Omni Smart Living Refinances Two Communities Through JLL
JLL Capital Markets arranged short-term financing for two newly built communities totaling 328 units in North Olmsted and North Royalton, Ohio. The two high-quality communities comprise independent living, assisted living and memory care units. The borrower is real estate investment group Omni Smart Living, for which JLL secured a three-year, floating-rate loan through a national debt fund. The first property is the 160-unit Vitalia North Olmsted, and the other is the 168-unit Vitalia North Royalton, both located roughly 10 to 15 minutes outside of downtown Cleveland. Joel Mendes and Billy Lichtenstein of JLL Capital Markets represented the borrower in the transaction. Read More »BMO Harris Bank Closes Big Refinance for Phoenix CCRC
BMO Harris Bank’s Healthcare Real Estate Finance group closed on a whopping $145 million term facility with two participating banks to recapitalize Sagewood, an entrance-fee CCRC in Phoenix, Arizona. Westminster Capital and LCS own the property, with LCS serving as operator since its opening in 2010. The community has been expanded over the years, most recently with a $100 million, 101-unit independent living project in 2021, and now features 417 IL units, 44 assisted living units, 28 memory care units and 78 skilled nursing beds. The existing IL units were fully occupied prior to the project, and 96% of the new units were pre-sold by the end of 2018. At that time, LCS and... Read More »ESI Handles New Jersey SNF Sale
Evans Senior Investments has handled the sale of a struggling skilled nursing facility in Clark Township, New Jersey. Built in 1995 with more than 130 beds, the facility saw pre-pandemic occupancy levels of 85% plummet to 56% by the time of sale. The seller is a regional owner/operator, which sought to exit this facility given the distance from its existing portfolio. Evans Senior Investments, which closed another SNF sale for the regional owner/operator in July in Volusia County, Florida, found an East Coast-based owner/operator within 25 days of starting the marketing process to purchase this asset, adding to its established portfolio. According to LevinPro LTC, Evans Seniors Investments... Read More »Investor Group Acquires Georgia Communities
A group of individual investors acquired two assisted living/memory care communities in Georgia from a local owner/operator looking to exit the industry. The purchase price was not disclosed, but the communities sold for a cap rate in the mid-8s, slightly higher than the sector’s average in the last few years. Daniel Geraghty and Brad Clousing of Senior Living Investment Brokerage handled the transaction. Built in 2007, Sunny Grove Assisted Living in Barnesville features 34 units and was around 97% occupied. River Place Assisted Living in Forsyth was built more recently in 2017 and features 35 units with 93% occupancy. There is an expansion opportunity at the Barnesville location, which... Read More »RAM Properties Acquires Florida Portfolio
A private institutional group sold three seniors housing communities in Florida to RAM Properties, a boutique private equity firm backed by a family office. RAM paid $70.85 million, or $158,000 per unit, for the portfolio and brought in its Florida-based operating partner Concordis Senior Living to take over management. The properties included 253 independent/assisted living units (all licensed for assisted living) and 193 memory care units, averaging more than 20 years in age but with multiple renovations over the years. When the portfolio went under LOI, occupancy was in the 80s, but that improved throughout the process into the 90s at closing. In addition, previous resident rent... Read More »Struggling Florida SNF Sells
Evans Senior Investments has handled the sale of a large 200+ bed skilled nursing facility in Volusia County, Florida. Built in the 1960s, the facility features semiprivate rooms and three-bed wards. Occupancy rates averaged 73% before the pandemic. However, at the time of the sale, the facility was losing money while occupancy dipped to 41%. The seller was a regional owner/operator who was looking to get rid of the struggling geographic outlier from its portfolio. An East Coast owner/operator, adding to their skilled nursing facility portfolio, ended up as the buyer. Read More »Carnegie Capital Secures Construction Loan for Texas Community
A single-asset owner in Texas refinanced the construction debt on its assisted living/memory care community with the help of JD Stettin of Carnegie Capital. Built five years ago, the 90-unit community in Houston went through operator changes before the pandemic, and then dealt with occupancy troubles during the pandemic. So, it was at last on the tail end of lease-up with census reaching 80% when ownership decided to refinance its existing construction loan before maturity. A $10.5 million refinance enabled the borrower to also replenish its interest reserves and pay off over $500,000 of tax liens. The loan came with a seven-year term, fixed interest rate at 4.75% and one year of interest... Read More »CareTrust REIT Planning a Behavioral Health Conversion
Blueprint Healthcare Real Estate Advisors has successfully advised its publicly traded REIT client, CareTrust REIT, on the sale of a 120-unit assisted living and memory care community in the Baltimore, Maryland area. Built in 1999, the community had struggled from an operational standpoint. The team of Amy Sitzman, Giancarlo Riso, Kory Buzin, and Steve Thomes was originally hired to run a sales process in the community but later advised CareTrust REIT to structure a new lease with a multistate behavioral health operator. Then, that multistate behavioral health operator will convert the community into an addiction recovery center. This acquisition marks the publicly traded REIT’s first... Read More »JLL Handles SNF Texas Transaction
JLL Capital Markets has closed the sale of Methodist Transitional Care, a 100-bed/ 66-unit skilled nursing facility in Desoto, Texas. Equipped with advanced technology, the facility has the ability to offer intravenous therapy, physical therapy, speech therapy, occupational therapy, wound care, pulmonary care and many other treatments and services. Madison Marquette sold this asset with 13 years remaining on the lease. Based on first-year rent, the cap rate is 6.8%. This deal also includes two five-year renewal options. The buyer of the amenity-filled facility is real estate development firm Location Finders International. Such amenities include a large state-of-the-art therapy gym,... Read More »Family Owner/Operator Exits the SNF Business
Branford Hills Healthcare Center, a 190-bed skilled nursing facility in Branford, Connecticut, is no longer in the hands of the Shelton family, who ran operations since its construction in 1980. The facility sits on over 10 acres in Branford, Connecticut just a few miles outside of New Haven. It was expanded in 1991 and reported strong occupancy before the pandemic in excess of 94%, with revenues over $20 million. However, despite its close proximity to Yale New Haven Hospital and other referral sources in the county, the facility struggled during the pandemic. The Shelton family got the facility on the right track operationally leading up to the sale, which represents their exit from the... Read More »Schedule a demo
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