Rebirth of Vacant Pennsylvania AL Community
The Prestige Group facilitated the sale of a vacant seniors housing community in Milford, Pennsylvania. In the early 1980s a local real estate entrepreneur purchased a former Milford high school and repositioned it to a 220-bed assisted living community. The building was equipped with an auditorium plus a full stage, and the entrepreneur decided to run a theater company through the community. The productions were open to the public, introducing people to the community. Rockwell Center was run by the founder for 40 years and then his family after his death. The family eventually moved from the area, divesting their local Milton area assets, except for this community. In June 2023, the... Read More »
60 Seconds with Swett: CCRCs Lead the Occupancy Recovery
The CCRC market continues to lead all other sectors in its occupancy recovery, post-pandemic. Yes, we are talking about a smaller market, and many of these communities tend to be higher-end, luxury properties mostly in primary markets that have generally demonstrated better resilience in recent years. But the sector has not always been the bright spot in seniors housing, especially after the Great Financial Crisis, so this is new territory. Ziegler and NIC MAP partnered on a report detailing the occupancy gains in each CCRC segment for more than 1,160 CCRCs, including not-for-profit and for-profit, plus entrance-fee and rentals in 140 MSAs. Independent living was the highest, averaging... Read More »
Kauhale Health Acquires in South Carolina
Kauhale Health, a Midwest-based firm, announced its second acquisition in seniors housing with a deal in Greenville, South Carolina. Built in 2001, The Parker, comprising 66,765 square feet across 3.5 acres, features 74 assisted living and 17 memory care units. Within the past three years the common areas and more than one third of the units have been renovated and remodeled. Blueprint handled the divestment of The Parker in 2020, when an undisclosed private investor acquired the community. Leadership turnover in a very competitive market led to declining performance between 2016 and 2017 before the community started to rebound in 2018. Cash flow continued to decline during Blueprint’s... Read More »
Ahava Healthcare Purchases in Tennessee
Evans Senior Investments was brought on by Henry County in its divestment of a skilled nursing facility in Paris, Tennessee. Built in 2001, Henry County Healthcare Center comprises 136 beds across five acres. At the time of marketing, it was 43% occupied and cash-flow negative. Since the pandemic, the facility has consistently remained in the 40% to 50% occupancy level month over month. Although the pandemic played a part, the primary issue has been the community’s low staffing levels, which frequently led to rejecting admissions. The facility also struggled to achieve industry-standard profitability due to it being the sole skilled nursing facility operated by Henry County Medical... Read More »
S&R Handles Texas Land Transaction
Sherman & Roylance closed the sale of an eight-acre development site in Austin, Texas, which was initially envisioned for a senior living community. However, the buyer, Novak Brothers, plans to leverage their expertise and create a new multifamily development in the location. The property, previously approved by the City of Austin for a two-story, 98-unit assisted living and memory care community, faced construction delays and ultimately ended up in foreclosure by Woodforest Bank in September 2023. With the “as designed” construction halted in 2022, with the foundation in place and the framing begun, Sherman & Roylance was tasked with finding a buyer. Read More »
Green Tree Health Care Takes Over Missouri SNF
Bethesda Health Group divested a skilled nursing facility in Ellisville, Missouri, to a not-for-profit owner/operator based in New Jersey. Built in 1989 and renovated in 2010, Bethesda Meadow comprises 210 beds. Bethesda Health Group is divesting to streamline operations and focus on a combination of demand, need and efficiency to best care for St. Louis seniors. The buyer was Green Tree Health Care, which previously purchased Heisinger Bluffs and St. Joseph’s Bluffs in Jefferson City, Missouri, in 2022. That deal featured a CCRC comprising 65 independent living units, 67 assisted living/memory care units and 110 skilled nursing beds. It was previously owned by Lutheran Senior Services.... Read More »
Joint Venture Acquires Class-A Community in Washington
Developed in two phases in 2014 and 2020, Quail Park of Lynnwood comprises 252 units and sits on 15 acres in Lynnwood, Washington (Seattle MSA). The first phase featured 85 independent living/assisted living (ranging from 364 to 1,031 square feet) and 45 memory care units (ranging from 374 to 469 square feet). The community was fully leased with a waitlist. The second phase, through two expansions, added 96 AL apartments and 26 IL units split among 13 3,500-square-foot duplex cottages. Of the new AL apartments, 16 were enhanced, providing high-acuity AL services. In 2017, a joint venture between CA Senior Living, Life Care Lifestyles and an affiliate of Goldman Sachs purchased the... Read More »
Lument Closes Bridge Loan to Finance Three Senior Living Assets
Lument announced the closing of a $9 million bridge loan, which was funded directly from Lument’s balance sheet, to finance The Cottages Assisted Living and Memory Care, a portfolio of three properties in the Boise area: Alpine Meadows, The Cottages of Boise and The Cottages of Lochsa Falls. Rob McAdams handled the transaction. The transaction is structured as a single loan secured by the three assets and includes financing the acquisition of Alpine Meadows, a 34-bed assisted living community in Meridian, and refinancing existing debt of the Boise and Lochsa locations, both 32-unit assisted living and memory care communities in Garden City and Meridian, respectively. The loan terms include... Read More »
National Developer/Investor Divests in Oklahoma
A national developer/investor, which engaged Blueprint in a large portfolio divestment of senior living communities that were purchased in a portfolio transaction pre-pandemic, sold an asset in Oklahoma. Built in 2000, the seniors housing community features 52 units of assisted living and memory care in a northern submarket of Oklahoma City. The community was 99% occupied and generated meaningful EBITDAR at the time of marketing, however, it would benefit from a refresh. Blueprint targeted operators and investors with an existing footprint in Oklahoma and surrounding states, procuring multiple competitive offers from regional owner/operators that were looking to expand within... Read More »
First Citizens Refinances Class-A Community
First Citizens Bank’s Healthcare Finance business provided a term loan to refinance a Class-A senior living community in a desirable location. GenCare Lifestyle Tacoma at Point Ruston comprises 159 units across six stories in Tacoma, Washington. The borrower is a joint venture led by Harrison Street. The same joint venture with PMB LLC served as the facility’s original developer in 2020, with GenCare Lifestyle, another joint venture partner, as the operator. Read More »Schedule a demo
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