Cardinal Senior Living Buys High-Quality Ohio Assets
Blueprint was engaged by Gables Management Company, an owner/operator/developer, in its divestment of two newer vintage, Class-A communities in the Akron and Columbus MSAs. Built in 2017 and 2021 respectively, the communities total 198 independent living, assisted living and memory care units. Demonstrating strong performance, the communities achieved over 98% occupancy, low-30% operating margins and market leading reputations for quality and care. Blueprint procured six offers from REITs, private equity and owner/operators. The ultimate buyer was Cardinal Senior Living based in Grand Rapids, Michigan. Alex Florea, Connor Doherty and Ryan Kelly handled the transaction. Given the... Read More »
PruittHealth Secures Financing in Georgia
Jay Healy and Andrew Lanzaro of Berkadia closed a $9.1 million bridge-to-HUD loan on behalf of PruittHealth to facilitate the acquisition of a skilled nursing facility. The 18-month, interest-only bridge loan represented 76.5% of the value and is prepayable at any time, putting its value at around $11.9 million, or $180,000 per bed. Berkadia anticipates closing the subsequent HUD refinance in the third quarter of this year. Built in 1966 and renovated in 2019, Southern Pines Nursing Center comprises 66 beds in Warner Robins, Georgia, and occupancy at the time of closing was 90%. It will be rebranded as PruittHealth – Warner Robins. This acquisition was made in conjunction with... Read More »
Alternative-Use Buyer Acquires Standalone Memory Care Community
Before the year ended, BWE closed on the sale of a standalone memory care community in Suwanee, Georgia. Built in 2013, Peachtree Villa at Suwanee comprises 42-units on three acres. At the time of the sale, the property was not in operation. The buyer will renovate the property for an alternative use. Charley Bissell handled the transaction, which was facilitated through a CREXI auction. This closing marks the seventh memory care community sold by Bissell over the past 24 months on behalf of a Midwest-based alternative investment firm. Previous transactions included properties in Flower Mound, San Antonio and Missouri City, Texas, as well as in Stockbridge and Alpharetta, Georgia,... Read More »
Samaritas Exits Senior Care Industry
Blueprint executed the final sale facilitating Samaritas’ exit from the senior care industry. Following 50 years of providing senior care services, the company has a renewed focus on child and family services, behavioral health, refugee services and affordable housing. Built in 1964 with an expansion completed in the 1970s, and a full renovation and rehab addition in 2012, Samaritas Senior Living Cadillac comprises 107 skilled nursing beds and 24 memory care beds in Cadillac, Michigan. The senior care facility features 31 private rooms and 50 semi-private rooms, and is less than one mile from the Munson Healthcare Cadillac Hospital. Historically, the facility generated stabilized... Read More »
Arcus Healthcare Acquires Nebraska Portfolio
Jacob Gehl and Dillon Rudy of Blueprint were engaged by an institutional private equity firm in its divestment of a portfolio comprising four seniors housing communities in Nebraska. Built in the late 1990s and the early 2000s, the properties were well-maintained with local reputations for excellent quality of care. They were performing well with high census at the time of closing. The communities drew attention from a mix of local Nebraska-based operators, Midwest-focused investors and national buyers. The ultimate buyer was Arcus Healthcare Partners, a real estate investment firm specializing in seniors housing and healthcare. Arcus will bring on Omega Senior Living as operator for all... Read More »Schedule a demo
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