HJ Sims Refinances Two Pennsylvania Seniors Housing Communities
HJ Sims closed a two-part refinance for Asbury Communities Inc.’s two seniors housing properties in Pennsylvania. The Erie location, Bethany Village, has two campuses with 400 independent living units, 100 assisted living units and a 69-bed skilled nursing center. The Mechanicsburg property, Springhill, features 158 independent living units, 35 personal care units and an 80-bed SNF. The loans refinance bonds from 2012 and include a $20.4 million bank loan and tax-exempt, fixed-rate bonds totaling $27.2 million. Altogether, that is $47.6 million of debt arranged for Asbury. That follows a $23.34 million financing package that HJ Sims closed for a small CCRC in New Orleans, Louisiana.... Read More »
Blueprint Facilitates Sale of New IL Community in Ohio
Blueprint Healthcare Real Estate Advisors helped sell a brand-new seniors housing community, closing the deal upon Certificate of Occupancy. Michael Segal, Connor Doherty and Ryan Kelly, plus Alex Florea of Capital Markets, handled the transaction. Developed adjacent to the POLARIS Commerce Center in Columbus, Ohio’s largest mixed-use development, the community is purpose-built as a four-story, 136-unit independent living community. Plus, the top floor was built to assisted living licensing specifications, leaving the option for the future. Graziano Construction and Development Company, Inc. developed the community in collaboration with Sweetbay Senior Living. Simultaneously with the... Read More »
Ventas Sees Census Growth
When looking at the second quarter results for Ventas, it almost appears that there are a few different story lines. Take the 321 U.S. same-community SHOP portfolio. Occupancy decreased 530 basis points in the second quarter to 72.1% from the second quarter of 2020. Not great but in line with the rest of the industry. But then its Sunrise Senior Living portfolio’s spot occupancy has increased by 627 basis points from the low point in mid-March to the end of July. Although it was not a straight-line increase, an average of 156 basis points a month is great. Heck, increasing at that level every quarter would be good. Its Atria Senior Living portfolio... Read More »
Senior Living Investment Brokerage Sells Ocala-Area Portfolio
Bradley Clousing and Jeff Binder of Senior Living Investment Brokerage facilitated the sale of three assisted living/memory care communities in the Ocala, Florida area. These communities combine for a total of 144 units and 198 beds. The Belleview and 24th Road locations provide memory care services across 41 units and 42 units, respectively, while the Deerwood community has 61 assisted living units. They were operating well, and the in-place operator, which was clearly going a good job, emerged as the buyer in a fee-simple transaction. They beat out multiple offers from both regional and national buyers in the process. Read More »
Ziegler Represents CJE SeniorLife in SNF Sale
Cascade Capital and Legacy Healthcare are acquiring a large skilled nursing facility in Skokie, Illinois, with Ziegler’s Dan Revie and Tedd Van Gorden representing the seller, CJE SeniorLife, in the transaction. Opened in 1981, the seven-story building has all private rooms, with 216 dually certified and 24 set aside for just Medicare patients. CJE Senior Living, in partnership with the Jewish Federation of Metropolitan Chicago, and Cascade/Legacy signed a letter of intent in February 2021 and closed the deal at the end of July. The purchase price was not disclosed. Read More »
Integral Senior Living Adds Nine Communities
Integral Senior Living (ISL) assumed the operations of nine senior communities as of August 1. The communities are diversified across seven states. Caddis owns two of the communities in Georgia (both operating under the Heartis brand), Steadfast Companies owns a property each in California and Kentucky, Investcor Development owns one in Nevada, and Imprint Property Group owns four of the communities: two in Oklahoma, one in Kansas and one in Colorado. ISL, a California based operator, maintains over 89 independent living, assisted living, and memory care locations across 23 states. It is not just in growth mode, as the company recently sold the operations of The Shores at Clear Lake in... Read More »
Senior Living Investment Brokerage Sells Ocala-Area Portfolio
Bradley Clousing and Jeff Binder of Senior Living Investment Brokerage facilitated the sale of three assisted living/memory care communities in the Ocala, Florida area. These communities combine for a total of 144 units and 198 beds. The Belleview and 24th Road locations provide memory care services across 41 units and 42 units, respectively, while the Deerwood community has 61 assisted living units. They were operating well, and the in-place operator, which was clearly going a good job, emerged as the buyer in a fee-simple transaction. They beat out multiple offers from both regional and national buyers in the process. Read More »
Blueprint Sells Another Former-Mainstreet Facility
Last month, Blueprint Healthcare Real Estate Advisors handled the sale of a vacant skilled nursing facility that was developed by Mainstreet but never opened. We know there were a number of those kinds of facilities, with all the bells and whistles but never an open sign, and sure enough, the Blueprint team closed another sale of one. The 94-unit facility was built in 2017 in Phoenix and featured both skilled nursing (transitional care) and assisted living units. But its lender foreclosed on the property. There is certainly potential in the new building with plenty of common space and located just down the street from Banner Estrella Medical Center, plus two other major hospitals within... Read More »
Brookdale Continues To Make Progress
The one thing that has been beneficial about COVID is the enhanced reporting by the public companies. By the time they release quarterly earnings results, they have already been issuing monthly updates, mostly on occupancy, so there is rarely much of a surprise. Such was the case with Brookdale Senior Living. On the occupancy front, average occupancy in the second quarter was 90 basis points higher than in the first quarter. While we would have liked to see a better gain, census was still declining in the first quarter and didn’t really flatten out until March/April on a weighted average basis. More impressively, month-end census has increased for five consecutive months starting in March.... Read More »
BMO Harris Funds Construction Project in North Carolina
BMO Harris Bank’s Healthcare Real Estate Finance business announced that it secured a $72.4 million construction loan for a senior living community in Charlotte, North Carolina. The Village on Morehead will feature 199 high-end independent and assisted living units in 12 stories. Bridgewood purchased the site for $11.5 million and will have its wholly-owned management group, Retirement Center Management, operate the community once it opens in 2023. CBRE arranged this loan through BMO Harris on behalf of a joint venture between Bridgewood Property Company and Harrison Street. CBRE originated a four-year, floating-rate loan with a full term of interest-only and extension options. Over the... Read More »Schedule a demo
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