TENNESSEE — Monticello and its affiliates have provided $15.8 million in first lien debt financing for the acquisition and renovation of three assisted living and memory care communities in Tennessee. The portfolio totals 126 units. The borrower is an owner-operator with a current portfolio of 1,116 units. The names and locations of the properties were not disclosed.
Acquisitions
MIAMI — Cushman & Wakefield has arranged the sale of 10 senior care facilities in Miami-Dade County for a combined price of $88.6 million as part of a value-add strategy. The portfolio includes a mix of assisted living and skilled nursing facilities, which together comprise 1,289 beds and 370,862 square feet. Robert Kaplan and Mark Rutherford of Cushman & Wakefield represented the seller, A.D.M.E. Investment Partners, in each transaction. The individual buyers were not disclosed. Bruce Gibson of Senior Capital Advisors was the co-broker on all transactions, except those for …
LONGVIEW, Texas — MedCore Partners and The National Realty Group (TNRG) have acquired Parkview on Hollybrook, a 189-unit senior living community in Longview, approximately 60 miles west of Shreveport, Louisiana. The campus offers 126 independent living, 41 assisted living and 22 memory care residences. The buyers intend to develop land adjacent to the existing campus to add independent living cottages by early 2021. Integral Senior Living (ISL) will manage the community. JLL marketed the property on behalf of the seller, an Austin-based private equity group. The price was not disclosed. …
MADERA, Calif. — Evans Senior Investments (ESI) has arranged the sale of Cedar Creek Senior Living, a 112-unit independent living, assisted living and memory care community. The property is located in Madera, approximately 25 miles northwest of Fresno. Originally built in 2005, the community averaged 87.6 percent occupancy in the year leading up to the sale. ESI represented the seller, an independent owner. A California-based REIT acquired the property for an undisclosed price.
PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Senior Haven, an assisted living community in Portland, Oregon. The property features 47 units totaling 50 beds. The community was built in 2012 and expanded in 2018. The facility is approximately 19,337 square feet and is situated on approximately 1.29 acres of land. A local owner-operator sold the property for an undisclosed price, and will continue to serve as a consultant post-closing. Senior Haven is the seller’s only senior living community. The buyer is a regional operator …
NEW YORK CITY — Greystone, a New York City-based healthcare facility owner and operator, has acquired 12 skilled nursing facilities and one supportive living community in Illinois and Missouri. The properties were all previously operated by Rosewood Care Centers. The Department of Housing and Urban Development (HUD) sold the assets for an undisclosed price. The portfolio totals 1,662 beds, and Greystone Healthcare Management Midwest will rebrand and operate the communities. The 13 properties are: Rosewood Care Center of Alton, Illinois, now named Riverside Rehab & Healthcare Rosewood Care Center of …
Monticello Funds $13.5M Acquisition Loan for 120-Bed Skilled Nursing Facility in Virginia
by Jeff Shaw
VIRGINIA — Monticello has provided $13.5 million in financing for the acquisition of a skilled nursing property totaling 120 beds in Virginia. The borrower is an owner and operator with 26 facilities in five states, including seven facilities totaling 915 beds in Virginia. The specific name and location of the acquired facility was not released.
OHIO — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 152-unit skilled nursing and assisted living facility in Northeast Ohio. A local owner-operator seeking to exit the industry sold the property to a private equity owner-operator with experience in the local marketplace. The price was $8.5 million. Connor Doherty and Ryan Kelly handled the transaction for Blueprint. The name and specific location of the community were not disclosed.
CHICAGO — JLL Capital Markets has arranged the sale of St. Pauls House, a 171-bed skilled nursing community in Chicago. Lutheran Life Communities sold the facility to an Illiois-based operator for an undisclosed price. St. Pauls House was originally built in 1921, with the additions of the East Wing in 1956 and the West Wing in 1970. The 100,000-square-foot community is situated on 2.4 acres in Chicago’s Irving Park neighborhood, northwest of downtown. Mike Garbers and Cody Tremper led the JLL Seniors Housing Capital Markets investment advisory team.
MURFREESBORO, Tenn. — Brookdale Senior Living (NYSE: BKD) has exercised a purchase option to acquire eight communities from Murfreesboro-based National Health Investors Inc. (NYSE:NHI). The assisted living facilities total 336 units and span three states. Brookdale paid $39.3 million. Further details on the names and locations of the properties were not released.