SOUTHEAST MICHIGAN — VIUM has provided $58 million in bridge-to-HUD financing for a six-building portfolio in Southeast Michigan. The borrower, a regional owner-operator based in New Jersey, used the funds to purchase the portfolio, which features nearly 700 skilled nursing beds and more than 50 assisted living units. Further details on the seller, buyer and location were not disclosed. VIUM provided financing via senior debt and mezzanine tranches.
NEWARK, N.J. — Fairstead, an investment firm with three offices along the East Coast, and Maine-based LIHC Investment Group have purchased the 691-unit Essex Plaza seniors affordable housing portfolio in Newark. The portfolio consists of 13 buildings. The partnership plans to invest in capital improvements, including the enhancement of the portfolio’s proptech features, sustainability and community programming. Information about income restrictions for the portfolio was not released. Dane Global represented the buyer and seller in the transaction.
ALLENDALE, N.J. — New Jersey-based investment firm Tryko Partners has acquired The Allendale Community for Senior Living, a 299-bed facility located in Northern New Jersey’s Bergen County. The 146,000-square-foot facility was built in the 1960s and offers skilled nursing, assisted living and memory care services. The seller and sales price were not disclosed.
QUAIL CREEK, Okla. — Evans Senior Investments (ESI) has arranged the sale of Quail Creek, a 103-unit assisted living and memory care community in the Oklahoma City suburb of Quail Creek. A private equity investor sold the asset to a regional operator for $6.5 million, or $63,000 per unit. Built in 1999, the community is licensed for 116 beds and the community’s resident base is 100% private pay. At the time of marketing, the community was averaging 41 percent occupancy on total revenue of $1.8 million. Due to the low …
MILWAUKEE — Vium Capital has provided a $21.3 million bridge loan for Bria of Trinity, a continuing care retirement community in Milwaukee. The loan provides funds for the acquisition of the property. The seller was seeking an exit from a geographic outlier while the buyer was looking to expand its presence in the state. Further details were not disclosed.
FORT WASHINGTON and LANCASTER, Pa. — Acts Retirement Services and Willow Valley Communities, two of the nation’s largest not-for-profit senior living organizations, have entered into a strategic alliance. Acts, which is based in Fort Washington, will serve as sole corporate sponsor and manager for Lancaster-based Willow Valley Communities. Both headquarters are in the greater Philadelphia area. Willow Valley Living CEO John Swanson will step aside from management oversight to focus entirely on future development of Willow Valley Communities properties. All other current Willow Valley Communities leadership will remain in place …
CARROLLTON, Texas — An affiliate of Livingston Street Capital, a private equity firm, has acquired Atlas Point at Prestonwood, a 183-unit active adult community in Carrollton, located in the Dallas-Fort Worth Metroplex This asset brings Livingston’s overall investment in the Dallas-Fort Worth active adult market to $150 million within six months, according to Peter Scola, founder, president and co-CEO of the company. “The Dallas Fort-Worth area appeals across demographics, as it offers an abundance of outdoor amenities, retail destinations, metropolitan conveniences and a great climate,” says Scola. “The population for …
CARMEL, NEW PALESTINE and DANVILLE, Ind. — Grandbridge Real Estate Capital’s Tampa-based National Senior Housing Investment Sales team has arranged the sale of the three seniors housing properties in the Indianapolis area. Named the Woodland Terrace Portfolio, the properties offer 482 units of independent living, assisted living and memory care in Carmel, New Palestine and Danville. The seller, The Justus Cos., developed the properties over the last four years. The buyer was a partnership between a national investor and Purpose First Partners, which is itself a joint venture between New …
CHICAGO — Evans Senior Investments (ESI) has arranged the sale of Holy Family Villa and Bishop Lyne Residence, a nonprofit, 129-bed skilled nursing community with an 18-unit independent living component in Chicago. Built in 2002 with a 2012 rehabilitation unit addition, the community features 35 private resident rooms. Despite the contemporary design, the community was not profitable at the time of marketing, with census averaging 73 percent, resulting in a net operating loss. Prior to the COVID-19 pandemic, the community averaged 87 percent occupancy with 49 private-pay residents and 28 …
PENSACOLA, Fla. — Berkadia has negotiated the sale of Homestead Village Retirement Community, a 176-unit, 180-licensed-bed community in Pensacola. Tim Cobb and Brooks Minford of Berkadia Seniors Housing & Healthcare completed the transaction on behalf of the seller, an Alabama-based nonprofit. The buyer was New Jersey-based Twin Light Capital. “The seller owned the asset for many years and decided it was time to refocus their efforts on operations within the state of Alabama,” says Minford. Built in 1993, Homestead Village Retirement Community offers independent living, assisted living and memory care. …