• NHI and National HealthCare Corporation Ending Master Lease

    by | Apr 23, 2026 2:55 pm | Acquisitions

    In a move to concentrate its portfolio on private pay seniors housing, National Health Investors divested a large skilled nursing portfolio for $560 million, before estimated transaction costs between $6 million and $8 million. The buyer was the current lessee, National HealthCare Corporation, whose legacy master lease was established in 1991 and... Read More »

  • Seniors Housing Communities Sell in Southwest Florida

    by | Apr 23, 2026 2:41 pm | Acquisitions, Financings

    Berkadia has announced a couple of closings in southwest Florida. First, Brooks Minford headed to the Tampa, Florida area to sell a 138-unit assisted living/memory care community on behalf of a local developer that was looking to exit the seniors housing business. They had built Tessera of Brandon in 2017 to feature a mix of 98 assisted living... Read More »

  • Global Investment Firm Re-Enters the Senior Care Industry

    by | Apr 23, 2026 2:40 pm | Acquisitions

    Global alternative investment firm Investcorp has re-entered the seniors housing sphere after its exit in 2008. The company has acquired three communities in Massachusetts, California, and New York, all within a short period.  The Massachusetts community is in Boston, and it offers both independent living and affordable seniors housing... Read More »

  • Investor Enters Seniors Housing Sector

    by | Apr 23, 2026 2:39 pm | Acquisitions

    Stone Brook Assisted Living in the Dallas, Texas MSA, has traded hands from a single-community owner/operator to a regionally-based investor. The seller was looking to enter retirement, and the investor wanted to make their first investment in the seniors housing space. Both seller and buyer agreed to pause the process in Fall 2025 to allow the... Read More »

  • Public Company Divests in Arizona

    by | Apr 23, 2026 2:38 pm | Acquisitions

    A publicly traded company focused on seniors housing recently divested a community in Mesa, Arizona. The asset features 68 assisted living and memory care units, and offered meaningful upside potential. Amy Sitzman, Kyle Hallion and Jake Rice of Blueprint handled the deal, which saw a competitive process with multiple offers from groups looking... Read More »

California CCRC in the works

by | Aug 28, 2015 8:30 am | Developments

Life Care Services (LCS), together with local companies Villaggio Communities, John Madonna Construction and RRM Design Group, announced plans to build a 350-unit entrance fee CCRC in San Luis Obispo, California (located about halfway between Los Angeles and San Francisco) as part of a $500 million mixed-use project that would cater to seniors. In addition to the CCRC, which would be the first in its county, the project will include between 150,000 and 350,000 square feet of commercial retail space, 200 apartments and 60-100 single-family detached homes. Villaggio Communities, a seniors housing developer, is in the process of acquiring 111 acres from John Madonna Construction. The proposed... Read More »

CCRC in transition sells

by | Aug 12, 2015 8:32 am | Acquisitions

As many of you will read in this month’s issue of The SeniorCare Investor, we discuss the difficulties in valuing an entrance-fee CCRC and a rental CCRC. But how do you value a CCRC that is in the middle of transitioning from entrance fee to all-rental? That was the problem facing a faith-based nonprofit looking to sell its CCRC in St. Louis, Missouri. Built in 1984, 2003 and 2013, the community features 110 independent living units, 22 assisted living units, 22 memory care units and 41 skilled nursing beds. The owner exclusively operates entrance-fee communities, but during the Great Recession, they decided to convert the St. Louis community to all-rental. However, because of the move,... Read More »

Two-property transaction

by | Jul 24, 2015 8:30 am | Acquisitions

A private investor group recently sold their 217-unit CCRC in Fayetteville, Pennsylvania, with a separate 70-unit assisted living community in Maytown, Pennsylvania, to a large publicly traded REIT for an undisclosed price. The CCRC, which consists of 13 independent living cottages, 112 independent/assisted living and memory care units and 92 skilled nursing beds, was constructed in stages from 1977 to 2014 and includes both entrance-fee and rental residents. Occupancy there stood at around 88%. The previous owners were mulling plans to construct a 168-unit independent living building on the sprawling 100+-acre property. Meanwhile, the assisted living community, built in 1999 and expanded... Read More »

HJ Sims executes $22.5 million refinance

by | Jul 15, 2015 8:31 am | Financings

A CCRC in Annapolis, Maryland with a securitized $17 million mortgage that did not allow a prepayment (current balance was down to $15 million) secured a bank refinance with the help of HJ Sims. The CCRC already had a history with HJ Sims, having received a $48 million construction loan and $8.4 million of development capital from them in 2001 and the $17 million mortgage in 2005. Because this mortgage was due on January 1, 2016, the CCRC had to defease the existing mortgage by escrowing all future principal and interest payments, thereby creating negative arbitrage. Plus, the CCRC had been servicing an outstanding subordinate loan from the original developers ($300,000 of which was... Read More »

CBRE arranges financing for 15-CCRC portfolio

by | Jun 17, 2015 8:51 am | Financings

Aron Will, Mitchell Kiffe and Matthew Whitlock of CBRE arranged $410 million in financing on behalf of NorthStar Healthcare Income and The Freshwater Group/Watermark Retirement Communities to purchase a portfolio of 15 rental and entrance fee CCRCs. The seller, Fountains Senior Living, a subsidiary of Arcapita, had previously hired Watermark as the day-to-day operator of the portfolio, which consists of six entrance-fee and nine rental CCRCs with 3,663 total units (with 2,330 independent living units, 945 assisted living units, 156 memory care units and 320 skilled nursing beds in 232 rooms). NorthStar will lease the entrance fee properties to affiliates of The Freshwater Group, pursuant... Read More »