Newmark announced a couple of closings this week. First and most notably, the team sold a portfolio of skilled nursing facilities in New England. Including five facilities in Massachusetts and two in New Hampshire, the portfolio totaled 771 beds, with an average age of more than 50 years. The deal closed at the start of the month.
Next, Newmark sold Grand Villa of Dunedin, a 119-unit assisted living/memory care community in Dunedin, Florida (Tampa MSA). Built in 1987, this former Emeritus property traded multiple times over the years, mostly recently in 2016 when Brookdale Senior Living sold it as part of a larger portfolio deal to ValStone Partners. ValStone invested in substantial renovations, and occupancy was sitting around 93% at the time of the deal. Arizona-based Inspired Healthcare Capital stepped in to acquire the property for $26.5 million, or $222,000 per unit. According to county records, Lakeland Bank provided a $15.7 million loan to finance the acquisition.
