UTAH — CFG, a subsidiary of CFG Bank, has provided $16.3 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The properies, which are in Utah, support a total of 220 beds. The deal allowed the undisclosed borrower to expand its footprint into a new state. Further details were not disclosed. Tommy Dillon of CFG originated the transaction.
ATLANTA — On behalf of its investors, Hunt Capital Partners (HCP) has transferred ownership of Ashford Parkside Senior Residences to a nonprofit affiliate of the Housing Authority of DeKalb County. Located in Atlanta, Ashford Parkside is a mid-rise, mixed-income seniors housing community built in 2007. Following the end of 15-year recapture period in 2022, a collaborative effort ensued between the nonprofit and HCP to reach a mutually beneficial outcome regarding the property’s future. The decision provides the Housing Authority of Dekalb County greater capital flexibility surrounding all aspects of property …
CHICAGO — Ziegler has arranged the sale of a 100-plus-bed skilled nursing facility in a northern neighborhood of Chicago. Ziegler advised the seller, an Illinois-based nonprofit. A local operator acquired the asset for an undisclosed price. Nick Glaisner, managing director in Ziegler’s seniors housing and care practice, led the transaction with the support of Melanie Shaffer.
PLANO, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 65-unit assisted living and memory care community in Plano, north of Dallas. The community was originally built in the 1990s. A national developer/investor engaged Blueprint to create an exit strategy in order to maximize value for more than a dozen geographically disparate, older-vintage communities. The communities were purchased in a sizable portfolio transaction pre-COVID under a value-add plan to implement operator transitions to create regional groupings coupled with renovations and repositioning. Unfortunately, the cumulative impact of …
FORT WORTH, Texas — Nonprofit senior living provider Buckner Retirement Services has acquired The Stayton at Museum Way, a seniors housing community in Fort Worth. The Stayton at Museum Way is an 11-story continuing care retirement community featuring 188 independent living units, 42 assisted living units, 20 memory care units and 46 skilled nursing units. The seller, Lifespace Communities, acquired The Stayton in 2019 and has operated it since. The price was not disclosed. The Stayton will be the seventh senior living community owned and operated by Buckner in Texas, …
STERLING, Colo. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Devonshire Acres, an independent living, assisted living and skilled nursing community in Sterling, near the Nebraska border approximately 130 miles northeast of Denver. The community consists of 24 independent living/assisted living beds and 84 skilled nursing beds. It was built in 1982 and renovated in 1989. The property totals 55,430 square feet on approximately 10 acres of land. The seller was a REIT. This was the tenant’s only managed asset in the state. The buyer is a …
MEMPHIS, Tenn. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a vacant assisted living community in Memphis. Blueprint’s behavioral healthcare team advised the seller on obtaining special zoning entitlements to seek a buyer looking to convert the property into a behavioral healthcare facility. The buyer originally planned to implement capital improvements and license the building as a substance abuse facility. However, during escrow, Blueprint was approached by an adolescent mental healthcare provider, expressing strong interest in leasing and operating the property. Blueprint introduced the buyer to the …
WOODSTOCK, Ga. — Oaks Senior Living has taken over management services for Camellia Place in Woodstock, a suburb north of Atlanta. The 96-unit community offers assisted living, memory care and respite care.
PORTLAND, Ore. — Ziegler, as exclusive financial advisor to the seller, has arranged the acquisition of Parkview Christian Retirement Community in Portland. Founded by members of the Columbia Baptist churches, the nonprofit Oregon Baptist Retirement Home Society opened its doors in 1944. The community expanded several times over the next 40 years. In 1987, the organization moved to its current location in northeast Portland and expanded again 10 years later. Today, the campus consists of 115 rental independent living apartments and 62 assisted living units spread over approximately six acres …
COLUMBIA, MO., and HOUSTON — CareTrust REIT Inc. (NYSE: CTRE) has acquired three skilled nursing facilities for approximately $55.6 million, inclusive of transaction costs. The portfolio, consisting of 210 skilled nursing beds and 24 assisted living units, will be added to CareTrust’s existing master lease with affiliates of PACS Group Inc., which has been operating the facilities for a third-party landlord. Two of the facilities are located in Houston and one is located in Columbia. The acquisition increases annual rent under the existing PACS master lease by approximately $5 million. …