Allaire Healthcare Acquires PA CCRC
A majority-skilled nursing CCRC in Coal Township, Pennsylvania, was sold by a private PA-based owner divesting his last owned building. Toby Siefert of Senior Living Investment Brokerage handled the transaction, which saw Allaire Healthcare, a New Jersey-based owner/operator with a strong presence in eastern Pennsylvania, emerge as the buyer. Built in the 1970s, Mountain View featured 271 skilled nursing beds and eight independent living units, enough to qualify for a CCRC license. It was occupied in the 60s and operated at a significant loss. The offering was originally marketed in the winter of 2022 but took multiple years to structure the HUD TPA, CCRC licensure, and working with two... Read More »
Florida Trio Trades to AEW
A seniors housing portfolio that includes Watercrest Buena Vista, Watercrest Spanish Springs and Watercrest Winter Park in Florida sold to AEW Capital Management. The three communities total 416 units in The Villages and Winter Park. JLL’s Seniors Housing Capital Markets team represented the seller, Titan Development, in the transaction, which saw AEW retain the current operator, Watercrest Senior Living, as the third-party operator. JLL is also handling the acquisition financing on two of the assets for the buyer, which will close in January 2025. Completed in 2018, Watercrest Buena Vista offers 224 units in a three-story, Class-A building, including 118 independent living, 74 assisted... Read More »
Struggling SNF Sells in Michigan
Evans Senior Investments arranged the sale of the Villages of Lapeer, a skilled nursing facility in Lapeer, Michigan, approximately 50 miles northwest of Detroit. It was built in 1959, comprises 87 beds, and sits on 5.6 acres. Like many SNFs, the Villages of Lapeer faced operational and compliance challenges during the pandemic, which impacted census and overall performance. The seller was an independent owner/operator seeking to transition out of the skilled nursing industry. Recognizing the seller’s need to exit, ESI expedited the process by bringing in a regional ownership group active in Michigan, which executed the deal within four months from start to finish. Read More »
Northland Networks Arranges Two Acquisition Loans
Northland Networks, a member of the First National of Nebraska family, ended 2024 on a high note, closing two acquisition financings for skilled nursing clients in the last several months. One was for a 59-bed skilled nursing facility in rural southern Kentucky that was built in the late-1970s by the same family that is now selling it. The facility could improve its operations, and that will be the task of a Northeast-based real estate investment firm to turn around with an operating partner. Seth Kahn of Northland arranged an acquisition loan with a bank, structuring it with a five-year term, one year of interest only, an attractive interest rate and at 80% loan-to-value. ... Read More »
CareCore Health Acquires in Ohio
Forest Healthcare Properties facilitated the sale of a 106-bed skilled nursing facility in Auglaize County, Ohio, that was built in 1984 and was 85% occupied. The seller was a real estate investment firm looking to exit the state, and the buyer was CareCore Health, which has nine other healthcare properties in Ohio and was looking to expand. Multiple offers were received. Forest additionally helped facilitate a transaction involving a Kentucky skilled nursing portfolio. The portfolio features over 1,000 beds, and the facilities were well-positioned with strong in-place cash flow in this off-market transaction. Both parties involved were large companies, one with a footprint in the... Read More »Schedule a demo
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