Berkadia’s Recent Sales and Financing Activity
Berkadia was engaged by a publicly traded REIT in its divestment of an 85-unit assisted living/memory care community in Alpharetta, Georgia. The property, part of a three-property portfolio, was purchased by a regional owner/operator. The first two properties in the portfolio closed in May and comprise 146 assisted living/memory care units in Atlanta and Marietta, Georgia. The buyer was also a regional owner/operator. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers handled both transactions. Berkadia has completed over $1.7 billion in sales and financings across 49 transactions in the first half of the year. That impressive volume has continued into the second half of the year,... Read More »
Fannie Mae Divests Community in Illinois
Fannie Mae divested an assisted living/memory care community in a receivership sale run by Blueprint and Gray Reed, legal counsel for the receiver. Rock Run Place Assisted Living in Joliet, Illinois, was sold on behalf of Michael F. Flanagan, the court-appointed receiver for the community. Based on an internet search, the community was previously operated by Trustwell, and by Enlivant beforehand, so we believe this asset was part of the portfolio that TPG Real Estate handed the keys over to Fannie Mae in 2023. Court documents also show a propco associated with TPG. Built in the late-1990s, Rock Run was jointly sold alongside a memory care facility on the same property, sold by a... Read More »
Four West Virginia SNFs Up For Sale
Skilled nursing facilities do not pop up for sale in West Virginia often, but the state’s Department of Health Facilities (DHF) announced the planned divestiture and license transfer of four state-owned facilities and engaged Lument Securities to handle the transaction. The facilities include Jackie Withrow Hospital in Beckley (199 beds), John Manchin Sr. Health Care Center in Fairmont (41 dually certified beds), Hopemont Hospital in Terra Alta (98 beds), and Lakin Hospital in West Columbia (114 beds). They were built and/or were converted to skilled nursing care in the 1970s and 1980s. These were struggling operations, as evidenced by multiple efforts in the West Virginia House of... Read More »
Pacific Northwest Owner/Operator Acquires in Washington
JLL Capital Markets arranged the sale of a senior living community in Vancouver, Washington (Portland MSA). Built in 1989 and expanded in 1994, Van Mall Retirement comprises 191 independent and assisted living units available in one- and two-bedroom layouts. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Alanna Ellis, Dan Baker and Dean Ferris handled the transaction. JLL represented the seller, Lytle Enterprises, and procured the buyer, a regional Pacific Northwest owner/operator. JLL also procured acquisition financing from a regional bank on behalf of the buyer. The purchase price was $28 million, or $146,600 per unit. Read More »
Public REIT Purchases Class-A Community in Pennsylvania
Walker & Dunlop announced the sale of a Class-A seniors housing community in Bucks County, Pennsylvania. Built in 2022, the community comprises 146 units of independent living, assisted living and memory care 30 miles north of Philadelphia. It was stabilized at the time of sale. The buyer was a public healthcare REIT, but no other details were disclosed. Joshua Jandris, Mark Myers and Brett Gardner handled the transaction. Read More »Schedule a demo
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