MidCap Financial Closes Acquisition Loan
MidCap Financial recently closed a $37.8 million floating rate first mortgage that funded the purchase of a 223-uint retirement community. Located in ChampionsGate, Florida, near Orlando, the community has 114 independent living units, 73 assisted living units and 36 memory care units. The loan amount comes to $169,300 per unit. The transaction was funded by entities managed by Fortress Investment Group, and was arranged by Alanna Ellis of Jones Lang LaSalle on behalf of Fortress. The $37.8 million loan amount was used for the acquisition as well as for future capital improvements. The community, The Glades at ChampionsGate, will be operated by Watermark Retirement... Read More »Evans Seniors Investments Handles Skilled Nursing Sale
Evans Senior Investments announced it handled the sale of a skilled nursing facility in Henderson, Nevada. Built in 1999 and sitting 10 miles south of the Las Vegas Strip, TLC Care Center saw pre-pandemic occupancy levels of 90% plummet to 58% at the time of marketing. The seller was an independent owner/operator, who sold the 255-bed skilled nursing facility to Hill Valley Healthcare, an east coast owner and operator of skilled nursing facilities, for $50 million, or $196,000 per bed. The facility comprises 35 private and 112 semi-private rooms, which includes 42 ventilator equipped beds. This was the buyer’s first acquisition in the state of Nevada. According to LevinPro LTC,... Read More »SRS Brokers SNF Deal in Florida
SRS Real Estate Partners handled the sale of a 75-bed skilled nursing facility in Fort Myers, Florida. An entity doing business as Plantation Medical Center SNU LLC sold the property to a private 1031 investment firm based in New York City for a purchase price of $46.7 million, or $622,000 per bed. Patrick Nutt and William Wamble of SRS’ National Net Lease Group represented the seller in the off-market transaction, and Jason Maier of Stan Johnson Co. represented the buyer. Built in 2018, the property sits on five acres next to Gulf Coast Medical Center, and the facility is occupied by Lee Memorial Health System’s Gulf Coast Medical Center Skilled Nursing Unit. Lee Memorial Health System... Read More »Knapp-Stahler Group Announces Arizona Transaction
Nick Stahler and Hap Knowles of The Knapp-Stahler Group followed up on the firm’s busy end of August with the closing of a behavioral health/skilled nursing facility sale in Arizona. Built in 1966, the 144-bed facility sold for $17.2 million, or around $120,000 per bed, to a local owner/operator with an established presence in Arizona. The seller was a nationwide real estate partnership. At the time of sale, the 100% Medicaid facility served only behavioral health patients, reporting a 36% operating margin on $12.6 million of revenues with just 72% occupancy. Read More »CBRE Handles Active Adult Deal
CBRE National Senior Housing announced the sale of Residences at Merrillville Lakes, a 356-unit, five-story active adult community located in Merrillville Lakes, Indiana (Chicago MSA). Built in 2009, the community sits on 20 acres and features a resort-style pool, large private theater room, a health and fitness center, and library, among other amenities. The seller of the community was an entity controlled by the principals of Chicago-based companies Oculus Development, LLC and UIRC, Inc. CBRE’s Indianapolis/Louisville Multifamily team members Steve LaMotte, Jr. and Dane Wilson, with senior housing team members John Sweeny, Aron Will, Garrett Sacco and Scott Bray, represented the seller... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
