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.
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, …
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 …
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 …
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) …
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.
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.
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 …
PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing portfolio totaling more than 1,000 beds in Pennsylvania. A public REIT and its operating partner sold the two campus locations, which alsofeature independent living, personal care and memory care beds. Although specific names and locations were not disclosed, the properties are concentrated in northeast and central Pennsylvania. The portfolio was marketd as a value-add opportunity for an incoming buyer to capitalize on strong pre-pandemic financial performance along with substantial Medicaid reimbursement rate enhancements recently passed …
CARROLLTON, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 62-unit assisted living and memory care community in Carrollton, a suburb of Dallas. The community totals approximately 40,000 square feet on a 3.6-acres plot. The seller is a private equity group with a regional seniors housing portfolio. The Dallas-based buyer is a private investment group with a national seniors housing portfolio partnering with a local operator. The price was not disclosed. Matthew Alley and Jeff Binder of SLIB handled the transaction. “SLIB was able to help …