Blueprint Closes Lease-to-Purchase Transaction
A large New York-based seniors housing owner engaged Blueprint to explore the sale of an 80-unit assisted living/memory care community in Harrisburg, Pennsylvania. Kory Buzin and Steve Thomes handled the transaction. Ownership acquired the asset several years prior while in distress and brought on Viva Senior Living as manager to execute a turnaround plan, which was now in its final stages. While the asset was performing, it was non-core to the owner’s geographic portfolio footprint. The seller ultimately selected a buyer group that chose to retain Viva Senior Living as the operator and negotiated a lease structure with performance-based incentives and a purchase option, enabling the... Read More »
BHI Provides Bridge Loan
BHI, the U.S. branch of Bank Hapoalim B.M., provided $49 million in bridge-to-HUD financing for a portfolio of three seniors housing communities in the suburbs of Detroit. The portfolio consists of Hampton Manor of Dundee, Hampton Manor of Trenton and Hampton Manor of Hamburg. Together, the communities total 221 units, with 171 assisted living and 50 memory care units. Shahid Imran, doing business as Hampton Manor, was the borrower. Proceeds from the loan will be used to refinance existing debt and facilitate a partnership buyout, with Imran assuming full ownership of the properties, which were developed within the last five years by Imran and undisclosed partners. Read More »
CareOne/Cardinal Purchase Pennsylvania Property
Blueprint was brought on by a Boston-based real estate investment and development firm in its divestment of a non-core seniors housing community in Quakertown, Pennsylvania. Built in 1989, Independence Court of Quakertown is an 89-unit, 116-bed assisted living community. Occupancy struggled to fully recover from pandemic-era lows, pushing the investment well beyond the intended holding period. However, the community always managed to remain cash-flow positive. The seller approached Blueprint to conduct a risk/reward analysis of executing a material capex investment program versus divesting, with the firm electing to sell. The marketing effort mainly highlighted the community’s history of... Read More »
Two Separate Transactions Close in California
The Reis Team at Marcus & Millichap handled two separate closings in California. First was a lease transaction for an assisted living community in Southern California with 260 beds. The real estate is owned by a local investor, and the team sourced a growing California-based operator that was looking to expand its footprint in the region. The second transaction involved the sale of a 60-bed skilled nursing facility, this time in Northern California. The seller was an independent owner/operator looking to exit the business, and a well-established California-based investor purchased the property. The buyer intends to lease the facility to a growing California-based... Read More »
Town Lane Acquires Two Communities and Recapitalizes a Third
Discovery Senior Living announced the recapitalization and closing of three Class-A, purpose-built, independent living, assisted living and memory care communities: Discovery Village at Naples (Naples, FL), Discovery Village at Sarasota Bay (Sarasota, FL) and Discovery Village at Castle Hills (Lewisville, TX). All three communities were designed, funded, developed and launched through Discovery’s fully integrated platform including its in-house design and development department, capital markets, and management capabilities. Opened within the last four years, the two IL communities total 273 units and have stabilized, while the newly opened 90-unit AL/MC community is quickly... Read More »Schedule a demo
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