Underperforming AL Community Secured for Behavioral Health Conversion
Blueprint’s behavioral healthcare team was engaged by a single-site residential behavioral healthcare provider in its search for a larger facility to meet its growth needs. The operator, a prominent first responder behavioral healthcare provider, acquired a former assisted living community near Park City, Utah, to expand its residential behavioral healthcare treatment capacity. The community was underperforming and primed for conversion given the ideal physical plant layout and substantial bed capacity. There was a limited geographic scope for relocation given the operator’s need to retain experienced and reputable staff in a lightly populated region. There were also zoning... Read More »
Berkadia Handles Two Seniors Housing Transactions
Berkadia closed the sale of two separate assets in Florida and Georgia. First, Berkadia was engaged by a national owner/operator in the sale of a CCRC in South Florida. The property appears to be Abbey Delray, a 505-unit community originally built in 1979 in Delray Beach that features 327 independent living units, 48 assisted living units, 30 memory care units and 100 skilled nursing beds on 25.66 acres. We understand that occupancy improved throughout the marketing process. Abbey Delray was previously owned by Lifespace Communities, and the buyer was a regional owner/operator. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders handled the transaction. This was Berkadia’s 10th... Read More »
Fortress Buys Large Seniors Housing Campus
Fortress Investment Group just purchased one of the largest rental seniors housing communities in the country, adding The Village at Gainesville in Gainesville, Florida, to its portfolio. Regionally anchored by the University of Florida and the innovative UF Health network, and located directly across from SantaFe College, the 100+ acre campus has 639 total units. Built from the mid-1980s to the late-2000s, the campus features 45 cottages, nine additional residential buildings (six independent living, one assisted living and two memory care) and several community clubhouses with extensive amenities, with 80% of the units dedicated to independent living. It offered strong in-place... Read More »
Keppel Becomes Sole Owner of Watermark
Keppel Capital Senior Living, a subsidiary of Keppel Corporation that is responsible for the senior living investments and acquisitions, increased its investment in Watermark Retirement Communities to become the sole owner, effective March 19. Keppel Capital has been Watermark’s equity partner since March 2020. In 2018, Keppel Capital announced it was acquiring a 50% interest in Watermark for $77.5 million, or $8,000 per unit. At the time, Watermark managed 52 seniors housing communities and about 9,400 total beds in 21 states. Currently, Watermark manages 40 seniors housing communities across 15 states. Post-transaction, Watermark welcomed a newly appointed C-suite. CEO... Read More »
Dwight Capital’s March Activity
Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, closed more than $364 million in real estate financing in March. Featured among the transactions were a bridge loan for Silverwoods in New Jersey, a bridge loan for a three-property skilled nursing portfolio in Rhode Island and a HUD 223(f) refinance for Skyview Heights in Washington State. First, DMT closed a $50 million bridge loan for the acquisition of Silverwoods, a seniors housing community with 313 units in Toms River, New Jersey. The property comprises 46 one-story buildings and includes seven studios, 41 one-bedroom units and 265 two-bedroom units across 55 acres. Loan proceeds were used to finance the acquisition, fund... Read More »Schedule a demo
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