Chicago Pacific Founders Acquires Class-A Communities
Berkadia handled the sale and financing of two Class-A independent living, assisted living, and memory care communities: Grand Living at Citrus Hills and Grand Living at Bridgewater. The pair of seniors housing communities have a combined total of 337 units, and are located in Hernando, Florida, and Coralville, Iowa, respectively. Managing Directors Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers led the deal on behalf of the sellers, PGIM Real Estate and Ryan Companies. Managing Directors Austin Sacco and Steve Muth, Senior Director Garrett Sacco, and AVP Alec Rosenfield secured acquisition financing through Freddie Mac. The buyer was Chicago Pacific Founders and its... Read More »
Blueprint Closes Lease-to-Purchase Transaction
A large New York-based seniors housing owner engaged Blueprint to explore the sale of an 80-unit assisted living/memory care community in Harrisburg, Pennsylvania. Kory Buzin and Steve Thomes handled the transaction. Ownership acquired the asset several years prior while in distress and brought on Viva Senior Living as manager to execute a turnaround plan, which was now in its final stages. While the asset was performing, it was non-core to the owner’s geographic portfolio footprint. The seller ultimately selected a buyer group that chose to retain Viva Senior Living as the operator and negotiated a lease structure with performance-based incentives and a purchase option, enabling the... Read More »
