KANSAS and OHIO — Monticello has provided $20 million in first lien debt financing for the acquisition of two skilled nursing facilities and the contribution of one unencumbered skilled nursing facility located in Kansas and Ohio. The borrower is an owner-operator with a current portfolio of 1,188 licensed. Prior to this deal, Monticello financed the acquisition of a number of facilities in 2020 for the borrower.
Acquisitions
VIRGINIA — Newmark has arranged the $149.6 million sale of a nine-property portfolio of skilled nursing facilities. The properties combined total 1,014 beds across the state of Virginia. The specific names and locations were not disclosed. Annaly Capital Management sold the properties to Next Healthcare Capital for an undisclosed price. The new owner will continue to work with the existing operator. Newmark Seniors Housing Group’s Ross Sanders, David Fasano, Ryan Maconachy, Chad Lavender and John Giebel represented the seller.
PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Emerson House Portland, a memory care community in Portland. The property features 29 units totaling 55 bed. It was built in 1999 and renovated in 2013, now totaling 15,000 square feet on one third of an acre. A regional owner-operator existing the industry sold the asset to an Oregon-based operator for an undisclosed price. The new owner has agreed to operate the property as a COVID recovery facility for the State of Oregon. Jason Punzel, Brad Goodsell …
JCH Negotiates $5.4M Sale of Skilled Nursing, Assisted Living Campus in Southern California
by Jeff Shaw
HEMET, Calif. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community in Hemet, located the San Jacinto Valley, totaling 64 skilled nursing beds and 49 assisted living beds. A family-owned owner-operator sold the property to a first-time buyer for $5.4 million. The new owner immediately leased the property to a local assisted living operator. The price equates to a capitalization rate of 9 percent and a price per bed of $84,375.
LOS ANGELES — The Stahler Group of Marcus & Millichap has arranged the sale of an 89-unit assisted living and memory care community in Los Angeles County. The specific name and location of the property were not disclosed. A private investor sold the property to a regional owner with a track record of successful turnarounds. The price was not disclosed. The property was originally leased to Summerville followed by Emeritus and then ultimately Brookdale following the merger with Emeritus. Brookdale recently chose to not renew its lease.
PERRY, Iowa — Blueprint Healthcare Real Estate Advisors has arranged the sale of Rowley Masonic Community, a seniors housing campus located on more than 20 acres in Perry, a suburb of Des Moines. The original Rowley Masonic Community was built in the late 1950s with eight independent living cottages added in the 1980s. In January 2014, the seller began constructing a 72,000-square-foot addition featuring 16 assisted living units and 57 skilled nursing and transitional care beds. The Board of Directors engaged Health Dimensions Group in 2018 to help stabilize operations …
FORT MYERS, Fla. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired The Summit of Fort Myers, a 136-unit independent living community in Fort Myers. The property was previously known as Grand Villa of Fort Myers. The name change reflects the change in ownership, as well as the new operator, Grace Management. CPF also plans to implement improvements at the property. The Summit of Fort Myers is located in the Cypress Lake community, close to shopping areas, restaurants, medical facilities, and indoor …
NEW JERSEY — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities in New Jersey. The properties each feature 39 units and are located 45 miles away from each other. A New Jersey-based owner-operator looking to expand acquired the properties as a value-add opportunity. The seller, price, names and specific locations were not disclosed.
BREWSTER, Mass. — Elevation Financial Group, through its Elevation Real Property Fund VII, has acquired Wingate Residences at Brewster Place, a skilled nursing facility in the Cape Cod town of Brewster. Elevation paid $4 million for the 121,000-square-foot property. Initial construction of the facility began in 1973, with an expansion completed in 1995. The community operated as a nursing home and skilled nursing facility before ceasing operations in 2019. Elevation plans to reopen the property as an affordable senior living community, rebranded as Serenity Apartments at Brewster. “The need for …
EVANSVILLE, Ind. — Evans Senior Investments (ESI) has brokered the sale of Pine Haven Health & Rehab Center, a 113-bed skilled nursing facility in Evansville, in the southwest corner of the state near the Kentucky border. An owner-operator focused on the Southeast sold the property, as it was the only asset the company had in the Midwest. An undisclosed buyer paid $7.8 million for the facility. Built in two phases in 1957 and 2001, Pine Haven was hit hard by the COVID-19 pandemic, accumulating a total of 66 positive cases …