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Acquisitions

AcquisitionsMichiganNews

Blueprint Brokers Sale of 102-Unit Community in Western Michigan

by Jeff Shaw

WYOMING, Mich. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a seniors housing community in the Grand Rapids suburb of Wyoming. A privately held REIT focused primarily on private-pay seniors housing communities throughout the U.S. sold the asset to Commonwealth Senior Living. The price was not disclosed. The community was constructed in 2015 on a two-acre parcel adjacent to the University of Michigan-West Hospital campus. Michael Segal, Brooks Blackmon, Lauren Nagle and Daniel Waldhorn led the Blueprint team.

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AcquisitionsNewsSkilled NursingTexas

LTC Provides $12.7M Acquisition Loan for Seniors Housing Campus in Katy, Texas

by Jeff Shaw

KATY, Texas — LTC Properties Inc. (NYSE: LTC) has provided a $12.7 million senior loan to Ignite Medical Resorts for the acquisition of a skilled nursing and assisted living campus in Katy, a suburb west of Houston. The investment will be an unconsolidated joint venture between LTC and Ignite. The five-year loan features full-term interest-only payments at a current rate of 9.15 percent. It includes a capital expenditures investment of approximately $800,000 for campus improvements. LTC expects this investment to generate approximately $884,000 of revenue in 2024. The campus was …

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AcquisitionsAssisted LivingConnecticutNews

Berkadia Arranges Sale of 85-Unit Community in Stamford, Connecticut

by Jeff Shaw

STAMFORD, Conn. — Berkadia has arranged the sale of an 85-unit assisted living and memory care community in Stamford, approximately 30 miles northeast of Manhattan.  Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders of Berkadia represented the seller, a publicly traded REIT. The undisclosed buyer is based in New England. No price was released.

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 86-Unit The Palms of Ponte Vedra in Florida

by Jeff Shaw

PONTE VEDRA, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Palms of Ponte Vedra, an 86-unit assisted living and memory care community in the Jacksonville suburb of Ponte Vedra. Constructed in 2015, the two-story building sits on 14.5 acres.  The seller was a regional owner-operator in Florida. The buyer was a locally based regional owner-operator looking to expand its presence in Florida. The price was not disclosed Brad Clousing and Daniel Geraghty led the transaction for SLIB.

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AcquisitionsAssisted LivingNewsSkilled NursingTexas

SLIB Negotiates Sale of Two-Property Portfolio in Texas

by Jeff Shaw

BRYAN and CALDWELL, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living and skilled nursing facility in Bryan, as well as a skilled nursing facility in Caldwell. The cities are located east of Austin and northwest of Houston. Offering 237 beds, the communities total approximately 137,265 square feet. The seller is a nonprofit Catholic hospital system, which was selling its only skilled nursing/seniors housing communities. The buyer owns several skilled nursing facilities in Texas and is leasing the operations of these buildings to a …

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AcquisitionsCaliforniaCCRCNews

CareTrust REIT Acquires Three CCRCs in Southern California for $60M

by Jeff Shaw

SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE:CTRE), a San Clemente owner and developer of skilled nursing, seniors housing and other healthcare-related properties, has acquired three continuing care retirement communities (CCRCs) located in Los Angeles, Orange, and San Diego counties.  The portfolio totals 475 assisted living, skilled nursing and memory care beds/units. Bayshire Senior Communities, an existing CareTrust tenant based in Southern California, has taken over management of all three properties. The highest profile property of the three is Torrey Pines Senior Living in San Diego. CareTrust paid $32.3 million …

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AcquisitionsConnecticutNewsSkilled Nursing

SLIB Brokers Sale of 90-Bed Miller Memorial Community in Meriden, Connecticut

by Jeff Shaw

MERIDEN, Conn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Miller Memorial Community in Meriden, approximately midway between Hartford and New Haven. The 90-bed skilled nursing community also features 19 cottage-style apartment units. The campus was under nonprofit ownership since its inception. While the community was operating at a heavy loss during the marketing period, buyers were attracted to the community due to it being non-union and having an above-average Medicaid rate, according to SLIB. The seller is a nonprofit based in Connecticut that had owned and …

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AcquisitionsAssisted LivingKentuckyNews

Berkadia Brokers Sale of 104-Unit Community in Florence, Kentucky

by Jeff Shaw

FLORENCE, Ky. — Berkadia has arranged the sale of a 104-unit assisted living and memory care community in Florence, approximately 10 miles southwest of Cincinnati.  Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders of Berkadia represented the seller, a publicly traded REIT. A private equity group purchased the asset for an undisclosed price.

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AcquisitionsFinanceMinnesotaNews

Helios Arranges $7.5M Financing Package for Minneapolis-Based Operator

by Jeff Shaw

MINNEAPOLIS — Helios has arranged a $7.5 million term loan and revolving line of credit for a Minnesota-based provider of specialty memory care services. Helios arranged the 18-month, interest-only financing in support of the borrower’s acquisition of a specialty memory care community in an affluent suburb of St. Paul.  The community was stabilized at the time of the acquisition and originally developed by the borrower in partnership with a Chicago-based private equity firm. Prior to the financing, the borrower leased the community from the seller. The financing was sourced through …

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AcquisitionsCCRCCompany NewsNews

Lutheran Senior Services, Diakon Agree to Merger, Creating 12th Largest Seniors Housing Nonprofit Nationally

by Jeff Shaw

ST. LOUIS and MIDDLETOWN, Pa. — Lutheran Senior Services (LSS), a faith-based, nonprofit operator based in St. Louis, has agreed to merge with Diakon Lutheran Social Ministries, a Middletown-based nonprofit operator. The agreement will bring Diakon’s senior living operations and four life plan communities under LSS management and form the 12th largest nonprofit seniors housing organization in the country, according to the two companies. The combined entity will features nearly $350 million in annual revenues across 12 life plan communities, one assisted living community and nine affordable seniors housing communities, as …

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