Pines Senior Living Rescues Vacant AL Community
A vacant assisted living community in Birmingham, Alabama, found a new owner thanks to Amy Sitzman and Giancarlo Riso of Blueprint. Originally built in 1999, the community faced significant physical plant needs and operational challenges that rendered it unviable, without substantial capital investment. So, ownership decided to shutter it and divest. Blueprint utilized both its proprietary platform and the Ten-X online auction platform to generate multiple competitive bids from regional and national operators. The successful bidder, Pines Senior Living, plans to reopen and reposition the community, investing in the physical plant. Read More »
Strawberry Fields REIT Expands in Missouri
Strawberry Fields REIT acquired a senior care facility with 108 skilled nursing beds and 16 assisted living beds for $5.3 million, or $42,700 per bed, in Poplar Bluff, Missouri. The facility was added to an existing master lease with an affiliate of Reliant Care Group. The acquisition will increase the REIT’s annual rents by $530,000 and is subject to 3% annual increases. This acquisition marks its 18th facility in Missouri. Read More »
QualisTerra Senior Ventures Secures Acquisition Loan for Strong-Performing Community
Alec Blanc of Monarch Advisors closed a new loan for the acquisition of a 42-unit assisted living community in Gaylord, Michigan. Built in two phases in 2019 and 2020, the community was a strong performer, with full occupancy and a healthy margin. The borrower, QualisTerra Senior Ventures, a private seniors housing investment group, engaged Monarch to source senior debt for the transaction. Monarch was successful at securing a three-year non-recourse acquisition term loan commitment from a debt fund lender. The leverage fell between 70% and 75%. Read More »
Harrison Street Divests Long Island Portfolio
Harrison Street Asset Management sold five Class-A seniors housing communities throughout central Long Island and New York in a transaction valued at more than $600 million. Newmark handled the deal. The portfolio comprises five assets, developed in partnership with B2K Development between 2016 and 2022. The communities have delivered strong operating performance. The Long Island Business News identified the five properties as part of the “Bristal” brand of assisted living communities, including Bristal Assisted Living in Mount Sinai, Bristal in West Babylon, Bristal in Holtsville, Bristal in Bethpage and Bristal in Jericho, all totaling more than 850 units. That would put the... Read More »
Vacant SNF Trades Hands in Missouri
Blueprint was engaged by a regional owner/operator, subject to approval by the U.S. Bankruptcy Court for the Eastern District of New York, to conduct a comprehensive marketing process for the sale of Liberty Health and Wellness in Liberty, Missouri. Formerly a 143-bed, highly-profitable and well-occupied skilled nursing facility, the asset encountered regulatory and survey challenges that led to its decertification from CMS and the Missouri Department of Health and Service Services. Shortly after the marketing campaign launched in March, the facility closed. Blueprint repositioned the 75-unit facility offering to appeal to skilled nursing, behavioral health and other alternative-use... Read More »Schedule a demo
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