Acquisitions

AcquisitionsIndependent LivingIowaNewsSkilled Nursing

SLIB Negotiates Sale of Iowa Masonic in Metro Davenport

by Jeff Shaw

BETTENDORF, Iowa — Senior Living Investment Brokerage (SLIB) has arranged the sale of Iowa Masonic, a 79-bed skilled nursing facility and 40-unit independent living community in the Davenport suburb of Bettendorf. The seller was a local nonprofit that sought to sell in order to turn the business over to a company with experience that could ensure the long-term viability of the facility. The buyer was a private owner with additional communities in Iowa. The price was not disclosed. Ryan Saul and Nick Cacciabando of SLIB handled the transaction.

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AcquisitionsCCRCMarylandNews

Continuum Advisors Arranges Sale of 313-Unit The Village at Augsburg in Baltimore

by Jeff Shaw

BALTIMORE — Continuum Advisors has arranged the sale of The Village at Augsburg, a 313-unit continuing care retirement community in Baltimore. The campus comprises 131 independent living apartments, 51 assisted living units and 131 licensed skilled nursing beds situated on approximately 50 acres.  Jay Jordan and Dave Kliewer of Continuum Advisors represented Maryland-based National Lutheran Corp. in the sale of Augsburg to New Jersey-based Outcome Healthcare. The price was not disclosed. “NaLonal Lutheran affiliated with The Village at Augsburg prior to COVID-19 and put forward significant investment into the campus …

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AcquisitionsMinnesotaNewsSkilled Nursing

SLIB Negotiates Sale of 338-Bed Portfolio in Minnesota

by Jeff Shaw

SLEEPY EYE and MAPLEWOOD, Minn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two seniors housing communities in Minnesota totaling 338 beds. The two campuses are named Sleepy Eye Care Center and Maplewood Care Center. Maplewood is an eastern suburb of Minneapolis, while Sleepy Eye is approximately 100 miles to the southwest. Sleepy Eye consists of 128 beds and was built in 1972 and 1986. The Maplewood campus consists of 149 beds and 61 units and was built in 1970 and 1995. The properties combined total 194,049 …

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AcquisitionsAssisted LivingCaliforniaNews

CareTrust REIT Acquires Southern California Assisted Living Facility in Joint Venture Investment

by Jeff Shaw

SAN BERNARDINO, Calif. — CareTrust REIT Inc. (NYSE: CTRE) has acquired The Villas at San Bernardino, a 78-unit assisted living and memory care facility located in the Inland Empire city of San Bernardino. In connection with its acquisition of the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture arrangement under which CareTrust provided a combined common equity and preferred equity investment amount totaling $10.7 million.  CareTrust is the managing member of the joint venture entity. CareTrust’s initial contractual yield on its combined preferred …

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AcquisitionsCCRCNewsOhio

Blueprint Negotiates Sale of 1,000-Bed Menorah Park in Beachwood, Ohio

by Jeff Shaw

BEACHWOOD, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Menorah Park, a sprawling seniors housing campus in the Cleveland suburb of Beachwood. Following an affiliation with a fellow nonprofit, Montefiore, in July 2020, the campus totaled 588 licensed skilled nursing beds, 288 assisted living and memory care units, and 193 independent living units. The seller was a nonprofit organization that has served Cleveland’s Jewish community since its founding in 1906. Facing challenges due to increased healthcare staffing and a shift in competitive landscapes, the board elected …

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AcquisitionsNewsOhio

Continuum Advisors Brokers Sale of 120-Unit The Weils in Chagrin Falls, Ohio

by Jeff Shaw

CHAGRIN FALLS, Ohio — Continuum Advisors has arranged for the sale of The Weils, a 120-unit assisted living, memory care and skilled nursing community in Chagrin Falls, an eastern suburb of Cleveland. Built in phases between 2002 and 2015, the community consists of 75 assisted living units, 18 memory care units and 27 skilled nursing units. The community sits on a 45-acre site and includes excess acreage for future expansion.  Through the marketing of the campus for sale, the community featured occupancy around 85 percent. Cleveland-area based non-profit Eliza Jennings …

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AcquisitionsAssisted LivingCaliforniaNews

SLIB Arranges Sale of 77-Unit Villas at San Bernardino in California

by Jeff Shaw

SAN BERNARDINO, Calif. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Villas at San Bernardino, a 77-unit assisted living and memory care community in California’s Inland Empire. Built in 2003, the property totals 43,197 square feet on 1.35 acres of land. This was the seller’s only remaining seniors asset, as it plans to exit the industry. The buyer was an in-state owner-operator looking to grow its footprint in California. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson of SLIB handled the …

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AcquisitionsAssisted LivingFloridaNews

SLIB Negotiates Sale of 173-Unit Portfolio in Florida

by Jeff Shaw

SPRING HILL, FORT MYERS, NICEVILLE and TALLAHASSEE, Fla. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of four assisted living communities totaling 173 units in Florida. The properties are located in the municipalities of Spring Hill, Fort Myers, Niceville, and Tallahassee. A seniors housing REIT sold the assets to an operator expanding in Florida. The price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB handled the transaction.

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Jason Smeck Lument Seniors Housing Borrowing
AcquisitionsAffordable HousingContent PartnersFeaturesFinanceIndustry ContentInvestment

FHA, Agency Financing Still Beat Banks for Seniors Housing Borrowers

by Sarah Daniels

     Seniors housing acquisition and development is a costly business these days. Inflation has increased the price of construction materials, and wage pressures are driving up personnel costs. And after nearly two years of interest rate hikes to slow inflation, debt service on short-term construction and bridge loans is straining borrowers’ budgets and potentially threatening their ability to qualify for take-out financing when their properties reach stabilization. That is, if they can even source a long-term mortgage from increasingly risk-averse regional banks distracted by today’s market volatility, says Jason …

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AcquisitionsCCRCIllinoisNews

Continuum Advisors Arranges Sale of Friendship Village of Schaumburg in Illinois

by Jeff Shaw

SCHAUMBURG, Ill. — Continuum Advisors has arranged the sale of Friendship Village of Schaumburg, the largest senior living campus in Illinois.  Spanning over 60 acres in the affluent Chicago suburb of Schaumburg, approximately 30 miles northwest of downtown Chicago, Friendship Village offers 818 units/beds across a full continuum of care. The property was sold through a court-directed bankruptcy process, with a cash purchase price of approximately $35.6 million, plus other cash contributions including to former residents. The community offers 512 independent living apartments, 28 garden homes, 85 assisted living units, …

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