Build or buy…or both
Employing a two-pronged growth strategy, The MacIntosh Company is adding its sixth and seventh properties though both acquisition and development opportunities. First, the company acquired a 100-bed skilled nursing facility in Columbus for an undisclosed price. Built in 1984, the facility had been under family ownership since 1992 and featured separate wings for Alzheimer’s care and hospice services. Plus, there is additional land included within the purchase for future expansion projects. Chad Elliott and Steve Kennedy of Lancaster Pollard’s M&A group served as the sell-side advisor on the sale, while Chris Mauger and Brendan Healy of Lancaster Pollard Finance Company led the way in... Read More »Another Recession-hit CCRC sells
Nearly a decade on from the housing market collapse in 2007 and despite a relatively strong comeback in the sector, we are still writing about CCRCs just recovering from a drastic drop in entrance fee receipts in the throes of the Great Recession. That being said, three years after filing for Chapter 11 bankruptcy protection, a 223-unit CCRC located in the World Golf Village of St. Augustine, Florida, recently sold in auction to a partnership between LCS and HCP. Operated by LCPS Management, the not-for-profit CCRC opened in 2001 and reached 99% occupancy in 2006 and was 94% occupied in 2008 following a 15-cottage independent living expansion. However, during the Great Recession, more... Read More »
MidCap acquires HUD lender Pineview
With HUD transaction volume expected to rise in the senior care industry, following the recent debt-seasoning requirement (among other) changes, it’s no wonder MidCap Financial wants to establish a presence there in acquiring Pineview Capital Group, an experienced Denver-based HUD lender. With the benefit of its balance sheet, MidCap already boasts an array of services, including life sciences loans, first mortgage financing and mezzanine debt, ranging in size from $5 million to $100 million. This is also an opportunity to expand Pineview’s lending capabilities to a larger client base. The goal of the transaction is for both teams to become the single point of contact for borrowers through... Read More »
Blueprint in Brookings
The team at Blueprint Healthcare Real Estate Advisors, including Ben Firestone, Jacob Gehl and Trent Gherardini, worked on behalf of a national owner-operator to strategically divest one of its non-core assets. The property being sold is a 36-unit assisted living community in the coastal town of Brookings, Oregon (near the California border). Built 20 years ago, the all-private pay community was struggling a bit with census but could probably benefit from a little more attention, which should come from its new owner, an Oregon-based regional operator/developer familiar with the local market. The buyer also plans on converting the community to higher levels of care, including memory care... Read More »
Green Court buys Arbour Square
A fund sponsored by Green Courte Partners bought Arbour Square of Harleysville, a 276-unit independent living community located about 35 miles north of downtown Philadelphia. The first phase of the property was built in the affluent, high barrier-to-entry market in 2006 (with 151 units), while the remaining 125 units were added in 2014. The newest units were already coming out of lease-up by the time acquisition financing was originated for Green Courte. Through Freddie Mac’s seller servicer direct lending program, Aron Will of CBRE secured a $39.9 million fixed-rate loan with a 10-year term and 72 months of interest-only payments. Heritage Senior Living stayed on to operate the... Read More »Schedule a demo
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