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.
Acquisitions
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.
ST. LOUIS — SRZ Management has acquired NHC Healthcare Town & Country, a 282-bed skilled nursing facility in St. Louis. The seller was National Healthcare Corp. The price was not disclosed. SRZ plans to rebrand the property as Town & Country Health & Rehab and plans to retain all current staff. “We do not plan to expand the current facility or tear it down and build a larger facility as was proposed by previous parties interested in purchasing this property,” says David Murphy, CEO of SRZ Management. “Instead, we plan …
Colliers Arranges $94M Sale of Affordable Seniors Housing Property in East Orange, New Jersey
by Jeff Shaw
EAST ORANGE, N.J. — Colliers International has arranged the $94 million sale of Norman Towers, a Section 8 seniors housing project located in the Newark suburb of East Orange. The 405-unit property has not been renovated since its original construction in 1980. Colliers represented the seller, Squiretown Properties LLC, in the transaction. The buyer was a partnership between Community Preservation Partners and L+M Development Partners. The property’s affordability status, which was set to expire in 10 years, has now been extended for 30 years as part of the purchase agreement. …
HAMILTON TOWNSHIP, N.J. — The Kislak Company Inc. has brokered the $16.4 million sale of Twin Ponds, a 75-unit active adult community in Hamilton Township, located outside Trenton. Justin Lupo and Jason Pucci of Kislak represented the sellers, Crestwood Ventures LLC and Crestwood Ventures II LLC, in the transaction. The buyer, an affiliate of The Kamson Corp., plans to expand the property with a 69-unit third phase. Twin Ponds was fully occupied at the time of sale.
STERLING, Va. — Avanath Capital Management has acquired Cascades Village, a 150-unit affordable seniors housing community in the Washington, D.C. suburb of Sterling, for $27.2 million. “Avanath was attracted to Sterling because home pricing and existing market-rate product in the market are unaffordable to lower income renters, resulting in a significant demand for affordable rental units in the area,” says John Williams, president and chief investment officer of Avanath Capital Management. “Cascades Village is located only 2.5 miles away from our affordable community, Acclaim at Sterling, and this proximity will …
CHESAPEAKE, Va. — Commonwealth Senior Living has acquired Cedar Manor Assisted Living, a seniors housing community in Chesapeake, located in the southeast corner of the state along the Atlantic Ocean and North Carolina border. Chesapeake Regional Healthcare built the property in 2001. It will be rebranded as Commonwealth Senior Living at Cedar Manor. The community currently features 60 assisted living and 12 memory care beds. Starting after the holidays, Commonwealth will immediately begin renovations to update the building and expand its capacity to 68 assisted living and 32 memory care …
NORTH BEND, Ore. — Merrill Commercial Real Estate has arranged the sale of a 69-unit independent living community in North Bend. The 44,000-square-foot community was part of a senior living portfolio that went into receivership in late 2019. The property is one of four properties in the portfolio that make up a continuum of care model in the local area. The name of the property and campus were not disclosed. Mike Merrill represented the court-appointed receiver. A California-based investment group focused on the multifamily sector paid $4.1 million for the …