• National Developer/Investor Divests in Florida

    Blueprint was engaged by a national developer/investor in its divestment of a value-add, but newer vintage, Class-A seniors housing community in Lake Worth Beach, Florida. As part of a broader portfolio review, the ownership group decided to divest to de-lever and conserve liquidity within the fund that held this community. Built in 2019, this... Read More »
  • Recovery Continues at Sabra Health Care REIT

    After all the earnings reports for the fourth quarter 2023, we think it is safe to say the industry really has moved on from the pandemic. Not that the lasting effects have disappeared, as they may be with us for the rest of the decade, but most everyone seems to be getting back to “normal,” although at a different pace for each one. Sabra Health... Read More »
  • Georgia Seniors Housing Community Trades

    Blueprint was brought on in the divestment of a purpose-built seniors housing community in Kennesaw, Georgia. The community was built in 1999 and comprises 37 assisted living and memory care units. We suspect this is another former Enlivant property. Kyle Hallion, Amy Sitzman and Giancarlo Riso marketed the opportunity alongside 16+ seniors... Read More »
  • Cushman & Wakefield Hires Jason Skalko

    After its entire seniors housing team left for JLL earlier in 2023, Cushman & Wakefield has started to rebuild, announcing the hire of Jason Skalko as Managing Director. Skalko comes from JLL and will be based in the firm’s Tampa office to specialize in senior living and care investment sales throughout the United States. A graduate of the... Read More »
  • 60 Seconds with Swett: Memory Care Still Commands a Premium

    We are just a couple of days away from publishing the 29th Edition of The Senior Care Acquisition Report, which is available to all LevinPro LTC and LTC News subscribers as part of their subscriptions, and the impact of the capital markets upheaval on valuations affected nearly all property types in 2023. Still, a few historical norms remained.... Read More »
Evans Senior Investments Pennsylvania Portfolio

Evans Senior Investments Pennsylvania Portfolio

Evans Senior Investments announced the sale of a skilled nursing and seniors housing portfolio in the state of Pennsylvania, representing an in-state owner/operator in their exit from the industry. The portfolio consisted of three properties comprising a total of 395 beds of skilled nursing and 32 units of seniors housing. The purchase price of the portfolio was $39 million, or $91,000 per bed. At the time of marketing, occupancy averaged around 64%, with total portfolio revenue of $27.2 million and an operating loss of -$1.5 million. The portfolio struggled with regulatory deficiencies and staffing shortages, which dropped occupancy to 57% during the transaction process. Evans secured a... Read More »

Cushman & Wakefield Refinances IL/AL Portfolio

Cushman & Wakefield announced it has arranged a $51 million refinance of an independent living and assisted living portfolio on behalf of Kisco Senior Living. The three-property portfolio comprises 477 units and spans across the states of California, Texas and North Carolina. The communities within the portfolio are Cypress Court in Escondido, California, Villa de San Antonio in San Antonio, Texas, and Heritage Woods in Winston-Salem, North Carolina. The new loan, which was provided by a national bank, is retiring existing debt. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Sam Dylag represented the borrower in the transaction. Read More »
60 Seconds With Swett: Not-For-Profits Could Have a Tough 2023

60 Seconds With Swett: Not-For-Profits Could Have a Tough 2023

The pandemic adversely affected all senior care companies in the last three years, but not-for-profits seem to have been hit the hardest. First seeing their occupancies decline, they were then hit by inflation and soaring wages, which, when you generally have expense management issues in good times, is a devastating combination. The generosity to support several years of losses at these organizations is noble, but their boards can’t sustain those struggling businesses forever, especially when their mission could be better served in other capacities. We recently saw the debacle at the not-for-profit ProMedica where Welltower let the health system off the hook with its underwater leases for... Read More »
Charter Senior Living Will Operate High-End Miami Community

Charter Senior Living Will Operate High-End Miami Community

An upscale independent living community in the Westchester neighborhood of Miami, Florida, is set to open its doors in the new year, Miami-based commercial real estate owners and developers AJP Ventures and Mas Group, in addition to equity partner OCTA, completed construction of The Contemporary, which features one- and two-bedroom units on a six-acre campus. Charter Senior Living will operate it upon opening. Located on the same campus is MedSquare Place, a medical office building also in development by the two developers. Read More »

BWE Closes $62 Million To Finance Five Seniors Housing Communities

Bellwether Enterprise Real Estate Capital LLC (BWE) announced it has closed $62 million in loans to finance five seniors housing communities in the Carolinas and New York. The properties consist of three assisted living and memory care communities in the Greenville, South Carolina market, one assisted living/memory care community around Charlotte, North Carolina, and a 150-unit affordable senior housing development in Kenmore, New York. The South Carolina communities were Fairview Park Senior Living of Simpsonville, Oakview Park of Greenville and Spring Park of Travelers Rest, and all received a $42.6 million Fannie Mae loan originated on behalf of the borrower, Atlas Senior Living.... Read More »
CBRE Facilitates Augusta Acquisition in Georgia

CBRE Facilitates Augusta Acquisition in Georgia

CBRE National Senior Housing’s team consisting of Aron Will, John L. Sweeny, Jr., Garrett Sacco and Scott Bray completed the sale and acquisition financing for a fully occupied assisted living/memory care community in Augusta, Georgia. Built in 2019, Thrive at Augusta comprises 85 units on 17 acres and despite opening just before the pandemic, it did indeed reach 100% occupancy by the time of the transaction. It caters to a high-income population and features a number of high-end amenities. New York City-based Drake Real Estate Partners ultimately sold the property to Inspired Healthcare Capital. Aron Will and Adam Mincberg of CBRE also arranged a five-year, fixed-rate $16.8 million loan... Read More »