Distressed AL/MC Community Gets New Owner
Scott Frazier, Kory Buzin and Steve Thomes of Blueprint advised a special servicer in the seniors housing sector on the sale of Spanish Vines, a well-maintained assisted living/memory care community. It sits in a densely populated Pocket-Greenhaven neighborhood of southwest Sacramento, California. The 88-unit community was generating negative EBITDAR across all trailing periods, with month-over-month census, RevPOR and expenses fluctuating materially as operations worked towards stabilization. The asset benefitted from its infill location and recently renovated physical plant. Blueprint also underwrote an alternative path to upside through California’s Assisted Living Waiver program,... Read More »
Underperforming Community Sells and Secures Financing
A buyer recently acquired an underperforming seniors housing community in Charleston, South Carolina, and Blueprint Capital Markets secured the debt financing. Blueprint also represented the undisclosed seller in its divestment. The asset comprises 84 units of assisted living and memory care. There is room for occupancy growth and expense cuts, which will help drive operational performance. Kristen Ahrens and Pat Maloney arranged the financing, targeting private credit lenders for their structural flexibility and certainty of execution. Read More »
Standalone MC Communities Secure Acquisition Financing
Berkadia recently announced three financings on behalf of three different sponsors. In one of the closings, Steve Muth and Ed Williams arranged $25.8 million in acquisition financing for Peregrine Senior Living at Clifton Park and Peregrine Senior Living at Orchard Park. The bridge financing was provided through Berkadia’s Proprietary Lending Group on behalf of KCB Real Estate Management and Tunbridge Peak. The loans feature a 24-month interest-only term with one 12-month extension option, and Berkadia expects to submit the properties to HUD in the coming weeks, with a targeted HUD takeout in the fourth quarter. Jacob Gehl, Dillon Rudy, Connor Doherty and Ryan Kelly of Blueprint... Read More »
A Flurry of Deals Cross the Finish Line
As part of Senior Living Investment Brokerage’s nine separate closings at the start of May, there were a couple of skilled nursing sales. First, Nick Cacciabando and Matthew Alley represented a local group of investors in the sale of a 60-bed skilled nursing facility in Ottumwa, Iowa. The investor group operated the facility themselves, and it was 95% occupied with a solid 12% margin on $6.715 million of revenues. Vista Woods Care Center was built in 1993 and is one of the newer facilities in southeast Iowa. It also held a CCRC license in relation to an adjacent seniors housing community. Emerging from an active bidding environment was a California-based investor, which paid $6.35... Read More »
Investor Group Buys Naples Community
A group of investors picked up a value-add seniors housing community in Naples, Florida. Built in 1999, North Haven Senior Living features 132 units of assisted living and memory care. It appears that Brookdale Senior Living previously operated the community, which showed very well and did not require much in terms of capex. We understand that occupancy improved significantly during the sale process, as well. Silver Wave Capital announced the purchase (its sixth overall), along with lead investor Persimmon Ventures and operating partner Senior Living Asset Management, which will take over management of the community. Ten other seniors housing investors participated in the deal, including... Read More »Schedule a demo
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