CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage, has arranged the sale of 10 seniors housing communities in Louisiana, Mississippi and South Carolina for $145 million. Schonberg Care, a regional owner-operator, sold the assets to White Oak Healthcare, which will install Discovery Senior Living as the operator. The REIT buyer also assumed a recently refinanced Fannie Mae loan on the portfolio. The communities consist of 590 seniors housing units and 666 functional beds (117 independent living units, 293 assisted living units, and 180 memory care units). The communities were …
CHUBBUCK, Idaho — Senior Living Investment Brokerage (SLIB) has arranged the sale of Cottonwood Cove, an 82-unit independent living community in Chubbuck, located in the southeast portion of the state. The facility was built in 1987 and totals 117,828 square feet on approximately five acres. The price was not disclosed. Cottonwood Cove has consistently performed even through the pandemic, with an occupancy near 100 percent on an ongoing basis, according to SLIB. The seller was a local owner, with this being its sole senior living asset. The buyer is a …
PALM BEACH, Fla. — Thorofare Capital has funded a $15.4 million loan for the acquisition of Tequesta Terrace, an assisted living and memory care community in Palm Beach. Built in 2001, the asset features 100 units. The borrower is Alta Senior Living, a regional owner-operator. The seller was a New England-based owner-operator looking to exit its sole Florida asset. Blueprint Healthcare Real Estate Advisors brokered the transaction. The financing represents a 65 percent loan-to-value ratio and 48-month term with extension options. The transaction features future funding for capital expenditures.
GEORGETOWN, S.C. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Georgetown Assisted Living & Memory Care in Georgetown, a small town located along the coast. An owner-operator and a group of investors purchased a 24-unit hospice facility from the local hospital. The group then did a gut rehab on the existing structure and added a two-story, 38-unit addition. The investor group decided to sell the asset prior to opening the property. The buyer and price were not disclosed. Patrick Burke, Bradley Clousing and Dan Geraghty of SLIB …
FRESNO, Calif. — JCH has arranged the $6.4 million sale of a skilled nursing facility in Fresno. The seller was an owner-operator that needed assistance to continue operating. The buyer was a regional owner-operator. Further details were not disclosed.
NORTHWEST PENNSYLVANIA — Senior Living Investment Brokerage (SLIB) has negotiated the sale of two skilled nursing facilities located in Northwest Pennsylvania. The seller deemed one of the communities, an 80-bed facility, to be a non-core asset. A larger, 180-bed facility was included in the offering to make it more attractive. The buyer is a New York-based investor in the skilled space with a growing presence Pennsylvania. Ryan Saul and Toby Siefert of SLIB handled the transaction.
After a pause in seniors housing acquisitions in 2020 as a result of the COVID-19 pandemic, it appears volume is back to normal, according to experts within the industry. “Before the pandemic started, volume was pretty good for acquisitiions and there was an ample pool of buyers out there,” said JP LoMonaco of Valuation & Information Group. “Debt and equity were available from among the widest variety of sources I’ve seen in a long time. Then we had the pandemic and everything came to a screeching halt.” LoMonaco’s comments came …
BROWNSBURG and PLAINFIELD, Ind. — Sonida Senior Living Inc. (NYSE: SNDA) has agreed to acquire two recently renovated seniors housing communities in metro Indianapolis for $12.3 million. Formerly known as Capital Senior Living, the Dallas-based owner-operator rebranded as Sonida in November and began trading under its new stock symbol. The communities, Northfield Senior Living in Brownsburg and Southfield Senior Living in Plainfield, total 157 independent living units and are located approximately 20 minutes outside of downtown Indianapolis. Sonida expects the acquisition to close in the first quarter of 2022. The …
DAYTON, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities north of Dayton. The two facilities were originally built in the 1990s and underwent considerable renovations since 2010. Further details on the property were not disclosed. A regional owner-operator sold the assets to an East Coast-based owner-operator making its first move into Ohio. The price was not disclosed.
CHESTNUT HILL, Mass. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged the sale of Wingate Residences at Boylston Place, a 48-unit assisted living property, and Wingate at Chestnut Hill, a 135-bed skilled nursing facility. The two properties are located on a single campus in Chestnut Hill, a village just outside of Boston. The institutional seller was a pension fund investor that is exiting the senior living space. The buyer is a joint venture between Harrison Street, an institutional private equity firm, and LCB Senior Living, a regional …