Private Equity Firm Divests Orlando Property
Berkadia announced the sale of Somerby Lake Nona, an 80-unit assisted living and memory care community in the Lake Nona neighborhood of Orlando, Florida. Managing Directors Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of a private equity firm. Going forward, the property will be managed by Atlas Senior Living under a new name, The Goldton at Lake Nona. At closing, the community was nearly 85% occupied. Built in 2015, the property offers private apartments with full baths, a resort-style swimming pool, restaurant-style dining, a café, and landscaped outdoor spaces. Read More »
Private Lender Provides Debt
Kennedy Funding, a New Jersey-based direct, private lender, provided debt to fund the purchase of a seniors housing community in Inverness, Florida, about 75 miles north of Tampa. Crown Court sits on 0.7 acres and features 55 units of assisted living. It was in need of significant renovations, and the loan partially funds the improvements. The debt was closed quickly to allow the buyer to start on the project. VSEVA, a Florida LLC, bought the community for $3.725 million, or $74,500 per unit. Vera Healthcare will continue operating the community after taking over in December 2024. The property was renamed Vera Assisted Living – Inverness Downtown, and there are plans to expand with an... Read More »
Large Kentucky SNF Portfolio Trades
There is something going on in the Kentucky skilled nursing market, with a favorable rebasing change that was approved by the legislature in July 2024 leading to a significant increase in Medicaid funding, along with increased interest in owning and operating facilities in the Commonwealth. We imagine that facilities are realizing an immediate boost to their value as a result of the changes to the reimbursement environment, and Blueprint is likely securing great prices for its Kentucky clients. The firm has announced four closings totaling more than $200 million in September alone in the Commonwealth, probably helped by the fact that its own Kyle “Bluegrass” Hallion is from and lives in... Read More »
Details on Marx Development Group’s Nine-Figure SNF Deal
Marx Development Group and its affiliate Majestic Care’s acquisition of four skilled nursing facilities in West Virginia is set to close at the end of October, and the deal is still attracting a lot of attention in the state. That is because the seller is the State of West Virginia, and headlines are usually made when a for-profit buyer is taking over any state-owned or not-for-profit facility. The scrutiny is often unfair, given the single-factor analysis most journalists perform on or parrot the results of private equity’s ownership of skilled nursing facilities. They almost always mislead the public on the impact of these acquisitions on the operations and financial health of the... Read More »
Seller Exits Seniors Space with Sale to Private Equity Group
Senior Living Investment Brokerage’s Brad Goodsell, Jason Punzel, Vince Viverito, Jake Anderson and Taylor Graham teamed up to sell Westmont of Brentwood, a 132-unit seniors housing community in Brentwood, California. This was the seller’s only seniors housing asset, and they are exiting the space. Built in 2007, the community features independent living, assisted living and memory care units, with occupancy in the mid-60s. So, there is an opportunity for the new owner, an experienced private equity group with a background in seniors housing, to improve operations and increase value. The buyer will partner with an established West Coast operator that is growing its presence in California.... Read More »Schedule a demo
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