Chicago Pacific Founders Acquires Fort Myers Community
Chicago Pacific Founders acquired a 136-unit senior living community in Fort Myers, Florida, with its subsidiary Grace Management taking over operations. Featuring 136 units of independent living, the property is located in the Cypress Lake community near shopping areas, restaurants, medical facilities and indoor/outdoor recreation. On campus, there are also a host of resort-style amenities. Occupancy was around 90% before the pandemic, which brought it down to 85%. ValStone Partners acquired it in December 2015 for $9.45 million, or $69,500 per unit, and initiated a major $9.6 million renovation/conversion project. The current purchase price is not disclosed,... Read More »
Oxford Finance Secures Credit Facility for Missouri Acquisition
Oxford Finance announced its role in funding SRZ Management’s (Reach LTC) acquisition of a large skilled nursing facility in the St. Louis suburb of Town & Country, Missouri. The buyer received a $7.4 million senior credit facility and revolving line of credit to support the purchase and general working capital. Jeff Binder and Patrick Byrne of Senior Living Investment Brokerage represented the seller, National HealthCare Corporation (NHC), in the deal. Built in the 1960s, the facility was set to be replaced by a 187-unit senior living community, which would be developed by Ryan Companies at a cost of about $60 million. However, NHC couldn’t get the project through planning and zoning... Read More »
Blueprint Sells Two Vacant Assisted Living Communities in New Jersey
Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors handled the sale of two vacant assisted living communities in New Jersey, thereby completing the seller’s exit of its entire vacant seniors housing portfolio, of which Blueprint successfully advised on eight of the transactions in states including Arizona, Idaho and Texas. This deal featured two purpose-built, 39-unit assisted living communities located within 45 miles of each other. They also have similar floorplans and layouts. Blueprint positioned the properties as an opportunity for an incoming investor to acquire both communities below replacement cost, implement a capex/renovation... Read More »
Newmark Strikes Again, and Again
We had reported a few months ago that Newmark (formerly Newmark Knight Frank) was going to have a big fourth quarter. And they have, with five sales transactions worth well in excess of $400 million, plus a few financings, and we still have a few weeks to go before the end of the year, and a few more deals. The largest sale this quarter, which we previously reported on, was the six communities in Massachusetts that sold for about $200 million in a recap of the portfolio previously owned by Welltower. Most recently (early December), however, was one of the larger skilled nursing portfolio sales of the year. Details will be available soon, but let’s just say it will be... Read More »
Evans Senior Investments Sells Evansville SNF
A skilled nursing facility with strong UPL revenues sold in Evansville, Indiana thanks to Evans Senior Investments. The owner/operator primarily operated in the Southeast, and this facility represented its only asset in the Midwest, with the nearest property nearly 300 miles away. So, an Indiana exit was arranged, and a new regional owner/operator looking to expand its presence in the state emerged as the new owner. COVID-19 unfortunately hit the 113-bed facility earlier this year, leading to 66 total cases and increased expenses. Also, occupancy dropped from 73% to 67%, but cash flow remained strong at $1.1 million in NOI, for a 13% margin on approximately $7.83 million of revenues.... Read More »Schedule a demo
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