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Acquisitions

AcquisitionsMemory CareNewsWashington

Blueprint Negotiates $10.6M Sale of 50-Unit Memory Care Community in Bremerton, Washington

by Jeff Shaw

BREMERTON, Wash. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 50-unit, 64-bed memory care community in Bremerton, across the Puget Sound from Seattle. The asset, previously a skilled nursing facility, was completely renovated in 2016 and opened as a memory care community in 2017. The community maintained a 66 percent occupancy during the last couple of years, producing an average operating margin of 15 percent. The property was a geographic outlier for the undisclosed seller. The buyer is a memory care-focused owner-operator with an established presence …

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AcquisitionsAssisted LivingNewsWisconsin

NAI Greywolf Arranges Sale of 123-Bed Seniors Housing Campus in Green Bay

by Jeff Shaw

GREEN BAY, Wis. — NAI Greywolf has negotiated the sale of two seniors housing communities in Green Bay. Dawn Davis represented the seller. The portfolio included Bishop’s Court Community, a 69-bed assisted living facility with memory care, and Allouez Sunrise Village, which is a 49-unit residential care apartment complex. The combined 125,711-square-foot portfolio is located on the same campus. The buyer and price were not disclosed.

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AcquisitionsFinanceNewsSkilled NursingTexas

Greystone Provides $12.8M in Acquisition Financing for Skilled Nursing Facility in Rockwall, Texas

by Jeff Shaw

ROCKWALL, Texas — Greystone has provided $12.8 million in bridge financing for the acquisition of Highland Meadows Health & Rehab, a 120-bed skilled nursing facility in Rockwall, located on Lake Ray Hubbard northeast of Dallas. DJ Elefant, vice president at Greystone, originated the financing on behalf of HACO Properties LLC. Helios Healthcare Advisors served as the debt broker in the transaction. The nonrecourse bridge financing from Greystone features a 24-month term with one 12-month extension option and interest-only payments for the full term. Greystone has already begun working with the …

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AcquisitionsActive AdultNew YorkNews

Castle Lanterra Active Adult Acquires Reserve at Lakeside in Newburgh, New York

by Jeff Shaw

NEWBURGH, N.Y. — Castle Lanterra Active Adult, a division of Castle Lanterra, has acquired Reserve at Lakeside, a newly constructed active adult apartment complex in Newburgh. Blue Foundry Bank provided acquisition financing. The seller, price and number of units were not disclosed. This is Castle Lanterra Active Adult’s second acquisition in the age-restricted apartment sector, following its acquisition of Diamond Oaks Village in the Paradise Coast between Naples and Fort Myers, Florida. “We are extremely bullish about this sector and will continue to look to add to our portfolio,” says …

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AcquisitionsAffordable HousingCaliforniaNews

Standard Communities Acquires 559-Unit Affordable Housing Portfolio in California

by Jeff Shaw

ANAHEIM, ESCONDIDO and LIVERMORE, Calif. — Standard Communities, through a public-private partnership, has acquired three mixed-income seniors housing communities totaling 559 rental units in California. The total value of the three-property portfolio is over $195 million, including more than $19 million in renovations. The properties include: Heritage Village Anaheim, totaling 196 units on 5.1 acres in Anaheim Heritage Park Escondido, totaling 196 units on five acres in Escondido Heritage Park Livermore, totaling 167 units on 8.2 in Livermore “We’re preserving and expanding affordable housing in some of the areas that …

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AcquisitionsArizonaNews

Link Senior Development, Roxborough Group Buy 301-Unit Park Terrace Senior Living in Phoenix

by Jeff Shaw

PHOENIX — Link Senior Development and The Roxborough Group LLC have acquired Park Terrace Senior Living, a 301-unit independent living and assisted living community in Phoenix. The 15.3-acre campus features 12 residential buildings offering one- and two-bedroom units. Link and Roxborough intend to invest more than $3 million to convert the remaining assisted living units to independent living units. The partnership will also focus on making the community more sustainable by increasing water and energy efficiencies. “The substantial demand and need in the North Phoenix market for competitively priced independent …

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AcquisitionsArkansasFinanceMississippiNews

VIUM Funds $74.5M Bridge Loan for Skilled Nursing Portfolio in the Southeast

by Jeff Shaw

ARKANSAS and MISSISSIPPI — VIUM Capital has provided $74.5 million in bridge-to-HUD financing for the acquisition of 11 skilled nursing facilities. One of the assets is located in Mississippi and the rest are in Arkansas. Three different sellers sold the properties to an undisclosed buyer. Further information on the buyer, seller and portfolio was not disclosed.

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AcquisitionsAssisted LivingNewsOhio

ESI Arranges Sale of 90-Unit Community in Ohio

by Jeff Shaw

OHIO — Evans Senior Investments (ESI) has arranged the sale of an assisted living and memory care community in Ohio. A private equity firm based on the East Coast sold the asset to Eden Senior Care, an Illinois-based owner-operator with a presence in Ohio. The price and name of the community were not disclosed. The community’s campus comprises seven separate cottages. Each cottage is made up of both assisted living and memory care units. Originally built in 1999, the seniors housing community has a total of 90 units and was …

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AcquisitionsAssisted LivingMichiganNews

Blueprint Arranges Operator Purchase of Four Comfort Care Communities in Michigan

by Jeff Shaw

DETROIT — Blueprint Healthcare Real Estate Advisors has arranged the sale of four communities in the Detroit and Saginaw metro areas. The buyer, Comfort Care Senior Living, is the operator of the properties. The seller was the former REIT landlord. The four communities total approximately 236 assisted living and memory care units with vintages ranging from 2013 to 2019. Consolidated with its REIT partner across multiple transactions, these communities constituted approximately a quarter of Comfort Care’s portfolio across the state. The communities exhibited strong performance trends pre-COVID, but faced occupancy …

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AcquisitionsNew JerseyNewsSkilled Nursing

Tryko Partners Buys 308-Bed Virtua Health Skilled Nursing Portfolio in New Jersey

by Jeff Shaw

BERLIN and MOUNT HOLLY, N.J. — Tryko Partners has acquired two skilled nursing facilities in Berlin and Mount Holly, both located across the Delaware River from Philadelphia. Virtua Health sold the two communities for an undisclosed price. Tryko plans to rebrand the assets as Berlin Rehabilitation & Healthcare Center and Mount Holly Rehabilitation & Healthcare Center, respectively. Tryko facilities are supported by Marquis Health Consulting Services, a nursing home consulting company. The standalone Mount Holly facility features 180 licensed beds. The 128-bed Berlin facility is part of a larger Virtua …

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