Bourne Acquires AL/MC Asset (with HUD Debt)
Representing a regional owner/operator, Evans Senior Investments successfully sold Trinity Hills of Knoxville, an 80-unit assisted living/memory care community in Knoxville, Tennessee. Built in 2006, the community features 66 AL and 14 MC units, all serving private pay residents. Occupancy was strong at the time of marketing, at 92%, and it stayed above 90% for more than 12 consecutive months. It also generated around $400,000 of NOI on $3.7 million of revenues, for an 11% margin. That could be improved and offered the opportunity for a new owner to add significant value to the community. There was also assumable HUD debt on the property that increased its appeal to buyers. Evans targeted... Read More »
Berkadia Finances Clarendale Clayton
Berkadia refinanced Clarendale Clayton, a best-in-class seniors housing community in Clayton, Missouri (St. Louis MSA), that offers the full continuum of care in a high-end, resort-style setting. Opened in 2021, the 13-story property features 283 units of independent living, assisted living and memory care (195 IL, 66 AL and 20 MC). Managing Director Austin Sacco of Berkadia Seniors Housing & Healthcare arranged financing through a national bank on behalf of the borrower, a joint venture between Harrison Street, Ryan Companies US, Inc., and Life Care Services (LCS). The $82.45 million floating rate loan (or $291,000 per unit) featured an attractive interest rate and five years of... Read More »
Multifamily Investor Buys Ohio IL Community
An independent owner/operator chose to strategically divest its 102-unit independent living community in a prominent suburb of Cleveland, engaging Blueprint to get the deal done. Built in the late 1980s, the purpose-built community was stabilized, cash-flowing and well occupied. Plus, there was upside through a capital deployment plan. Few of these kinds of stabilized assets are hitting the market right now, and the property received seven offers from highly credible acquirers. The selected bidder, a private Northeast-based investor, is bringing its significant multifamily experience into the independent living sector. Blueprint, with execution support from a multifamily-focused... Read More »
Dwight Capital Announces Q1 Activity
Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, financed $152.5 million in transactions during the first quarter of 2024. Among the transactions were a $44 million bridge loan for a 369-bed, seven-story skilled nursing facility in the Southwest U.S. The bridge loan, which closed in conjunction with a $5 million revolving line of credit, is expected to be refinanced through HUD in approximately 24 months. Adam Offman and Josh Sturm, Managing Directors of Healthcare, originated the transaction for a recurring client. Dwight also closed $26 million in HUD financing for River Towne Center and Etowah Landing, two SNFs in Georgia. The transaction included a $17.4 million refinance... Read More »
Ensign Announces Eight Acquisitions
April showers apparently brought The Ensign Group acquisitions this May, as the publicly traded provider announced eight separate deals, including four where its captive REIT Standard Bearer Healthcare REIT acquired the real estate. Two of the deals in Kansas and Arizona were profiled here, with Senior Living Investment Brokerage handling the deals. Ensign and Standard Bearer also acquired the operations and real estate, respectively, of Spencer Post Acute Rehabilitation Center, an 82-bed skilled nursing facility in Spencer, Iowa, South Davis Specialty Care, a 95-bed SNF in Bountiful, Utah, and Western Peaks Specialty Hospital, a 43-bed LTACH also in Bountiful, Utah. On the same day,... Read More »
SLIB Handles Kansas and Arizona Deals
In The Ensign Group’s recent slew of acquisition announcements, it was revealed that the provider was the buyer in two transactions that were handled by Senior Living Investment Brokerage. First, Nick Cacciabando, Jeff Binder and Ryan Saul were engaged by a local owner in its divestment of its only senior care facility. Hillside Village of De Soto, located in De Soto, Kansas, offers assisted living and skilled nursing services, comprising 65 units (38 AL, 27 SNF) and is licensed for 95 beds (46 AL, 49 SNF). The SNF portion was built in 1970, and the AL portion in 2003. Operations were solid, with EBITDAR hovering around $648,000 on $5.6 million of revenues. And there is room... Read More »
Newmark Announces Two Transactions
The team at Newmark announced a couple of closings, including the sale of an eight-property seniors housing portfolio located across the country. Dubbed Project Kandy, the portfolio features 1,024 total units of independent living, assisted living and memory care, with an average age of 14 years. In addition, Newmark sold a seniors housing community. Built in 2015, The Crossings at Riverview is an assisted living/memory care community with 92 units in Riverview, Florida, in the Tampa MSA. The buyer and no other details were disclosed. The deals follow Newmark’s sale of a three-property seniors housing portfolio in Texas. Built in 2016, Heartis Arlington is an assisted living/memory... Read More »
Fortress Investment Group Purchases in Arizona
Marcus & Millichap was engaged by a private, family office merchant builder in its divestment of a fully stabilized seniors housing community in Arizona. Built in 2019, Inspira at Arrowhead comprises 165 independent living, assisted living and memory care units in Glendale. Nick Stahler, Hamid Panahi and Steve Gebbing of Institutional Property Advisors, a Marcus & Millichap company, handled the transaction. Alanna Ellis and Alex Sheaffer of JLL arranged acquisition financing for the deal. There were multiple offers from institutional private equity and public REITs. The winning bidder, a joint venture between Fortress Investment Group, LLC and COGIR Senior Living, was ultimately... Read More »
CFG Secures Bridge Refinance for Ohio Portfolio
Capital Funding Group announced the closing of a $65 million bridge loan to support the refinance of nine senior care facilities in Ohio. The portfolio includes one independent living community, one assisted living community, and seven skilled nursing facilities totaling 709 beds. The financing was closed on behalf of a nationally recognized borrower. Capital Funding, LLC Managing Director, Real Estate Finance, Craig Casagrande and Capital Funding, LLC Associate Catherine Mansel originated the transaction for the company. Read More »
Mainstay Acquires Two Tennessee Communities
Berkadia sold two assisted living and memory care communities in Tennessee. Berkadia Seniors Housing & Healthcare, led by Managing Directors Mike Garbers, Cody Tremper, Dave Fasano, and Ross Sanders, closed the transaction on behalf of a publicly traded REIT. Totaling 127 units, the properties are located in the Knoxville and Jackson markets. Mainstay Senior Living purchased them for an undisclosed price. Read More »Schedule a demo
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