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 »
Regional Owner/Operator Purchases Struggling Nebraska SNF
Evans Senior Investments handled the sale of a skilled nursing facility in Lincoln, Nebraska. The transaction was executed on behalf of an independent owner/operator that was ready to transition out of the industry. Built in 1974, Holmes Lake Rehabilitation & Care Center features 97 beds across 51 units on seven acres. At the time of marketing, occupancy was at 61%, with fluctuations between 70% to 85% in years prior. The facility had also been dealing with the difficulties stemming from a one-star CMS rating. ESI targeted a select group of prospective skilled nursing buyers, looking for one with the expertise and resources to turn the property’s performance around. The ultimate... Read More »
Community First Solutions Acquires Ohio Asset
The not-for-profit Community First Solutions acquired an assisted living/memory care community in Beavercreek, Ohio (Dayton MSA), taking over operations at the same time. Ziegler represented the seller, Confluent Senior Living, in the transaction. Built in 2019 by Confluent, a subsidiary of Confluent Development, the community features 110 units of assisted living and memory care. Community First helped fund the transaction with approximately $20 million of bank debt and a $4.5 million equity contribution. Read More »
REIT Divests to Local Owner
Senior Living Investment Brokerage facilitated the sale of a seniors housing community in Taylorsville, Utah on behalf of a REIT. The REIT was divesting to focus on its core markets within its portfolio. Vince Viverito and Brad Clousing handled the transaction. Built in 1975 and renovated in 1995 and 1996, Truewood Taylorsville features 106 assisted living units and 112 beds, sitting on four acres across 68,970 square feet. It is uniquely positioned in the market to offer affordable living for seniors. The buyer is a private owner growing its portfolio in the state. It intends to expand the Medicaid New Choices Waiver program at Truewood and leverage some of its operator’s local... Read More »
New Tenant Secured for Mass SNF
A state-of-the-art rehabilitation and skilled nursing facility in Danvers, Massachusetts (Boston MSA) secured a new operator and lease arrangement. The developer/landlord and existing tenant engaged Blueprint’s Michael Segal, Ben Firestone, Daniel Waldhorn and Steve Thomes to run a strategic marketing process, which yielded three lease proposals. A growing East Coast-based operator that had recently expanded into Massachusetts with its first acquisition earlier this year was eventually chosen as the new operator/tenant. Located across the street from Beverly Hospital at Danvers and within close proximity to several other referral sources in a densely populated suburb, the facility was... Read More »
Ohio Senior Care Community Secures Refinancing
Capital Funding Group announced the closing of a $12.5 million bridge-to-HUD loan, which supported the refinancing of an existing bridge loan. The deal supported a 175-bed skilled nursing and assisted living community in Ohio. Craig Casagrande handled the transaction, which closed July 18, 2024. Read More »Schedule a demo
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