Mozart Healthcare Acquires Struggling SNF
Mozart Healthcare acquired a struggling skilled nursing facility in Savoy, Illinois, from a regional owner/operator. Evans Senior Investments handled the transaction, which did not disclose a price. Built in 1975, Champaign Urbana Nursing & Rehab has 213 beds on four acres. It had been struggling with occupancy as a result of the pandemic, with census dropping as low as 38% in 2021. However, occupancy rose to 49% at the time of marketing and 67% by closing. This demonstrated the upside potential to the buyer, which was able to obtain traditional financing for the facility, despite it being a Special Focus Facility Candidate. The facility also received an Immediate Jeopardy (IJ) and a... Read More »
Tutera Grows with 10 More Managed Communities
Tutera Senior Living & Health Care expanded its footprint by more than 20% with the addition of 10 assisted living/memory care communities in three states to its management portfolio. The company is even actively seeking further expansions throughout the Midwest, but some time to incorporate these communities into its portfolio may be needed. With the deal complete, Tutera is also onboarding approximately 350 more employees. Totaling 443 units of assisted living and memory care, the communities are located in Iowa (5), Nebraska (4) and Kansas (1). These were former Enlivant-operated properties. Since its founding in 1983, Tutera has owned or managed 320 communities in 17 states... Read More »
Blueprint Seals the Deal in San Diego
A San Diego-based developer/operator looking to focus its resources on its newly developed portfolio of seniors housing communities throughout Orange and San Diego Counties divested its 83-unit assisted living community in Long Beach, California. Built in 1970, the community was recently renovated in 2019 and 2021 and features 170 licensed beds of memory care. Jacob Gehl and Scott Frazier of Blueprint Healthcare Real Estate Advisors conducted a targeted marketing campaign for the property and received multiple competing offers within 30 days of launch. The eventual buyer was a Los Angeles-based, high-net-worth family who intends to convert the building into an affordable senior living... Read More »
Walker & Dunlop Secures HUD Acquisition Loan
Walker & Dunlop (W&D) arranged HUD acquisition loans for three Caring Alternatives assisted living communities located in the greater Milwaukee area. Kevin Giusti and Daniel Barone led the W&D finance team that secured the $16 million acquisition loan on behalf of the sponsor, an experienced developer, and HUD. Dubbed the Caring Alternatives Portfolio, the communities are located in affluent markets in Oak Creek and Muskego. There were 13 two-bedroom and 62 one-bedroom units, all with private bathrooms. The communities were relatively new construction, having been built in 2009, 2011 and 2018. Operations were strong, with 100% occupancy at closing, with a 91% private pay... Read More »
Blueprint Closes Value-Add Deal in Ohio
A public REIT strategically divested a senior care campus in Ohio with the help of Michael Segal, Connor Doherty, Ben Firestone and Ryan Kelly of Blueprint Healthcare Real Estate Advisors. Set on a hill above the Village of Mariemont in Cincinnati, a National Historic Landmark, St. Theresa Care Center was originally built as an acute care hospital in the mid-1920s and was later expanded in the late 1950s. The building was ultimately converted to its current use, also featuring units available for independent living residents, however the independent living and assisted living floors were most recently underutilized. It is licensed for 92 assisted living and 99 skilled nursing beds.... Read More »Schedule a demo
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