Stellar Senior Living Adds San Antonio Asset
Ventas found a new operator for its Villa De San Antonio Senior Living community in San Antonio Texas, bringing on Stellar Senior Living, a Utah-based family-owned senior care owner/operator, to manage the community. The addition of this community, which was built in 2006 and features 219 independent living and assisted living units, expands Stellar’s presence in the San Antonio area. It also expands the company’s relationship with Ventas. In 2010, Cain Brothers represented The Franciscan Sister of Chicago Service Corp. in its sale of the community to Kisco Senior Living for $17.25 million. At the time, the building comprised 138 independent living and 55 assisted living units, making the... Read More »
Harrison Street Acquires Class-A Communities in Fairfield County
A couple of new, high-end seniors housing communities in affluent Fairfield County, Connecticut, traded with the help of Jay Wagner, Rick Swartz, Aaron Rosenzweig and Jim Dooley of JLL Capital Markets’ seniors housing investment sales and advisory team. They represented the sellers, Virtus Real Estate Capital and LCB Senior Living, although LCB will stay on to operate for the new owner, Harrison Street Asset Management. Built in 2018, The Residence at Selleck’s Woods is a two-story building with 102 units of independent living, assisted living and memory care. There are upscale amenities, including a private theatre, salon, billiards room, curated library, versatile activity space... Read More »
Freddie Mac Provides Financing for NY Seniors Housing Campus
A large seniors housing campus in upstate New York secured permanent Freddie Mac financing thanks to the team of Tyler Armstrong, Chris Cain and Taylor Russ of Lument. Located in Rochester, The Village at Unity consists of 272 independent living units and The Village at Hamlet features 40 assisted living units and 20 memory care units. The property was originally built in 1990 with renovations in 2000, 2012 and 2022. Rochester-based real estate investment firm Wegman Companies acquired the communities in 2018 through a partnership with Columbia Pacific Advisors and in a strategic alignment with Rochester Regional Health. Leisure Care took over management of the campus. Lument... Read More »
Forbright Bank’s Financing Closings
Forbright Bank’s healthcare lending team closed nearly $100 million in financings across six transactions. The largest was a $35 million term loan syndication arranged for the acquisition of eight skilled nursing facilities across three states. Another highlight included an $18 million bridge-to-HUD loan that refinanced existing debt and provided an equity return to the sponsor of a seniors housing community in Arizona. The loan was structured for a near-term HUD submission by Forbright’s HUD team. There was another bridge loan, totaling $10 million, which supported an equity recapitalization for a seniors housing property in Oregon. Finally, Forbright arranged three separate working... Read More »
California and Pennsylvania Assets Secure Separate Financings
Sims Mortgage Funding (SMF) ended the year with a HUD closing for RiverPointe Post-Acute, a 112-bed skilled nursing facility in Carmichael, California. Affiliates of Links Healthcare Group LLC own and operate the facility. Links’ portfolio comprises 42 skilled nursing facilities with 4,675 beds. The existing bank loan was structured with A and B tranches and issued in August 2019 to finance the purchase of the asset. Forbright Bank held the A tranche, and an affiliate of SMF’s parent company, HJ Sims, issued the B tranche. SMF structured the deal so that the HUD-insured loan fully paid off the A/B tranches, and reimbursed Links for $731,000 in equity used for the acquisition and $1.168... Read More »
Standalone Memory Care Community Sells in San Antonio
Soon after selling a standalone memory care community in Katy, Texas, Blueprint sold another one in San Antonio, Texas, that was built in 2013. The Landing at Stone Oak was originally marketed in late 2023, but the process came to a halt when ownership chose to continue improving operations rather than transact. The operational turnaround was not guaranteed, but the seller successfully made meaningful improvements and re-engaged Blueprint to divest. The transaction closed just 50 days after LOI execution. Giancarlo Riso, Steve Thomes and Kory Buzin handled the transaction. Read More »
Investor Acquires Full AL/MC Community
A local private investment group divested its stabilized seniors housing community, Village at Oakwood Assisted Living. Originally built in 2010 with use of multiple layers of tax credits, the building comprises 90 assisted living and memory care units. The high-quality physical plant sits in Oklahoma City, Oklahoma, and was 100% occupied at the time of sale. It focuses on lower income residents through Oklahoma’s Medicaid waiver program and operates under a HAP contract. Because of the use of tax credits for the original development and the HAP contract, multiple layers of government and regulatory approvals were required before a new buyer could take on the building. Daniel Morris... Read More »
Joint Venture Expands Its Portfolio
Foundry Commercial and Fortress Investment Group acquired two seniors housing communities in Central Florida with a combined 180 assisted living and 72 memory care units (a total of 260 beds). This is the joint venture’s second transaction, marking the third and fourth communities added to the joint portfolio. The undisclosed seller was represented by JLL Seniors Housing Capital Markets. Alto Tavares was built in 2012, and Alto Clermont opened in 2014. Both will continue to be operated by Allegro Living, Foundry Commercial’s affiliated management company, under its Alto brand. The operator, which has managed the communities since 2017, plans to make interior improvements at both locations... Read More »
California SNF Gets New Operator
Evans Senior Investments helped the owner of a 120-bed skilled nursing facility find a new operator. The new management company, which has a strong regional footprint, will pay $3.75 million in annual rent to the investor owner, Don Gormly. Built in 2016, the 120-bed facility is Anberry Transitional Care in Merced, California. Its occupancy was consistently high, averaging over 90%. And the facility was very profitable, operating at more than a 20% margin. So, the new operator will hit the ground running. There were some obstacles in getting the transaction to closing, such as the federal government shutdown, California regulatory approvals and the HUD Change of Operator process, but it... Read More »
CCRC Secures Funding for Expansion
Ziegler announced the closing of Friendship Village of Kalamazoo’s $103.585 million Series 2026A, B-1, B-2, and B-3 bonds issued through the Economic Development Corporation of the City of Kalamazoo. Lifecare, Inc., doing business as Friendship Village Kalamazoo, is on approximately 72 acres within Kalamazoo, Michigan. The 364-unit CCRC comprises 230 independent living units (180 apartments and 50 garden homes), 54 assisted living units in its Woodside facility, 23 memory care units, and 57 skilled nursing beds. LCS will manage the community. A portion of the Series 2026 bonds will be used to add new and upgraded amenities to the campus, add more independent living units, and replace the... Read More »Schedule a demo
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