American Healthcare REIT Acquires All of Trilogy
Nine years after purchasing the majority interest in the parent company of seniors housing and care operator Trilogy Health Services, American Healthcare REIT has now bought out its minority partner, bringing its ownership stake in Trilogy to 100%. The deal was prefaced by a purchase agreement in November 2023, when AHR gained the option to buy NorthStar Healthcare Income’s 24% membership interest in Trilogy REIT Holdings, the parent organization of Trilogy Health Services, for between $240.5 million and $260 million, depending on the purchase date (they had until September 30, 2025). AHR also could use a combination of cash and the issuance of new convertible preferred stock. Executing... Read More »
Regional Owner/Operator Acquires in Central California
Blueprint was engaged by a Northern California owner/operator in its divestment of a seniors housing community in Central California. The community features 50 units of assisted living and memory care in Tracy. It was positioned as a value-add opportunity predicated on an incoming operator obtaining the Assisted Living Waiver Program certification. Amy Sitzman, Giancarlo Riso and Scott Frazier handled the transaction, which included a highly targeted marketing process with significant interest. Under Blueprint’s advice, the seller selected a regional owner/operator that is well-versed in the California ALW Program as the buyer. Read More »
Strawberry Fields Purchases 15th Tennessee Facility
Strawberry Fields REIT, Inc. acquired a senior care facility in Gainesboro, Tennessee, marking its 15th facility in the state. The facility comprises 83 skilled nursing beds and 28 assisted living units. It was added to an existing Infinity of Tennessee Master Lease. Strawberry Fields paid $6.7 million, or $60,000 per bed/unit. The acquisition will increase the REIT’s annual rents by $670,000 and is subject to 3% annual increases. Read More »
Focus Healthcare Expands Footprint (again)
Focus Healthcare Partners acquired two seniors housing communities in the Kansas City, Missouri MSA in an off-market transaction. Going forward, Evolve Senior Living will manage the communities. Built in 2020, Novel Place Blue Springs comprises 134 independent living units across three stories in Blue Springs, Missouri. Similarly, built in 2020, Novel Place Overland Park also features 134 IL units across three stories but is in Overland Park, Kansas. Both were 95% occupied at the time of closing. Read More »
LCB Establishes CEO Succession Plan
LCB Senior Living announced that CEO Michael A. Stoller will be stepping down effective October 1 and that current CIO Danielle Breton and COO Timothy DuRoss have been named as co-CEOs moving forward. Stoller will remain active in the company as chairman of its board. The move comes after LCB acquired five new management contracts over the past year, while completing construction and opening its newest community, The Residence at Bedford. LCB currently owns and/or operates 41 seniors housing communities across Massachusetts, Connecticut, Vermont, New Hampshire, Rhode Island, New Jersey and Pennsylvania. Read More »
Owner/Operator Assumes HUD Debt in Washington Acquisition
Blueprint was engaged by a local owner/developer in the divestment of its seniors housing community in the Seattle, Washington MSA. Built in 1997, Stafford Suites Kent features 63 assisted living units in the town of Kent. In the wake of operational challenges stemming from the pandemic, the third-party manager focused its recovery efforts on occupancy and rate growth. So, its improving resident rental rates, strong historical performance, and low-rate assumable HUD debt already in place made the asset an attractive buying opportunity. Michael Segal, Daniel Waldhorn and Dan Mahoney handled the transaction, targeting owners and investors with an existing footprint in Washington and the... Read More »
Joint Venture Secures Refinance for Arizona Portfolio
JLL Capital Markets arranged a $96.5 million refinancing for a seniors housing portfolio in Arizona. JLL worked on behalf of the borrower, Douglaston Development and The Hampton Group Inc., to secure the bank financing. The JLL Debt Advisory team representing the borrower was led by Alanna Ellis, Brad Miner and Ace Sudah. Built between 2021 and 2024, the portfolio comprises five properties with 510 independent living, 339 assisted living and 122 memory care units in the Phoenix, Mesa, Sedona and Chandler MSA’s. The communities are in strong seniors housing submarkets, where the 75+ population represents almost 20% of the population in the surrounding areas, and include Canyon Winds... Read More »
Eskaton Receives Bond Financing
Ziegler closed the Eskaton Obligated Group’s $82.9 million Series 2024 bonds through the California Municipal Finance Authority. Eskaton and its related subsidiaries own or manage 25 senior living communities with skilled nursing beds and independent living, assisted living, memory care and affordable units. Eskaton comprises three members consisting of five communities: Eskaton Properties, Inc. (consisting of Eskaton Village Carmichael, Eskaton Land Park and Eskaton Gold River), Eskaton Village- Grass Valley and Eskaton Village-Roseville. The Series 2024 bonds have a first-time rating of “BBB” by Fitch. They consist of long-term tax-exempt fixed interest rate bonds achieving level debt... Read More »
Cascade Capital Group Acquires 29 SNFs
Justin Knapp and Andrew Van Zee of the Knapp-Stahler Team of Marcus & Millichap closed the sale of a 29-property skilled nursing portfolio in Iowa on behalf of ABCM, which was exiting the senior care market. Comprising 2,346 total beds, it is the largest SNF portfolio to sell in the state, and by some margin. Also featuring 326 assisted living units, the portfolio featured mostly four- and five-star rated facilities, with just two exceptions. Favorable Medicaid rate increases also helped improve operations across the board, but the margin could also get better. Some agency staffing was in the process of phasing out, as well. So, how do you sell a SNF, let alone 29 of them, in the... Read More »
Operator Purchases California Senior Care Facility
A small senior care facility in Sacramento County, California, avoided foreclosure and was able to stay open after Sherman & Roylance found a buyer for it and closed the sale. Built in 1966, the single-story facility has served various purposes throughout its history, including a nursing home, a home for at-risk teens, and most recently, transitional housing. Its new owner is an experienced operator of senior care facilities in the region. Keeping the facility open, they will redesign the space specifically for senior care. The purchase price was not disclosed. Read More »Schedule a demo
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