Medicaid to the Rescue
The time came for a private equity firm to exit their investment in Shaker Heights, Ohio (Cleveland MSA), only after investing in substantial renovations and stabilizing the census. Situated downtown near a brand-new commercial development, the community was built in 1995 and features 122 assisted living and 50 licensed skilled nursing beds. It was originally acquired by the PE firm in 2012 as a value-add opportunity and has since improved its operations, with occupancy climbing from around 70% to 85%. Operations at the assisted living community in particular improved dramatically, as a steadier stream of residents who were enrolled in Ohio’s Assisted Living Waiver Program (now... Read More »
HHC Finance Sizzles This Summer
The Capital Advisory Group at Housing & Healthcare Finance (HHC Finance) has impressed so far this summer, closing $157 million across eight loans in the last two months. Isaac Haas and Neil Gamss, who lead the group, went to Pennsylvania to close the largest transaction. Vita Healthcare Group was the borrower, after acquiring eight skilled nursing facilities and 1,050 total beds that were deemed to be non-core by the undisclosed seller, in a transaction handled by Ben Firestone, Christopher Hyldahl, Michael Segal and Gideon Orion of Blueprint Healthcare Real Estate Advisors. HHC Finance closed a $100.3 million bridge loan to fund the purchase. For another skilled nursing portfolio... Read More »
Blueprint Sells Four Assisted Living Sites in California
Blueprint Healthcare Real Estate Advisors proved they don’t need a building to sell a piece of property. When EB-5 investor PDC Capital’s assets were placed into an SEC receivership in January 2017, per the order of a federal judge, included in the frozen assets were four assisted living development sites in California. Thomas Seaman and Associates, the receiver, hired Blueprint to locate a stalking horse bidder for the sites. Carefield Senior Living emerged as that bidder and purchased three of the sites for $6 million. The existing first mortgagee, Lincoln MCC US, LLC, a division of MCC China, ended up surpassing Carefield’s bid for one of the sites, and paid $8.7 million for it. Jacob... Read More »
Skilled Nursing Portfolios Sell in the Northeast
Halfway through 2018, Blueprint Healthcare Real Estate Advisors has so far announced 34 closings, making the prospect of breaking their 2017 record of 53 deals even closer. The firm closed June out with two more transactions featuring skilled nursing divestments in the Northeast. First, in New Jersey, Ben Firestone, Chris Hyldahl, Michael Segal and Gideon Orion sold four skilled nursing facilities totaling 654 beds for an undisclosed price. Located in high-barrier-to-entry markets near New York City and along the Jersey Shore, the facilities have undergone several extensive renovations, including adding new memory care units, ventilator units and outpatient therapy space. The buyer is an... Read More »Schedule a demo
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