Blueprint Sells in the Old Dominion
A public REIT selected Blueprint Healthcare Real Estate Advisors to sell The Laurels of Willow Creek, a 120-bed skilled nursing and rehabilitation facility located in the Richmond, Virginia, suburb of Midlothian. Michael Segal and Ben Firestone handled the deal. Built in 1991, with an addition completed in 2018, the facility features 36 private and 42 semi-private units. It had been well maintained and demonstrated consistent performance with stable census and cash flow. Virginia’s Medicaid rate enhancement made the facility even more attractive to buyers, and another REIT ultimately bought the asset. Blueprint successfully closed the transaction in approximately 60... Read More »
Phorcys Capital Partners Grows Georgia Holdings
Ziegler served as exclusive financial advisor to raise $20.5 million in financing on behalf of Phorcys Capital Partners to acquire The Glen at Lake Oconee Village, a senior housing community in Greensboro, Georgia. PCP was previously the supermajority creditor on the municipal bonds issued to finance the construction of the project. The company purchased the community for $26.45 million, or $232,000 per unit. The community was built in 2017 with 28 independent living, 68 assisted living and 18 memory care units. It is situated on Lake Oconee, between Atlanta and Augusta, Georgia. The facility will continue to be operated by SRI Management. The community was in receivership, but... Read More »
Grandbridge Secures Large Agency Refinance
Grandbridge Real Estate Capital’s Seniors Housing and Diversified Healthcare Finance Group arranged $426.8 million in agency financing for a large seniors housing portfolio owned by a publicly traded, healthcare REIT. In its latest earnings report, Ventas also disclosed that it entered into a $427 million 10-year mortgage loan, which (after Ventas completes its contemplated purchase of a 7.5% tranche of the original principal balance of the loan) will result in a $395 million net mortgage loan at an all-in expected weighted average cash rate of 5.5%. The portfolio was secured by 19 seniors housing properties located across 10 states and was financed by an agency lender. The... Read More »
Evergreen Healthcare Group Acquires EmpRes Healthcare
In one of the largest transactions of the year, Tony Cassie, Gideon Orion, and Mark Myers of Walker & Dunlop facilitated the sale of 46 senior care facilities across six Western states for EmpRes Healthcare. The company recently announced on its website that Evergreen Healthcare Group acquired its entire skilled nursing and senior living business line, including the rights to use the name “EmpRes”. The 4,100-bed portfolio spanned across Oregon, Washington, Nevada, Montana, Wyoming, and South Dakota with four seniors housing properties, and the remainder skilled nursing facilities. The complex deal structure took an investment banking form involving the sale of the business line, its... Read More »
CareTrust REIT & JV Partner Acquire SNF
CareTrust REIT, Inc. completed a joint venture investment to acquire La Fuente Post Acute, a 187-bed skilled nursing facility located in Vista, California. Once regulatory approval is obtained, the facility will be operated by Bayshire Senior Communities, a current tenant of CareTrust’s, pursuant to a new 15-year lease with the joint venture landlord. CareTrust and a third-party regional healthcare real estate investor entered into a joint venture to acquire the facility, with CareTrust’s combined common equity and preferred equity investments in the joint venture totaling $25.5 million. CareTrust’s initial contractual yield on its combined preferred and common equity investments in the... Read More »Schedule a demo
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