Affordable Housing Investment Brokerage Sell Three Affordable Communities in Vermont
Affordable Housing Investment Brokerage Inc. announced it has arranged the sale of a three-property affordable seniors housing portfolio in the greater Burlington area of Vermont. Built in 1999, Eagle Crest comprises 60 units and is located across the street from the second community, Falcon Manor. Built in 2001, Falcon Manor comprises 65 units and sits on 1.5 acres also just east of Burlington. The third community is Hawk’s Nest of St. Albans, which comprises 66 units and is located 30 miles north of Burlington. Occupancy was consistently high across the portfolio, with each building maintaining a wait list, with the longest wait list at Hawk’s Nest, which has 44 units on a HAP contract.... Read More »
JLL Facilitates Wisconsin Active Adult Deal
JLL Capital Markets announced it has facilitated the sale of an active adult community in Wisconsin. Built in 2018, The Oaks of Shorewood comprises 101 units in the Milwaukee suburb of Shorewood. The four-story building consists of a mix of one- and two-bedroom apartments, with an average unit size of 1,115 square feet. Weidner Apartment Homes purchased the property with help from a Fannie Mae loan originated by JLL. The JLL Capital Markets Investment Sales Advisory team represented the seller, Sherman Associates, and was led by Amanda Friant, Wick Kirby, Mox Gunderson and Jaime Fink. Meanwhile, the JLL Capital Markets Debt Advisory team represented the borrower and was led by Tom Wilson... Read More »
Ensign Group Acquires Operations of Two SNFs in Colorado
The Ensign Group, Inc. announced that it has acquired the operations of two skilled nursing facilities in the state of Colorado. Built in 1963, Hampden Hills Post Acute comprises 218 beds and sits on just under an acre in the town of Aurora (Denver MSA). Built in 1953, Mapleton Post Acute comprises 84 beds and sits on two acres in Lakewood. These acquisitions were effective March 1, 2023 and will be subject to long-term, triple net leases. These acquisitions bring Ensign’s growing portfolio to 290 healthcare operations, 26 of which also include senior living operations, across thirteen states. This is the second transaction to take place in Lakewood, Colorado, as just last week Levin... Read More »
Senwell Advises SNF Portfolio Sale in Ohio
Senwell Senior Investment Advisors announced its role in advising on a skilled nursing portfolio transaction comprising two recently-built sites in the Cincinnati and Cleveland, Ohio markets. Built in 2017, the Cleveland-based facility is 54-bed Landerbrook Transitional Care in the town of Mayfield Heights. The other facility was Fountains Transitional Care Center, built in 2016 and comprising 54 beds in the city of Cincinnati. Selling the facilities was a regional operator in the Midwest, as they were not aligned with its core long-term care model. The buyers of the two facilities were Medicare operators primarily from the mountain states and the west coast, which were looking to expand... Read More »
Helios Refinances Texas SNF
Helios Healthcare Advisors announced its role in arranging a $14 million HUD loan for a 120-bed skilled nursing facility in Dallas, Texas. Helios was first engaged by the operator in 2022 to structure and arrange a bridge loan to acquire the facility from the operator’s landlord. Recognizing the operator’s limited liquidity, relationship with the landlord, and the facility’s asset value relative to the contract price, Helios proposed a structure that allowed the operator to acquire the facility utilizing a subordinated seller note. The seller note effectively pushed leverage beyond the bridge loan’s advance rate. In conjunction with the closing of the bridge loan,... Read More »
BWE Finances Affordable Seniors Housing Communities
Bellwether Enterprise Real Estate Capital LLC (BWE) announced three loan closings totaling over $25 million to refinance and preserve three affordable senior living communities in Nashville, Tennessee, Baltimore, Maryland, and Pikesville, Maryland. Jon Killough, Executive Vice President in BWE’s Montgomery, AL, office, and John Roberts, Vice President in the firm’s Dallas, TX, office, originated the Nashville deal, and Victor Agusta, Executive Vice President in BWE’s Raleigh, NC, office, originated the Maryland loans. The three affordable seniors housing properties within this transaction are: A $21 million bridge loan originated on behalf of Envolve Communities to acquire and finance... Read More »
Evans Senior Investments’ Indiana Transaction
Evans Senior Investments announced the sale of an assisted living and memory care community in the state of Indiana. Built in 2016, this assisted living community comprises 48 units in the city of Merrillville (Chicago MSA). Selling the asset was a regional family ownership group. Originally built for memory care and receiving in-place rates above $5,000 a month, in late 2019, the community began accepting assisted living residents due to slow lease-up velocity of the existing memory care units. The community experienced multiple bans on admissions due to COVID-19 outbreaks, with the most recent ban taking place in February of 2022. At the time of marketing, the community was 79% occupied... Read More »
Bascom Group Acquires Active Adult Community in Colorado
The Bascom Group, in partnership with Artemis Real Estate Partners, has announced the acquisition of an active adult community in Colorado. Built in 2019, Avenida Lakewood comprises 230 units and sits on six acres in the city of Lakewood (Denver MSA). The resort-like community features a plethora of amenities such as a clubhouse, game room, arts studio, theater, salon, pool, spa, fitness and yoga studios, gardening plots, a sky lounge, electric vehicle charging stations and a pet park. Units comprise luxury features such as quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting and faux wood flooring. Ryan Maconachy and Courtney Crowder of Newmark brokered the... Read More »
60 Seconds With Swett: Another Somber NIC?
What mood are we in for at this year’s Spring NIC in San Diego? The latest consumer spending data from the Commerce Department showed persistent strength in the economy, boosting the chances of perhaps another 50-basis point increase in the fed funds rate at the next Fed meeting. What will that do to investor and lender sentiment? It’s not as though they are operating in new territory, having dealt with successive 75-basis point increases last year. But scrutiny on deals will increase, prices should fall, and fewer deals could be consummated by the fewer growth-oriented, deep-pocketed buyers out there, in addition to the strategic buyers with local or regional banking relationships to lean... Read More »
Brookdale Senior Living Does Not Renew Leases
LTC Properties announced that Brookdale Senior Living finally decided not to renew leases on 35 assisted living communities with 1,471 units in eight states. Most, if not all, of these properties came to Brookdale as part of its 2005 acquisition of Alterra Healthcare Corporation. Eight years before, Alterra had merged with Sterling House, a company founded by Steven Vick in 1991, and we believe these are some of the original Sterling House communities, which tended to be on the small side. This group of properties is one of the largest in LTC Properties’ portfolio, representing about 8.4% of cash rent. Brookdale has been current on all lease payments, and the leases actually do not expire... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
