Ensign Grows Through Separate Transactions in Three States
The Ensign Group, Inc. increased its portfolio through three separate acquisitions in Kansas, Arizona and Colorado. The publicly traded provider expanded its growing Midwest footprint through its Kansas acquisition of the real estate and operations of Willow Point Rehabilitation and Nursing Center, a 45-bed skilled nursing facility in Kansas City. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company, and the facility is operated by Gateway Healthcare LLC, Ensign’s Kansas-based subsidiary. In another transaction on the same day, Ensign acquired the operations of Santa Rosa Care Center, a 144-bed skilled nursing... Read More »
Developer/Operator Divests to PE Firm
A developer and operator sold Rivertown Ridge, a Class-A seniors housing community in the Grand Rapids suburb of Wyoming, Michigan, to a private equity firm. This community, built in 2020, features 152 units of independent living, assisted living and memory care, and has exhibited strong performance. The seller, Redstone Homes, was represented by Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare. After developing the community in 2020, Redstone took over operations in 2023, with the community quickly achieving high occupancy and strong operating margins. Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld of Berkadia Senior... Read More »
Class-A Community Gets Acquisition Financing
JLL Capital Markets sold and financed The Reserve at North Dallas, a Class-A seniors housing community in Dallas, Texas. Located on a seven-acre site, the community was built in 2000 and offers 247 independent living and 26 assisted living units, primarily in one- and two-bedroom configurations. Arrowmark Partners provided an acquisition loan with a three-year term and two 12-month extension options to the buyer, Unbridled Living. JLL’s Seniors Housing Capital Markets team representing the seller was led by Jay Wagner, Rick Swartz, Aaron Rosenzweig, Jim Dooley and Dan Baker. JLL’s Seniors Housing Debt Advisory team was led by Allison Holland. The building was well-maintained thanks to the... Read More »
Civitas Implements Multi-Year Succession Plan
Civitas Senior Living, which currently owns and operates 32 communities across several states, announced that Cooper Vittitow has been appointed Chief Executive Officer, effective December 1. Vittiow will also continue serving as President of the company. During his 18-year experience in the senior living field, he has held various roles at Civitas from Executive Director to Chief Operating Officer. The previous CEO, Co-Founder Wayne Powell, will move into the role of Chairman of the Board, where he will continue guiding organizational vision, governance, and long-range strategy. This transition follows a multi-year succession plan. Read More »
Skilled Nursing Portfolio Secures Refinance
Capital Funding Group closed a $253.2 million bridge loan supporting the refinance of six skilled nursing facilities in Maryland and one in Virginia, featuring a total of 1,050 beds. Craig Casagrande, Scott Robinson and Catherine Mansel originated the transaction for the company. These transactions follow CFG’s closing of more than $350.9 million across twelve transactions from mid-September through the end of October, supporting 25 SNFs and one mixed skilled nursing and assisted living facility across nine states on behalf of nationally recognized borrowers. Read More »
Active Adult Community Secures Freddie Mac Refinance
An active adult community in Hurst, Texas, paid off its existing bank debt with a Freddie Mac refinance arranged by Berkadia. Heritage Village Residences was built in 2014 with 120 units, including 10 cottages. It was part of multiple acquisitions over the years, first in 2020 when Edison Equity Management Corporation bought it for $23.3 million and invested approximately $500,000 in renovations. As a result of the property renovations, management was able to significantly increase in-place rents. Then, in December 2022, Edison Equity sold the property to an out-of-state buyer in an “off-market” process with a local broker who represented an out-of-state buyer with an existing Dallas-Fort... Read More »
Upstate NY Seniors Housing Community Trades
Kory Buzin and Steve Thomes of Blueprint facilitated the sale of a seniors housing community in upstate New York that stakeholders were divesting to take advantage of positive performance trends and a strong M&A market. The Legacy at Cranberry Landing, a 95-unit independent living, assisted living and memory care community in Rochester, was constructed in 2004 and fully renovated in 2015. The community is licensed to accept Enhanced Assisted Living Residents. It experienced recent occupancy increases. Multiple offers for the community were procured, with a growing regional owner based in the Northeast selected as the buyer. There were issues between LOI and closing, but Buzin and... Read More »
Seniors Housing Investment Vehicle Acquires First Asset
Focus Healthcare Partners acquired Bellingham at West Chester, a 274-unit seniors housing community in West Chester, Pennsylvania. The investment is Focus’ first for its newest investment vehicle, Focus Senior Housing Fund III. The property sits on an 11.8-acre site 20 miles west of downtown Philadelphia. It comprises 208 independent living, 50 assisted living and 16 memory care units. Also located on the campus is a historical site, Washington’s Tavern, built in the 1700s as a barn for a mill farm, which has now been repurposed to a dining and event space for residents. LCS manages the property. According to LevinPro LTC, the community was previously sold by Walton Street Capital and... Read More »
Management Transfer Includes Purchase Option
A senior care campus in Waterloo, Illinois, secured a new operator thanks to Ray Giannini of Marcus & Millichap. Featuring 144 skilled nursing beds and 50 independent living units, Oak Hill – Senior Living and Rehabilitation Center was well occupied with a strong quality mix. It was owned by Monroe County, which wanted to retain the real estate of the campus. So, Giannini secured a long-term, triple-net lease with a new operating partner. The agreement included a purchase option. Read More »
Bank Provides Refinance to Family Office
BHI, the U.S. branch of Bank Hapoalim, provided a $29.0 million loan for the refinancing of an assisted living and skilled nursing facility in West Palm Beach, Florida. Gold Standard of Care Group, a Florida-based family office with a focus on healthcare and senior care and over $150 million in assets, was the borrower. Totaling 70,272 square feet, the property was originally built in 1995. Significant renovations were completed in 2023 and 2024. Amenities at the community include a salon, bistro, chapel, courtyard, concierge, game room, gym, library, transportation, lounges, private dining and a spa room. Colonial Assisted Living Management operates the facility. According to... Read More »Schedule a demo
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