Bloom Acquires in Indiana
Blueprint was brought on to market two late 1990s-built assisted living communities in Indianapolis, Indiana. Three competing offers from regional owner/operators were received and the selected buyer was Bloom Senior Living. Bloom plans to reposition the assets as more affordable options in Indianapolis by utilizing the Indiana Assisted Living Waiver Program. Ryan Kelly, Connor Doherty, Amy Sitzman and Giancarlo Riso handled the transaction, which successfully closed upon receipt of licensure and change of ownership approval. Read More »
Berkadia Closes Four HUD Loans
Berkadia Seniors Housing & Healthcare recently announced the closing of four loans totaling $56.6 million in volume through HUD’s 232/223f program, all of which achieved the program’s maximum loan term of 35 years. First, Ed Williams closed a $14.5 million loan secured by a 139-bed skilled nursing facility in South Florida for a repeat Florida-based client. The loan refinanced a bridge loan that Williams placed in 2019 and a subsequent cash-out, borrow-up originated by the senior lender in August of 2022. Berkadia closed the HUD refinance 13-months from the borrow-up by qualifying the project under HUD’s reduced seasoning guidelines. The community appraised for $164,000 per bed and was... Read More »
Covenant Living Communities Expands in Illinois
Covenant Living Communities and Services enlisted Chicago-based construction company, Leopardo, and Atlanta-based architects, THW Design, for a $66.5 million expansion project at the assisted living community Covenant Living of Northbrook in Northbrook, Illinois. This expansion involves the construction of three new three-story carriage homes, resulting in the addition of 36 new one- and two-bedroom apartments. Each apartment will feature a spacious patio or balcony and a private garage. Additionally, the “Town Center” will undergo a substantial 9,000-square-foot expansion, enhancing both indoor and outdoor dining venues. The project is slated for completion in late 2025. Read More »
Meridian’s November Transaction Volume
Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $176 million in transaction volume in November 2023. The team recently arranged $48.7 million in financing from a commercial bank along with a $5 million A/R line for the acquisition of two skilled nursing facilities with 300 beds in New Jersey. They also arranged $12.1 million from a commercial bank to refinance a 45-bed assisted living community in New Jersey, and $10.5 million in financing from a commercial bank along with a $500,000 A/R line to refinance an 85-bed skilled nursing facility in Kansas. On the investment sales side, Meridian recently sold four Connecticut... Read More »
Developers Secure LIHTC Equity for Indiana Project
Brown Capital Group, Leo Brown Group and Rogers Development Group are teaming up on a new seniors housing development in Indiana. The trio will open Reserve on Park Place, a 187-unit affordable senior apartment building in Fort Wayne, in April 2025. The three-story community will have 15 studio, 136 one-bedroom and 36 two-bedroom units for residents earning 40%, 60% and 80% of the area median income (AMI). To help finance the project, Merchants Capital provided $17.4 million in Low-Income Housing Tax Credit (LIHTC) equity financing for the construction. Read More »
Construction Coming to a Close for NY Development
FilBen Group, an owner/developer, and its equity partner RSF Partners are nearing completion of their $54 million seniors housing development in Montebello, New York, in the Lower Hudson Valley. The four-story Braemar at Montebello will be complete in 2024 and feature 133 total units. Of those, there are 66 studio, 14 one-bedroom and 53 two-bedroom units (semi-private “friendship” units each with approximately 600 square feet) across 133,675 total square feet. There will also be shared public spaces on the main, second and third levels. The community is adjacent to the Montebello Commercial Center, which offers retail, entertainment, dining and medical services. Good Samaritan... Read More »
REIT Divests Washington State Seniors Housing Asset
Blueprint’s Behavioral Healthcare and Seniors Housing Team worked together to sell a seniors housing asset in Bremerton, Washington, on behalf of its nationally recognized healthcare REIT owner. The property was identified as an ideal candidate for either a behavioral healthcare provider, based on strong demand and reimbursement in the state, or a strategic regional seniors housing operator that could use economies of scale in the region to turn around operations. So, Blueprint deployed a dual marketing campaign receiving offers from both behavioral and seniors housing operators. However, a large regional seniors housing operator, with which Blueprint has worked previously, ultimately... Read More »
Active Adult Community Trades in New York
CBRE arranged the sale and financing of an active adult community in Mount Sinai, New York. The seller was a joint venture between B2K Development, a Long Island-based real estate development group, and Harrison Street. Built in 2021 by B2K, Sutton Landing at Mount Sinai is a 225-unit community. This is the second of two properties, with the previous one being Sutton Landing at Deer Park that sold earlier in November. These two communities have 425 combined units. Aron Will, John Sweeny, Scott Bray, Jeff Dunne and Eric Apfel handled this transaction. There was significant interest in the offering, as active adult sales are comparatively rare in the area (and in today’s market). The... Read More »
Private REIT Divests Midwest Portfolio
Senior Living Investment Brokerage facilitated the sale of a seniors housing portfolio that consisted of three communities in Ohio and two in Indiana. The Ohio communities are located within 250 miles of each other, and the Indiana communities are located within 75 miles of each other. Together, they total 400 units and were built between 1983 and 2001. The portfolio was well maintained, as it underwent significant capex over the last few years. The seller, a Northeast-based private REIT, was divesting because these communities were geographic outliers and it wanted to shift focus to its core markets. The buyer, a regional owner/operator, was looking to grow its Midwest portfolio,... Read More »
Omega Sells Off SNFs
Omega Healthcare Investors sold three of its skilled nursing facilities located in the Tampa Bay, Florida region. Built in 1966, Lakeside Oaks Care Center comprises 27,509 square feet in Dunedin and sold for $8.05 million. Built in 1971, Habana Health Care Center in Tampa has 41,652 square feet and sold for $17.25 million. Built in 1997, Brandon Health Care and Rehabilitation in Brandon consists of 61,518 square feet and sold for $13.8 million. The buyer was New York-based Kinship Health, according to property records in Hillsborough and Pinellas counties. Earlier this year Kinship purchased two other skilled nursing facilities in Pinellas, the Living Center of St. Petersburg for around... Read More »Schedule a demo
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