Blueprint Sells Middle Market Community in Washington State
Blueprint Healthcare Real Estate Advisors’ Dan Mahoney and Ben Firestone sold a well-maintained, 108-unit senior living community in a growing tertiary market in Washington State. The community provides independent living and assisted living services to middle-income seniors and was historically a good performer. But occupancy dipped to 75% during the pandemic. We’ve certainly seen worse declines, but that leaves a good amount of room for improvement for the new owner, a regional buyer looking to grow its footprint in the state. The buyer also has plans to complete a modest unit renovation, update the common areas and increase the community private pay census. Blueprint... Read More »
Knapp-Stahler Group Closes Arizona Deal
Nick Stahler and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap sold a memory care community in an attractive submarket of Scottsdale, Arizona at the end of June. The deal is the first of the newly formed partnership between Mr. Stahler’s and Jim Knapp’s respective broker teams to create a truly national brokerage service. Mr. Stahler brings a focus on the West Coast, while Michigan-based Mr. Knapp will concentrate on East Coast deals, but we imagine the two teams will help each other out whenever needed too. Back to the Scottsdale deal, a 1031 exchange buyer paid $5.1 million, or $127,500 per unit for the property, which was struggling at the time of the sale. Built in... Read More »
Newmark Handles White Oak Disposition
Newmark announced that it has completed White Oak Healthcare Partners’ sale of 31 properties all previously operated by Senior Lifestyle Corporation to two different sellers. We heard of the first two tranches last month, with Welltower announcing it would acquire 29 of the properties for approximately $147 million, transitioning the operation of 22 of the communities to Pathway to Living and the other seven communities to Frontier Management. Totaling 1,103 units, the Pathway portfolio consists of 156 independent living, 835 assisted living and 112 memory care units located in Georgia, California, Washington and Texas. That results in a per-unit price of $87,900 per unit. Welltower had... Read More »
KeyBank Secures Financing For California SNF
Eagle Arc Partners, a healthcare real estate investment firm, received a $10.2 million fixed-rate loan from KeyBank Real Estate Capital through the Federal Housing Authority’s (FHA) 232/223(f) mortgage insurance program to refinance Livermore Healthcare in Livermore, CA. Livermore Healthcare is a 30-unit, 83-bed skilled nursing facility. The property was built in 1966 and received minor improvements in 2019, including new vinyl flooring in various common area rooms and hallways. The loan has a fully amortizing 35-year term and will pay off an existing bridge loan. KeyBank provided the original acquisition financing for Eagle Arc’s acquisition of 35 total skilled nursing... Read More »
Tutera Purchases Only Health Dept-Owned AL Community in Illinois
In 2017, a small town in Illinois took a rare step to build the only county-funded assisted living community in the state. Now, The Lodge at Manito in Manito, Illinois is being sold to Tutera Senior Living & Health Care — a private diversified health care and senior living company providing development and management services to the seniors housing and care industry. No purchase price was disclosed. The Mason County Health Department built this eight-acre community for an approximate cost of $5.5 million, or $115,000 per unit. It contains 24 AL and 24 memory care units across 39,000 square feet. There is also an on-site medical clinic managed by Mason District Hospital that is... Read More »
Welltower Acquires Two Virginia Memory Care Communities
Brooks Blackmon and Ben Firestone of Blueprint Healthcare Real Estate Advisors arranged the sale of two memory care communities in Virginia. The communities are in the enviable position of being stabilized with high occupancy and above-market rates. The Richmond location opened in 2015, and the Virginia Beach property was completed in 2008. Both feature 48 units and 35,000 square feet. A local developer/operator built and managed the communities, which command the top rates in their respective markets, but is now exiting the assets. Welltower, in partnership with ProMedica, paid $31 million, or $322,900 per unit, for the communities. That is right below the average price for Virginia... Read More »
VIUM Adds New Hire Amid Flurry of Deals
Two months ago, VIUM Capital announced the hiring of four more experienced bankers, all of whom had worked at Lancaster Pollard (like VIUM’s founders Steve Kennedy and Kass Matt) at one point in time. But their latest addition will come from National Center for Assisted Living. NCAL Executive Director Scott Tittle announced he will leave the organization after six years and will join VIUM in September. He is joining as a Managing Director and the firm’s first Head of Government Relations and External Affairs. As a licensed attorney, Mr. Tittle brings over 15 years of experience helping assisted living and skilled nursing operators with their regulatory, reimbursement and advocacy needs.... Read More »
60 Seconds with Steve Monroe: Best Vaccination Rates in the Country?
Transcript Irving Levin Associates is headquartered in the small town of New Canaan, Connecticut, with a population of just over 20,000. According to statistics from the Department of Health, residents who are 65 and over have a vaccination rate of 99.64%. That means that fewer than 20 have not been jabbed. While the older residents have a greater incentive to get vaccinated, given they have been the most vulnerable to COVID, that is an incredible number. But the most surprising number was the age cohort of 16 to 44, where 96.29% have been vaccinated. That is higher than the national averages for residents in any kind of senior care community. What is weird is that it is also higher... Read More »
Dwight Capital Reports Successful Second Quarter
Dwight Capital financed $234.15 million in seniors and healthcare financings during the second quarter. Dwight first closed a $94.3 million HUD loan for The Village at Gainesville, a large (and we mean large) senior living community located in Gainesville, Florida. This also was the largest healthcare 232(a)(7) loan closed in HUD’s history to date, which we covered in May. Set on 104 acres, the gated community features a total of 651 beds, including a majority of independent living beds with around 140 beds of assisted living and memory care. Originally built in 1986 and acquired in 1990 by the current owner, SantaFe HealthCare, the community has undergone substantial renovations over the... Read More »
KeyBank Secures Financing For Six Heartis Properties
KeyBank Real Estate Capital secured $105.9 million in financing to recapitalize a portfolio of six assisted living/memory care communities operating under the Heartis brand, on behalf of their owner, Caddis Partners. The financing structure consists of an $80 million syndicated senior credit facility and a $25.96 million mezzanine loan provided by an institutional partner. The portfolio has a combined 631 units and 642 total beds, including both assisted living and memory care services. Five Heartis properties are located in Clear Lake, Longview, San Antonio, Arlington and Waco, Texas, while the sixth property is located in Peoria, Illinois. This financing will allow for stabilization of... Read More »Schedule a demo
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