Two Seniors Housing Communities in Indiana Trade Hands
Blueprint facilitated the divestment of two seniors housing communities in northwest Indiana. The value-add communities are in Michigan City and Merrillville and comprise 119 assisted living and memory care units. They had strong pre-pandemic financial performance but more recently benefited from a substantial Medicaid Waiver reimbursement rate enhancement that was passed in July. Connor Doherty, Ryan Kelly, Amy Sitzman and Giancarlo Riso handled the transaction, which featured multiple competitive offers. The selected buyer intends to fully reposition the communities as affordable seniors housing through the Indiana Assisted Living Waiver Program. The buyer also plans to bring on an... Read More »
Artemis/Bridgewood Acquire Texas Portfolio
CBRE was engaged in the sale of four seniors housing communities in the Dallas, Texas MSA: Village on the Park Plano (Plano), Village on the Park Denton (Denton), Village on the Park Stonebridge Ranch (McKinney) and Village on the Park McKinney (McKinney). The communities comprise 366 total units of assisted living and memory care and were built between 2014 and 2017. The buyer was a joint venture between Artemis Real Estate Partners and Bridgewood Property Company. The Aspenwood Company, Bridgewood’s affiliate property manager, will operate the communities. John Sweeny, Aron Will and Garrett Sacco handled the transaction. Additionally, Will and Adam Mincberg financed a subset of the... Read More »
Oklahoma Deal Overcomes Last-Minute Obstacles
Plains Commercial Real Estate facilitated the sale of a skilled nursing facility in Oklahoma. The SNF was under legacy ownership and management, but the seller opted to divest to enter retirement and effectively exit the sector. Built in the 1960s, Latimer Nursing Home in Wilburton features 48 beds and occupancy hovered around 63% at the time of closing. Despite being cash flow negative, the facility was approaching breakeven. Daniel Morris handled the transaction, which had a competitive bidding process. The selected buyer was a local investor with other operations and ancillary businesses in the area. To facilitate the operational transition, both parties agreed to an interim management... Read More »
Bascom’s First Seniors Housing Acquisition of 2024
The Bascom Group, a private equity firm specializing in value-add multifamily, commercial and non-performing loans, real estate-related investments and operating companies, acquired a seniors housing community in Boulder City, Nevada, to expand its portfolio. This marks its fifth acquisition of 2024, but first in seniors housing, following the purchase of three multifamily communities and one student housing community. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage handled the transaction. Built in 1999, Homestead at Boulder City is an assisted living community with 72 units on 6.39 acres that comprises 55,305 square feet. The... Read More »
Forbright Bank Closes Three Bridge Loans
Forbright Bank’s Healthcare Lending team closed three new bridge loans in the first quarter of 2024 to help finance the acquisition of two assisted living communities and two skilled nursing facilities in the Southeast and Midwest. In total, the properties comprised around 500 beds and ranged in age from a few years to 15 years old. Renovations are also planned across the locations. In these transactions, Forbright closed more than $50 million of bridge and bridge-to-HUD financing for several well established owner/operators. Read More »Schedule a demo
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