Merrill Commercial Real Estate Sells Memory Care Community Out of Receivership
Tyler Merrill of Merrill Commercial Real Estate took an Oregon memory care community that was in receivership and sold it to a group of individual investors new to the industry. To take on the turnaround, that buyer group hired a Northwest-based operator to manage the community. It’s not an easy time for that, to say the least, but with a purchase price of $3 million, or $54,500 per unit, there is certainty some wiggle room to add value. Built in 1998, this 55-unit memory care community is located in Coos Bay on the central Oregon coast. Its previous owner originally acquired the community as part of a four-property portfolio in 2008, and Mr. Merrill was brought in to sell all four in... Read More »
M&T Realty Arranges HUD Loan
The HUD market seems to be the steadiest in the senior care lending world since the onset of COVID-19, after a few hiccups and delays earlier this year. Joining the activity, M&T Realty Capital Corporation arranged a HUD refinance for an assisted living community in Spokane, Washington. The non-recourse loan totaled $13.83 million and came with a 30-year, fully amortizing term. Plus, M&T secured an interest rate well below 2.75%. Who wouldn’t take that? Originally built in the 1940s with an addition in the early 1980s and renovations in the 2000s, the community features 212 units of independent living and assisted living in five interconnected buildings. Located adjacent to... Read More »
Lancaster Pollard Refinances Minnesota Community
Working on behalf of a repeat customer, Lancaster Pollard Mortgage Company secured a HUD loan for a 138-unit assisted living/memory care community in Chaska, Minnesota (Minneapolis MSA). Developed by Trident Development and operated by the borrower, Tealwood Senior Living, which manages over 38 skilled nursing and assisted living facilities in Minnesota and Wisconsin, the property was originally developed in 2015. It was funded in part by Tax Increment Financing from the Chaska Economic Development Authority. The property consists of two buildings connected by both a ground-level breezeway and upper level hallways. There are 66 assisted living “light” units that are certified for... Read More »
Beware The Flu Season?
Fears of the flu season compounding the effects of the “second wave” of the coronavirus are overblown, and this is why. Almost every conversation surrounding the coronavirus and outbreaks in nursing homes or assisted living communities eventually gets around to the double whammy of a “second wave” combined with the upcoming flu season. Yes, providers will have to be vigilant, but they have never been as well prepared for the flu season as they are today. Think about it. Less than a year ago, do you remember ever walking into any senior care facility where the staff were all wearing masks, where hand sanitizers were everywhere, where your temperature was taken at the entrance,... Read More »
Blueprint Handles Cleveland Closing
A private owner/operator looking to expand its presence and increase its operational leverage in the Midwest acquired an assisted living/memory care community in Cleveland, Ohio, with the help of Connor Doherty, Ryan Kelly, Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors. Featuring 133 units about evenly split between assisted living and memory care, this community was built in the early 2000s. It has struggled with occupancy, leading its national owner/operator to seek a sale. Blueprint brought the asset to a well-capitalized private owner/operator, which will reposition the community as an affordable option in the Cleveland MSA by utilizing the state’s... Read More »
Private REIT Finds New Operator For Colorado Communities
Fresh off of arranging a partnership buyout for an assisted living campus in Illinois, Bill Janis and Mario Wilson of Helios Healthcare Advisors found a new operator for two assisted living communities in Colorado. Both built in the late-1990s, these communities were owned by a private REIT based and incorporated in the U.S. but controlled by a Hong Kong private investment management firm. Around 25% of their census was made up of Medicaid residents, and their operating performance could be improved. Part of the reason for that was the assets were far from the prior operator’s Santa Barbara, California headquarters. There is also the opportunity to reposition them to better compete in... Read More »
Monticello Arranges Working Capital Loan
The team at MONTICELLOAM, LLC (Monticello) followed up its refinance of a skilled nursing portfolio in Wisconsin with a working capital loan for the facilities’ operating companies. The original 10-year, first lien debt totaled $14.0 million and not only supported the refinance of two facilities but also the acquisition of the third skilled nursing/assisted living facility. Averaging around 42 years in age, the portfolio totals 305 beds and units. Now, on behalf of the experienced owner/operator borrower, Monticello structured a $2.0 million working capital loan. Read More »
Greystar Develops New Florida Community
Greystar Real Estate Partners announced the development of a new 55+ active adult community in Winter Garden, Florida. Situated near numerous shopping, dining and entertainment options, the community will feature 180 units, divided between 110 one-bedroom and 70 two-bedroom units. There are also more than 9,000 square feet of amenities, including a clubhouse with a private wine room, a covered patio, swimming pool, dog park and golf cart trails. Finally, food options will include a communal food hall and brewery concept, along with multiple restaurant options, a rooftop bar and significant outdoor seating along Lake Hancock. It will be called Overture Hamlin, joining two... Read More »
Healthpeak Sells Louisville Senior Living Community
Healthpeak Properties is selling one of its Atria Senior Living-operated communities to a regional owner/operator acquiring its first Kentucky property. Located in Louisville, where Atria is headquartered, this community was developed in 2001 and features 203 units of independent living, assisted living and memory care. Ownership has changed over the years from Horizon Bay Retirement Living to CNL Retirement Properties to HCP to Healthpeak Properties. It has also seen a number of operators in its history, starting with Horizon Bay, and then Brookdale Senior Living took over in 2011. That deal saw Brookdale acquire 100% of the equity interest in Horizon Bay and enter into agreements with... Read More »
Blueprint Handles Not-For-Profit Sale to The Ensign Group
According to its second quarter earnings report, The Ensign Group certainly defied expectations for the rest of the senior care industry and has been performing relatively well lately. The company also announced its acquisition of a CCRC in Tempe, Arizona, which we’ve learned Blueprint Healthcare Real Estate Advisors helped facilitate. Previously owned and operated by Volunteers of America Senior Living, a large not-for-profit with over 20 communities in its portfolio, the campus includes a 62-bed skilled nursing facility and a senior living community with 90 independent living and 72 assisted living units. The community has a 40-year history in the Tempe market and maintained a good... Read More »Schedule a demo
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