Private Owner in Indiana Exits Seniors Housing Industry
At the encouragement and direction of their lender, a private owner sold their only seniors housing asset in Indiana, with the help of Ryan Saul and Nick Cacciabando of Senior Living Investment Brokerage. The community, which was built in 2000, features 45 units of assisted living in the town of Anderson. At just above 50% occupancy, it was losing money on about $1.125 million of revenues. It did not help that the single-site family owner managed it with obsolete reporting and operating systems. Another private owner that has provided owners with operating, clinical and environmental consulting services for many years emerged as the buyer. This was their first foray into ownership, and the... Read More »
60 Seconds with Monroe: Happy Thanksgiving
Rarely does the entire clinical staff at a nursing home walk out in protest of working conditions, but that was the case a few months ago in New Mexico. I was made aware of it when I received a call from an 82-year old woman in New Mexico who volunteers to help the elderly make decisions who are at the end of their life. The manager is a company called OpCo NM, very original, and apparently they have been buying up nursing homes in New Mexico. She believed the people running it were formerly associated with Skyline Healthcare, the company that walked away from more than 100 leased nursing homes after sucking all the cash from them. While I could not verify the connection, given what... Read More »
New Seniors Housing Community Coming to Virginia
Hoffman & Associates and Experience Senior Living are teaming up to develop a seniors housing community in Northern Virginia, with opening expected sometime during fourth quarter 2026. The Reserve at Falls Church is set to be 15 stories with over 200 units of independent living, assisted living and memory care. The community will have numerous amenities such as a spa with a saltwater pool, a sky bar and electric vehicle transportation services. It will be located within the 10-acre West Falls mixed-use development that’s currently underway. West Falls will feature apartments, condominiums, shops, restaurants, service retailers, a hotel and a medical office building, plus a central... Read More »
Strawberry Fields REIT Reports Q3 Earnings
Strawberry Fields REIT released its third quarter results, and it featured some good and could-be-better news. First, to the positive news, the REIT collected 100% of its contractual rents during quarter three, something other REITs have not been so lucky to experience. Revenues did increase, however, NOI decreased year over year from $9.3 million to $4.7 million for several reasons on the expense side. First, general and administrative expenses increased by 113.7%, mostly due to non-capitalized expenses related to the acquisition of Indiana senior care campuses. Next, interest expense increased by 14.6%, primarily because of additional debt service related to Series D Bonds and an... Read More »
CFG Handles Another HUD Refinance
Capital Funding Group closed a $7.2 million HUD loan to refinance a 162-bed skilled nursing facility in Kentucky. CFG had executed the original bridge loan, which allowed the nationally recognized borrower to acquire the facility’s real estate. Since that acquisition, the facility has stabilized and the time came for a permanent HUD takeout. The refinancing closed on November 8, 2023. Capital Funding Group Director of Long-Term Care Patrick McGovern originated the transaction for the company. The financing followed CFG’s recent closing of a $10.9 million HUD loan which supported the refinancing of a 112-bed skilled nursing facility in Arizona. Read More »
United Church Homes Acquires Port Clinton Community
In scenic Port Clinton, Ohio, a senior care campus sold to a not-for-profit organization as part of the seller’s strategic move to redeploy capital and resources to other assets across the state. Set on 57 acres, Vineyard on Catawba was owned and operated by Ohio Living, one of the country’s largest not-for-profit providers with 11 CCRCs in the state. The community was built in stages to now include a 40-unit low-income apartment complex, 12 assisted living units and 10 independent living condos. It was nearly fully occupied. United Church Homes bought the community, taking over operations effective November 1. It is renaming the asset The Parkvue Community on Catawba Island, similar to... Read More »
From AL/MC to Behavioral Health
Blueprint’s Behavioral Healthcare and Seniors Housing teams were brought on by a regional seniors housing owner looking to lease its vacant assisted living/memory care community in Tennessee. Because the community was empty, Blueprint could effectively market the asset as both seniors housing and behavioral healthcare conversion candidates. Blueprint recommended the owner deploy a behavioral healthcare marketing strategy given strong demand within Brentwood. Lease rate, term, credit and certainty of execution were all considered for the incoming tenant. The owner received three strong offers before selecting a regional behavioral healthcare provider. The owner and incoming tenant... Read More »
Chicago Investor Buys Three Indiana Communities
Three late-1990s-era assisted living communities sold in Indiana with the help of Connor Doherty, Ryan Kelly, Amy Sitzman and Giancarlo Riso of Blueprint. Located in Elkhart, Kokomo and Madison, the communities historically struggled operationally and were on the smaller side, with approximately 40 units at each property. Based on their size and locations, these appear to be Enlivant-owned and operated communities. Blueprint approached qualified buyers in the region and generated multiple competitive offers for the portfolio. The selected buyer, a private investor based in Chicago, plans to reposition the assets by utilizing the Indiana Assisted Living Waiver Program, which recently... Read More »
Massive Menorah Park Selling in Cleveland
A massive, not-for-profit senior care campus in Beachwood, Ohio (Cleveland MSA), is set to sell to a New Jersey-based group before the end of the year. Menorah Park, which was founded in 1906 and moved to its current location in 1968, had been struggling operationally in the wake of the pandemic, higher staffing costs, changes in government funding and the competitive environment. That prompted the board to review its strategic options and a potential sale, and Connor Doherty, Ryan Kelly, Michael Segal and Ben Firestone of Blueprint were brought in to run the process. The 355-bed Menorah Park Nursing Home was built in stages between 1968 and 2015, which was followed by a 193-unit... Read More »
Walker & Dunlop Handles Three Deals
A large seniors housing community in Schererville, Indiana (Chicagoland), saw seven bidders on the asset before a joint venture paying all cash emerged as the buyer. Walker & Dunlop Investment Sales ran a competitive process, with multiple bidding rounds, on behalf of the sellers: Harrison Street, Ryan Companies and Life Care Services (LCS). Ryan Companies and LCS developed the community in 2015 at a cost of $40 million, or $226,000 per unit. It features 177 units and 180 beds of independent living, assisted living and memory care. The stabilized asset’s occupancy was above 90% and had a strong profit margin. The buyer was a joint venture between an undisclosed capital source and... Read More »Schedule a demo
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