Flatirons Divests in Colorado
Benchmark Commercial Real Estate was brought on by Flatirons Health Development, LLC. in its divestment of a skilled nursing facility in Colorado. The facility was previously operated by Axiom Healthcare Services. This was its only managed facility in Colorado, with all others in Kansas. The buyer is a local owner/operator that intends to occupy the building with a use compatible with the existing configuration. Built in 2016 by Neenan Archistruction, Flatirons Health and Rehabilitation features 48 beds. It comprises 43,391 square feet and sits on 2.6 acres in Louisville. The property sold for $9.85 million, or $205,000 per bed. Marketing began in 2023 during the difficult capital markets... Read More »
Two SNFs Secure Bridge-To-HUD Debt
Capital Funding Group announced the execution of $16.25 million in bridge-to-HUD financing for the acquisition of two Utah skilled nursing facilities totaling 220 beds. The buyer is nationally recognized, and this marks its entrance into the state. Tommy Dillon originated the transaction. The financing follows CFG’s announcement of the closing of a $12 million bridge loan for a Florida skilled nursing facility comprising 109 beds. The buyer is converting it to a drug and alcohol rehabilitation facility. Read More »
The Pennant Group Purchases in Utah
A national developer/investor engaged Blueprint to create an exit strategy to maximize value for more than a dozen geographically disparate, older-vintage communities. These communities were purchased in a sizable portfolio transaction pre-pandemic under a value-add thesis with the intent to invest in renovations and repositioning. However, cumulative headwinds from the pandemic and rising interest rates drove a portfolio re-prioritization, rationalization and ultimate de-levering effort. Built in 1999 and 2000, the portfolio consisted of two Utah seniors housing communities: a 113-unit AL/MC community in Salt Lake City and a 75-unit AL/MC community in Saint George. Performance varied... Read More »
SNF Sold through Lease-To-Purchase Agreement
Montgomery Intermediary Group closed on a lease-to-purchase agreement of a skilled nursing facility with 60 beds in Missouri. Built in 1961 and expanded in the 1980s, the facility was owned by Blue Sky Basin, which is still actively looking to grow in the sector but deemed this facility a geographical outlier and chose to sell. Anew Healthcare, an expanding owner/operator based in the Kansas City area that is looking to grow its footprint in western Missouri, was selected as the buyer in the lease-to-purchase structure. Andrew Montgomery handled the transaction. Read More »
Not-For-Profit Expands Texas Footprint
Buckner Retirement Services, Inc., a not-for-profit senior living provider, acquired a CCRC in Texas. This will be the seventh senior living community owned/operated by Buckner in the state. The seller, Lifespace Communities Inc., acquired the community in 2019 and has operated it since. Lifespace was focused on finding a buyer with similar values. The Stayton at Museum Way is an 11-story CCRC in Fort Worth. It comprises 188 independent living, 46 skilled nursing, 42 assisted living and 20 memory care units. The anticipated closing is June 2024, however, it may occur as soon as late April. The transaction is subject to regulatory approvals and customary closing conditions. The transaction... Read More »Schedule a demo
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