Brookdale Senior Living keeps shedding its CCRC holdings. Just a month after the provider agreed to sell its 51% interest in 13 CCRCs owned jointly with HCP, Inc. (now HealthPeak Properties) for $541 million, or $84,800 per unit, Brookdale is selling three more to a joint venture between Frontline Management and Onelife Investments. Mike Garbers of JLL Capital Markets represented Brookdale in the transaction.
Previously owned by Emeritus, the properties total 592 units. The Easley, South Carolina community was built in 1984 and consists of 75 independent living, 86 assisted living and 60 skilled nursing units. Built in 1966, the Phoenix, Arizona property has 119 IL, 28 AL, 16 memory care and 52 SN units. The Cleveland, Ohio community, with 52 AL, 43 MC and 60 SN units, was the newest, built in 1999. Each will be rebranded Easley Place, North Chandler Place and Richmond Heights Place, respectively. The purchase price was not disclosed but will help Brookdale continue to pay down debt and restructure its balance sheet. To fund the purchase, Seth Kahn of Northland Networks acted as placement agent on a $3.166 million acquisition loan for the Easley community, a $14.1 million loan for the Arizona community and a $5.8 million loan for the Ohio community.
