RIVERSIDE COUNTY, Calif. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community featuring 64 skilled nursing beds and 49 assisted living beds in Riverside County, located east of Los Angeles. The facility was in escrow when COVID-19 hit with a first-time buyer who decided not to proceed. The seller, a family-owned owner-operator eventually sold the property to a first-time buyer. The sales price was $5.4 million, or $84,375 per bed at a 9 percent capitalization rate. JCH also assisted the buyer in setting up …
Acquisitions
ELIZABETHTOWN, Pa. — Senior Living Investment Brokerage has negotiated the sale of Elizabethtown Health & Rehab, a skilled nursing and personal care community in Elizabethtown, a suburb of Harrisburg. The facility consists of 45 skilled nursing beds and 39 personal care beds. Most of the building is configured as semi-private rooms. The facility encountered COVID very early in the pandemic with almost all residents and several staff testing positive. With very few deaths, the facility continued to perform extremely well, benefited from higher rates, and was able to continue admitting …
VALLEY STREAM, N.Y. — Oxford Finance LLC has arranged a $44.6 million senior credit facility and revolving line of credit to MDA Capital Group, a Valley Stream-based seniors housing consulting services firm. The proceeds are being used for the acquisition of five skilled nursing facilities located in Vermont totaling 527 licensed beds. Details on the properties and transaction were not disclosed.
UNIONTOWN, Pa. — Evans Senior Investments (ESI) has arranged the sale of Cherry Tree Nursing Center, a 120-bed skilled nursing facility in Uniontown, approximately 45 miles south of Pittsburgh. An independent owner-operator exiting the long-term care industry sold the property for $9.7 million. The buyer was an Ohio-based owner-operator looking to expand in Pennsylvania. Built in 1995, the community features all private or semi-private rooms. Despite the contemporary design, the community was not profitable at the time of marketing the offering, with census averaging 72 percent contributing to only $50,000 …
CANTON, Ohio — Capital Senior Living Corp. (NYSE: CSU) has sold a seniors housing community in Canton for $18 million The sale provided $6.4 million in net cash proceeds to the company, which will continue to operate the asset. The buyer and the name of the property were not disclosed. The community features 92 independent living units, 102 assisted living units and 36 memory care units.
Blueprint Brokers Sale of 154-Bed Pawtucket Center Skilled Nursing Facility in Rhode Island
by Jeff Shaw
PAWTUCKET, R.I. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Pawtucket Center, a 154-bed skilled nursing facility in the Providence suburb of Pawtucket. The property was built in 1978, expanded in 1997 and renovated in the early 2000s. A REIT sold the facility to a New Jersey-based entrepreneur, which has partnered with a regional operator. The new owner rebranded the property as Pawtucket Falls Healthcare Center. The price was not disclosed.
CareTrust REIT Provides $15M Mezzanine Loan for Skilled Nursing Portfolio Acquisition in Virginia
by Jeff Shaw
VIRGINIA — CareTrust REIT (NASDAQ: CTRE) has provided a $15 million secured mezzanine loan to Next Healthcare Inc. The loan is part of a larger financing package that is funding Next’s acquisition of nine skilled nursing facilities in Virginia totaling approximately 1,000 beds. The loan caries a five-year maturity and an annual interest rate of 12 percent. The loan was funded with proceeds from CareTrust’s $600 million unsecured revolving credit facility.
Capital Square 1031 Acquires Whispering Pines Manufactured Housing Community in Kissimmee, Florida
by Jeff Shaw
KISSIMMEE, Fla. — Capital Square 1031 has acquired Whispering Pines, a 301-site manufactured housing community for seniors in the Orlando suburb of Kissimmee. “This is Capital Square’s fourth acquisition this year of age-restricted manufactured housing communities in coastal Florida markets,” says Louis Rogers, founder and chief executive officer. “Capital Square is bullish on manufactured housing in Florida due to exceptionally strong demand from retirees and very limited supply for affordable senior housing.” The community is situated on approximately 61 acres of land, is 99 percent occupied and has additional land …
Monticello Provides $42.1M Financing for Skilled Nursing Facility Acquisition in Virginia
by Jeff Shaw
VIRGINIA — Monticello has provided $42.1 million in financing for the acquisition of a skilled nursing facility located in Virginia. The transaction also includes a $3.5 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The buyer is an experienced owner and operator. Further details on the property, loan and acquisition were not disclosed.
TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of four skilled nursing facilities in Texas. The properties feature a combined 340 beds. Two were built in the late 1960s and two were built in 2000. A REIT winding down its relationship with the facilities’ operator sold the facilities. Multiple undisclosed buyers acquired the properties for undisclosed prices.