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 »
Build Senior Living Secures C-PACE Financing
Bayview Pace provided $4.3 million in C-PACE financing for a seniors housing community in the Detroit, Michigan MSA. Hampton Manor-Taylor comprises 65 assisted living and 16 memory care units with 102 total beds. There is extra capacity for shared rooms and/or additional companion units. The community is on six acres in Taylor, Michigan. The project sponsor is Build Senior Living, which is based in Cape Coral, Florida, and has completed 21 communities totaling 1,634 units. The C-PACE funds are part of a refinancing on the already-completely Taylor community, which is substantially leased. Read More »
Focus and Arbor Expand Footprints
JLL Capital Markets announced its role in completing the sale and financing of Mariposa, a 313-unit seniors housing community in Lake Worth, Florida. We wrote on Wednesday that Focus Healthcare Partners acquired the campus and was bringing on Arbor Senior Living to operate it. Sitting on 22.5 acres, the community was built in 2018 with a three-story IL/AL building consisting of 259 units and an adjacent one-story memory care building featuring 54 units. It was more than 95% occupied, and has been at 90% and above since September 2020. That is fantastic, and credit to Discovery Senior Living, which was the previous operator. Arbor Senior Living will hopefully hit the ground running as the... Read More »
Equity Partnership Holdings Acquires in Texas
JLL closed the sale of a seniors housing community in the Dallas, Texas MSA. The seller was Clearworth Capital, and the buyer was Equity Partnership Holdings. David Austin, Rob Key, Greg Toro and Cole Murphy handled the transaction. Built in 2018, Firewheel Town Village comprises 154 units in Garland and stands four stories tall. The community consists of studio, one- and two-bedroom units. The occupancy rate at the time of the sale was 98.1%. Read More »
Struggling Community Sells in Georgia
Blueprint facilitated the sale of a seniors housing community in the Atlanta, Georgia MSA, on behalf of an institutional real estate and development firm. Built in 1996, the assisted living/memory care community comprises 61 units in Buford. It appears to be a former Brookdale Senior Living-operated community that was since managed by Charter Senior Living. Alex Florea and Kyle Hallion handled the transaction, which presented as a value-add opportunity in a desirable market. Initial occupancy was 73% and it was operating at a negative margin. It does not help that this area northeast of Atlanta was significantly overdeveloped in the mid-2010s, and that this asset, at nearly 30 years old,... Read More »
Vencap and Inspirit Secure Bridge-to-HUD Refinance
CBRE closed a bridge-to-HUD refinance for two seniors housing communities on behalf of a joint venture between Venue Capital LLC and Inspirit Senior Living. Both communities are in Ohio: The Gardens at Cuyahoga Falls features 130 units and 152 beds of assisted living and memory care in Cuyahoga Falls, and The Gardens at Liberty Park comprises 115 AL/MC units with 132 beds in Streetsboro. Aron Will, Joshua Hausfeld, Adam Mincberg and John Turner originated the bridge-to-HUD loan via CBRE’s proprietary bridge lending platform to pay off the existing loans and fund further capital improvements. The bridge loan will enable the joint venture to complete renovations to increase operational... Read More »Schedule a demo
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