Cambridge Secures HUD Refinancing Loan
Cambridge Realty Capital provided a $2.1 million HUD loan to refinance Wells Point Lodge, a 60-bed seniors housing community in the northern Austin suburb of Pflugerville, Texas. Anthony Marino of Cambridge originated the 35-year loan through HUD’s 232/223(f) program. The borrower was an undisclosed, Texas-based limited liability company. Cambridge also utilized the early rate lock program, which allowed the owner to avoid the recent run-up in interest rates. Read More »
Blueprint Handles Virginia AL/MC Divestment
The owner of two assisted living/memory care communities in central Virginia engaged Blueprint to sell the assets. The deal closed with a buyer seeking to scale a regional management platform paying an undisclosed price. Located about 75 miles apart, one in a densely populated, affluent market and the other in a tertiary submarket, the communities totaled 128 units. They were not stabilized assets. A targeted marketing campaign resulted in multiple offers before the seller chose the eventual buyer due to their incentive to expand into the geographies, their “vigorous” pursuit of the deal, and a demonstrated commitment from their local banking and equity investment partners. Kory Buzin,... Read More »
DHC Announces A New President
Diversified Healthcare Trust announced that with its failed merger with Office Properties Income Trust (both companies are managed by The RMR Group) it would be making changes to its board and executive leadership team. Well, President and CEO Jennifer Francis is retiring at the end of the year, to be replaced by Christopher Bilotto, an executive vice president of The RMR Group and current president and COO of Office Properties Income Trust. If the aforementioned merger had been completed, Bilotto was set to lead the combined companies. Francis had been a part of Diversified Healthcare Trust’s (DHC) senior management team since 2018 and was a managing trustee since 2021. She will continue... Read More »
Private Owner in Indiana Exits Seniors Housing Industry
At the encouragement and direction of their lender, a private owner sold their only seniors housing asset in Indiana, with the help of Ryan Saul and Nick Cacciabando of Senior Living Investment Brokerage. The community, which was built in 2000, features 45 units of assisted living in the town of Anderson. At just above 50% occupancy, it was losing money on about $1.125 million of revenues. It did not help that the single-site family owner managed it with obsolete reporting and operating systems. Another private owner that has provided owners with operating, clinical and environmental consulting services for many years emerged as the buyer. This was their first foray into ownership, and the... Read More »
60 Seconds with Monroe: Happy Thanksgiving
Rarely does the entire clinical staff at a nursing home walk out in protest of working conditions, but that was the case a few months ago in New Mexico. I was made aware of it when I received a call from an 82-year old woman in New Mexico who volunteers to help the elderly make decisions who are at the end of their life. The manager is a company called OpCo NM, very original, and apparently they have been buying up nursing homes in New Mexico. She believed the people running it were formerly associated with Skyline Healthcare, the company that walked away from more than 100 leased nursing homes after sucking all the cash from them. While I could not verify the connection, given what... Read More »
New Seniors Housing Community Coming to Virginia
Hoffman & Associates and Experience Senior Living are teaming up to develop a seniors housing community in Northern Virginia, with opening expected sometime during fourth quarter 2026. The Reserve at Falls Church is set to be 15 stories with over 200 units of independent living, assisted living and memory care. The community will have numerous amenities such as a spa with a saltwater pool, a sky bar and electric vehicle transportation services. It will be located within the 10-acre West Falls mixed-use development that’s currently underway. West Falls will feature apartments, condominiums, shops, restaurants, service retailers, a hotel and a medical office building, plus a central... Read More »
Strawberry Fields REIT Reports Q3 Earnings
Strawberry Fields REIT released its third quarter results, and it featured some good and could-be-better news. First, to the positive news, the REIT collected 100% of its contractual rents during quarter three, something other REITs have not been so lucky to experience. Revenues did increase, however, NOI decreased year over year from $9.3 million to $4.7 million for several reasons on the expense side. First, general and administrative expenses increased by 113.7%, mostly due to non-capitalized expenses related to the acquisition of Indiana senior care campuses. Next, interest expense increased by 14.6%, primarily because of additional debt service related to Series D Bonds and an... Read More »
CFG Handles Another HUD Refinance
Capital Funding Group closed a $7.2 million HUD loan to refinance a 162-bed skilled nursing facility in Kentucky. CFG had executed the original bridge loan, which allowed the nationally recognized borrower to acquire the facility’s real estate. Since that acquisition, the facility has stabilized and the time came for a permanent HUD takeout. The refinancing closed on November 8, 2023. Capital Funding Group Director of Long-Term Care Patrick McGovern originated the transaction for the company. The financing followed CFG’s recent closing of a $10.9 million HUD loan which supported the refinancing of a 112-bed skilled nursing facility in Arizona. Read More »
United Church Homes Acquires Port Clinton Community
In scenic Port Clinton, Ohio, a senior care campus sold to a not-for-profit organization as part of the seller’s strategic move to redeploy capital and resources to other assets across the state. Set on 57 acres, Vineyard on Catawba was owned and operated by Ohio Living, one of the country’s largest not-for-profit providers with 11 CCRCs in the state. The community was built in stages to now include a 40-unit low-income apartment complex, 12 assisted living units and 10 independent living condos. It was nearly fully occupied. United Church Homes bought the community, taking over operations effective November 1. It is renaming the asset The Parkvue Community on Catawba Island, similar to... Read More »
From AL/MC to Behavioral Health
Blueprint’s Behavioral Healthcare and Seniors Housing teams were brought on by a regional seniors housing owner looking to lease its vacant assisted living/memory care community in Tennessee. Because the community was empty, Blueprint could effectively market the asset as both seniors housing and behavioral healthcare conversion candidates. Blueprint recommended the owner deploy a behavioral healthcare marketing strategy given strong demand within Brentwood. Lease rate, term, credit and certainty of execution were all considered for the incoming tenant. The owner received three strong offers before selecting a regional behavioral healthcare provider. The owner and incoming tenant... Read More »Schedule a demo
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