Alternative Use Investor Acquires in Virginia
An alternative use investor bought a small memory care community in Williamsburg, Virginia. For some communities, the original layout is simply not conducive to strong operations, whether it be too many studio units, jack-and-jill bathrooms or an inefficient design. Originally built in 2017, this community features three separate cottages with 16 private units in each. That pod model created operational challenges due to staffing regulations from the state, and despite renovating each building in 2022 and 2023, the previous owner, after just three years of ownership, decided to sell. That seller, English Meadows, had acquired the community in 2021 for reportedly more than $5.5 million, or... Read More »
Public REIT Divests to National Owner/Operator
Blueprint was engaged by a public REIT in the sale of a 159-bed skilled nursing facility near downtown Huntsville, Alabama, less than two miles from two prominent hospitals. Recent physical plant upgrades have enhanced the facility’s amenities. The REIT is divesting due to the facility being the only remaining asset its tenant operated in the state. While the facility once boasted a healthy NOI with strong margin, it struggled to recover to historical levels. However, its strong past performance and the growth of the Huntsville MSA helped garner attention from national and local owner/operators, public REITs and private equity buyers across the country. Blueprint procured seven competitive... Read More »
Ensign Acquires in Wisconsin
Blueprint represented a not-for-profit client in the divestment of its seniors housing community in Wausau, Wisconsin. Founded in 1980 by the Diocese of La Crosse and acquired by Benedictine in 2012, Benedictine Living Community – Wausau comprises 82 skilled nursing and long-term care beds. Connor Doherty and Ryan Kelly of Blueprint handled the transaction, positioning the value-add offering with distinct and material paths to upside. Blueprint marketed the offering to not-for-profit and for-profit providers, procuring five competitive offers from for-profit investors, owner/operators and REITs. The Ensign Group was ultimately selected as the buyer and rebranded the community as... Read More »
Institutional JV Secures Refinancing
CBRE National Senior Housing refinanced Mirabelle, a Class-A seniors housing tower in South Miami, Florida, on behalf of an institutional joint venture. The Arbor Company will continue to manage the community, which was built in 2019 and features 22 stories and 212 units, including 142 independent living, 45 assisted living, 12 connected living and 13 memory care units. Set in an affluent submarket, the community also boasts an array of high-end amenities like a pool terrace, wine room with a 22nd floor view, and full-service hair and nail salon. Aron Will and Adam Mincberg helped the borrower in arranging a $63.5 million, three-year, interest-only loan, with other attractive terms. Read More »
Ziegler Closes Bond Financing
Ziegler announced the closing of Series 2024 bonds for Southwest Florida Retirement Center, Inc., a not-for-profit that owns/operates an entrance fee based CCRC, Village on the Isle. Ziegler has served as a strategic partner for the community since the late 1980s. Village on the Isle opened in 1982 and is situated on a 16-acre campus on the barrier island of Venice, Florida, less than one mile east of the Gulf of Mexico. The community currently comprises 234 independent living, 48 assisted living, 16 memory care and 64 health care units. Southwest Florida will use the proceeds of the Series 2024 bonds to construct 54 new independent living units to be known as Emerald Terrace – Tides... Read More »
Seniors Housing Portfolio Secures Refinancing
BMO Healthcare Real Estate closed a $156.5 million bridge loan for the recapitalization of five seniors housing communities totaling over 700 units in Washington, Oregon and Colorado. The near-stabilized portfolio is owned, operated and originally developed by Bonaventure Senior Living, a family-owned company based in Salem, Oregon. Bonaventure’s seniors housing portfolio is comprised of 28 communities and 3,900 units in Washington, Oregon and Colorado. Read More »
Leadership Transitions at CPF and Grace Management
CPF Living Communities and Grace Management, Inc. announced leadership transitions effective January 1. John Rijos will assume the role of Founder and Chairman of CPF and Chairman of Grace Management, while Guy Geller will take on the responsibilities of CEO for both CPF and Grace Management. John Rijos is also Managing Partner of CPF’s Healthcare Real Estate Fund. Under his guidance, CPF has expanded its portfolio to include a diverse range of high-quality senior living communities across the United States. Guy Geller has been a driving force behind the organization’s growth since joining in 2016. In his previous roles as COO of CPF and President of Grace Management, Guy has... Read More »
60 Seconds with Steve Monroe: Before The Rally
‘Twas the night before Christmas, all were in the investors’ suite Where prospects of profits and returns were sweet The spreadsheets were laid out by the laptops with care In hopes that new ventures soon would be there The analysts were nestled, with data in hand While visions of acquisitions were carefully planned The reports and LevinPro metrics, all neat in a row Prepared for the meetings where dollars would flow When out in the market there arose such a clatter I sprang from my seat to see what was the matter Away to the monitors I flew in a dash To make sure the market did not crash The screens shown bright with the latest news feed As I scrolled through new offerings with incredible... Read More »
New Buyer for Struggling Long Island CCRC
After New York State torpedoed the sale of a long-struggling CCRC in Port Washington, New York, to LCS in October, citing “a lack of required financial transparency” among other objections, the property has a new buyer. The Harborside, formerly Amsterdam of Harborside, opened in 2010 as a 329-unit, not-for-profit community and filed for bankruptcy in 2014 and again in 2021. It was roughly half occupied and owed millions of entrance fee refunds to the families of deceased residents. Under the terms of LCS’s bid, the company would pay $63 million to the bondholders and an unknown amount of entrance fee refunds. Another $40.8 million in refund payments would also come from the planned... Read More »
Who Wins in Class Action Staffing Litigation
The American Seniors Housing Association and Hanson Bridgett just came out with an “Industry Brief” on the settlement of a class action lawsuit called Heredia v. Sunrise Senior Living. The settlement was approved on December 3, but the lawsuit had been winding its way through the courts since 2017. Apparently, for these kinds of staffing lawsuits this is the longest time period recorded. The basis of the class action lawsuit was allegations of understaffing, with staffing levels unrelated to the care needs of residents, as well as allegations that representations by owners/operators to residents and prospective residents that sufficient staffing was in place were misleading. While we have... Read More »Schedule a demo
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