Georgia Seniors Housing Community Finds New Purpose
Andrew Sfreddo, Gunnar Raney, Shane Harmon and Colin Segner of Blueprint facilitated the sale of a seniors housing community in Roswell, Georgia, on behalf of a private real estate investor. The seller was seeking a buyer that would repurpose the community into behavioral health. Within 14 days of launch, Blueprint secured a signed LOI with a leading Southeast-based provider of mental health and substance use disorder treatment services. Closing occurring 75 days later. The provider intends to repurpose the community into a residential behavioral health facility with 80 beds. Blueprint and the incoming owner/operator shared a mutual relationship with a land-use attorney who helped... Read More »
Separate Buyers Complete Skilled Nursing Acquisitions
Jeffrey Vegh and Joe Schiff of Forest Healthcare Properties handled two separate off-market skilled nursing transactions. First, they sold a 120-bed facility in a southeast state that was 85% occupied at closing. It was acquired by a regional operator that was expanding into the area. Next, Vegh and Schiff represented a seller that was divesting a facility in Suffolk County, New York. Built in the 1970s, the facility was well-occupied and cash flowing at the time of sale, with occupancy over 90% at closing. The established buyer has facilities in the surrounding area and was looking to expand. Read More »
Locust Point Raises Large Credit Fund
Locust Point Capital announced the final close of its third seniors housing credit fund, and it topped the firm’s predecessor vehicle by 56%. That performance reflected strong interest from the firm’s existing limited partners, as well as from a group of new institutional investors. Locust Point Private Credit Fund III totaled $668 million in capital commitments, and with it, the credit investment firm will target sub-$50 million transactions within its core strategy of providing structured credit solutions to experienced seniors housing owner/operators. Fund III also reflects Locust Point’s continued investment in its technology and operating infrastructure, enabling the firm to... Read More »
Minneapolis-Based Investor Acquires in Wisconsin
Bob Richards and Chad Wegner of Senior Care Realty facilitated the sale of a two-property seniors housing portfolio in Madison, Wisconsin, on behalf of a Dane County-based seller. The portfolio included two newer-vintage assisted living/memory care communities, comprising 66 units and 72 beds, operating under an all-private-pay model. At the time of sale, the communities were not performing, with occupancy levels on the lower end. However, the new Minneapolis-based investor and local management team are well positioned to drive occupancy and profitability. The purchase price was $9 million, or $136,000 per unit, with financing secured through a conventional lender. Read More »
Publicly Traded Healthcare REIT Grows in South Carolina
An institutional private equity seller engaged Blueprint in its sale of a senior care community in Greenville, South Carolina. The Gables comprises a three-story assisted living and memory care building and an adjoining skilled nursing component with private pay and Medicare occupants. The community was experiencing a strong recovery and was trending positively at the time of marketing, driven by improving private-pay demand and favorable Medicare reimbursement dynamics on the skilled side. Emerging from a range of buyer profiles, a publicly traded healthcare REIT was ultimately selected as the buyer. The REIT was looking to expand an existing partnership with a regional seniors... Read More »
Regional Bank Funds Illinois SNF Deal
Jeremy Warren of Montgomery Intermediary Group had to utilize some creativity to close an acquisition loan for a skilled nursing facility in southern Illinois. Owned by a highly motivated seller, the 50+ year old facility features 112 beds. That seller was unable to provide official financial statements for the facility, making finding a lender and closing the financing a more difficult prospect. But Warren found a regional bank based near the facility that was willing to get involved because of the experience and regional presence of the buyer, an Illinois-based operator with a significant portfolio in the state. There was a large disparity between the appraised loan-to-value and... Read More »
60 Seconds with Swett: HUD’s Express Lane and M&A
We’re not used to sensible reforms coming out of Washington, D.C., but HUD has just come out with a new “Express Lane” for the Section 232 Residential Care Facilities program. Obviously, we don’t want any facilities or borrowers that shouldn’t receive a loan to slip through the cracks, not that you can always predict a future disaster. But so many HUD loan processes sought by repeat-borrowers are a foregone conclusion, and we think with the guardrails in place, this is a great idea. Those guardrails apply to the loan terms, the facility quality and the borrower itself. Also, all of the criteria have to be met to qualify. Some of the highlights include a maximum 70% loan-to-value, minimum... Read More »
PruittHealth Acquires Again in the Southeast
PruittHealth recently announced that it acquired a community in Winston-Salem, North Carolina. Built in 1997, Forest Heights Senior Living (now known as PruittPlace – Winston Salem) features 99 units with 104 beds of AL, MC and respite care services. Residents can choose between AL services in private studios or one-bedroom suites, and MC in private or shared studios. With the addition of this community, PruittHealth now owns or operates 13 AL communities in the Southeast. Blueprint facilitated the sale on behalf of a national, REIT-affiliated owner/operator seeking to strengthen its portfolio by divesting certain challenged properties. Kyle Hallion, Kory Buzin and Steve Thomes... Read More »
Tremper Capital Group Takes Out Two Construction Loans
The closings from Tremper Capital Group kept on coming, with a couple more refinances of construction loans on seniors housing properties. The first was closed for a 124-unit assisted living/memory care community on the Florida panhandle. Built in 2021, the community experienced a strong lease-up, with occupancy exceeding 90%. This community is part of an ongoing, programmatic development joint venture between the regional owner/operator, a prominent private equity firm and several high-net-worth individuals. Their eventual goal is to sell the panhandle property, but they needed more time for operations to fully stabilize. So, the JV took out the previous bank construction loan with... Read More »
New Tenant Secured for New Hampshire Nursing Home
Evans Senior Investments was engaged by an institutional owner to facilitate the lease of a large nursing home in New Hampshire. At the time of marketing, the facility was performing well. However, a large-scale renovation was just completed, which took 40 beds offline, offering the opportunity for a strong regional operator to significantly improve performance. There was strong interest in the asset, with ESI ultimately securing a tenant aligned with the seller’s strategic goals. Read More »Schedule a demo
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