Twin Light Capital Acquires in Florida
After completing its first acquisition in Minnesota, a 13-property assisted living portfolio, Twin Light Capital headed south and recently closed on a smaller community in Florida. But as they say, it is all about location. Twin Light, a private equity investment management firm that focuses on seniors housing and care, purchased Hudson Manor Assisted Living in the Davis Islands neighborhood of Tampa, Florida. The island (it used to be two islands that some landfill turned into one) has a population of just 6,000, but Hudson Manor gets about 50% of its residents from the island and 50% from south Tampa. It is a relatively posh area (Tom Brady just bought a house there as he joins the... Read More » Blueprint Finds Buyers For LTC Properties’ Preferred Care Sale
Blueprint Healthcare Real Estate Advisors has announced its involvement in the first two phases of LTC Properties’ sale of its Preferred Care portfolio, with three more to go. In the end, the whole portfolio, including approximately 2,500 beds across five states, provided a combined $78 million in net proceeds for LTC. And there were multiple buyers involved in the deal. The first closing was for a 160-bed skilled nursing facility in Mesa, Arizona. Located near regional medical centers such as Banner Baywood and Banner Gateway, the facility was also recently expanded and renovated. Its new owner has an existing footprint in the market, which should help improve census, especially now. The... Read More »
Blueprint Closes Ohio SNF Deal
Connor Doherty, Ryan Kelly, Chris Hyldahl and Gideon Orion of Blueprint Healthcare Real Estate Advisors closed a skilled nursing deal in Ohio on May 1. It took a motivated seller, experienced buyer and a willing lender to get the deal done, not always an easy combination these days. An older vintage with some recent updates, the 150-bed skilled nursing facility is located near Youngstown, Ohio. It was owned by a REIT and managed by a large national operator, but the time had come to sell. Turnover in key leadership positions had caused occupancy to decline, which we are sure added to the motivation to exit. Blueprint positioned the property as a value-add opportunity, if a new... Read More »
Helios Healthcare Advisors Sources Tenant in Texas SNF Sale
At the start of April, the team at Helios Healthcare Advisors including Jeff Rhodes, Bill Janis and Mario Wilson, successfully sourced a tenant and structured the lease of a 150-bed skilled nursing facility in Kerrville, Texas. We’re not sure how operational transitions go these days, but we can’t imagine they’re easy. Blueprint Healthcare Real Estate Advisors (Mr. Wilson’s former stomping grounds) announced the deal last week, representing the REIT seller. Built in 2006, the facility was enrolled in the Texas Quality Incentive Payment Program (QIPP). Formerly operated by Southwest LTC, its occupancy was in the low-50% range, but cash flow (before the QIPP revenue) was... Read More »