Not-For-Profit Divests to Private Owner/Operator
After 70 years operating a senior care campus in Portland, Oregon, a Jewish not-for-profit organization decided to exit its only physical senior care asset in order to continue its mission serving the Portland Jewish community. That seller was Cedar Sinai Park, a faith-based organization with a reputation for providing care for more than 10 years in southwest Portland. It was established in predominantly Jewish neighborhoods in Old South Portland, and was the first Jewish organization to expand into southwest Portland in 1954 when it built a retirement community. Over the years, the campus has grown to include 246 beds/units. Robison Jewish Health Center was built in 1956 with 44 skilled... Read More »
Class-A Seniors Housing Community Avoids Foreclosure
JLL Capital Markets announced that it has completed the sale of HarborChase Wellington Crossing, a 134-unit, Class-A seniors housing community in Wellington, Florida. The seller was SGD Wellington Cross LLC, which is affiliated with Silverstone Senior Living, and the property changed hands through a deed in lieu of foreclosure, according to South Florida Business Journal. The deal was valued at $23.5 million, or $175,400 per unit, based on the outstanding balance of the in-place mortgage. Three years ago, MidCap Financial had refinanced the property with a $25 million floating-rate, first mortgage loan. Today, MidCap is providing a new $17.7 million floating-rate first mortgage loan to... Read More »
CON Sale Closed in North Carolina
Senior Living Investment Brokerage facilitated two sales of CONs (Certificate of Need) for adult care beds in North Carolina. An international holding company was looking to sell the CON and deploy capital into other businesses. The deal included 100 adult care beds in Wake County and 120 beds in Mecklenburg County, all of which were affiliated with seniors housing assets that were voluntarily closed. The buyer was a national developer/operator looking to expand their footprint within North Carolina. Patrick Burke, Jason Punzel and Vince Viverito of SLIB handled the transaction. Read More »
Third Quarter Investor Call
The Third Quarter Investor Call, sponsored by NewPoint Real Estate Capital and moderated by Ben Swett, Managing Editor of The SeniorCare Investor, featured a panel of lending experts who offered their capital markets advice to borrowers in several different scenarios: M&A deals, refinancing troubled assets, the costs of construction lending today, and more. The panel included Nick Gesue, CEO of NewPoint, Zach Britton, Director – Originations of Locust Point Capital and Matthew Whitlock, Head of Senior Housing Investments of Berkshire Residential Investments. Read More »
Sherman & Roylance Handles California Leasehold Transaction
Sherman & Roylance arranged a successful leasehold transaction for a 144-bed skilled nursing facility in Santa Cruz, California. The transaction allowed the landlord to diversify its portfolio and the new operator to expand its footprint in the California market. The facility, originally built between 1967 and 1970, currently operates at 70% occupancy. It attracted interest from several potential tenants before a new lessee emerged as a pair of an experienced skilled nursing operator and a businessman. They formed a new operating company to acquire the facility and are looking to grow along the West Coast. The leasehold transaction was structured as a long-term, triple-net lease... Read More »Schedule a demo
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