Industry Veterans Purchase in New Jersey
A senior living operator led by a couple of industry veterans, Scott Burman and Lorne Schecter, purchased an assisted living community in West Orange, New Jersey. The former Canterbury Village features 44 units and 53 beds but closed its doors in mid-2023. It had been previously operated by an affiliate of the not-for-profit Heath Village of Hackettstown, New Jersey, but ownership had transferred to Provident Bank by the time of the sale. George Bingham of Sherman & Roylance represented Provident in the deal and played a key role in facilitating the deed-in-lieu transfer to the bank. The buyer plans to invest in significant renovations, modernizing the space while continuing to operate... Read More »
SLIB Carries On 2024 Activity
Maintaining its blistering pace at the start of 2024, Senior Living Investment Brokerage completed several more transactions for senior care clients across the country. First, Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson represented a family owner looking to exit the seniors housing industry with the sale of their 77-unit assisted living/memory care community in San Bernardino, California. Built in 2003, the community has 97 licensed beds and 88 operational beds. It was 85% occupied. CareTrust REIT announced that it and a third-party regional healthcare real estate investor entered into a joint venture arrangement under which CTRE provided a combined common equity... Read More »
Marcus & Millichap Facilitates Texas AL/SNF Portfolio Sale
Before the year closed out, Nick Stahler, Mike Mooney and Austin Diamond of The Knapp-Stahler Group at Marcus & Millichap closed a nine-facility, 1,000+ bed assisted living and skilled nursing portfolio in the greater Dallas, Texas MSA. Adding to the portfolio’s appeal was its assumable, attractive, non-recourse HUD financing at below-market interest rates. So, The Knapp-Stahler Group produced multiple offers for the seller, a national private equity owner/developer, which ultimately selected a New York-based skilled nursing investment firm as the buyer. The buyer was selected for its substantial financial liquidity and tenure in the seniors housing industry. The process... Read More »
Wisconsin Senior Care Portfolio Changes Hands
Blueprint was enlisted in the divestment of eight senior care campuses concentrated in and around Eau Claire, Wisconsin. Five of the eight campuses are within an 11-mile radius, and all are within one hour from one another. The seller was Wisconsin-based owner/operator Dove Healthcare. Featuring mostly five-star communities, the portfolio comprises 304 licensed SNF beds, 104 RCAC units and 118 CBRF beds, for a total of 526 units/beds. The portfolio benefited from significant statewide Medicaid reimbursement rate enhancements in Wisconsin, which were effective July 1. Additionally, since October 1st, 2022, rate increases across all portfolio private pay RCAC/CBRF residents ranged from 8% to... Read More »
SLIB Sells Senior Care Campus in Iowa
As a local, Masonic not-for-profit exited its senior care campus in Bettendorf, Iowa, a Florida-based private owner stepped in to take over ownership. The buyer has additional communities in Iowa, so the deal is part of an effort to strategically grow in the eastern part of the state. Ryan Saul and Nick Cacciabando of Senior Living Investment Brokerage handled the transaction. Iowa Masonic Health Facilities & Masonic Village is located in the Quad Cities area, near the Illinois border on the Mississippi River. It consists of a 79-bed skilled nursing facility that was originally built in the early 1900s and 40 independent living villas. Built in the late-1980s, the villas come in one-... Read More »Schedule a demo
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