LTC Properties Adds Five Communities to Its SHOP Portfolio
Just days after LTC Properties added two Kentucky assets to its SHOP portfolio through an off-market transaction totaling $40 million, the REIT announced a larger SHOP acquisition involving five seniors housing properties in Wisconsin. The Class-A portfolio features a total of 520 units of independent living, assisted living and memory care. It was stabilized, with an average property age of six years and an expected year-one yield of approximately 7%. Lifespark, a new LTC operating partner, has managed the communities since 2021 and will continue to do so. LTC Properties paid $195 million, or $375,000 per unit, financed through a line of credit, proceeds from previously disclosed property... Read More »
Forbright Bank Announces Several Financings
Forbright Bank had a busy end to the summer, announcing a series of closings for a mix of seniors housing and skilled nursing properties across the country. The largest individual transaction was a $50 million term loan that refinanced the existing debt on three skilled nursing facilities in Florida. Forbright underwrote the bridge-to-HUD loan for a near-term HUD takeout to be facilitated by its HUD team. The bank also provided a $3 million revolver to support the facilities’ working capital needs. Forbright also partnered with HJ Sims to provide a $38 million bridge loan to fund the acquisitions of three skilled nursing facilities in Chicagoland. Forbright financed a few other... Read More »
Joint Venture Receives Acquisition Financing
BMO’s Healthcare Real Estate Finance group announced its role in providing acquisition financing to IRA Capital and Principal Asset Management for their purchase of an 89-unit seniors housing community in Gilbert, Arizona. American Care Concepts and Reichmann International Realty Advisors developed American Groves Senior Living in 2021 and have owned it since then. Each of the 89 units can transition between independent and assisted living in response to changing resident needs. Currently, occupancy is 100%, and we imagine the property operated at a healthy margin. IRA Capital and Principal Asset Management announced that they paid $44.5 million, or $500,000 per unit, for the... Read More »
Regional Owner/Operator Takes on Distressed SNFs
Blueprint was engaged to market Project Golden Gopher, which features two properties with 230 skilled nursing beds in Hopkins and Rochester, Minnesota. The assets were owned by a publicly traded REIT and marketed on a distressed basis. Connor Doherty, Ryan Kelly, Amy Sitzman, Giancarlo Riso and Will Roberts handled the transaction. Though the facilities were challenged, they presented clear upside through census growth and operational enhancements. The properties are near acute care hospitals, enabling an incoming operator to establish strong referral relationships. Following a targeted marketing process, Blueprint generated significant investor interest and ultimately selected a... Read More »
LTC Properties on Track for Projected 2025 Pipeline
LTC Properties added two Kentucky assets in the Nashville, Tennessee MSA, to its SHOP portfolio through an off-market transaction. Both assets opened in the first half of 2023 with 158 total assisted living/memory care units. More than 50% of those units were pre-leased, and they achieved full stabilization in an average of 20 months. Since then, they consistently performed well and were stabilized at the time of closing. It is expected that the communities will deliver a year-one yield of approximately 7%. One of the buildings appears to be Charter Senior Living of Hopkinsville, which has 56 assisted living and 23 memory care units. The private-pay units are in a single-story, 65,000... Read More »
SLIB Handles Michigan Portfolio Deal
A seniors housing portfolio in Michigan traded hands with the help of Dan Geraghty, Brad Clousing and Jeff Binder of Senior Living Investment Brokerage. Set in secondary markets, the portfolio consists of four late-1990s vintage properties that are well maintained and well regarded in their respective communities. They also experienced continued occupancy growth throughout 2025 but still represented an opportunity for a new regional owner/operator to hit the ground running in boosting performance through a hands-on management approach and leveraging existing referral networks. A national owner/operator deemed the portfolio no longer fit with its long-term operational objectives and slated... Read More »
Two Central Florida Communities Trade
Two assisted living/memory care communities set in between Orlando and Gainesville, Florida, found a new in-state owner. Located about 10 miles apart in Ocala and Belleview, the communities total 83 units and were previously owned by a partnership between a Florida-based capital partner and a regional operator. Both assets are cash-flowing but have upside potential for a new owner. There is also a third asset currently awaiting a HUD assumption and will transition once the approval is complete. Its new owner will be a Florida-based owner/operator, which is acquiring the whole portfolio. Brad Clousing and Dan Geraghty of Senior Living Investment Brokerage handled the transaction. Read More »
Private Equity Firm Acquires Its Fourth Seniors Property
A private equity firm based in La Jolla, California, just purchased their fourth seniors housing property. Bakerson Companies bought Truewood by Merrill, Clovis, a 115-unit assisted living/memory care community in Clovis, an affluent suburb of Fresno, California. The property was an older vintage but showed well. Bakerson will bring in a new operating partner, Calson Management, to operate it going forward under a new name: Saddle Ridge Senior Living, which honors the city’s celebrated Clovis Rodeo and its deep-rooted western heritage. The firm paid all cash for the property, at an attractive per-unit value. Scott Frazier and Brooks Blackmon of Blueprint handled the deal. In a story... Read More »
Hotel Developer Divests Non-Stabilized, Class-A Asset to Sonida Senior Living
Austin Diamond and Nick Stahler of The Knapp-Stahler Group at Marcus & Millichap announced their role representing the seller of a 98-unit assisted living/memory care community in Mansfield, Texas (Dallas-Fort Worth area). Sonida Senior Living was the buyer, paying $15.55 million, or $159,200 per unit, which was funded with cash on hand and proceeds from its senior secured revolving credit facility. The Knapp-Stahler Group navigated a challenging renegotiation at the expiration of due diligence, ensuring a favorable outcome and smooth closing for all parties. That is an attractive price, from Sonida’s perspective, for a 2016-vintage, recently-renovated, Class-A property, which Sonida... Read More »
Stabilized Seniors Housing Community Trades Hands
Blueprint handled the sale of an 80-unit assisted living and memory care community in the Syracuse, New York MSA. At the time of marketing, it was generating strong cash flow and had recently benefited from significant renovations, positioning it as stabilized. Connor Doherty, Ryan Kelly, Jacob Gehl and Dillon Rudy handled the transaction. A diverse buyer pool was targeted, including local, regional and national groups. The process generated three competitive offers, ultimately resulting in the selection of a regional owner with an existing footprint. The buyer will retain the incumbent operator. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
