Ten Seniors Housing Communities Change Hands in Michigan
Meiser Commercial Real Estate was engaged by DeShano Companies, a development company that specializes in apartments and entered the assisted living industry in 2016, in its divestment of ten seniors housing communities that it built in Michigan. Madison Meiser and Bill Meiser handled each of the ten, separate transactions. This was a roughly 20-month closing process. First, in April 2023, an assisted living community in Coleman sold for $1.65 million, or $83,000 per unit. It was built in 2017 and features 20 units. The community was losing money at the time of sale, and was 70% occupied. It was sold through a land contract. Next, in June 2023, a 20-unit assisted living/memory care... Read More »
Sonida Acquires in Ohio
Cushman & Wakefield facilitated the sale of a seniors housing community in Cincinnati, Ohio. Built in 2022, Airy Hills at North Bend Crossing features 50 assisted living and 32 memory care units. However, the community was never opened due to foreclosure on the construction borrower. In 2019, Northmarq secured $18.2 million of construction debt from a regional bank, with a three-year, interest-only loan. In addition, the project received $5.5 million of PACE equity and another $5.3 million of equity to round out the capital stack. It did not help that the community sits adjacent to the 121-unit Wellington at North Bend Crossing Community that was developed by the same entity. Sonida... Read More »
Strawberry Fields Acquires Missouri Portfolio
Justin Knapp and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap were engaged in the sale of a portfolio featuring eight dually-certified facilities across northern Missouri. Licensed for skilled nursing and operating as behavioral health centers, the portfolio includes a total of 1,111 beds spanning from Kansas City to St. Louis. The properties were acquired by Strawberry Fields REIT for $87.5 million, or $79,000 per bed. The facilities are currently leased under a master lease agreement to a group of third-party tenants. Under that master lease, the tenant currently pays annual rent on a triple net basis. Strawberry Fields utilized current working capital and funds... Read More »
Pines Senior Living Divests to an Investor in East Texas
Amy Sitzman and Giancarlo Riso of Blueprint facilitated the sale of an East Texas assisted living community, marking Blueprint’s 12th and final Texas closing of 2024. The seller was Pines Senior Living. A purchase agreement was signed just five days after LOI execution, and closing occurred on December 30th, 40 days after LOI execution. Built in 1996, the community features 30 units. Pines invested $600,000 in renovations between 2022 and 2023 to modernize the common areas, add updated amenities, fully renovate resident units and enhance the community’s exterior. Operations turned around, and a focus on strong programs and clinical care revenues increased the value. And as a result... Read More »
Ziegler Secures Two Financings
Ziegler announced the closing of Masonicare’s Series 2024 Taxable Loan totaling $17 million for the Senior Living Finance Practice. The loan closed December 16, 2024. Masonicare finalized an affiliation with United Methodist Homes (of Connecticut), which owns/operates five communities in Connecticut and owns The Long Hill Company, which has current operations in Texas, Oklahoma and Oregon. Together, UMH and Long Hill care for approximately 2,000 residents. The combined organization will feature over 4,000 owned and managed units, which would make it one of the largest not-for-profit senior living providers in the Northeast region. Masonicare entered into a purchase and sale agreement... Read More »Schedule a demo
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