Ararat Home buys Seniors Housing
Los Angeles-based Ararat Home is expanding its presence in Glendale, California with the acquisition of Windsor. The community comprises 73 independent living units in addition to accommodating 38 residents in its assisted living and 28 residents in its skilled nursing sections. Sitting on two acres and occupying a full city block, the community has easy access to Glendale’s services and shopping. With rent prices starting at $3,000 a month the community is equipped with amenities such as a fitness center, live theater, a pharmacy, 24-hour security and more.The seller of the property is the not-for-profit HumanGood. The Duarte, California-based organization currently holds a portfolio of... Read More »Sunrise Senior Living Second Staten Island Development
Sunrise Senior Living has officially opened its second senior living community on Staten Island. The 120-unit Sunrise of New Drop has 85,000 square feet across four stories and sits on four acres. Providing assisted living and memory care service, it sits adjacent to New Drop High School, with which it plans on creating intergenerational programming to bring high schoolers into the community for volunteering and potential employment. In addition, a celebrity chef will design the menu and manage the dining experience. KBE Building Corporation and PWC Companies built the community, which sits about two miles south of Sunrise’s other community in the borough, Sunrise of Staten... Read More »Lloyd Jones Announces Sixth Acquisition of 2022
Lloyd Jones Senior Living has been one of the most active acquirers of the year, so far, having just announced its sixth purchase in 2022. The recent target was Rittenhouse Village of Valparaiso, a 90-unit assisted living/memory care community built in 2009 in Valparaiso, Indiana. The historically profitable community was negatively impacted by the pandemic but started to rebound operationally. Blueprint Healthcare Real Estate Advisors’ Brooks Blackmon, Ryan Kelly and Connor Doherty were engaged by a publicly traded REIT to market and sell the community. The property appears on National Health Investors’ most recent property list, with Discovery Senior Living serving as the... Read More »Senwell Handles Senior Care Portfolio Sale in Ohio
Senwell Senior Investment Advisors has closed the sale of a skilled nursing/assisted living facility portfolio in Ohio consisting of four sites. The Ohio-based owner decided to sell the portfolio with intention of leaving the senior care sector and shifting its focus on its growing ancillary business (mainly hospice). The facilities were cash flowing, but a recent Medicaid rate increase across all facilities and a jump in occupancy due to a local SNF closing presented additional upside for a new owner. As such, six attractive offers were submitted, and the eventual buyer, a regional operator with several recent acquisitions in the state, purchased the portfolio at above asking price. The... Read More »The Waters of Highland Park Acquired
Cushman & Wakefield announced that it has advised a joint venture between The Waters Senior Living and an institutional capital partner in the procurement of a $16.5 million acquisition loan for the purchase of The Waters of Highland Park, an 84-unit independent living, assisted living and memory care community located in the Highland Park neighborhood of St. Paul, Minnesota. Such amenities include a salon and spa, a theater and wellness services. Waters Senior Living originally developed the community in 2015 and managed it but will now be taking ownership of the property. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam Dylag and Bailey Nygard represented the borrower in the... Read More »Monarch Advisors/VIUM Capital Refinances South Texas SNF
Monarch Advisors refinanced and recapitalized a skilled nursing facility in south Texas for its in-state owner/operator. After leasing the property in 2017, the operator exercised its purchase option in 2018 and continued to improve operating performance during the pandemic. Monarch sourced a $17.08 million senior loan from VIUM Capital/Merchants Bank of Indiana, which retired the existing bank debt on the property and provided cash at closing to help fund the client’s future growth plans. At approximately 60% loan-to-value, the loan is structured for a quick exit to HUD, with a one-year maturity, two six-month extensions and a full term of interest only. There is also partial recourse... Read More »Lument Leads Stonerise Healthcare’s Sale
Lument Securities announced that it recently advised Stonerise Healthcare on its sale to a New York-based real estate investment firm and an operating partner, CommuniCare Health Services. Stonerise’s network of care included 17 owned and operated skilled nursing facilities throughout West Virginia totaling 1,955 beds, a therapy company, seven home health and hospice agencies, an institutional special needs plan and a SNF development project. Lument had a decade-long HUD financing relationship with Stonerise (which was led by Thomas Gale), and Laca Wong-Hammond and Dominic Porretta led the transaction as its exclusive financial advisor. The skilled nursing portfolio and therapy company... Read More »Jonathan Rose Co. Buys Seniors Housing Complex
Jonathan Rose Co. and Jamboree Housing have acquired Belage Manor, a 180-unit affordable senior housing complex in Anaheim, California for the purchase price of $41 million, or $227,000 per unit. This marks the 12th deal to close under the Rose Affordable Housing Preservation Fund V. California-based nonprofit Jamboree Housing along with the fund will invest $9 million in renovations to make significant improvements to the complex. Capital One Healthcare provided a $28 million Fannie Mae first mortgage loan as part of the GSE’s Enhanced Resident Services program. Read More »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 »Schedule a demo
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