Northwind Group, a Manhattan-based real estate owner/operator, entered the skilled nursing market in a major way, announcing its $182.5 million acquisition of eight skilled nursing and assisted living properties from a large institutional seller. All of the facilities, which include seven skilled nursing facilities (with 1,037 beds) and one 110-unit assisted living community in Ohio and northern Kentucky, are operated by Ohio-based Carespring Health Care under a new long-term triple-net lease. Occupancy averaged 92% across the portfolio, and revenues topped $100 million.
To help fund the deal, KeyBank underwrote and closed a $132.7 million loan, in a transaction led by Henry Alonso and Jonathan Slusher. Josh Jandris, Mark Myers and Charlie Hilding of the Institutional Property Advisors division of Marcus & Millichap advised Northwind on the acquisition. This appears to be just the first step into the senior care market for Northwind, which plans to acquire at least $1 billion in senior care and skilled nursing properties over the next five years. The firm also hopes to continue to work with Carespring, forming a joint venture with them to develop more properties together.