CBRE Finances West Coast Construction Project
CBRE National Senior Housing arranged construction financing for The Springs at the Waterfront, a to-be-built senior living community on the Vancouver, Washington waterfront. Harrison Street, The Springs Living and PMB LLC are joint venturing on the project, which will include 250 independent living, assisted living and memory care units. Set on 1.3 acres within the master-planned Vancouver Waterfront and its 32 acres of office space, retail and residential units, the community will be managed by The Springs Living upon completion. To fund the construction, CBRE’s Aron Will, Austin Sacco and Tim Root secured a $145.1 million floating rate loan with four years of interest only through a... Read More »Blueprint Handles Pennsylvania Portfolio Deal
A public REIT and its operating partner chose to sell a portfolio of six senior care locations in western Pennsylvania, and hired Michael Segal, Connor Doherty and Ryan Kelly of Blueprint Healthcare Real Estate Advisors to do so. Totaling 425 skilled nursing and 29 personal care beds, the facilities averaged a four-star rating from CMS, including three five-star rated locations. Still, it was marketed as a value-add opportunity for an incoming buyer to capitalize on the potential rate growth in the various submarkets with limited competition, plus as occupancy and cash flow rebound from the pandemic. An owner/operator looking to enter the region ended up as the buyer, paying an undisclosed... Read More »Hudson Hills Senior Living Has New Owner
The historic property of Hudson Hills Senior Living in North Bergen, New Jersey, has been sold to an east coast-based owner operator expanding its portfolio in the Garden State. The CCRC was originally built in 1897 with recent renovations last dated to 1990. Located just five miles outside of Manhattan, the community consists of 59 independent living units, 81 assisted living units, 12 memory care units, and 60 skilled nursing beds, comprising a total of 152 units. At the time of the sale, the senior living portion of the community was about 50% occupied and the skilled nursing portion was 90% occupied. Evans Senior Investments handled this transaction. Since March 31, 2020, Evans Senior... Read More »SLIB Sells in Bowling Green
A commercial real estate development company based in Bowling Green, Kentucky sold two senior living communities in its hometown, with the help of Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage. Including Chandler Park Assisted Living, a 61-unit assisted living community, and Chandler Memory Care, a 31-unit memory care community, the properties are located 2.5 miles from each other. They were both built in stages over the years. Occupancy was around 88% across the two assets. SLIB received five competitive bids, and the local seller chose a Midwest-based owner/operator that was familiar with the market as the buyer. No purchase price was... Read More »Large Skilled Nursing Portfolio Sells in West Virginia
There was a major skilled nursing deal in the state of West Virginia, where 17 skilled nursing facilities and one facility under development sold to a joint venture between a prominent SNF real estate owner and an operating partner, CommuniCare Health Services. The seller was Stonerise, which also divested its seven home health agencies and affiliated therapy and hospital services. Its portfolio included around 2,000 skilled nursing beds. No purchase price has been disclosed, but we know that White Oak Healthcare Partners, the HUD affiliate of White Oak Healthcare Finance, structured $582 million in acquisition financing for the buyer. The debt was structured as a unitranche loan... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
