Blueprint Sells Down East
Steve Thomes and Ben Firestone of Blueprint Healthcare Real Estate Advisors sold an assisted living/memory care community on the scenic Maine coast. Located just south of Portland, the property consists of a 57-unit assisted living and a 41-unit memory care building developed in 1996 and 1997, respectively. They were owned by a REIT and endured fluctuations in their occupancy throughout the pandemic. Eventually, a Massachusetts-based owner/operator with communities throughout New England emerged as the buyer, paying an undisclosed sum. Read More »
Welltower Announces New Investments
At the same time it released first quarter earnings results, Welltower announced a major recapitalization of HC-One, the largest UK-based seniors housing platform, where it previously had a mezzanine loan investment with one of the owners. Formation Capital has been a 50-50 owner in HC-One, along with partner Safanad. Formation rolled most of its capital into the recapped company. Welltower has provided a $750 million secured loan and a $76 million equity investment into HC-One. The loan will refinance existing debt and will help to simplify the company’s capital structure. It has a five-year term and is fully collateralized by HC-One’s real... Read More »
Joint Venture Acquires Former Brookdale Community in Florida
Owner/operator Inspirit Senior Living and investment/asset management firm Venue Capital co-sponsored a joint venture with Drake Real Estate Partners to acquire a seniors housing community in Lecanto, Florida. Immediately after the deal, the three parties are also planning a substantial renovation and rebranding of the property. Built in 1988, the community consists of 79 assisted living and memory care units. Welltower previously owned the property, with Brookdale Senior Living operating it. However, Inspirit will take over management going forward, bolstering its presence in the Southeast. In early 2020, Inspirit and Venue Capital also acquired a portfolio of four... Read More »
Blueprint Handles Another Ohio Transaction
Connor Doherty and Ryan Kelly of Blueprint Healthcare Real Estate Advisors have been on a roll lately, closing transaction after transaction in the state of Ohio. The latest one features a skilled nursing/assisted living facility located near the University of Akron campus. Originally built in 1917 and comprehensively renovated in the mid-2000s, the facility was previously owned by a regional owner/operator that decided to focus on other aspects of their portfolio. Straightforward transactions have been few and far between during the last year, and Messrs. Doherty and Kelly did encounter some acquirer hesitancy. However, negotiations continued, and the deal closed in early April. A... Read More »
Mitchell Family Office Takes Over American Health Partners’ SNF Portfolio
Mitchell Family Office (MFO) has acquired the skilled nursing division of American Health Partners, which was formerly owned by an employee stock ownership plan (ESOP). Having experience with ESOPs, with their transaction closed for a major Midwest senior care operator last week, Lument arranged a $168 million bridge loan to support MFO’s acquisition. Conner Girdley and Brandon Gill handled the transaction for Lument and were brought on in late summer 2020 to act as placement agents. Proceeds of the loan were used to acquire the skilled nursing portion of the acquisition for an undisclosed price. In addition to its 29 skilled nursing facilities, the company is also focused on inpatient... Read More »Schedule a demo
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