HAILEY, Idaho — Seattle-based BearRock Investments LLC has purchased Silvercreek Living, an assisted living community in Hailey, for $6.4 million. The buyer plans to convert the property into workforce housing. Hailey is a small city of fewer than 10,000 residents south of the Sun Valley-Ketchum metro area in Central Idaho. Located on McKercher Boulevard, the 24,600-square-foot asset consists of two 12,000-square-foot buildings, each offering 16 studio apartments and a large commercial kitchen. Paul Kenny of Paul Kenny & Matt Bogue Commercial Real Estate represented the buyer and undisclosed seller in …
BRADENTON and VENICE, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two seniors housing communities in Bradenton and Venice, both located on the Gulf Coast south of Tampa. The properties feature a combined 211 units of assisted living and memory care. The Bradenton asset was built in 1989, while Venice asset was constructed in 1998. The Bradenton property totals 74,786 square feet on approximately 7.62 acres of land while the Venice property totals 74,445 square feet on approximately 4.06 acres of land. The buyer is Florida-based …
BOSTON — HumanGood, the nation’s seventh-largest nonprofit, has completed its affiliation with Pleasant Spring Communities, which oversees Springhouse and Mount Pleasant Home and has provided senior living in Boston for more than a century. The plan was announced in August, but required regulatory and lender approval before it could be consummated. “Now approved, the affiliation between HumanGood and Pleasant Spring Communities will enable Springhouse and Mount Pleasant Home to enhance their operational efficiencies, streamline processes, and introduce innovative programs that further enrich the lives of residents while also providing more opportunities …
MASON CITY, Iowa — Evans Senior Investments (ESI) has arranged the sale of Country Meadow Place, a 56-unit assisted living and memory care community in Mason City, approximately midway between Des Moines and Minneapolis. An independent owner seeking to exit the industry sold the property to its existing operator for $13 million, or $232,142 per unit. The community was originally built in 1985 as a 36-unit memory care community. In 2013, Country Meadow was acquired and five years later underwent a 20-unit assisted living expansion. At the time of marketing, …
DAYTON, Ohio — Blueprint Healthcare Real Estate Advisors has brokered the sale of The Oaks of West Kittering, a skilled nursing facility in Dayton. The community was built in 1973 and features 118 licensed beds. A regional owner-operator sold the property as part of its shift to other asset classes. An owner-operator with a presence in Ohio purchased the facility for an undisclosed price. Connor Doherty and Ryan Kelly led the Blueprint team.
WEST DES MOINES, Iowa — Highmark Senior Living, a Hubbell Realty Co. affiliate, has taken over management of a portfolio of Edencrest senior living communities throughout Iowa. Edencrest communities offer studio, one-bedroom and two-bedroom units. Highmark Senior Living manages six communities with more than 290 residents and roughly 235 employees throughout Iowa. Edencrest communities include: Edencrest at Beaverdale, Edencrest at Green Meadows, Edencrest at The Legacy, Edencrest at Riverwoods, Edencrest at Siena Hills, Edencrest at Timberline, and Edencrest at Tuscany.
As variable-rate loans reach their maturity, higher interest rates are making refinancing difficult — or impossible — and leading to distressed properties hitting the market. By Jeff Shaw The challenge is well known by now. Interest rates saw an unprecedented rise in the last two years. To combat inflation, the Federal Reserve aggressively raised the federal funds rate 11 times from near zero percent in March 2022 to a target range of 5.25 to 5.5 percent as of mid-January, leading to higher borrowing costs across the board in the seniors …
To what extent will there be opportunities to acquire distressed assets in 2024, and what will be the factors? Defaults may be coming By Cindy Hazzard Broker/President JCH Senior Housing Investment Brokerage The failing debt-coverage ratios due to rising expenses, without equivalent resident rate adjustments, may push lenders to enforce loan covenants. This would trigger defaults for many owners, creating a surge in distressed properties. If pursued, the focus shifts to what discount lenders might accept to cleanse their books, creating prime opportunities for cash-ready buyers. The market could see …
FLORIDA — Sherman & Roylance has arranged the sale of a 42-unit, 64-bed assisted living and memory care community in Northwestern Florida. CareTrust REIT sold the asset to a local owner-operator for an undisclosed price. The community was built in 1997 and was 87 percent occupied at the time of sale. Jack Osteen, Shep Roylance, and John Sherman of Sherman & Roylance led the transaction.
COLUMBUS, Ohio — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a seniors housing community in Columbus. The property faced challenges with occupancy and escalating staffing expenditures, which is why the owner sought a sale, according to Blueprint The community, which opened 2001, comprises 125 licensed skilled nursing beds and 32 seniors housing units. The buyer was an owner-operator with an established Ohio healthcare enterprise that sought to expand its footprint in the Columbus MSA and capitalize on the recent Ohio Medicaid reimbursement rate enhancements for both skilled …