Going, going, Greystone
A senior living community in Jacksonville, Florida with an unusual set-up traded hands with the help of Greystone. Owned by a publicly traded REIT, the 245-unit community was built 30 years ago on 14 acres, and provides independent living, assisted living and memory care. The Brookdale-operated campus is spread out among 12 residential buildings and one common area building. Despite upgrades made to the resident units, common areas and building exteriors in recent years, the community sold for $21.5 million, or $87,755 per unit, to a private equity firm. Cary Tremper of Greystone arranged the nonrecourse acquisition financing through a regional bank, while Cody Tremper and Mike Garbers... Read More »Doherty does it again
About a month after closing the sale of a healthcare campus in Toledo, Connor Doherty of Blueprint Healthcare Real Estate Advisors headed a bit east to sell a 37-unit assisted living community in Olmsted Falls, Ohio, with support from Jacob Gehl and Brian Payant. The property was developed in 2000 about 10 miles from downtown Cleveland. A well respected Ohio-based owner/operator ended up buying the community, paying $5.8 million, or $156,757 per unit. Read More »
Lining up in Massachusetts
It was just a matter of time when Skyline Healthcare would enter the Massachusetts skilled nursing market. The Wood Ridge, New Jersey-based owner/operator of facilities in New Jersey and Pennsylvania had been leasing a trio of small dually-certified facilities from a family operator for a year, before closing on the real estate this month. Included in the portfolio was a 30-bed facility in North Dighton, a 26-bed facility in Fall River and a larger 73-bed facility in New Bedford. The smaller buildings were well occupied in the 90s, but the larger one was lagging slightly, with occupancy in the mid-80s. Census mix was heavy Medicaid (about 82%), with the remainder split evenly between... Read More »Wait, there’s more
After announcing its seventh fiscal year in a row when it led all other HUD LEAN lenders in terms of total loan amount, Lancaster Pollard showed it was not a one-trick pony, closing two Fannie Mae refinances for clients in California. First, Jason Dopoulos arranged a $19 million loan for a 115-bed assisted living/memory care community in Oregon. The transaction refinanced an existing $10.5 million HUD loan as well as $8.2 million of previously incurred capital expenditures. And second, Grant Goodman closed a $14.5 million Fannie Mae loan for a 110-bed assisted living community in northern California, which refunded $9.6 million in existing debt and $4 million of incurred capex. Doug Harper... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
