Ventas Acquires in Washington State
Ventas expanded its portfolio through a recent acquisition of a seniors housing community in Washington State. Built in 2003, MorningStar at Silver Lake is in Everett, Washington, with 113 independent living and 35 assisted living units. The in-place operator will continue to manage the community going forward. MorningStar Senior Living has been operating the community since 2021, coming into a community that was struggling with census at the time. Today, it maintains nearly full occupancy. It is unclear who the current seller was, but according to LevinPro LTC’s deal database, Artemis Real Estate Partners acquired the community in 2018 for $50.5 million, or $341,000 per unit, at a 6.2%... Read More »
Chicago Pacific Founders Acquires Class-A Communities
Berkadia handled the sale and financing of two Class-A independent living, assisted living, and memory care communities: Grand Living at Citrus Hills and Grand Living at Bridgewater. The pair of seniors housing communities have a combined total of 337 units, and are located in Hernando, Florida, and Coralville, Iowa, respectively. Managing Directors Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers led the deal on behalf of the sellers, PGIM Real Estate and Ryan Companies. Managing Directors Austin Sacco and Steve Muth, Senior Director Garrett Sacco, and AVP Alec Rosenfield secured acquisition financing through Freddie Mac. The buyer was Chicago Pacific Founders and its... Read More »
Blueprint Closes Lease-to-Purchase Transaction
A large New York-based seniors housing owner engaged Blueprint to explore the sale of an 80-unit assisted living/memory care community in Harrisburg, Pennsylvania. Kory Buzin and Steve Thomes handled the transaction. Ownership acquired the asset several years prior while in distress and brought on Viva Senior Living as manager to execute a turnaround plan, which was now in its final stages. While the asset was performing, it was non-core to the owner’s geographic portfolio footprint. The seller ultimately selected a buyer group that chose to retain Viva Senior Living as the operator and negotiated a lease structure with performance-based incentives and a purchase option, enabling the... Read More »
BHI Provides Bridge Loan
BHI, the U.S. branch of Bank Hapoalim B.M., provided $49 million in bridge-to-HUD financing for a portfolio of three seniors housing communities in the suburbs of Detroit. The portfolio consists of Hampton Manor of Dundee, Hampton Manor of Trenton and Hampton Manor of Hamburg. Together, the communities total 221 units, with 171 assisted living and 50 memory care units. Shahid Imran, doing business as Hampton Manor, was the borrower. Proceeds from the loan will be used to refinance existing debt and facilitate a partnership buyout, with Imran assuming full ownership of the properties, which were developed within the last five years by Imran and undisclosed partners. Read More »
CareOne/Cardinal Purchase Pennsylvania Property
Blueprint was brought on by a Boston-based real estate investment and development firm in its divestment of a non-core seniors housing community in Quakertown, Pennsylvania. Built in 1989, Independence Court of Quakertown is an 89-unit, 116-bed assisted living community. Occupancy struggled to fully recover from pandemic-era lows, pushing the investment well beyond the intended holding period. However, the community always managed to remain cash-flow positive. The seller approached Blueprint to conduct a risk/reward analysis of executing a material capex investment program versus divesting, with the firm electing to sell. The marketing effort mainly highlighted the community’s history of... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
