Ventas Purchases Three-Property Senior Living Portfolio
Berkadia announced the sale of three seniors housing communities offering assisted living and memory care services in the Chicago and Milwaukee MSAs. Berkadia Seniors Housing & Healthcare, led by Managing Directors Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers, closed the 306-unit transaction on behalf of the seller, a joint venture between Dallas-based Caddis Partners and a private equity real estate fund. The properties were purchased by Ventas. The Class-A portfolio transaction closed with just six weeks between LOI execution and closing. Built in 2018, Heartis of Orland Park is approximately 25 miles southwest of downtown Chicago and comprises 96 AL/MC units. It is the... Read More »
Joint Venture Acquires in Michigan
Silver Wave Capital and Persimmon Ventures announced their second joint venture acquisition, buying a 102-unit assisted living/memory care community in Auburn Hills, Michigan. Earlier this year, the joint venture had acquired an AL/MC community in Naples, Florida, to mark their first purchase together, and they plan on more in the next year. The Class-A Michigan asset was built in 2018 by First & Main and features 58 AL and 44 MC units. However, the Auburn Hills market was overdeveloped for seniors housing services, and we understand that the property never reached stabilization. It was previously owned by Hudson Advisors, an affiliate of Lone Star Funds that purchased the community as... Read More »
Vierra Communities Acquires in Maryland
Healthcare Transactions Group, Inc. arranged and facilitated the sale of St. Elizabeth Rehabilitation and Nursing Center, a 162-bed, five-star skilled nursing facility in Baltimore, Maryland. Associated Catholic Charities of Baltimore had previously owned and operated St. Elizabeth, which has a more than 75-year history of serving the Baltimore community, formerly as Jenkins Memorial Nursing Home. The current facility was built in 1992 on Catholic Charities’ flagship 26-acre campus in southwest Baltimore, adjacent to St. Agnes Hospital. The units and dining areas model a non-institutional Green House design. Going forward, the facility will continue to share the campus with the other... Read More »
Tennessee SNF Changes Hands
Evans Senior Investments arranged the sale of a skilled nursing facility in Dresden, Tennessee, on behalf of the Weakley County Commission. Originally built in 1958 with expansions over the years, Weakley County Rehabilitation and Nursing Center features 136 beds and is 100 miles west of Nashville. At the time of marketing, the facility was struggling with a 47% occupancy rate and negative cashflows. Following the Weakley County Commission’s approval of the sale, ESI launched a targeted marketing campaign focused on highlighting the facility’s strengths and untapped potential, procuring multiple interested buyers. The chosen buyer, a regional owner/operator with holdings in neighboring... Read More »
Financing Secured for a Virginia SNF
CIBC Bank USA recently closed a new $35 million commercial mortgage term loan and $1.5 million working capital line of credit for a high-quality skilled nursing facility in Virginia to refinance its debt. The 101-bed facility, which has an effective age of 15 years, posted very strong operating results, with occupancy around 92% and an EBITDAR margin historically at 25%. With those results, it is no wonder the facility was able to obtain nearly $350,000 per bed of debt. An experienced Virginia owner/operator was the borrower. Matthew Tyler and Neal Netzel handled the financing on behalf of CIBC. Read More »
CFG Closes Five Transactions
Capital Funding Group announced the closing of five transactions totaling more than $54 million from mid-October through mid-November. The financing supported five skilled nursing facilities, one senior care community and two multifamily properties throughout the country and was executed on behalf of nationally recognized borrowers. First was a transaction that involved a $2.72 million bridge-to-HUD junior term loan for the acquisition of two skilled nursing facilities featuring a total of 194 beds in Maryland and Delaware. Andrew Jones originated the deal and the financing closed October 8. The transaction had a total senior and junior debt capital stack of $27.83 million. The... Read More »
Senior Care Portfolio Trades in Pennsylvania
Senior Living Investment Brokerage closed a five-property portfolio deal in Pennsylvania, featuring a mix of personal care and skilled nursing beds. Ryan Saul and Toby Siefert were engaged by the receiver to confidentially sell the facilities, which are located throughout northwestern Pennsylvania. They included Clepper Manor in Sharon, Kermitage Nursing and Rehab in Hermitage, Lakeview Personal Care in Darlington, Shelburne Personal Care in Butler and The Lakes at Jefferson in Mercer, totaling 156 independent living/personal care units and 159 skilled nursing beds. The properties varied in age, built between 1958 and 2017, but offered a new owner the chance to add to an established... Read More »
AL Community Trades in Oklahoma
A small assisted living campus in Oklahoma City, Oklahoma, traded in a receivership sale with the help of Amy Sitzman, Giancarlo Riso and Kory Buzin of Blueprint. Built in 1999, Dorset Place includes a standalone 36-unit assisted living building and a separate 33-unit memory care building. There was limited competition in the immediate market, and the property was well maintained. But a new owner could take over and implement expense control measures to stabilize the community’s operating cash flow. We imagine the property would come at a healthy discount to replacement cost, as a result. Blueprint procured three competitive offers, ultimately advising the receiver, Mike Flanagan, to move... Read More »
Class-A Community Secures Refinancing
BWE secured a refinance for Keystone Villa at Douglassville, a Class-A seniors housing community in Douglassville, Pennsylvania (Philadelphia suburb), that is owned by a joint venture between ReNew REIT and Heritage Senior Living. Originally built in 2011 as a 125-unit assisted living/memory care community before a 123-unit independent living building was added in 2015, the community was 92% occupied at the time of closing and was a strong operator. ReNew purchased the property from Capital Health Group in 2019 as part of a four-community portfolio. BWE’s Ryan Stoll and Taylor Mokris secured the $57.8 million loan from a national commercial bank, featuring a non-recourse structure... Read More »
Brookdale vs. Ventas
They took it to the wire, but Brookdale Senior Living decided not to renew its leases with Ventas covering 120 communities in a Master Lease that expires December 31, 2025. The deadline was November 30, and they let it pass. Ventas will still collect $113.6 million in lease payments next year, and all parties have previously stated that the properties have been covering the lease payments in full. Even though it was an all or nothing renewal option, we were hoping that the two sides would come to an agreement to perhaps split up the portfolio. The problem is that both sides would have wanted to keep the better performing properties. Now, Brookdale no longer has the right to extend the... Read More »Schedule a demo
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