IDAHO — VIUM Capital has provided a $7 million bridge loan for the acquisition of a 79-unit assisted living and memory care community in Idaho. Representing 75 percent leverage, the initial advance was $6.4 million with a $510,000 earn-out that can be advanced at HUD submission. The borrower already owned three senior living communities in Idaho, and this project presented an opportunity to acquire at a solid basis and stabilize operations. The plan is to submit a HUD application 12 months post-closing. Further details were not disclosed.
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE) has acquired two skilled nursing facilities in separate transactions with a total investment amount of $62.1 million. The company acquired a 125-bed skilled nursing facility in the Mid-Atlantic and a 134-bed skilled nursing facility on the West Coast. CareTrust’s investment in the Mid-Atlantic facility, inclusive of transaction costs, was approximately $37.7 million and will generate an initial annual base rent of approximately $3.4 million. The company has leased the facility pursuant to a new 15-year, triple-net lease that includes two five-year …
TENNESSEE — VIUM Capital has provided $12.4 million in bridge financing for three assisted living facilities totaling 160 beds in Tennessee. The financing funded the properties’ acquisition at a 75 percent loan-to-cost ratio. Further details were not disclosed.
CENTRAL FLORIDA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 60-unit assisted living community in Central Florida. A national real estate investment platform acquired the asset and brough in a regional operator to take over management. Further details on the transaction were not disclosed. Blueprint marketed the opportunity as part of a portfolio encompassing 16 senior communities located throughout the Southeast, Midwest and Mid-Atlantic. The subject community was positioned as a value-add offering, with a history of strong performance and significant upside potential, particularly due to …
GRAND RAPIDS, Mich. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a continuing care retirement community (CCRC) in Grand Rapids. Blueprint was selected by Samaritas, a Michigan-based nonprofit owner and operator, to negotiate the disposition. Since its original construction in 1977, the 40-acre community has grown to include 24 independent living cottages, 148 independent living apartments, 17 assisted living units, a 60-unit memory care community, and a 125-bed skilled nursing and long-term care facility. The buyer was Optalis Healthcare, a post-acute rehabilitation and long-term care provider across …
GURNEE, Ill. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Gurnee Place Memory Care, a 42-unit memory care community located in Gurnee, approximately midway between Chicago and Milwaukee. Blueprint was engaged by a receiver to maximize proceeds for the bank and stakeholders involved. At the time of marketing, the community was 90 percent occupied and cash-flowing. Blueprint marketed the opportunity by promoting the upside of the strong performance trends and implementing minor expense efficiencies through regional operations. The buyer was a Minnesota-based private equity firm previously focused …
LINCOLN, Neb. — Evans Senior Investments (ESI) has arranged the sale of Holmes Lake Rehabilitation & Care Center, a skilled nursing facility in Lincoln. The transaction was executed on behalf of an independent owner-operator that was ready to transition out of the industry. A regional owner-operator acquired the asset for an undisclosed price. Holmes Lake Rehabilitation & Care Center was built in 1974. Located on a seven-acre property, the facility features 97 skilled nursing beds spread across 51 rooms. When ESI began the marketing of Holmes Lake, the occupancy rate …
DANVERS, Mass. — Blueprint Healthcare Real Estate Advisors has arranged a new operator for Hathorne Hill, a skilled nursing facility in the Boston suburb of Danvers. Blueprint was engaged by both the developer landlord and existing tenant to secure a new operator and lease arrangement. Located across the street from Beverly Hospital at Danvers and within close proximity to several other referral sources in this densely populated suburb, the facility was constructed in 2012 and is the newest skilled nursing facility serving the local submarket. The facility’s census quickly rebounded …
FREEHOLD, N.J. — Distinctive Living, a Freehold-based senior living management and development company, has hired Shelley Esden as executive vice president and chief operating officer. Esden brings a wealth of industry experience including her role as founder and CEO of Lexor Living and her 15-year tenure at Sonata Senior Living, where she advanced from senior vice president of operations to COO and ultimately CEO. With Esden’s appointment, Distinctive also acquires Lexor Living, bolstering the company’s offerings in the luxury senior living category. Distinctive Living currently operates 46 communities and has …
DENVER — Evans Senior Investments (ESI), a Denver-based brokerage firm, has arranged the sale of a five-property seniors housing portfolio in the Southwest. The portfolio comprises a mix of skilled nursing beds and seniors housing units. The transaction was carried out on behalf of a regional owner-operator. The current operator agreed to merge with a new operator and collaboratively buy the assets. The specific names and locations were not disclosed, nor was the price.