Lument Leads Stonerise Healthcare’s Sale
Lument Securities announced that it recently advised Stonerise Healthcare on its sale to a New York-based real estate investment firm and an operating partner, CommuniCare Health Services. Stonerise’s network of care included 17 owned and operated skilled nursing facilities throughout West Virginia totaling 1,955 beds, a therapy company, seven home health and hospice agencies, an institutional special needs plan and a SNF development project. Lument had a decade-long HUD financing relationship with Stonerise (which was led by Thomas Gale), and Laca Wong-Hammond and Dominic Porretta led the transaction as its exclusive financial advisor. The skilled nursing portfolio and therapy company... Read More »Jonathan Rose Co. Buys Seniors Housing Complex
Jonathan Rose Co. and Jamboree Housing have acquired Belage Manor, a 180-unit affordable senior housing complex in Anaheim, California for the purchase price of $41 million, or $227,000 per unit. This marks the 12th deal to close under the Rose Affordable Housing Preservation Fund V. California-based nonprofit Jamboree Housing along with the fund will invest $9 million in renovations to make significant improvements to the complex. Capital One Healthcare provided a $28 million Fannie Mae first mortgage loan as part of the GSE’s Enhanced Resident Services program. Read More »Omni Smart Living Refinances Two Communities Through JLL
JLL Capital Markets arranged short-term financing for two newly built communities totaling 328 units in North Olmsted and North Royalton, Ohio. The two high-quality communities comprise independent living, assisted living and memory care units. The borrower is real estate investment group Omni Smart Living, for which JLL secured a three-year, floating-rate loan through a national debt fund. The first property is the 160-unit Vitalia North Olmsted, and the other is the 168-unit Vitalia North Royalton, both located roughly 10 to 15 minutes outside of downtown Cleveland. Joel Mendes and Billy Lichtenstein of JLL Capital Markets represented the borrower in the transaction. Read More »BMO Harris Bank Closes Big Refinance for Phoenix CCRC
BMO Harris Bank’s Healthcare Real Estate Finance group closed on a whopping $145 million term facility with two participating banks to recapitalize Sagewood, an entrance-fee CCRC in Phoenix, Arizona. Westminster Capital and LCS own the property, with LCS serving as operator since its opening in 2010. The community has been expanded over the years, most recently with a $100 million, 101-unit independent living project in 2021, and now features 417 IL units, 44 assisted living units, 28 memory care units and 78 skilled nursing beds. The existing IL units were fully occupied prior to the project, and 96% of the new units were pre-sold by the end of 2018. At that time, LCS and... Read More »ESI Handles New Jersey SNF Sale
Evans Senior Investments has handled the sale of a struggling skilled nursing facility in Clark Township, New Jersey. Built in 1995 with more than 130 beds, the facility saw pre-pandemic occupancy levels of 85% plummet to 56% by the time of sale. The seller is a regional owner/operator, which sought to exit this facility given the distance from its existing portfolio. Evans Senior Investments, which closed another SNF sale for the regional owner/operator in July in Volusia County, Florida, found an East Coast-based owner/operator within 25 days of starting the marketing process to purchase this asset, adding to its established portfolio. According to LevinPro LTC, Evans Seniors Investments... Read More »Schedule a demo
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