Ziegler Works on Financings for Two Not-For-Profits
Ziegler worked on two financings for separate not-for-profits. First, Ziegler closed $39.24 million Series 2025 tax-exempt, fixed rate bonds for Bethesda Senior Living Communities (BSLC). The bonds were issued through the Colorado Health Facilities Authority. It has been seven years since its last financing in 2018. BSLC and its parent organization, Bethesda Foundation, own/operate 20 seniors housing communities in Arizona, Colorado, Missouri, Nebraska and Texas. BSLC’s portfolio includes 595 independent living, 1,359 assisted living and 282 memory care units. Bethesda Foundation is a faith-based 501(c)(3) corporation based in Colorado Springs, Colorado. BSLC and Bethesda Foundation... Read More »
Ventas Acquires in Florida to Expand Relationship with SRI
Ventas acquired an assisted living/memory care community in Jacksonville, Florida, in partnership with SRI Management as the operating company. The deal is an expansion of the relationship between the REIT and the Tallahassee-based operator. Brad Clousing, Dan Geraghty and Jeff Binder of Senior Living Investment Brokerage handled the transaction on behalf of the seller, a local group of investors and developers. This was their only seniors housing asset. Built in 2017 on 14 acres in Atlantic Beach, Anthem Lakes Waterview Senior Living features 91 assisted living/independent living and 28 memory care units with lakefront views and direct access to a nearby nature preserve. The... Read More »
IRA Capital Buys San Diego Community
Ziegler served as exclusive financial advisor in the successful sale of St. Paul’s Plaza, a 155-unit seniors housing community located in Chula Vista, California. The seller was St. Paul’s Senior Services, a not-for-profit organization that was looking to expand in PACE (Program of All-Inclusive Care for the Elderly) as well as provide more affordable seniors housing and healthcare solutions. Built in 2015 on 4.5 acres in the affluent suburb of San Diego, the Class-A community features 155 units of independent living, assisted living and memory care. There are 71 studio, 81 one-bedroom, and two two-bedroom options. Plus, there is room for expansion. It was decently occupied and generated... Read More »
Strawberry Fields Acquiring 9 SNFs
Strawberry Fields REIT entered into a purchase and sale agreement with an unaffiliated seller to acquire nine skilled nursing facilities. The facilities comprise 686 beds and will be purchased for $59 million (including certain consulting fees), $86,000 per bed, payable at closing. The company intends to utilize its current working capital and funds provided by a third-party lender to make payment for the purchase. Closing is anticipated to occur on or before July 1. Eight of the facilities will be leased to the Tide Group and added to the master lease Strawberry Fields entered into in August 2024. The master lease will remain materially unchanged other than resetting the lease... Read More »
Institutional Group Acquires in Wisconsin and Assumes HUD Debt
Evans Senior Investments facilitated the sale of two skilled nursing facilities in Milwaukee, Wisconsin. The seller was a local group of individual owners with long-standing ties to the facilities. Seeking an exit from the skilled nursing sector, they engaged ESI to identify a qualified operator capable of assuming the HUD-insured mortgages and navigating the approval process in Wisconsin. The facilities, which feature 172 beds and were operating at breakeven at the time of sale, garnered interest from both regional and national buyers. The ultimate buyer, an established institutional group with a growing footprint in the Midwest, saw the transaction as an opportunity to expand its... Read More »
SLIB Handles Missouri Sale to Willow Ridge
Willow Ridge Senior Living acquired another seniors housing community, adding Garden Plaza to its growing portfolio. Built in 2011, the community features 102 assisted living/memory care units and 12 independent living patio homes in Florissant, Missouri. It will be rebranded as Fields of Florissant. Willow Ridge made the acquisition in partnership with a growing private equity group. Jeff Binder and Dave Balow of Senior Living Investment Brokerage represented the seller, a regional owner/developer of senior care properties that was exiting to focus on other real estate holdings. The purchase price was not disclosed. In recent months, Willow Ridge has also added Village at Maiden... Read More »
CBRE Closes SNF Loan in Utah
Jason Stein and DJ Elefant of CBRE’s Debt & Structured Finance platform closed an acquisition loan for a skilled nursing facility in Utah. CBRE worked with a local Utah lender to arrange a $6.426 million loan that featured a 10-year term and a competitive 5.72% interest rate with no prepayment penalty. The loan came out to 75% LTC. Read More »
Knapp-Stahler Group Executes Speedy Sale
With a state-imposed operator transition deadline approaching, a regional owner successfully sold its 83-unit assisted living/memory care community in Chico, California, to another regional owner/operator with the help of Chad Mundy and Nick Stahler of The Knapp-Stahler Group at Marcus & Millichap. Built in 2001, Windchime of Chico features 120 licensed beds of assisted living and memory care with lakefront views, multiple common areas and a central courtyard. It was operated by a third-party manager. However, it was not performing well, with occupancy below 60% and a substantial operating loss, in addition to the imminent operator transition. There was also HUD debt secured by the... Read More »
Blueprint Closes Nine-Figure Deal in Oregon
A couple of seniors housing communities in the Portland, Oregon MSA, sold to a joint venture between a blue-chip national private equity investor and a respected West Coast-based owner/operator. Opened in 2016 and 2019, the two communities total 284 independent living, assisted living and memory care communities in highly affluent, high-barrier-to-entry submarkets. A joint venture between a multigenerational, regionally focused developer and local investors decided to sell the assets. These appear to be a couple of the high-end “Ackerly” assets, a 147-unit community in Portland and a 137-unit property in Sherwood. Earlier this month, Merrill Gardens announced that it was taking over the... Read More »
Blueprint Closes Two Seniors Transactions in Ohio
Blueprint recently handled two transactions in Ohio. First, Conner Doherty and Ryan Kelly facilitated the sale of a seniors housing community in a desirable market in Ohio. The not-for-profit seller was The Heritage Retirement Community. Built in 2000, The Belvedere of Westlake comprises 24 assisted living and nine memory care units in Westlake. At the time of marketing, the community demonstrated strong occupancy and consistent cash flow. The quality of the land and physical plant also offered investors a base for operational and long-term value creation. Blueprint targeted buyers aligned with the community’s mission and care standards, and a not-for-profit owner/operator with an... Read More »Schedule a demo
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