plans to focus on operational efficiencies, including addressing excess staffing, as well as investing in capital projects at the... Read More »
NHI Arranges Texas SNF Portfolio Refinancing and Exercises Virginia Beach Acquisition
National Health Investors has funded the refinance of a skilled nursing facility portfolio in the state of Texas. The $42.5 million senior loan was provided to an affiliate of Capital Funding Group, and the properties are leased by subsidiaries of The Ensign Group. The five-year loan has an annual interest rate of 7.25% with two one-year extensions. The REIT also announced that it exercised its option to acquire Bickford of Virginia Beach, a 60-unit assisted living/memory care community in Virginia Beach. The acquisition was primarily funded with the satisfaction of a $14 million construction loan due from Bickford Senior Living. The community was added to an existing master lease with... Read More »