Blueprint Handles NHI New Jersey Acquisition
A national developer/investor engaged Blueprint in the sale of a high-performing seniors housing community in an affluent and high-barrier-to-entry New Jersey market. Built in 1999, Juniper Village at Paramus comprises 98 assisted living and 22 memory care units in Paramus. The community has been operated by Juniper Communities since February 2021. The lease has a 15-year maturity with two five-year renewal options at an initial yield of 7.95% plus annual fixed escalators. Blueprint targeted a wide cross-section of operators, investors and developers, highlighting in-place cash flow, ability to drive further upside through renovations and scarcity of comparable acquisition... Read More »
Ensign’s Acquisition Spree
The Ensign Group closed several acquisitions throughout February and the beginning of April. First, it acquired the real estate and operations of Citrus Heights Respiratory and Rehabilitation, a 204-bed skilled nursing facility, and Springdale Village Post Acute, a 122-bed skilled nursing facility, both in Mesa, Arizona. Blueprint’s Amy Sitzman and Giancarlo Riso were engaged by the previous owner to explore a sale or lease of Citrus Heights, which generated revenues and EBITDAR of $12.1 million and $1.2 million, respectively, despite operating below market occupancy. The seller later decided to engage Blueprint for the sale of Springdale Village, which (like Citrus Heights) was located... Read More »
Michigan IL Portfolio Sells to Midwest-Based Owner/Operator
Berkadia announced the sale of a portfolio of five independent living communities throughout the Detroit, Michigan MSA. Brooks Minford of Berkadia Seniors Housing & Healthcare closed the 631-unit transaction on behalf of a local multifamily developer/owner/operator. The firm originally developed the portfolio, but the time had come to pass the torch to a new owner with more resources and experience in seniors housing. The portfolio was purchased by a Midwest-based owner/operator of seniors housing communities seeking to expand its footprint in Michigan. No additional details were disclosed. Read More »
Phorcys Capital Partners Expands its Seniors Housing Footprint
Phorcys Capital Partners acquired a stabilized seniors housing community in Clermont, Florida, through Phorcys Senior Housing Recovery Fund LP. Built in 2002 and expanded in 2014, Hunt Trace Senior Living sits on six acres and features 114 assisted living and memory care units. Impact Senior Living will operate the community. The community was part of a portfolio financed by municipal bonds, which fell into default during the pandemic. The asset was acquired through a court-appointed receivership sale at an attractive basis. Phorcys plans to invest approximately $1.5 million in the community over the next year to modernize the plant. Phorcys’ seniors housing platform has now invested... Read More »
Brookdale Secures Acquisition Financing
CBRE arranged two acquisition financings totaling $241 million across two seniors housing portfolios on behalf of Brookdale Senior Living. Aron Will and Matthew Kuronen arranged the two financings. CBRE originated $130 million in loans through its Freddie Mac Optigo loan origination program for Brookdale’s acquisition of five communities comprised of 533 independent living, assisted living and memory care units across four states. The non-recourse mortgage financing has a ten-year term with five years of interest only. CBRE sourced $161 million through a three-year floating rate loan from Ally Bank, an existing Brookdale lender, including a combination of new loan proceeds and the... Read More »Schedule a demo
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