Chicago Pacific Founders & Grand Park Capital Secure Refinance
JLL Capital Markets secured $115 million in bridge financing for a seniors housing portfolio on behalf of Chicago Pacific Founders and Grand Park Capital. The refinance consists of a three-year, non-recourse loan, secured through Ally Bank to take out existing debt. The financing markets responded favorably to the strength of the ownership and asset-level performance, and the loan closed as proposed and on schedule. The four-asset Town Village Portfolio is primarily comprised of independent living and totals 852 units across Alabama, Tennessee, Oklahoma and Michigan. Built between 2000 and 2002 and having undergone renovations by the sponsors since, the assets are strategically... Read More »
Northland Networks Funds Arkansas Acquisition
Northland Networks, which was acquired by First National of Nebraska in 2023, has closed a number of transactions so far this year, most recently arranging two acquisition loans for CCRCs in Arkansas. Both previously owned and operated by Evangelical Lutheran Good Samaritan Society, the assets were part of the not-for-profit’s exit from 15 states and consolidation of its services to the Midwest. The CCRCs are located in Hot Springs Village and Mountain Home, Arkansas, and attract higher income seniors in their respective areas. Hot Springs Village was built between 1986 and 2006 and features a combination of 90 independent living units (including six two-unit buildings and a 78-unit... Read More »
July Sparked a Surge at Senior Care Realty
Chad Wegner of Senior Care Realty experienced a busy July, closing four separate transactions involving several seniors housing assets. First, Wegner facilitated the sale of an assisted living portfolio comprising three communities. The seller was a mom & pop with an existing footprint in the state. Built in the last 20 years and all having been updated more recently, the communities each feature eight beds in Madison, Wisconsin. The residents are high-acuity, and it is mostly private pay. NOI was strong, with the seller running close to a 35% margin, putting the cap rate at around 12% to 13%. The buyer, an existing in-state owner/operator looking to expand, paid $4.3 million,... Read More »
Not-For-Profit Divests CCRC to Optalis Healthcare
Blueprint facilitated the sale of a CCRC in Grand Rapids, Michigan, on behalf of not-for-profit Samaritas. Following 50 years of providing senior care services, Samaritas has a renewed focus on creating a holistic service experience through four core areas of impact, including child and family services, behavioral health, refugee services and affordable housing. Having served the Grand Rapids and surrounding communities for over 35 years, Samaritas gradually expanded and renovated the campus since its original construction in 1977, with the most recent introduction of 24 independent living cottages between 2013 and 2015. Additionally, the 40-acre campus consists of 148 independent... Read More »
Allaire Acquires Philly SNF
After over 70 years of providing skilled nursing services in the Philadelphia area, a Catholic not-for-profit, the Ministry of Felician Franciscan Sisters, decided to divest its 176-bed skilled nursing facility with the help of Justin Knapp and the East Coast team of the Knapp-Stahler Group at Marcus & Millichap. St. Ignatius Nursing & Rehab Center was built in 1952 and features all dually certified beds across 96,000 square feet. Occupancy was above 70%, and the overall operations and cash flow could be improved. As part of their strategic initiatives, leadership at St. Ignatius elected to pursue a sale with an experienced and growing operator. The Knapp-Stahler Group procured... Read More »
Brookdale Out at Battery Park
After a long and storied past with its seniors housing community in lower Manhattan, Brookdale Senior Living is leaving its Battery Park location. Ventas, the landlord, selected Sunrise Senior Living to be the community’s new manager, adding a third community to the operator’s Manhattan portfolio. Anyone who heard former Brookdale CEO Mark Schulte address the ASHA annual meeting in the aftermath of 9/11 will never forget it. He talked about their newest project in lower Manhattan, and there was nary a dry eye in the room. The community, called The Hallmark at Battery Park at the time, was still in lease-up, covered in inches of dust and debris, and had to be evacuated. The industry... Read More »
Legend Senior Living Adds Philly-Area Community
Legend Senior Living has assumed the management of a senior living community in the Philadelphia, Pennsylvania MSA. Built in 2023, Crescent Fields at Huntingdon Valley features 196 independent living, assisted living and memory care units. It stands three stories tall in Huntingdon Valley. The transition will take place immediately. This is Legend’s ninth property under management in Pennsylvania and its second in the Philadelphia area. Over the past year, Legend has added 12 buildings to its portfolio. The company’s portfolio now comprises 60 senior living properties under management across six states (Florida, Colorado, Texas, Kansas, Oklahoma and Pennsylvania). Read More »
PE Firm Goes from Development to Acquisitions
A private equity firm previously focused on development made the switch to M&A in acquiring a newer-vintage but value-add memory care community in an affluent suburb of Chicago, Illinois. The move makes sense, given the opportunities to acquire quality physical plants for below the cost to build, and usually far below that cost. Built in 2015, Gurnee Place Memory Care features 42 units in the town of Gurnee. The community was 90% occupied and had positive cash flow, but a receiver engaged Blueprint to maximize proceeds for the bank and stakeholders involved. They received five offers from private equity groups, real estate investment firms and regional owner/operators before a... Read More »
Newmark Sells Virginia Community
Newmark’s Seniors Housing Team facilitated the sale of a seniors housing community in Virginia. Built in 1988 and renovated in 2017, The Devonshire comprises 159 independent and assisted living units across two stories in the town of Hampton, near Newport News and Norfolk. Details surrounding the seller, buyer and financials were not disclosed. The transaction closed on August 21. Read More »
Solinity Acquires Georgia Memory Care Community
A new brokerage firm in the seniors housing and care industry has closed its first transaction, which involved the sale of a standalone memory care community in Johns Creek, Georgia (Atlanta MSA). Built in 1996, St. Ives Memory Care comprises 38 units. This community was closed in July 2023. Marcus & Associates Senior Living was subsequently brought on to take it to market. The community experienced operational setbacks due to the pandemic, putting a real dent in cash flow, resulting in Aureas Health Group’s decision to divest. Further complicating things was a winter freeze, which resulted in a flood in the community. Fortunately, it was vacant at the time. Now, the community is in... Read More »Schedule a demo
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