Last month, we wrote about Care Investment Trust’s purchase of the Hollinger South Portfolio, which included five properties in South Carolina (4) and Florida (1) and sold for $29.1 million, or $103,000 per unit. This month, the remaining senior living properties owned by The Hollinger Group, dubbed The Hollinger North Portfolio, were sold to Care Investment Trust, a subsidiary of Tiptree Financial, Inc., for $54.48 million, or about $181,000 per unit, with a 7.5% cap rate.
The communities, which consisted of 299 units of assisted living and memory care units, were located in Maryland (3), New Jersey (1), Pennsylvania (1) and Virginia (1). Average occupancy was around 94% and the properties were built between 1986 and 2002, with renovations. Greenfield Senior Living will operate the communities and plans to implement an extensive capital improvements program and to enhance the programming and services in rebranding them under the Greenfield name.
With this sale, Hollinger is exiting the senior living business, other than a few CCRCs, to focus on its LTAC and rehab hospital businesses. Aron Will of CBRE National Senior Housing Group arranged a $39.5 million loan from a life company that includes 18 months of interest only. Ryan Saul, Brad Clousing, Patrick Burke and Jeff Binder of Senior Living Investment Brokerage handled the transaction.