Ziegler Closes Bond Financing for Eliza Jennings
Investment bank Ziegler has officially closed $24.405 million of bond financing for Ohio-based Eliza Jennings, a not-for-profit organization that currently owns and operates three senior living campuses in the state. The campuses comprise 75 independent living apartments and villas, 89 assisted living units and 216 skilled nursing beds. The first campus is The Renaissance, in Olmsted Falls, consisting of 314 units of senior living. Its second community Devon Oaks, located in Westlake, is a 66-unit assisted living community. Lastly, the third campus is The Eliza Jennings Home, a skilled nursing facility operating 126 beds in the city of Cleveland. The Series 2022A bonds are... Read More »Health Dimensions Group Sells Two SNFs in Minnesota
Health Dimensions Group, a Minnesota-based regional owner/operator, divested two older skilled nursing facilities in its home state. One facility is located in the Minneapolis market, while the second is about 2.5 hours north of the city. Totaling 234 beds, both facilities were originally built in the 1960s but were recently refurbished by HDG. Occupancy was very strong at 90%, and the quality mix topped 40%, but expenses ran high across the facilities. Plus, performance dropped off slightly during the transaction process. Nevertheless, Blueprint Healthcare Real Estate Advisors’ Amy Sitzman and Giancarlo Riso approached four groups and received three strong written offers. Mordy... Read More »Not-For-Profit Organization Acquires Anoka Community
An elongated CHOW approval process did not stop the team of Jeff Binder, Jason Punzel and Jake Anderson of Senior Living Investment Brokerage from closing the sale of an 84-unit independent/assisted living community in the Minneapolis metro area. Built in 1988 in the town of Anoka, Minnesota, the community features 84 units and 104 beds. It was owned by a real estate development company that mainly focuses on the multifamily market and chose to divest in order to concentrate on its core assets. Occupancy was 79%, and a new owner could refurbish the building. That buyer ended up being a large not-for-profit organization based in Minnesota that does plan to refresh and rebrand the... Read More »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 »Schedule a demo
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