Senior Care Portfolio Trades in Pennsylvania
Senior Living Investment Brokerage closed a five-property portfolio deal in Pennsylvania, featuring a mix of personal care and skilled nursing beds. Ryan Saul and Toby Siefert were engaged by the receiver to confidentially sell the facilities, which are located throughout northwestern Pennsylvania. They included Clepper Manor in Sharon, Kermitage Nursing and Rehab in Hermitage, Lakeview Personal Care in Darlington, Shelburne Personal Care in Butler and The Lakes at Jefferson in Mercer, totaling 156 independent living/personal care units and 159 skilled nursing beds. The properties varied in age, built between 1958 and 2017, but offered a new owner the chance to add to an established... Read More »
AL Community Trades in Oklahoma
A small assisted living campus in Oklahoma City, Oklahoma, traded in a receivership sale with the help of Amy Sitzman, Giancarlo Riso and Kory Buzin of Blueprint. Built in 1999, Dorset Place includes a standalone 36-unit assisted living building and a separate 33-unit memory care building. There was limited competition in the immediate market, and the property was well maintained. But a new owner could take over and implement expense control measures to stabilize the community’s operating cash flow. We imagine the property would come at a healthy discount to replacement cost, as a result. Blueprint procured three competitive offers, ultimately advising the receiver, Mike Flanagan, to move... Read More »
Class-A Community Secures Refinancing
BWE secured a refinance for Keystone Villa at Douglassville, a Class-A seniors housing community in Douglassville, Pennsylvania (Philadelphia suburb), that is owned by a joint venture between ReNew REIT and Heritage Senior Living. Originally built in 2011 as a 125-unit assisted living/memory care community before a 123-unit independent living building was added in 2015, the community was 92% occupied at the time of closing and was a strong operator. ReNew purchased the property from Capital Health Group in 2019 as part of a four-community portfolio. BWE’s Ryan Stoll and Taylor Mokris secured the $57.8 million loan from a national commercial bank, featuring a non-recourse structure... Read More »
Brookdale vs. Ventas
They took it to the wire, but Brookdale Senior Living decided not to renew its leases with Ventas covering 120 communities in a Master Lease that expires December 31, 2025. The deadline was November 30, and they let it pass. Ventas will still collect $113.6 million in lease payments next year, and all parties have previously stated that the properties have been covering the lease payments in full. Even though it was an all or nothing renewal option, we were hoping that the two sides would come to an agreement to perhaps split up the portfolio. The problem is that both sides would have wanted to keep the better performing properties. Now, Brookdale no longer has the right to extend the... Read More »
Dealing in D.C.
A small assisted living community in an affluent suburb of Washington, D.C., sold thanks to Ben Firestone, Steve Thomes and Kory Buzin of Blueprint. Owned by a not-for-profit based in D.C. that deemed the sub-50-unit asset to be “non-core,” the property had struggled operationally since the pandemic, but the “exceedingly rare location” of the real estate attracted a lot of attention from both seniors housing and alternative use buyers. Blueprint’s marketing process yielded several competitive bids before one of the alternative-use bidders emerged with the highest and best offer. They structured an agreement that addressed all the unique complexities associated with the use... Read More »
Record-Setting Bond Financing Closed
JLL and HJ Sims teamed up to close the largest tax-exempt senior living financing of 2024, and the largest not-for-profit, single-site senior living bond issue in history. The financing is helping to fund the ground-up development of a luxury seniors housing community in Irvine, California. The James will feature 350 rental units and will be the first new seniors housing community in the Irvine market in 28 years. The plan includes 210 independent living, 110 assisted living and 30 memory care units, with a mix of studio, one- and two-bedroom options. Such a high-end community will also have multiple dining venues, an indoor pool and spa, wellness gym and yoga studio, therapy rooms, hair... Read More »
Ohio SNF Portfolio Trades
Walker & Dunlop’s Gideon Orion recently handled the sale of a four-building skilled nursing portfolio in Ohio. Located around the Columbus MSA, the portfolio consisted of approximately 400 beds and was previously owned by a publicly traded REIT. Built from the 1970s to the 1980s, the facilities were being sold because the REIT’s operating partner was exiting the state. The portfolio was competitively bid by at least six bidders before a national owner/operator with a presence in Ohio and in the specific submarket was selected as the ultimate buyer. The seller chose them for their expedited timeline, price, and the terms of their offer in securing the transaction. Orion closed the... Read More »
Ziegler Refinances Westchester Campus
Ziegler closed a new taxable loan on behalf of Wartburg, a senior care provider in Westchester County, New York. Wartburg’s 103-unit assisted living community in Mt. Vernon had an outstanding 2015 series of Public Fixed Rate Bonds that it wished to advance refund. The sponsor also wished to raise additional new money without materially altering its annual debt service requirements. So, after analyzing various capital alternatives, Ziegler arranged an $8.4 million taxable loan that will defease the outstanding bonds via a funded escrow account, fund new money to be used for various capital expenditures, and pay for costs of issuance associated with the financing. The Ziegler... Read More »
AL Conversion Project in Plano Gets Funding
A former hotel is being converted to an assisted living community in Plano, Texas, thanks to financing secured by Eastern Union. Totaling 137 units in six stories, the 40-year-old building most recently operated as a Deluxe Inn and previously as a Comfort Inn. It was also renovated in 2005 and has been owned and operated by Maheshbhai Patel since 2022. Patel secured the financing for the project, which will result in a 140-unit assisted living/memory care community known as Parkdale Senior Living. Completion is expected in mid-2026. An undisclosed lender provided two loans totaling $20.4 million. The first loan consists of a $15.8 million construction loan, featuring 15 months of... Read More »
BWE Refinances Philly-Area Asset
BWE announced a new refinance just before Thanksgiving, closed on behalf of a joint venture between Renew REIT and Heritage Senior Living. The property in question is Keystone Villa at Douglassville, a 247-unit community in the Philadelphia MSA with independent living, assisted living and memory care services. The community opened in 2011 with 125 AL and MC units before a 122-unit IL portion was added in 2015. Occupancy was 92% at the time of closing, and the community operated well. It received a $57.8 million loan from a national commercial bank, which was a new relationship for the borrower. The non-recourse loan also featured a competitive floating rate, prepayment flexibility... Read More »Schedule a demo
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