Bravo Provides $10M Bridge Acquisition Loan
Bravo Property Trust, an affiliate of Bravo Capital, provided a $10.0 million bridge loan to Birchwood Health Care Partners for the acquisition of a skilled nursing facility in Des Moines, Iowa. The building was constructed in 2016 as a senior care campus with 70 skilled nursing beds and 30 assisted living beds. The previous owner converted the AL units to SNF beds in October 2022, and the building was re-licensed as a 100-bed SNF in December 2022. With occupancy based on 100 SNF beds beginning in October 2022, the facility leased up over the next nine months and stabilized in August 2023 at 91%. Read More »
Chicago Pacific Founders Acquires in Sarasota
Chicago Pacific Founders and its subsidiaries, CPF Living Communities and Grace Management, Inc., acquired The Summit of Lakewood Ranch, in Lakewood Ranch, Florida (Sarasota MSA). Grace Management will take over operations and oversee investments made on the campus. The community currently offers assisted living and memory care services. It was previously known as The Sheridan at Lakewood Ranch and was operated by Senior Lifestyle Corp. It opened in 2016 with 121 units, at a cost of approximately $17 million, or $140,000 per unit. Additional terms of the deal were not disclosed. Read More »
Goldman Sachs Asset Management Divests in Midwest
Goldman Sachs Asset Management has recently divested a tranche of seniors housing properties, including Atria at River Trail, an A-quality asset in Chicagoland. Justin Knapp and Nick Stahler of IPA-Marcus & Millichap handled the sale of River Trail. Located in Bolingbrook, the community features 128 units of independent living, assisted living and memory care. It was recently built (in 2018), stabilized and operated by Atria Senior Living. After receiving several offers in the best and final round of bidding and selecting the buyer in December, the property was tied to the portfolio sale of eight assets in total located in Michigan, Pennsylvania and Virginia. That appears to be... Read More »
SLIB Navigates Tricky Maryland Deal
Toby Siefert and Dave Balow of Senior Living Investment Brokerage pulled out all the stops to close the sale of a seniors housing community in Denton, Maryland, on the Eastern Shore. Built in the mid-1980s, Homestead Manor Assisted Living and Heritage Community are a combined assisted living and independent living community on a shared campus, with 24 IL patio homes and 62 AL units. The patio homes have been continually at or near full occupancy with healthy cash flow, while the assisted living portion was still recovering from the pandemic, at 55%. Combined, the campus generated around $3.47 million of revenues, at an 11% margin. Representing a private owner looking to divest their... Read More »
CBRE Refinances Harrison Street/Belmont Village Properties
On behalf of Harrison Street and Belmont Village Senior Living, CBRE arranged a refinancing for two Class-A, well-located and irreplaceable senior housing communities: Belmont Village Senior Living Albany and Belmont Village Senior Living Calabasas. Aron Will, Vice Chairman of CBRE National Senior Housing, and Matt Kuronen, Vice President of CBRE National Senior Housing, arranged the financing through a syndication between national and regional banks. Belmont Village Albany is minutes from the center of UC Berkeley and was built in affiliation with the university as part of a 6.2-acre mixed-use development on university land that incorporates retail and grocery, wetlands... Read More »
Thank You, FBI Agent James Dennehy
All we can say is, it is about time. We have complained for several years that something needs to be done about the bad apples (criminals) that have given the nursing home industry a bad reputation, and sullied the reputations of all those who are trying hard to provide the best care they can, given the tough environment. Probably the worst abuser of the system, and someone who should have been put in jail a while ago and never allowed to own, operate or get a license for a nursing home ever again, has finally agreed to plead guilty to a $38 million tax fraud. We are referring, of course, to the notorious Joseph Schwartz, owner of Skyline Healthcare, who walked away from about 100 nursing... Read More »
Not-For-Profit Sells In Wisconsin
Ziegler was enlisted by Benevolent Corporation Cedar Community, a Wisconsin-based, not-for-profit organization, in its divestment of Cedar Community Elkhart Lake. Cedar Community is a 67-unit independent living and assisted living center in Elkhart Lake, Wisconsin. It was developed by Benevolent in 2008 on 13.3 acres. Matter Development purchased the property, and its operating affiliate, Koru Health, will operate the community. Together, Matter and Koru operate 12 senior living communities in Wisconsin and Minnesota. This acquisition enabled the company to expand its footprint into Sheboygan County, with plans to continue expansion in the surrounding area. Nick Glaisner, Jake Sexton... Read More »
CFG Finances SNF Purchase Option
Capital Funding Group helped finance a nationally recognized borrower’s in-the-money purchase option for a 120-bed skilled nursing facility in Virginia. CFG Vice President Andrew Jones originated the transaction. The $19.8 million bridge-to-HUD loan covered 100% of the acquisition and closing costs. The financing follows the company’s recent closing of a $9.5 million HUD loan, which supported the refinancing of an existing bridge loan also executed by CFG for a 173-bed skilled nursing facility in Pennsylvania. Read More »
Investor Divests in Arkansas
Daniel Morris of Plains Commercial Real Estate was engaged by an investor in its divestment of a seniors housing asset. Pine Bluff Assisted Living is a 60-licensed-bed assisted living community in Pine Bluff, Arkansas, which used to be a part of the former Davis Life Care Campus. Occupancy was hovering around 65% at closing. The campus was leased by a regional not-for-profit operator, and Plains was engaged to sell or lease the campus to a new operator before the expiration of the not-for-profit’s lease. The other portion of the campus was leased in 2023 to a new tenant. Pine Bluff was the last building in the campus to be reallocated. The buyer, APEX Senior Care... Read More »
Foundry Commercial Expands in Oregon
A seniors housing community in Keizer, Oregon, The Village at Keizer Ridge, was recently acquired by Foundry Commercial. Foundry now owns 30 senior living communities totaling over 1,900 units and operates 57 senior living communities totaling over 3,800 units across the U.S. The Village comprises 126 assisted living/memory care units and was built in 2016. Foundry’s regional operating partner in the pacific northwest, Cascadia Senior Living, will operate the community. Cascadia now manages 17 assets in the region. The transaction was led by Ryan Weekes, Zach Strunk and Katie Rosica of Foundry. And Newmark handled the transaction. No other details were... Read More »Schedule a demo
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