• Covenant Living Communities Expands in Illinois

    Covenant Living Communities and Services enlisted Chicago-based construction company, Leopardo, and Atlanta-based architects, THW Design, for a $66.5 million expansion project at the assisted living community Covenant Living of Northbrook in Northbrook, Illinois. This expansion involves the construction of three new three-story carriage homes,... Read More »
  • Meridian’s November Transaction Volume

    Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $176 million in transaction volume in November 2023. The team recently arranged $48.7 million in financing from a commercial bank along with a $5 million A/R line for the acquisition of two skilled nursing facilities with 300 beds in... Read More »
  • Developers Secure LIHTC Equity for Indiana Project

    Brown Capital Group, Leo Brown Group and Rogers Development Group are teaming up on a new seniors housing development in Indiana. The trio will open Reserve on Park Place, a 187-unit affordable senior apartment building in Fort Wayne, in April 2025. The three-story community will have 15 studio, 136 one-bedroom and 36 two-bedroom units for... Read More »
  • Construction Coming to a Close for NY Development

    FilBen Group, an owner/developer, and its equity partner RSF Partners are nearing completion of their $54 million seniors housing development in Montebello, New York, in the Lower Hudson Valley. The four-story Braemar at Montebello will be complete in 2024 and feature 133 total units. Of those, there are 66 studio, 14 one-bedroom and 53... Read More »
  • REIT Divests Washington State Seniors Housing Asset

    Blueprint’s Behavioral Healthcare and Seniors Housing Team worked together to sell a seniors housing asset in Bremerton, Washington, on behalf of its nationally recognized healthcare REIT owner. The property was identified as an ideal candidate for either a behavioral healthcare provider, based on strong demand and reimbursement in the state, or... Read More »
SLIB Sells Southeast Trio

SLIB Sells Southeast Trio

Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage facilitated the sale of three seniors housing communities in two separate transactions. First, SLIB was brought on by a publicly traded REIT to sell Avonlea Assisted Living in Tupelo, Mississippi. Avonlea comprises 68 assisted living units and was built in 1999 before being remodeled in 2005. A Tupelo-based owner/operator emerged as the buyer and intends to conduct renovations and make significant upgrades to improve occupancy, revenue and overall bottom-line performance. Next, Geraghty and Clousing marketed (and sold) two assisted living/memory care communities that sit approximately 50 miles apart in Jefferson and... Read More »
Ziegler Sells Struggling CCRC in Alabama

Ziegler Sells Struggling CCRC in Alabama

Diversicare Healthcare Services purchased a large, independent, not-for-profit CCRC in Homewood, Alabama (east of Birmingham) in a deal handled by Nick Glaisner and Jake Sexton of Ziegler. Called St. Martins of the Pines (SMP), the community had been in significant financial distress, losing nearly $2 million in EBITDA on approximately $13.5 million in revenues. Occupancy was understandably low, as well, across all acuity types.  Founded in 1955, the campus features a four-story independent living community with 97 units, a two-story assisted living/memory care community with 40 AL and 51 MC units, and a skilled nursing campus in a greenhouse “cottages” style (which replaced an older... Read More »
Not-For-Profit Divests in Wisconsin

Not-For-Profit Divests in Wisconsin

Marcus & Millichap facilitated the divestment of Colfax Health and Rehabilitation Center in Wisconsin on behalf of a local not-for-profit seller. Built in 2013, the facility originally featured 28 skilled nursing beds, 26 assisted living beds and 12 RCAC units within a 52,000-square-foot space, all comprising private rooms. The community underwent a strategic transformation. Post-conversion, the assisted living component expanded by an additional 28 beds, resulting in a total of 66 assisted living and RCAC units. The skilled nursing beds were phased out, with the corresponding license transitioned to a CBRF license. Operating at a substantial loss, with revenues hovering around $1.5... Read More »
SLIB Sells Southeast Trio

Moravian Manor Communities and Morningstar Living Affiliate

Moravian Manor Communities and Morningstar Living finalized their affiliation and will now operate under the umbrella of Unitas Communities. The two faith-based, not-for-profit organizations each operate two CCRCs in Pennsylvania, with Moravian operating two communities in Lititz and Morningstar operating two in the Nazareth area. There was already a loose connection between the organizations before a formal affiliation was established. Under the agreement, both will retain separate corporate identities with separate financial and legal operations. However, they will share services and resources, and J. David Swartley, president and CEO of Moravian, becomes president and CEO of... Read More »
Two Doctors Acquire MC Community

Two Doctors Acquire MC Community

Haven Senior Investments, a faith-based advisory and brokerage firm, sold a long-standing, family-owned memory care community in eastern Kansas. The high-end community features 48 units and 48 beds across four buildings, serving the Lawrence area west of Kansas City. The first building opened in 2012, followed by the remaining three in 2017, 2019 and 2022, respectively. The local owner/operator that developed the community is exiting the industry with the sale in order to retire and wished the community to go to a buyer with similar values. Haven sourced the buyer, MD Memory Care LLC, which is headed by a medical doctor and IT duo, Dr. Chaitanya Musham and Sri Vallak, both of whom were... Read More »
Blueprint Handles Virginia AL/MC Divestment

Blueprint Handles Virginia AL/MC Divestment

The owner of two assisted living/memory care communities in central Virginia engaged Blueprint to sell the assets. The deal closed with a buyer seeking to scale a regional management platform paying an undisclosed price. Located about 75 miles apart, one in a densely populated, affluent market and the other in a tertiary submarket, the communities totaled 128 units. They were not stabilized assets. A targeted marketing campaign resulted in multiple offers before the seller chose the eventual buyer due to their incentive to expand into the geographies, their “vigorous” pursuit of the deal, and a demonstrated commitment from their local banking and equity investment partners. Kory Buzin,... Read More »