California-Based Owner/Operator Acquires Note
An international bank engaged Blueprint to oversee the sale of its interest in a 180-bed skilled nursing facility in the Santa Rosa area of Northern California. The mortgage on the facility was in default despite the facility’s strong historical operating performance and occupancy. It demonstrated extremely high top-line revenue, strong-per-patient day revenues, and robust in-place cash flow. Jacob Gehl, Dillon Rudy and Kristen Ahrens handled this transaction. There was widespread interest from California-based and national owners/investors before an experienced California-based owner/operator was selected as the buyer of the note for $18 million, or $100,000 per bed. Read More »
Welltower to Acquire NorthStar Healthcare
Welltower and NorthStar Healthcare Income announced that NorthStar Healthcare has entered into a definitive merger agreement to be acquired by an affiliate of Welltower, in an all cash transaction with an approximate enterprise value of $900 million, or around $185,000 per unit. Under the term of the merger agreement, NorthStar Healthcare’s stockholders will receive $3.03 per share in cash. This per share consideration exceeds the net asset value per share of $2.96 determined by NorthStar Healthcare’s board of directors as of June 30, 2024. NorthStar has a portfolio of 40 seniors housing communities with 4,886 independent living, assisted living and memory care units that have been... Read More »
PE Firm Divests in Oregon to Local Owner/Operator
A nationally recognized institutional private equity firm engaged Blueprint to oversee the sale of two high-performing seniors housing communities totaling 344 units in Oregon. The communities are Evergreen Senior Living, which is in Eugene, and Timber Pointe/Woodside Senior Living, which sit on the same campus in Springfield. Built between 1996 and 2006, the communities underwent significant renovations in 2021 and have since maintained stable operational performance, catering to both private-pay and Medicaid residents. They were well-occupied, around 95%, but with a significant amount of Medicaid residents. The properties were well-maintained and together offer 43 independent living, 245... Read More »
Chartwell Acquires in Montreal
Chartwell Retirement Residences announced it entered into a definitive agreement to acquire Rosemont Les Quartiers, a CCRC in the Rosemont-La Petite-Patrie neighborhood of Montreal, for US$94.36 million, or US$149,000 per unit. The transaction is structured with US$90.2 million to be paid at closing and a deferred payment of US$4.16 million to be paid in three years. Closing is expected to occur Q1 2025. Rosement Les Quartiers is a phased project comprising 10, seven and six-story connected buildings on a 4.26 acre lot just east of downtown Montreal. Completed between 2016 and 2019, it offers 632 rental units catering to a range of preferences and care types. Read More »
Georgia Community Secures Refinancing
EBSC Lending provided $23.7 million to refinance a 201-unit seniors housing community in Union City, Georgia. The financing includes a three-year, fixed-rate loan with extension options that replaces the existing construction loan. The community, completed in phases between 2016 and 2017, offers independent living, assisted living and memory care. Unit options include studio, one-bedroom and two-bedroom layouts. Read More »
Carnegie Capital Announces Q4 SNF Closings
JD Stettin of Carnegie Capital announced his fourth quarter financing activity, which included acquisition loans closed for four skilled nursing facilities in Texas. Two facilities were located in the northern part of the state, and the other two were near the Mexican border. They combined for 430 beds. Vintages varied, but the older facilities had recently received capex. The existing operator purchased the facilities from three different sellers for an average purchase price of $80,000 per bed. In the previous year, that operator had created significant value at the facilities relative to their long term lease rate. Each acquisition was funded separately through a combination of bridge... Read More »
Walton Street Affiliate Acquires in Texas
Berkadia completed the sale and financing of a Class-A seniors housing community in Austin, Texas. The independent living, assisted living and memory care community was built in 2016 and expanded in 2019. The community’s occupancy rate exceeded 95% at the time of sale with robust cash flows. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers represented the seller, Artemis Real Estate Partners. The property was acquired by an affiliate of Walton Street Capital LLC and will continue to be managed by Texas-based Civitas Senior Living. Austin Sacco, Steve Muth and Garrett Sacco secured acquisition financing through a national bank. The financing, which featured an attractive... Read More »
SNF Trades at High Per-Bed Price
JLL Capital Markets completed the $33 million sale of Coronado Ridge Skilled Nursing and Rehabilitation Center (formerly known as Horizon Ridge), a 121-bed/90-unit skilled nursing facility in Henderson, Nevada. The sale represents one of the highest prices per bed for a skilled nursing facility in Nevada history at $273,000 per bed. JLL’s Seniors Housing Capital Markets team, in conjunction with Managing Director Mark Winter, represented the seller, a joint venture between CREC Real Estate, LLC and The Calida Group. Built in 2017, Coronado Ridge stands two stories tall, sits on 2.3 acres and comprises 68,873 square feet. The facility is well-located to receive discharges from the... Read More »
Tremper Capital Group’s Recent Financing Activity
Tremper Capital Group announced some recent financing activity, including a $10.5 million loan secured to refinance a recently renovated assisted living and memory care community in the Dallas, Texas MSA. The three-year floating-rate bridge loan with a regional bank provides the client time to execute on the in-place business plan. This is a new lending relationship for TCG’s client. TCG also secured a land acquisition loan for a repeat client, Harbert South Bay Partners. The floating-rate loan placed with a regional bank provides Harbert with flexibility to navigate the permitting process for the development of a three-story, 170-unit independent living, assisted living and memory care... Read More »
Berry Weiss Acquires Long Island Portfolio
Jason Punzel, Dave Balow and Brad Goodsell of Senior Living Investment Brokerage facilitated the sale of an assisted living and memory care portfolio in the Long Island region of New York. Built between 1959 and 1974, the portfolio comprises four communities with a total of 567 units, 1,000 beds and 26.21 acres. There was a national marketing effort that procured a significant number of qualified offers. The ultimate buyer was downstate New York owner/operator/private investor, Berry Weiss. Weiss has many seniors housing communities under his ownership as well as other healthcare businesses. The seller was a public, non-listed REIT focused on seniors housing properties throughout the... Read More »Schedule a demo
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