DMK Development Group Divests to Town Lane
DMK Development Group has had a busy summer with two divestments and several developments. After divesting a four-asset seniors housing portfolio in Kentucky to American Healthcare REIT for $65.3 million, or $206,600 per unit, in July, DMK sold a 167-unit seniors housing community in Venice, Florida. The buyer was New York-based real estate investment manager Town Lane. The company assumed a $25.71 million mortgage on the property in the off-market transaction. Atlas Senior Living will continue to operate the community. Developed by DMK in 2023, The Goldton at Venice was highly occupied at the time of sale. The community offers a full continuum of care, including 114 independent... Read More »
Pines Senior Living Rescues Vacant AL Community
A vacant assisted living community in Birmingham, Alabama, found a new owner thanks to Amy Sitzman and Giancarlo Riso of Blueprint. Originally built in 1999, the community faced significant physical plant needs and operational challenges that rendered it unviable, without substantial capital investment. So, ownership decided to shutter it and divest. Blueprint utilized both its proprietary platform and the Ten-X online auction platform to generate multiple competitive bids from regional and national operators. The successful bidder, Pines Senior Living, plans to reopen and reposition the community, investing in the physical plant. Read More »
Strawberry Fields REIT Expands in Missouri
Strawberry Fields REIT acquired a senior care facility with 108 skilled nursing beds and 16 assisted living beds for $5.3 million, or $42,700 per bed, in Poplar Bluff, Missouri. The facility was added to an existing master lease with an affiliate of Reliant Care Group. The acquisition will increase the REIT’s annual rents by $530,000 and is subject to 3% annual increases. This acquisition marks its 18th facility in Missouri. Read More »
QualisTerra Senior Ventures Secures Acquisition Loan for Strong-Performing Community
Alec Blanc of Monarch Advisors closed a new loan for the acquisition of a 42-unit assisted living community in Gaylord, Michigan. Built in two phases in 2019 and 2020, the community was a strong performer, with full occupancy and a healthy margin. The borrower, QualisTerra Senior Ventures, a private seniors housing investment group, engaged Monarch to source senior debt for the transaction. Monarch was successful at securing a three-year non-recourse acquisition term loan commitment from a debt fund lender. The leverage fell between 70% and 75%. Read More »
Harrison Street Divests Long Island Portfolio
Harrison Street Asset Management sold five Class-A seniors housing communities throughout central Long Island and New York in a transaction valued at more than $600 million. Newmark handled the deal. The portfolio comprises five assets, developed in partnership with B2K Development between 2016 and 2022. The communities have delivered strong operating performance. The Long Island Business News identified the five properties as part of the “Bristal” brand of assisted living communities, including Bristal Assisted Living in Mount Sinai, Bristal in West Babylon, Bristal in Holtsville, Bristal in Bethpage and Bristal in Jericho, all totaling more than 850 units. That would put the... Read More »Schedule a demo
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