New Buyer for Struggling Long Island CCRC
After New York State torpedoed the sale of a long-struggling CCRC in Port Washington, New York, to LCS in October, citing “a lack of required financial transparency” among other objections, the property has a new buyer. The Harborside, formerly Amsterdam of Harborside, opened in 2010 as a 329-unit, not-for-profit community and filed for bankruptcy in 2014 and again in 2021. It was roughly half occupied and owed millions of entrance fee refunds to the families of deceased residents. Under the terms of LCS’s bid, the company would pay $63 million to the bondholders and an unknown amount of entrance fee refunds. Another $40.8 million in refund payments would also come from the planned... Read More »
EF Senior Care Grows in Massachusetts
A Massachusetts-based owner/operator that’s looking to grow its holdings in New England just added a new managed community to its portfolio. EF Senior Care is now operating an assisted living community in Massachusetts that is owned by a sole operator reaching retirement. Built in 1989, the community features 47 units. Also, in March, the company began managing two skilled nursing facilities near Worcester, Massachusetts totaling 215 beds. For the eight months EF has been the manager, the average monthly NOI has already increased almost $50,000 net of its management fee, and EF will continue to improve the facilities. EF Senior Care has made two other acquisitions since its founding... Read More »
Most of Petersen Health Care Portfolio Sells
As part of its corporate Chapter 11 bankruptcy restructuring, Petersen Health Care has now sold 76 senior care properties in Illinois, Missouri and Iowa. Originally, Cascade Capital Partners was the stalking horse bidder for the majority of Petersen’s 90+ properties, when a federal bankruptcy court approved a $116 million sale this summer. Other bidders for the remaining properties were approved at the same time, such as Bank of Farmington and Hickory Point Bank & Trust. However, now the largest group of properties, 46 of them, have sold to CareTrust REIT for a total investment of approximately $97 million (including transaction costs), or $25,000 per bed. CareTrust also announced... Read More »
WellSpire Divests to Private Investor (and its Operating Partner)
Blueprint facilitated the sale of an Illinois skilled nursing and sheltered care facility in Quad Cities on behalf of WellSpire, a joint venture between WesleyLife and Genesis Health System (now MercyOne Genesis). Built in 1968, Illini Restorative Care comprises 120 beds in Silvis, Illinois. It sits on and adjoins the MercyOne Genesis Silvis Medical Center campus. The not-for-profit facility is licensed for 102 skilled nursing beds and 18 sheltered care beds with 30 private rooms and 45 semi-private rooms. With a consistent uptrend in census, the community generated more than $8.0 million in revenue with an approximate 50% quality payor mix. Blueprint targeted in-state and... Read More »
PE Group Acquires in Minnesota
Orchards of Minnetonka, a high-end seniors housing community located outside of Minneapolis, Minnesota, found a new owner thanks to the team at Newmark. Built in 2019, the community features 147 units of independent living, assisted living and memory care. It was very well occupied and operated strongly, with Ebenezer previously managing it. Opus Development Company originally developed the community, partnering with Ebenezer. Newmark represented the seller in the deal and helped finance the acquisition by arranging a floating-rate loan from Texas Capital Bank for the buyer. Emerging from double-digit bids, the new owner is a private equity group, which is bringing on an operating... Read More »Schedule a demo
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