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Acquisitions

AcquisitionsAssisted LivingNewsOhio

SLIB Negotiates Sale of 81-Unit Community in Stow, Ohio

by Jeff Shaw

STOW, Ohio — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Landing of Stow, a seniors housing community in Stow, approximately 27 miles southeast of Cleveland. The property was built in 2008 and offers 61 assisted living and 20 memory care units. The seller of the community chose to divest this asset to focus attention on communities that more closely align with its current footprint. The buyer is a Midwest-based owner-operator looking to strategically add to its existing footprint in Ohio. The price was not disclosed. Bradley …

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AcquisitionsNewsSkilled NursingSouth Carolina

Blueprint Brokers Sale of Skilled Nursing Facility in Bennettsville, South Carolina

by Jeff Shaw

BENNETTSVILLE, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing facility in Bennettsville, a small city in the northeast portion of South Carolina. The seller was a publicly traded REIT. The facility was constructed in several phases beginning in 1958 and featured predominantly semi-private rooms. The buyer was an East Coast based owner-operator with a significant existing presence in South Carolina. The price and other details were not disclosed.

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AcquisitionsCaliforniaNewsSkilled Nursing

Sherman & Roylance Arranges Bankruptcy Sale of Parkview Healthcare Center in Hayward, California

by Jeff Shaw

HAYWARD, Calif. — Sherman & Roylance has arranged the bankruptcy sale of Parkview Healthcare Center, a 121-bed skilled nursing facility in the Bay Area city of Hayward. The 56,367-square-foot community was in bankruptcy, and Shep Roylance and John Sherman led a 30-day closing process. The new operator will be Spyglass Healthcare.

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Lument Laca Wong-Hammond ESOP quote
AcquisitionsContent PartnersFeaturesFinanceIndustry ContentInvestmentPeopleVideos

Employee Stock Ownership Plans Offer a Unique Exit Strategy in the Face of a Challenging Economic Environment

by Sarah Daniels

  Owners and operators considering an exit strategy today face a challenging economic environment. Higher interest rates have slammed capital markets. Valuations are in flux. Transactions have slowed. And the pool of potential buyers has dwindled. As an alternative to an outright sale to a third-party, an often-overlooked option is an exit to an employee stock ownership plan (ESOP). These plans allow business owners to sell all or part of the company’s stock to employees, allowing owners to diversify wealth away from the business while limiting their future liability. Ultimately, …

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AcquisitionsCCRCFloridaNews

Acts to Affiliate with Mease Life CCRC in Dunedin, Florida

by Jeff Shaw

DUNEDIN, Fla. — Acts Retirement-Life Communities Inc. and Mease Life, a nonprofit continuing care retirement community (CCRC) in the Tampa suburb of Dunedin, have agreed to affiliate. Under the agreement, Mease Life will become an Acts affiliate member and part of a network of CCRCs that Acts operates. Mease Life is home to approximately 350 residents and was founded in the early 1960s. The nine-story high rise community includes a mix of independent living, assisted living and skilled nursing residences, along with other specialty care services. The affiliation agreement is …

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AcquisitionsFloridaNewsSkilled Nursing

Blueprint Arranges Sale of 833-Bed AdventHealth Skilled Nursing Portfolio in Florida

by Jeff Shaw

FLORIDA — Blueprint Healthcare Real Estate Advisors has arranged the sale of seven skilled nursing facilities totaling 833 beds in Central and West Florida. AdventHealth, a faith-based, nonprofit health system with headquarters in Altamonte Springs, was the seller. The price was not disclosed. The Centers for Medicare & Medicaid Services (CMS) rated nearly all the properties as 4- and 5-star facilities. Nursing homes with 5 stars are considered to have much-above-average quality, and nursing homes with 1 star are considered to have quality much below average. Two flagship state-of-the-art centers …

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AcquisitionsAffordable HousingFinanceMontanaNews

PGIM Provides $16.1M HUD Loan for South Forty Apartments in Billings, Montana

by Jeff Shaw

BILLINGS, Mont. — PGIM Real Estate has provided $16.1 million in fixed-rate FHA financing to Lincoln Avenue Capital (LAC) for the acquisition and rehabilitation of South Forty Apartments, an affordable seniors housing community in Billings. The property features 101 units and is 100 percent subsidized by the Housing Choice Voucher Program, also known as Section 8, the federal government’s program for assisting low-income families, the disabled, and the elderly afford housing. In order for the property owner to receive tax credits in the future, a land use restrictive agreement (LURA) …

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AcquisitionsAssisted LivingIllinoisNews

Senior Lifestyle Acquires Four Aspired-Branded Communities in Metro Chicago

by Jeff Shaw

LA GRANGE, WESTMONT, PROSPECT HEIGHTS and LAKE ZURICH, Ill. — Senior Lifestyle has acquired four communities in the Chicago metropolitan area: Aspired Living of La Grange Aspired Living of Westmont Aspired Living of Prospect Heights Azpira Place of Lake Zurich The communities offer assisted living, memory care and supportive living residences in the northern and southern suburbs of Chicago. Further details on the properties were not disclosed.

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AcquisitionsKentuckyNews

Blueprint Arranges Sale of 167-Unit Legacy Reserve at Fritz Farm in Lexington, Kentucky

by Jeff Shaw

LEXINGTON, Ky. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Legacy Reserve at Fritz Farm in Lexington. The property opened in 2017 and comprises 114 independent living, 38 assisted living and 15 memory care units. Atlas Senior Living sold the asset, which was 98 percent occupied. KIRCO was the buyer and will keep Atlas on as the operator. The price was not disclosed.

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AcquisitionsAssisted LivingNewsTennessee

SLIB Brokers Sale of 42-Unit Grace Manor in Nashville

by Jeff Shaw

NASHVILLE, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Grace Manor, a 42-unit assisted living community in Nashville. A local church built Grace Manor in 2010. The property struggled with occupancy and profitability during the COVID-19 pandemic. As a result of the performance, the property was voluntarily closed in November of 2021. The seller (which purchased the HUD note at auction) is a private investment firm that manages alternative assets for high-net-worth individuals and institutional investors. The buyer and price were not disclosed. Patrick Burke and …

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