Midwest Developer Acquires in Georgia
Daniel Geraghty and Brad Clousing of Senior Living Investment Brokerage represented a group of EB-5 investors in the sale of their 70-unit assisted living/memory care community in Georgia. Located in the town of Sharpsburg, a growing market between Newnan and Peachtree City southwest of Atlanta, the community was built in 2021 and was in excellent condition. It was also producing healthy cash flow, making for an attractive opportunity for a buyer to acquire a stabilized asset for below replacement cost. That buyer was a Midwest-based developer making its first acquisition in Georgia, for an undisclosed price. There were multiple offers from both national and regional... Read More »
Cincinnati Owner/Operator Divests SNF
Blueprint was brought on by a local owner/operator in its divestment of a 30-bed skilled nursing facility built in 2013 with all private beds in Cincinnati, Ohio. Located near a hospital, the facility was in great shape and only accepted Medicare and private pay residents. The seller divested to recycle capital and pay down maturing debt obligations, shifting its focus to alternative asset classes. The buyer was a well-capitalized owner/operator seeking to expand and increase operational leverage within the Cincinnati market. Connor Doherty and Ryan Kelly handled the transaction. We believe the deal also set a record for price per bed for skilled nursing facilities in Ohio, which... Read More »
Real Estate Agent Purchases A RCFE Community in California
Sherman & Roylance facilitated the sale of a purpose-built, six-bed RCFE community in Sonoma, California, with all private units. The purchase price was $1.75 million, or $290,000 per bed. The seller divested because it is consolidating its portfolio. The buyer was a real estate agent, and this is their first acquisition in the long-term care industry. Operating with a solid track record, the facility generates approximately $50,000 in gross revenue per month, boasting an average resident rate of $8,000 per month. Michael Belcher and Chris Minnery handled the transaction. Read More »
60 Seconds with Swett: The Development Dilemma
The difficult thing about development right now is that it is both a very tough time to build because of higher capital costs but also may be the time that many developers and investors need to start projects. We know, easy for us to say, especially as the Fed signals that rates are likely to stay high for longer and as the 10-year Treasury rate peaks above 4.5% again. But the reality is that if indeed there will be a supply and demand imbalance in a couple of years, then the predevelopment work (if not shovels in the ground) has to start right now because of how long it would take to get those developments open and leased up by the time baby boomers begin turning 80. That process takes a... Read More »
EBSC Provides Financing for Michigan Asset
EBSC Lending provided $26.2 million in financing for an affordable seniors housing community in Michigan. The borrower is a not-for-profit owner/operator with experience in hospitality that will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exterior, elevators, common areas and building systems such as security, backup electricity and medical alert. The community comprises 41 units with a mix of mostly one-bedrooms, some studios and two-bedrooms. All of the units will be reserved for low- and moderate-income seniors, with 13 reserved for households earning below 30% of the area median income, 11 for those... Read More »
The Benoit Group Finances Atlanta Project
The Benoit Group, in partnership with Atlanta Housing, received financing for the development of Englewood Senior in Atlanta. This affordable seniors housing project marks the first redevelopment phase of a master-planned, mixed-use, multi-plase community on the 30-acre site of the former Englewood Manor public housing site. Built in 1971, Englewood Manor offered 324 public housing units before the residents were relocated in 2007, followed by the property’s demolition in 2009 with HUD approval. The site is located in southeast Atlanta approximately 1.5 miles from Grant Park. Funding for this $72 million project includes federal and state equity tax credit investment by Raymond James and... Read More »
National Lending Group Divests in Wisconsin
Justin Knapp, Nick Stahler and Ray Giannini of Marcus & Millichap recently closed the receivership sale of an 86-bed skilled nursing facility in Wisconsin. The Knapp-Stahler Group represented the seller, a national lending group that also provided financing for the deal. The borrower/buyer was a local operator with ties to an East Coast-based equity partner. Built in 1928, the facility has 58,000 square feet across three stories on a 38-acre lot. No financial or operational details were disclosed. Read More »
CFG Secures Bridge-to-HUD Loan for Ohio Skilled Nursing Facility
Capital Funding Group secured financing for a skilled nursing facility in Ohio on behalf of a nationally recognized borrower. The bridge-to-HUD loan totals $13.5 million and supports the refinancing of this 120-bed SNF. Tim Eberhardt and Ava Julio of CFG originated the transaction. This financing follows CFG’s closing of two HUD loans on behalf of a nationally recognized borrower. The loans supported the refinancing of two SNFs in Florida that comprise 261 beds. The loan totaled $17.4 million. Read More »
CBRE Secures Financing For Class-A Seniors Housing Community
CBRE secured financing for a Class-A seniors housing community in North Dakota on behalf of a joint venture borrower. Built in 2017, New Perspective West Fargo is in Fargo, one mile from Sanford Medical Center, North Dakota’s newest and largest medical center. The community features 128 independent living, assisted living and memory care units and is managed by New Perspective Senior Living. The joint venture borrower includes New Perspective, Boldt Real Estate Development and Fengate Asset Management. New Perspective develops, invests and operates senior living communities, with a portfolio of 40 communities in Minnesota, Wisconsin, Illinois, Indiana and North Dakota. Boldt is a... Read More »
PCP Purchases Ohio Assisted Living Community
Phorcys Capital Partners LLC, the investment advisor to Phorcys Senior Housing Recovery Fund LP (SHRF), announced it acquired a seniors housing community in Wickliffe, Ohio, through a trustee-directed short sale for $13.0 million, or $81,000 per unit. This is PCP’s second investment in SHRF, and it will continue to focus on the winding down of muni-finance bond transactions to add additional assets to its senior living portfolio. Built in 1979 as a hotel and renovated/converted in 2018, Tapestry Senior Living Wickliffe is a four-story assisted living community comprised of 160 studio and one-bedroom units, with 124,212 square feet on 5.2 acres. It was previously operated by Tapestry Senior... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
