Vacant Harrisburg Property Trades
Bob Gaines of Colliers facilitated the sale of a seniors housing community in Harrisburg, Pennsylvania. Built in 1950 and completely remodeled within the previous eight years, Butler Street Senior Living comprises 78 assisted living beds and was vacant at the time of sale. Butler Street Senior Living LLC, affiliated with Kaplan Development Group, was the seller, and the community features 57 assisted living and 11 memory care units. A not-for-profit, LHM Hospice and Social Services, was the buyer and paid $4.8 million, or $71,000 per unit, for the community. Not a bad price for a vacant building. Read More »
NHI Acquires in New Jersey
National Health Investors invested $46.3 million, or $386,000 per unit, inclusive of transaction costs, for the acquisition of a seniors housing community in Bergen County, New Jersey. Juniper Village at Paramus comprises 98 assisted living and 22 memory care units. The community has been operated by Juniper Communities since February 2021. The lease has a 15-year maturity with two five-year renewal options at an initial yield of 7.95% plus annual fixed escalators. Read More »
Growing Owner/Operator Acquires Illinois SNF/SLF
Andrew Montgomery of Montgomery Intermediary Group announced a couple of transactions in Illinois and Mississippi. First was for a skilled nursing/supportive living facility in a small, rural Illinois market. The facility features over 130 SNF beds and SLF units and sold to a large owner group that invested alongside a growing owner/operator in Illinois. The skilled nursing component originally opened in 2005, and the supportive living facility was added in 2007. Many owners have cited difficulties in operating senior care facilities in rural markets as their reason to divest, which may have been the case here. But we understand the buyer has committed to maintaining continuity of resident... Read More »
Berkadia’s Recent Activity
Berkadia Seniors Housing & Healthcare handled two separate transactions in Michigan and Tennessee. First, Berkadia sold and secured financing for Clinton Creek Assisted Living and Memory Care. The community is in the Detroit MSA and was 90% occupied at closing. It was financed with a bridge-to-HUD loan, representing 67% of the purchase price. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers handled the sale, while Jay Healy and Andrew Lanzaro completed the financing. Next, Fasano, Sanders, Tremper and Garbers were brought on to facilitate the sale of a 16-property seniors housing portfolio. The portfolio comprises over 1,200 units across nine states. The final asset in... Read More »
Regional Owner/Operator Purchases Seniors Housing Portfolio
A portfolio of three Class-B seniors housing communities in tertiary markets in Northern California found a new owner. The communities all featured assisted living, memory care and independent living services, with 205 total units and 242 licensed beds. They were originally developed in 2001 and 2002, and occupancy stood at 71%, 89% and 84%, respectively, at the time of the sale. As a portfolio, they offered an attractive opportunity for an experienced regional operator to expand its footprint. A lender-appointed receiver oversaw the sale due to loan maturity and the previous owner’s inability to refinance. Dan Mahoney and Scott Frazier of Blueprint represented the nationally recognized... Read More »Schedule a demo
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