Ray Stone Adds To California Portfolio
CBRE National Senior Housing’s Aron Will, Austin Sacco and Adam Mincberg partnered with CBRE Sacramento’s Kevin Randles to arrange acquisition financing for Arbor Senior Living on behalf of Ray Stone, Inc. (RSI). The two-story, 76,000 square foot Lodi, California community was opened in 1986 and is sited on a three acre lot, comprising 96 independent living units. It has been a high-performing asset in the past and has consistently produced meaningful cash-flow and maintained high occupancy levels. CBRE originated a $8.4 million fixed-rate loan through its Freddie Mac OPTIGO lending program. Post-closing, Sacramento-based RSI will operate the community. They also operate several other... Read More »
Tryko Partners Makes Moves in Maryland
Real estate investment firm Tryko Partners added to its portfolio in Maryland with the acquisition of Brighton Gardens of Tuckerman Lane in Rockville and Sunrise of Carroll in Westminster. The purchase price was not disclosed, but Tryko has a significant capital improvement project planned for both properties. Both properties will also be rebranded and renamed. Built in 1998, Brighton Gardens of Tuckerman Lane is a 140-bed assisted living/skilled nursing facility – with the two components renamed The Terraces at Tuckerman Lane and Tuckerman Rehabilitation & Healthcare Center, respectively. Tryko plans to add a secure memory care unit. Opened in 1999, Sunrise of Carroll features... Read More »
The Portopiccolo Group Acquires Michigan SNF Portfolio
Northland Networks, a debt placement agent that finances senior living projects through a large network of community banks, arranged acquisition financing for a portfolio of three skilled nursing facilities in southeast Michigan with 250 beds. The loan represents a 65% loan-to-“as is” value. The attractive terms of the loan are indicative of community banks’ swelling cash deposits amid COVID-19 stimulus. Participating in senior living loans is an attractive option for many of these banks who have had minimal exposure to this asset class in the past, as such loans offer strong yields and diversification benefits. The Portopiccolo Group, a family-owned investment management firm, acquired... Read More »
Blueprint Arranges Another Ohio Deal
A few weeks after arranging the sale of 17 skilled nursing facilities in Ohio, the Blueprint Healthcare Real Estate Advisors team of Connor Doherty and Ryan Kelly sold a SNF in the Dayton, Ohio MSA. Called Good Shepherd Village, the facility was built in the 1960s and thoroughly renovated in the 1990s. Operations were sold, but ownership decided to exit the industry while taking advantage of the seller’s market in skilled nursing. For context, the numerous buyers chasing relatively few facilities on the market led the average price per bed to rise to a near-record of $98,000 per bed in 2021, according to our recently published 27th Edition of The Senior Care Acquisition Report. That price... Read More »
ESI Represents Consulate in Bankruptcy Disposition
Evans Senior Investments (ESI) represented the bankruptcy disposition of two skilled nursing facilities in Florida. The bankruptcy stemmed from a medical whistleblower whose case resulted in a civil fraud judgment of $256 million. Both nursing communities operated under the brand of Consulate Health Care and filed for bankruptcy when the skilled nursing operating entities could not afford to pay the False Claims Act judgment against them. At the time of writing, Consulate is the sixth-largest nursing home chain in the country with 138 facilities from the Mid-Atlantic to the Gulf Coast. ESI was hired to represent the debtors in the sale of their assets, in obtaining debtor-in-possession... Read More »Schedule a demo
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