Benchmark Senior Living added to its Northeast portfolio with the acquisition of an assisted living community that has been in operation in Rye, New Hampshire for over 20 years. The property last sold in 2017, when EvoLve Senior Living acquired it for $12 million, or $300,000 per unit, with the help of a $10 million mortgage provided by National Health Investors. That loan featured an initial term of five years with renewal options and an interest rate of 8.0%, which NHI funded from its revolving credit facility.
Built in 2013, it features 40 units with 64 licensed beds of memory care. It was developed by Sanctuary Care for approximately $13 million and is licensed for 64 beds. However, the property filed for Chapter 11 bankruptcy protection when operations, care quality and staffing had suffered, and occupancy dropped to 48%. Cash flow was also negative. The Vinka Group had handled the bankruptcy proceedings and auction to EvoLve. Now, Benchmark is taking over both the real estate and operations, adding to its five existing properties in New Hampshire. The purchase price was not disclosed.
