Rocky Mountain Expansion
Legacy Retirement Communities is slowly expanding out of its home state of Utah, where it already operates nine senior living communities. After opening its first out-of-state community in 2009 in Arizona, the company plans to open its second this fall in Las Vegas, Nevada. Now, Legacy has its eye on another state, having just acquired 6.73 acres in Castle Pines, Colorado for $2.1 million, or nearly $7 per square foot. Legacy plans to build a 178-unit senior living community with independent living, assisted living and memory care services. Pamela Pyms of Pyms Capital Resources represented the seller, Pinark LLC, in this transaction. Read More »
Two Texas-sized SNFs sell
Blueprint Healthcare Real Estate Advisors’ most recent deal in Texas involved two large skilled nursing facilities, and some 438 beds, for a purchase price of $27.5 million, or $62,785 per bed. The facilities were owned by a well-known family in the Texas skilled nursing world that has been operating since the mid-1970s. The leads on this transaction, Tim Cobb, Steve Thomes and Joshua Salzman, Esq., faced some problems with the uncertainty of the Texas Minimum Payment Amount Program, but eventually sold the facilities to a Los Angeles-based real estate private equity firm with an operating partner. Read More »
Fall from Grace
Ten years ago, when a 143-bed skilled nursing facility in Liberty, Missouri sold as part of a portfolio to a large undisclosed operator, it was one of the more successful facilities in Clay County. Built in 1992, it is located next to Liberty Hospital and so had a steady stream of referrals. However, after nearly a decade of neglectful ownership, the facility was only 77% occupied by the end of 2014. Genesis Healthcare bought the facility in early 2015 but inherited some operational challenges, and CMS moved to close it by that summer. In the midst of those troubles, Liberty Hospital was developing a CCRC on an adjacent lot, which would include an 80-bed skilled nursing unit. Patrick... Read More »
Development Alive and Well in New Zealand
A 300-unit CCRC is planned for Queenstown, more known for its youth, extreme sports and tourists. Read More »
Mainstreet goes to Liverpool
Most people know Mainstreet as a developer in the post-acute care world, and a prolific one at that. After all, it’s the company’s high-end, amenity-rich transitional care developments that have made a big splash in the industry. But Mainstreet’s most recent acquisition involved a senior living community, which features 186 independent and assisted living units. The community is located just outside of Syracuse, New York, in the town of Liverpool, and was built in phases in 1992 and 1996. Owned and operated by a locally-based manager, The Hearth, the community also carried the Enriched Housing Program licensure designation. The Hearth will lease the community back from Mainstreet, which... Read More »
Financing the future
We wrote earlier this month of Capitol Seniors Housing’s large acquisition in the Seattle area, which involved four communities and some 368 units of assisted and independent living for a purchase price of $78 million, or $211,957 per unit. It turns out Aron Will of CBRE financed the transaction on behalf of the joint venture between Capitol Seniors Housing and The Carlyle Group. Mr. Will secured more than $60 million in non-recourse, floating-rate financing, with a five-year term and 36 months of interest only. Approximately $51.9 million of the loan will go towards financing the acquisition, and another $8 million will be allocated for planned capital improvements. The properties were... Read More »
Back to Boise
Boise, Idaho-based Cascadia Healthcare, a regional provider of transitional/skilled nursing care, just expanded its relationship with one of the more active buyers in 2016, CareTrust REIT. A few months after Cascadia sold (and then leased back) its 98-bed skilled nursing facility in Boise to CareTrust for $8.9 million, or $90,816 per bed, the provider broke ground on its latest transitional care development in nearby Nampa. The 99-bed, 52,000-square foot facility, scheduled to open in mid-2017, just received a $2.2 million preferred equity investment from CareTrust. In addition, the REIT will have an option to purchase the property once it is stabilized. Read More »San Diego Solution
Aron Will of CBRE closed his latest transactions for two separate borrowers in the San Diego area. First, Mr. Will and Kevin Randles arranged a fixed rate Fannie Mae loan to refinance an 84-unit independent living community in San Diego. The owner/operator, Ray Stone Inc., had managed the community since 2005. Then, The Grant Companies refinanced the recently stabilized 102-unit independent/assisted living Phase II of its Ridge at Lantern Crest campus. Mr. Will worked with Bill Chiles and Scott Peterson on this transaction. CBRE also refinanced Phase I with a Freddie Mac loan back in 2014. Read More »
Iowa outta here
An owner/operator is exiting the industry, selling its last seniors housing property in Burlington, Iowa, with the help of Ryan Fleming, Eric Bell, Mark Myers, Joshua Jandris and Charles Hilding of Marcus & Millichap. Located on the Mississippi River about 80 miles southwest of Davenport, this 36-unit assisted living community was built in 1999 on 3.2 acres. It was 83% occupied at the time of the sale, and sold for $3.7 million, or $102,778 per unit, to a private regional owner/operator. Read More »Living large on Long Island
Typically, you see assisted living communities number between 50 and 100 units, and only rarely over 150 units. Those large facilities are usually reserved for independent living. But a 200-unit assisted living community on Long Island in Lake Ronkonkoma, New York recently went through HUD to refinance its variable-rate bank debt. Ken Gould of Lancaster Pollard arranged a 30-year HUD loan for the community, which also enabled it to set aside a large initial deposit on its replacement reserves while still keeping the loan-to-value low. That reduces the community’s annual contribution and improves its debt service coverage. Read More »Schedule a demo
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