NEW YORK CITY — ORIX Corp. USA, the U.S. and Latin America arm of Tokyo-based ORIX Corp., has completed its acquisition of Hunt Real Estate Capital. The buyer announced it plans to combine Hunt Real Estate Capital with its two other ORIX Real Estate Capital brands, Lancaster Pollard and RED Capital Group. “The combined organization will possess the capital, national presence, servicing capability, and range of debt and investment solutions to address the needs of the entire commercial real estate community,” says Terry Suzuki, ORIX USA president and CEO. Industry …
Acquisitions
Commonwealth Senior Living Acquires 10 Communities in Pennsylvania, Tennessee, Maryland, Virginia
by Jeff Shaw
CHARLOTTESVILLE, Va. — Commonwealth Senior Living, a Charlottesville-based owner-operator, has added 10 new senior living communities to its portfolio. The properties are in Pennsylvania, Tennessee and Virginia, consisting of over 660 units. The new communities include: Commonwealth Senior Living at Oak Ridge (Oak Ridge, Tennessee) Commonwealth Memory Care at Chesapeake (Chesapeake, Virginia) Commonwealth Senior Living at Monument Avenue (Richmond, Virginia) Commonwealth Senior Living at Stafford (Stafford, Virginia) Commonwealth Senior Living at Fredericksburg (Fredericksburg, Virginia) Commonwealth Senior Living at Berryville (Berryville, Virginia) Commonwealth Senior Living at Hagerstown (Hagerstown, Maryland) Commonwealth Senior …
NHI, LCS Form Joint Venture to Acquire Timber Ridge Life Plan Community in Washington for $133M
by Jeff Shaw
ISSAQUAH, Wash. — National Health Investors (NHI) has formed a joint venture with an affiliate of Life Care Services (LCS) to acquire and operate Timber Ridge at Talus, a continuing care retirement community (CCRC) in Issaquah. The buyers will acquire Timber Ridge from a joint venture between Westminster Capital and LCS for $133 million, exclusive of closing costs that are estimated to be approximately $2 million. Originally built in 2008 and expanded in 2017, the property features 401 units, including 330 independent living apartments, 14 assisted living apartments, 12 memory …
ESCONDIDO, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Las Villas Del Norte, a 185-unit assisted living and memory care community in Escondido. A publicly traded REIT sold the property for an undisclosed price. The buyer was a locally based and privately held real estate investment firm with experience repurposing senior care properties. Constructed in 1986 with an expansion completed in 2006, Las Villas Del Norte is situated in an affluent submarket north of San Diego. The community had initially offered a wider spectrum of senior …
Coastal States Bank Funds $13.1M Acquisition Loan for Assisted Living Asset in Connecticut
by Jeff Shaw
STRATFORD, Conn. — Coastal States Bank has provided a $13.1 million senior loan to affiliates of Woodbine Senior Living. The financing will be used for the acquisition of a 100-unit licensed assisted living community in Stratford. Excess funds will be used to help bring the 88,825-square-foot property to stabilization. The name of the property was not released. Woodbine Senior Living partnered with Locust Point Capital, which provided a $5 million preferred equity investment.
WICHITA, Kan., and OKLAHOMA CITY — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities located near Oklahoma City and Wichita. A publicly traded REIT and a national operator sold the properties to a family-owned operator based in Kansas. The prices, names and specific locations were not disclosed. With a combined 52 total units and 16,000 square feet, the primarily private pay communities were built in 1993/1994 and renovated in 2016. Both were over 90 percent occupied. Ben Firestone, Michael Segal and Alex Florea of …
LAWRENCEBURG, Indiana — Evans Senior Investments (ESI) has arranged the sale of Shady Nook Care Center, a 94-bed skilled nursing facility in Lawrenceburg, located along the Ohio River near the Kentucky and Ohio borders. An independent owner-operator with only this community in the state was the seller. A national owner-operator group bought the property for $9 million, or $96,000 per bed. Built in 1983, Shady Nook Care Center is located in a tertiary submarket of Cincinnati, Ohio. The facility was 79 percent occupied.
SAINT PAUL, Minn. — Evans Senior Investments (ESI) has arranged the sale of Coventry of Mahtomedi, a 48-unit assisted living and memory care community in Saint Paul. National Health Investors (NYSE: NHI) acquired the property for $9.2 million or $192,000 per unit. The new owner is bringing in a regional group, 41 Management LLC, to operate the community. The master lease between NHI and 41 Management is for 15 years, includes two five-year renewal options, and has fixed annual escalators at 2.5 percent. ESI represented the undisclosed seller in the …
SUN CITY, Ariz. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Woodmark at Sun City, a 132-unit assisted living and memory care community located Sun City, an unincorporated municipality in metro Phoenix. A publicly traded REIT sold the property to an undisclosed buyer, which plans to install a privately owned, Southern California-based operator. The price was not disclosed. Built in 2000, The Woodmark at Sun City is a two-building campus in a residential area of the Salt River Valley. Ben Firestone, Michael Segal, Alex Florea and …
Senior Housing Properties Trust Changes Name to Diversified Healthcare Trust Amid Massive Portfolio Restructuring
by Jeff Shaw
NEWTON, Mass. — Publicly traded REIT Senior Housing Properties Trust has changed its name to Diversified Healthcare Trust and has begun trading under its new stock symbol, DHC on the Nasdaq stock exchange. “We believe [the new name] more accurately depicts both our portfolio of diverse, high-quality healthcare real estate and our strategy moving forward,” says Jennifer Francis, president and chief operating officer. “Over the past 10 years, we have made considerable progress in diversifying and enhancing what was once a pure-play senior living portfolio by strategically acquiring state-of-the-art life …