Brandywine Living Moves On
After 27 years in the seniors housing business, our friend Brenda Bacon finally decided it was time to move on from the company she founded in New Jersey in 1996. The 31-community Brandywine Living, with communities in New Jersey (20), Pennsylvania (5), Delaware (2), New York (2) and one each in Connecticut and Maryland, was sold earlier this month to Retirement Unlimited Inc. (RUI). Based in Roanoke, Virginia, RUI manages 28 communities across the East Coast and is controlled by the Fralin (third generation) and Waldron (second generation) families. Brenda will continue to manage the two New York communities until the state approves the license transfer. Welltower owns 29 of Brandywine’s... Read More »
PE Group Adds Upstate New York IL Community
Four years after acquiring a 50-unit independent living community in the Rochester, New York MSA, a not-for-profit organization divested the property in order to focus on its higher acuity portfolio in the area. Dave Balow of Senior Living Investment Brokerage represented the organization in the property’s sale to a rapidly growing private equity firm in the seniors housing space. The buyer, which paid an undisclosed sum, partnered with a New York-based management company on the deal. The partnership has an existing presence in the Rochester market, which should help them drive future efficiencies at the community and provide a full continuum of care in the local market. Built in... Read More »
Publicly Traded REIT Divests in Oklahoma
Plains Commercial Real Estate was engaged by a buyer to pursue the purchase of a seniors housing community in Ada, Oklahoma. That buyer was an Oklahoma-based owner/operator with an existing footprint in the area, which will help with lease-up and staffing. Built in the late 1990s, Ada Assisted Living comprises 37 units and was struggling from low census. It was not cash flowing at the time of sale. The seller, a publicly traded REIT represented by Blueprint, was going through an operator change for a portfolio of communities that included the Ada community. The incoming operator wanted to focus on urban communities, and the parties chose to engage in the sale. In this value-add... Read More »
Another Large Portfolio Trades in December
As 2023 comes to a close, a spate of portfolio deals have closed between large, institutional parties. We usually see the end-of-year rush of closings, usually for tax purposes, but it has been unique for 2023 to see the larger size of some of the deals, as well as the institutional buyers, which have largely sat on the sidelines this year. Newmark’s latest closing featured seven seniors housing properties in three states: Michigan, Pennsylvania and Virginia. They consist of 931 units, with independent living, assisted living and memory care services. The newly-constructed assets are considered Class-A communities in desirable locations. They also experienced positive leasing and operating... Read More »
MIG Facilitates SNF Lease-To-Purchase Agreement
After owning and operating senior care facilities for decades, an ownership group seeking retirement from the long-term-care space enlisted Andrew Montgomery of Montgomery Intermediary Group to execute a lease-to-purchase agreement for a 40-bed skilled nursing facility in Missouri. The tenant/buyer was ANew Healthcare, a growing owner/operator run by Mark Hastings that is looking to expand its footprint in the region. ANew also closed on another lease-to-purchase deal in Missouri earlier this fall for a 60-bed facility. Montgomery handled that transaction, as well. The current deal featured a 40-bed SNF that was built in 1964 in southwest Missouri. Its occupancy had ranged from 70% to 84%... Read More »Schedule a demo
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