CareTrust’s buying spree continues
CareTrust REIT entered the Michigan market, acquiring four assisted living/memory care communities in the state for $30.8 million, or $163,830 per unit. The assisted living/memory care portfolio includes a 46-unit community in Clarkston, a just-built 40-unit community in Goodrich, a 62-unit community in Burton and a 40-unit community in Lapeer. Similar to previous transactions this year, CareTrust immediately leased the communities to an existing operating partner, this time the REIT amending a master lease with Premier Senior Living. The lease will generate approximately $2.7 million in annual rental revenue, but because of the brand-new Goodrich community, CareTrust gave Premier a... Read More »
NHI in the Nutmeg State
Just a week after announcing it exercised a purchase option on five assisted living/memory care communities from Bickford Senior Living, National Health Investors has made another large purchase, including two Connecticut CCRCs for $56.3 million, or $119,787 per unit/bed. Built in 1968 with a 2009 renovation, the 241-unit/bed community in Bridgeport features 186 independent living units, 26 assisted living units, 13 memory care units and 23 skilled nursing beds. The other community, built in 1991 in Southbury, has 155 IL units, 26 AL units, 14 MC units and 34 skilled nursing beds on a 56-acre property. Both properties were owned by funds managed by certain affiliates of East Lake Capital... Read More »
CFG’s latest transaction batch
As always, Capital Funding Group closed a number of various transactions in the past month. First, Craig Casagrande originated a $13.7 million loan secured by the cash flow of seven skilled nursing facilities operated by CommuniCare Family of Companies. The loan will be used for general corporate purposes to help strategically position itself for future opportunities. Next, Patrick McGovern originated two-part financing to facilitate the acquisition of two central-Michigan skilled nursing facilities, with 210 beds, affiliated with the not-for-profit University of Michigan Health System. The Peplinski Group was the buyer, receiving a bridge-to-HUD acquisition loan arranged by Capital... Read More »Greystone’s giant deal
Greystone Real Estate Advisors certainly ended May with a bang, closing the largest transaction of the month at a value of $210 million, or $202,117 per unit. Involving seven senior living communities in Texas and one in Oklahoma City, the sold portfolio was owned by Harrison Street Real Estate Capital and Bridgewood Property Company. Built between 1989 and 2000, it included 1,039 total units, with two independent living communities, three independent/assisted living communities and three that included independent living, assisted living and memory care services. Texas-based Cardinal Bay was the buyer, which will retain Retirement Center Management as operator. Cody Tremper of Greystone... Read More »NHI exercises its option
Further expanding its relationship with Bickford Senior Living, National Health Investors exercised its purchase option to acquire five assisted living/memory care communities from Bickford for $87.5 million, or $315,884 per unit, with an approximate cap rate of 8.3%. Although the properties are not included in the existing joint venture between the two entities, the companies have been closely linked since 2012 when they announced a 10-property partnership, then followed that with a 36-property development pipeline, plus various other acquisitions. This current deal involves five well performing properties in Iowa (2), Missouri, Illinois and Nebraska with an average combined occupancy of... Read More »Schedule a demo
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