Ziegler Closes Bond Financing for Eliza Jennings
Investment bank Ziegler has officially closed $24.405 million of bond financing for Ohio-based Eliza Jennings, a not-for-profit organization that currently owns and operates three senior living campuses in the state. The campuses comprise 75 independent living apartments and villas, 89 assisted living units and 216 skilled nursing beds. The first campus is The Renaissance, in Olmsted Falls, consisting of 314 units of senior living. Its second community Devon Oaks, located in Westlake, is a 66-unit assisted living community. Lastly, the third campus is The Eliza Jennings Home, a skilled nursing facility operating 126 beds in the city of Cleveland. The Series 2022A bonds are... Read More »Health Dimensions Group Sells Two SNFs in Minnesota
Health Dimensions Group, a Minnesota-based regional owner/operator, divested two older skilled nursing facilities in its home state. One facility is located in the Minneapolis market, while the second is about 2.5 hours north of the city. Totaling 234 beds, both facilities were originally built in the 1960s but were recently refurbished by HDG. Occupancy was very strong at 90%, and the quality mix topped 40%, but expenses ran high across the facilities. Plus, performance dropped off slightly during the transaction process. Nevertheless, Blueprint Healthcare Real Estate Advisors’ Amy Sitzman and Giancarlo Riso approached four groups and received three strong written offers. Mordy... Read More »Not-For-Profit Organization Acquires Anoka Community
An elongated CHOW approval process did not stop the team of Jeff Binder, Jason Punzel and Jake Anderson of Senior Living Investment Brokerage from closing the sale of an 84-unit independent/assisted living community in the Minneapolis metro area. Built in 1988 in the town of Anoka, Minnesota, the community features 84 units and 104 beds. It was owned by a real estate development company that mainly focuses on the multifamily market and chose to divest in order to concentrate on its core assets. Occupancy was 79%, and a new owner could refurbish the building. That buyer ended up being a large not-for-profit organization based in Minnesota that does plan to refresh and rebrand the... Read More »CBRE Finances West Coast Construction Project
CBRE National Senior Housing arranged construction financing for The Springs at the Waterfront, a to-be-built senior living community on the Vancouver, Washington waterfront. Harrison Street, The Springs Living and PMB LLC are joint venturing on the project, which will include 250 independent living, assisted living and memory care units. Set on 1.3 acres within the master-planned Vancouver Waterfront and its 32 acres of office space, retail and residential units, the community will be managed by The Springs Living upon completion. To fund the construction, CBRE’s Aron Will, Austin Sacco and Tim Root secured a $145.1 million floating rate loan with four years of interest only through a... Read More »Blueprint Handles Pennsylvania Portfolio Deal
A public REIT and its operating partner chose to sell a portfolio of six senior care locations in western Pennsylvania, and hired Michael Segal, Connor Doherty and Ryan Kelly of Blueprint Healthcare Real Estate Advisors to do so. Totaling 425 skilled nursing and 29 personal care beds, the facilities averaged a four-star rating from CMS, including three five-star rated locations. Still, it was marketed as a value-add opportunity for an incoming buyer to capitalize on the potential rate growth in the various submarkets with limited competition, plus as occupancy and cash flow rebound from the pandemic. An owner/operator looking to enter the region ended up as the buyer, paying an undisclosed... Read More »Hudson Hills Senior Living Has New Owner
The historic property of Hudson Hills Senior Living in North Bergen, New Jersey, has been sold to an east coast-based owner operator expanding its portfolio in the Garden State. The CCRC was originally built in 1897 with recent renovations last dated to 1990. Located just five miles outside of Manhattan, the community consists of 59 independent living units, 81 assisted living units, 12 memory care units, and 60 skilled nursing beds, comprising a total of 152 units. At the time of the sale, the senior living portion of the community was about 50% occupied and the skilled nursing portion was 90% occupied. Evans Senior Investments handled this transaction. Since March 31, 2020, Evans Senior... Read More »SLIB Sells in Bowling Green
A commercial real estate development company based in Bowling Green, Kentucky sold two senior living communities in its hometown, with the help of Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage. Including Chandler Park Assisted Living, a 61-unit assisted living community, and Chandler Memory Care, a 31-unit memory care community, the properties are located 2.5 miles from each other. They were both built in stages over the years. Occupancy was around 88% across the two assets. SLIB received five competitive bids, and the local seller chose a Midwest-based owner/operator that was familiar with the market as the buyer. No purchase price was... Read More »Large Skilled Nursing Portfolio Sells in West Virginia
There was a major skilled nursing deal in the state of West Virginia, where 17 skilled nursing facilities and one facility under development sold to a joint venture between a prominent SNF real estate owner and an operating partner, CommuniCare Health Services. The seller was Stonerise, which also divested its seven home health agencies and affiliated therapy and hospital services. Its portfolio included around 2,000 skilled nursing beds. No purchase price has been disclosed, but we know that White Oak Healthcare Partners, the HUD affiliate of White Oak Healthcare Finance, structured $582 million in acquisition financing for the buyer. The debt was structured as a unitranche loan... Read More »Ensign Announces Slew of Transactions
The Ensign Group announced a slew of transactions to start the month of July. Its first acquisition was in Las Vegas, Nevada for Henderson Health and Rehabilitation. Built in 1983, the skilled nursing facility in the town of Henderson comprises 266-beds on 3.7 acres. Pennant Healthcare LLC, a subsidiary of Ensign, will be taking over operations of the facility. The next acquisition included a bundle of five skilled nursing facilities in the state of Texas. First, Ensign acquired the operations of The Eden of Las Colinas, located just outside of Dallas, which comprises 118 beds. Ensign also added the operations of Pleasant Valley Healthcare and Rehabilitation Center, in Garland, which... Read More »CareTrust REIT Makes A Couple of Announcements
CareTrust REIT made a couple of announcements around the holiday weekend, starting with Greg Stapley resigning as Executive Chair of the Board of Directors. In conjunction with the announcement, CareTrust also revealed that Lead Independent Director Diana Laing was appointed to replace Mr. Stapley as Chair of the Board, and CEO David Sedgwick was appointed as a director. Mr. Stapley had stepped down as CEO in January 2021 with the intention of pursuing a full-time international volunteer assignment for The Church of Jesus Christ of Latter-day Saints, and stepping down from the board will allow him to devote 100% of his energy to the mission. CareTrust then announced a transaction where it... Read More »Schedule a demo
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