Grace Management Adds Five Ventas Communities
Grace Management expanded its relationship with Ventas, adding five seniors housing communities owned by the REIT to its operating portfolio. The communities were previously managed under a triple-net lease structure. They include Brookdale Lake Shore Drive in Chicago, Illinois, Brookdale Northbrook in Northbrook, Illinois, Brookdale Springs Mesa in Mesa, Arizona, Brookdale Peoria in Peoria, Arizona, and Brookdale Bartlesville South in Bartlesville, Oklahoma. Grace will rename the Chicago community The Hallmark, and the remaining four properties will adopt the “Inspirations” brand. The Hallmark will undergo a multi-million dollar renovation to maximize its appeal with its lakefront... Read More »
Seller Boosts Census Ahead of Sale to JV
Senwell Senior Investment Advisors sold Rose Hill Retirement Community, a 66-unit, 87-bed assisted living community in Marion, North Carolina. Originally built as a hospital, Rose Hill has been transformed by the seller over the past two decades into a senior care community. After a previous attempt to sell the community was unsuccessful, ownership engaged Senwell, which connected the owners with an experienced operator with an existing portfolio. During the due diligence process, census improved, resulting in a stronger and more stabilized business than originally anticipated. That’s a broker’s dream. Rose Hill’s strong private pay model, minimal competition in the local market and stable... Read More »
Joint Venture Buys Orange County Community
A high-end seniors housing community in Orange County sold with the help of CBRE National Senior Housing. Aron Will and John Sweeny represented the joint venture seller in the deal, while Will and Matthew Kuronen arranged acquisition financing from a national bank. The loan came with a four-year term, a full term of interest only and a floating rate. A joint venture between Belmont Village Senior Living and Harrison Street Asset Management bought the asset for an undisclosed price. But considering the affluent market and the high-quality Belmont Village brand, we believe it was a high price. Belmont Village Aliso Viejo was built in 2019 and encompasses 3.4 acres and features a... Read More »
Developer Secures Construction Financing
JLL Capital Markets arranged a $47 million construction financing for The Arbella at Blue Hills, a 164-unit, active adult community to be developed in Bloomfield, Connecticut. JLL worked on behalf of the developer, The United Group of Companies, Inc. (United Group) to secure the construction loan through Liberty Bank of Middletown, Connecticut. Opening in 2027, the 10.3-acre site will consist of nine residential buildings offering one-bedroom, two-bedroom, two-bedroom-plus-den, and townhome units, including 19 affordable units. Units will feature open floor plans, nine-foot ceilings, stainless steel appliances, granite countertops, walk-in closets, double-sink vanities, full-size... Read More »
Midwest-Based Operator Refinances AL/MC Communities
MONTICELLOAM, LLC, along with firm affiliates, provided a $28.5 million senior bridge financing for two Midwest seniors housing communities. The financing was originated by Karina Davydov, Senior Managing Director, Originations. The sponsor, a Midwest-based operator with a portfolio of over 40 seniors housing and healthcare properties and a returning client, will use loan proceeds to refinance the two assisted living/memory care communities in Wisconsin and Ohio with over 200 units. Read More »
ESI Closes Two SNF Deals
Evans Senior Investments handled a sale on behalf of an institutional owner/operator in California. The 64-bed skilled nursing facility is in California. The ultimate buyer was also based in California and entered into a new long-term lease agreement with Sun Mar Healthcare, a regional operator with a portfolio of skilled nursing and post-acute care facilities across the Golden State. ESI facilitated the sale of another skilled nursing facility in a separate transaction. A long-time regional owner/operator that was looking to divest a non-core asset engaged the firm. Eastview Rehabilitation & Healthcare Center, a 92-bed skilled nursing facility in Birmingham, Alabama, demonstrated... Read More »
30+ SNFs Sell to Large Owner/Operator
A portfolio of more than 30 skilled nursing facilities totaling over 4,900 beds has sold, allowing the regional skilled nursing owner/operator to exit the industry. Few details were disclosed, and the deal appears to have been done very quietly, but the portfolio spanned between five and 10 states in the Southeast and featured approximately 35 facilities. Occupancy was around 82% on average, and it was not considered to be a cap rate deal. The owner had operated the facilities for more than 20 years. The seller wished to retire and had previously tried to sell the portfolio, but those processes failed. They then engaged Stan Klos of 3G Healthcare Real Estate, who called a large... Read More »
Scribner Capital and William James Group Team Up Again
Scribner Capital and William James Group acquired two assisted living and memory care communities in Georgia. The Haven at Fayetteville, a 62-unit assisted living and memory care community that was rebranded from The Oaks, was built in 1999 and was at about 90% occupancy at closing. Located in Athens, The Haven at Cedar Shoals (formerly The Oaks) has 40 assisted living units, was built in 1998 and was about 90% occupied at close. The two local markets are fairly well occupied. William James Group provided co-sponsor equity and will manage the communities. Scribner also provided co-sponsor equity and leveraged its network of family-office and high-net-worth investors to provide... Read More »
Joint Venture Acquires Cash-Flowing Communities
A trio of well-run seniors housing communities in the Southeast sold to a partnership that included a national owner and a regional operator. Brad Clousing and Dan Geraghty of Senior Living Investment Brokerage represented another regional owner/operator in the sale. The deal includes two adjacent seniors housing communities in Cumming, Georgia, and one standalone assisted living/memory care community in Oak Ridge, Tennessee. The Villas at Canterfield in Cumming featured 182 units of independent living, assisted living and memory care across 10 buildings on two parcels, and Caterfield of Oak Ridge consisted of 91 AL/MC units. There was strong cash flow across all acuity levels. The... Read More »
Owner/Operator Enters New State
Vince Viverito and Taylor Graham of Senior Living Investment Brokerage handled the sale of a distressed skilled nursing facility in rural Colorado. Built as a therapy building in 1912 and converted to a skilled nursing facility in 1964, Lamar Estates features 60 beds on 1.34 acres with 19,394 square feet in the town of Lamar. The non-performing facility was making around $200,000 of EBITDAR on $2.84 million in revenues, and at the time of sale it was 74% occupied. The seller was a private REIT based in California, and the buyer was a Florida-based owner/operator making its first acquisition in the state. No purchase price was disclosed. Read More »Schedule a demo
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