Ziegler Handles Providence Portfolio Sale
The Ensign Group, Inc. has agreed to acquire eight facilities in the states of Alaska, Washington, Oregon and California, subject to the completion of certain regulatory approvals and other closing conditions. This acquisition includes the real estate and operations and are being acquired from Providence Home and Community Care. The real estate assets for all eight facilities will be purchased by Standard Bearer Healthcare REIT, Inc. Six of the eight operations will be operated by Ensign affiliated operating companies and two facilities will be operated by a third-party tenant that will enter into a new, long-term triple net master lease with Standard Bearer as landlord. Dan Revie of... Read More »
Ignite Medical Resorts Acquires in Texas
Blueprint was engaged by a Houston-based real estate developer and investment firm to facilitate the sale of a skilled nursing facility in El Paso, Texas. The facility had been leased to a subsidiary of Vibra Healthcare, a national specialty hospital and skilled nursing operator based in Pennsylvania. Built in 2017, VibraLife El Paso features 60 transitional care beds, 16 assisted living beds and 16 memory care beds with 63 physical units including 34 private suite accommodations. It maintained stable assisted living and memory care occupancy while boasting a high-quality transitional care payor mix. However, the transitional care census was stagnant due to shorter average length of... Read More »
Class-A Community Trades in Philadelphia
Berkadia announced the sale of a Class-A independent living, personal care and memory care community in the Philadelphia MSA. It was built in 2019. Berkadia Seniors Housing & Healthcare, led by Managing Directors Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers, closed the transaction on behalf of the seller, a private equity firm. The number of residents in the 75+ age cohort within a 10-mile drive of the community is projected to increase by 15.1% over the next five years. This group of seniors boasts an average net worth of over $1.9 million. The primary market area currently features no construction activity and an anticipated demand for an additional 500 independent... Read More »
Wisconsin AL Community Changes Hands
On the heels of his closing in Minnesota, Bob Richards of Senior Care Realty headed over to Wisconsin to sell a small assisted living community in Dane County. Built in the mid-1990s, the community featured 20 units and a mostly Medicaid census. But occupancy was 100%, and the community operated at a strong margin above 30%. That is impressive, considering its size. It ended up being too small for the regional owner/operator’s typical model, so it sold to an East Coast owner/operator with a growing Wisconsin portfolio. The purchase price came to $1.8 million, or $90,000 per unit. VIUM Capital helped finance the acquisition for the buyer, which has now purchased four small assets in the... Read More »
Private Asset-Based Lender Acquires Two Senior Notes
Blueprint facilitated the sale of two senior notes secured by 24 seniors housing communities. The portfolio of communities spans approximately 1,200 units across eight states. Prior to the sale, all of the communities securing the notes transitioned to a new, national operator as part of a larger corporate wind down of the borrower. Individual performance at the communities varied notably throughout the portfolio, however, on a consolidated basis the portfolio was roughly 70% occupied and generated revenue of approximately $50 million. Blueprint approached a select group of investors with a strategy to demonstrate that the unencumbered value of the assets exceeded that of the notes’ value,... Read More »
REIT Divests AL/MC Community to PE Group
A REIT divested its assisted living/memory care community in an affluent suburb of Salt Lake City, Utah, with the help of Vince Viverito and Brad Clousing of Senior Living Investment Brokerage. Built in 2001, the 116-unit asset in Cottonwood Heights did not fit into the out-of-state REIT’s core portfolio. But a private equity group with a strategic operating partner growing its portfolio in Utah stepped in to buy the community for an undisclosed price. Read More »
Greene Park Capital Purchases MA Active Adult Community
Greene Park Capital, a Chicago-based healthcare real estate investment firm, announced its first acquisition of an active adult community in an attractive Boston, Massachusetts suburb. Greene Park made the purchase in partnership with a major institutional investor for an undisclosed price. Built in the last five years, the Class-A community features approximately 225 units. Given the strong market and national owner/operator seller, we imagine it was very well occupied and stabilized. Greene Park has a pipeline in the active adult sector totaling about $250 million, which the firm expects to grow as it seeks out institutional-quality opportunities in major metro and suburban... Read More »
Ziegler Secures Bond Financing
Ziegler announced the closing of RiverWoods Exeter’s Series 2024 bonds totaling $39.68 million of par amount for the senior living finance practice. RiverWoods is a not-for-profit that owns/operates a three campus CCRC in Exeter, which is within the Seacoast Region of New Hampshire. These campuses reside on a contiguous parcel of over 200 acres. The operations of The Woods, The Ridge and The Boulders campuses began in 1994, 2004 and 2010, respectively. Across its three campuses, RiverWoods includes 393 independent living units, 71 assisted living units and 78 nursing beds for a total of 542 units. Riverwoods is also affiliated with two other CCRC’s managed by a supporting corporation, the... Read More »
Brookdale and Ventas, a Win-Win
Just weeks after Brookdale Senior Living walked away from its lease renewal with Ventas covering some 120 communities, the two companies came to an agreement that appears to be a win-win for both. Brookdale will continue to lease 65 communities which average about 62 units each and represent 40% of the units in the original master lease. The initial cash rent on these will increase by 38% and will now be $64 million with 3% annual escalators. But for 2025, Brookdale will pay the contractual rent of $48 million on these. For the remainder, 44 communities will go into the Ventas SHOP portfolio with new operators, to be determined later. Annualized NOI for these after a 5% management... Read More »
Morgan Stanley and Brightview Acquire SH Portfolio
Morgan Stanley Investment Management, through investment funds managed by Morgan Stanley Real Estate Investing, partnered with Brightview Senior Living to acquire an eight-property seniors housing portfolio totaling 1,186 units within four major MSAs in the Mid-Atlantic and Northeast. The predominately-independent living portfolio totals eight properties across the Baltimore, Philadelphia and Boston-Providence MSAs. These senior living properties have consistently demonstrated strong operational performance and feature a variety of amenities. Brightview originally developed the communities, which were also previously owned by PGIM and most recently by Harrison Street. Brightview and... Read More »Schedule a demo
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