MedCore Partners Divests Washington State Community
After purchasing a portfolio of seven seniors housing properties from Ventas in July 2020, MedCore Partners is divesting one of the properties in Sedro-Woolley, Washington (about 75 miles north of Seattle). The 2020 acquisition comprised six other communities in Washington (Sequim, Olympia, Centralia and Tacoma) and California (San Juan Capistrano and Westminster), and in total sold for $52 million, or $89,300 per unit. Still operated by Senior Services of America, there are 582 total units of independent living, assisted living and memory care. MedCore made the acquisition with The National Realty Group and Kong Capital, originally agreeing to a purchase price of $70 million but lowering... Read More »
DigitalBridge Divests Two Kansas Communities
DigitalBridge Group, formerly known as Colony Capital, recently announced it was divesting its healthcare real estate assets in order to focus on its digital infrastructure business. Two of the seniors housing properties have found a new owner with the help of Ben Firestone, Michael Segal and Lauren Nagle of Blueprint Healthcare Real Estate Advisors. The two communities, located in the Kansas City, Kansas MSA, were built in the early 2000s but have received subsequent renovations. Leawood Gardens is a 70-unit assisted living/memory care community in Johnson County, and Blackhawk Assisted Living has 48 units of AL and MC in Miami County. According to our M&A... Read More »
Lument Finds New Owner for Philly CCRC
A CCRC outside of Philadelphia, Pennsylvania, changed hands with the help of Laca Wong-Hammond and Dominic Porretta of Lument Securities. In addition to facilitating the confidential sale, the Lument team also handled the assumption of the property’s HUD mortgage. Built in 1967 but renovated multiple times over the years, including a major refurbishment in 2014, Bryn Mawr Terrace is located about 10 miles from downtown Philly on the Main Line. It features 109 functional skilled nursing beds (with a license for 120 beds), 25 memory care units and eight personal care units. It had operated well historically, but the pandemic caused cash flow to fall, and there was no positive NOI by the... Read More »
Berkadia Adds New Hire to Investment Sales Team
Berkadia has added Director Simona Wilson to the Seniors Housing & Healthcare team, serving on the investment sales platform led by Tim Cobb. Ms. Wilson has 19 years of industry experience, previously founding Crescent Capital LLC where she advised seniors housing capital providers and operators on investment and portfolio strategies. She also spent 15 years on the Healthpeak investment team, serving as Vice President of Strategy & Business Development and Vice President of Acquisitions & Valuations. Ms. Wilson graduated with an accounting degree from the University of Southern California, and spent two years at PricewaterhouseCoopers before moving to a career in healthcare... Read More »
Blueprint Teams Close Two Transactions
M&A continues at a steady clip, and Blueprint Healthcare Real Estate Advisors obliged with a couple of recent closings. First was the sale of a skilled nursing facility located just outside of Cleveland, Ohio. Totaling 120 beds, the facility was built in the 1960s and thoroughly renovated in the 1990s. Historically, it did bring in stable cash flow, and it showed well for a facility last fully renovated more than 20 years ago. However, it did not fit into the regional Ohio-based owner’s operating model. That’s where Blueprint came in, approaching a New York-based private equity group that has an existing presence in Ohio. They saw an opportunity to add value... Read More »Schedule a demo
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