Town Lane Acquires Two Communities and Recapitalizes a Third
Discovery Senior Living announced the recapitalization and closing of three Class-A, purpose-built, independent living, assisted living and memory care communities: Discovery Village at Naples (Naples, FL), Discovery Village at Sarasota Bay (Sarasota, FL) and Discovery Village at Castle Hills (Lewisville, TX). All three communities were designed, funded, developed and launched through Discovery’s fully integrated platform including its in-house design and development department, capital markets, and management capabilities. Opened within the last four years, the two IL communities total 273 units and have stabilized, while the newly opened 90-unit AL/MC community is quickly... Read More »
Optalis Healthcare Acquires Michigan Portfolio
Blueprint was engaged by Michael F. Flanagan, the duly appointed receiver of Spartan Holdco, LLC, et al. and approved by the Oakland County Circuit Court to run a marketing process sourcing qualified overbids for the auction sale of the SKLD (Skilled Living and Development) portfolio. Dubbed Project Spartan, the portfolio comprises eleven skilled nursing and senior care facilities with 1,330 licensed beds located across the Detroit and Grand Rapids, Michigan MSAs. The receiver was appointed in January 2024 and retained Hyper Care Management Solutions, LLC to operate the facilities. In January 2025, the stalking horse was selected and contracts were approved by the court, after which... Read More »
National REIT Divests to Cougar Capital Management
Haven Senior Investments facilitated a transaction between a national REIT and a real estate development firm based in Boston, Massachusetts. The seller, Summit Healthcare REIT, divested a seniors housing community in Littleton, New Hampshire, The Village at Riverglen. Built in 2002, The Village at Riverglen features 60 beds across 50 independent living and assisted living units, and will be rebranded as Riverglen House. The buyer, Cougar Capital Management, paid $8 million, or $160,000 per unit, and will bring on Willow Ridge Senior Living to manage the community going forward. According to LevinPro LTC, Summit Healthcare acquired the community in 2015 for $8.5 million, or $170,000 per... Read More »
MedCore Divests to Publicly Traded Healthcare REIT
Ziegler announced its role as exclusive sell-side financial advisor to MedCore on the sale of Parkview on Hollybrook, a 189-unit rental CCRC in Longview, Texas. The property has been on a long road to stabilization. It was originally bought in a bankruptcy auction in 2016 for $20.7 million by Thrive FP when it was in the middle of development. 12 Oaks Senior Living brought it to the final stages of lease-up before MedCore bought the property in February 2020 and brought on Integral Senior Living to operate. Since then, Parkview on Hollybrook has stabilized and is now being sold to a publicly traded healthcare REIT. Eric Johnson and Dalton Esmond of Ziegler led the transaction. Read More »
Greystone Provides Bridge Loan for Affordable Seniors Community
Greystone provided a $40 million bridge loan to acquire and rehab a seniors housing community in The Bronx, New York. The financing was originated by Senior Managing Director Eric Rosenstock and Executive Vice President Jeff Englund on behalf of a joint venture between Scott Jaffee of Metropolitan Realty Group and Leo Friedman of Citadel Care Centers. Built in 1969, Kittay House comprises 295 affordable seniors units with social, recreational, and educational programs on-site as well as meals, housekeeping and easy access to healthcare and supportive services. Greystone’s interest-only non-recourse bridge loan carries a 24-month term with two six-month extension options. Read More »Schedule a demo
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