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 »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 »Schedule a demo
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