Carnegie Capital Secures Construction Loan for Texas Community
A single-asset owner in Texas refinanced the construction debt on its assisted living/memory care community with the help of JD Stettin of Carnegie Capital. Built five years ago, the 90-unit community in Houston went through operator changes before the pandemic, and then dealt with occupancy troubles during the pandemic. So, it was at last on the tail end of lease-up with census reaching 80% when ownership decided to refinance its existing construction loan before maturity. A $10.5 million refinance enabled the borrower to also replenish its interest reserves and pay off over $500,000 of tax liens. The loan came with a seven-year term, fixed interest rate at 4.75% and one year of interest... Read More »CareTrust REIT Planning a Behavioral Health Conversion
Blueprint Healthcare Real Estate Advisors has successfully advised its publicly traded REIT client, CareTrust REIT, on the sale of a 120-unit assisted living and memory care community in the Baltimore, Maryland area. Built in 1999, the community had struggled from an operational standpoint. The team of Amy Sitzman, Giancarlo Riso, Kory Buzin, and Steve Thomes was originally hired to run a sales process in the community but later advised CareTrust REIT to structure a new lease with a multistate behavioral health operator. Then, that multistate behavioral health operator will convert the community into an addiction recovery center. This acquisition marks the publicly traded REIT’s first... Read More »JLL Handles SNF Texas Transaction
JLL Capital Markets has closed the sale of Methodist Transitional Care, a 100-bed/ 66-unit skilled nursing facility in Desoto, Texas. Equipped with advanced technology, the facility has the ability to offer intravenous therapy, physical therapy, speech therapy, occupational therapy, wound care, pulmonary care and many other treatments and services. Madison Marquette sold this asset with 13 years remaining on the lease. Based on first-year rent, the cap rate is 6.8%. This deal also includes two five-year renewal options. The buyer of the amenity-filled facility is real estate development firm Location Finders International. Such amenities include a large state-of-the-art therapy gym,... Read More »Family Owner/Operator Exits the SNF Business
Branford Hills Healthcare Center, a 190-bed skilled nursing facility in Branford, Connecticut, is no longer in the hands of the Shelton family, who ran operations since its construction in 1980. The facility sits on over 10 acres in Branford, Connecticut just a few miles outside of New Haven. It was expanded in 1991 and reported strong occupancy before the pandemic in excess of 94%, with revenues over $20 million. However, despite its close proximity to Yale New Haven Hospital and other referral sources in the county, the facility struggled during the pandemic. The Shelton family got the facility on the right track operationally leading up to the sale, which represents their exit from the... Read More »Assisted Living Community Sells in Florida
Vitality Living Lady Lake, an 89-unit assisted living/memory care community in Lady Lake, Florida, has been sold just outside of the senior haven, The Villages. Built in 2010, the 89-unit community comprises 69 assisted living units along with 20 memory care units on over 9 acres. Occupancy stood around 72% in 2021. The seller was a Northeast-based real estate private equity firm which initially purchased the community as part of a larger portfolio. However, this asset was an operational outlier from the rest of the portfolio. So, the seller hired Senior Living Investment Brokerage to find a buyer, which ended up being an unidentified regional owner/operator looking to add to their... Read More »Schedule a demo
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