WICKLIFFE, Ohio — Phorcys Capital Partners, the investment advisor to Phorcys Senior Housing Recovery Fund LP, has acquired Prosper at Wickliffe, a 160-unit assisted living facility in Wickliffe, approximately 15 miles northeast of Cleveland. Phorcys made the purchase through a trustee-directed short sale for $13 million. Prosper Life Care will take over management of the property.
ALGONQUIN, Ill. — Cambridge Realty Capital Cos. has provided a $15.5 million HUD Lean loan to refinance The Pointe at Eastgate in Algonquin, approximately 45 miles northwest of Chicago. The borrower is a limited liability company in Illinois. The community is an assisted living community that specializes in the transition between independent living and skilled nursing. The undisclosed number of units are all private. Brent Holman-Gomez led the financing for Cambridge. The loan features a fully amortizing, 35-year term.
DALLAS — CBRE has negotiated the sale of four senior housing communities in the Dallas MSA. The portfolio — rebranded as Village on the Park Plano, Village on the Park Denton, Village on the Park Stonebridge Ranch, and Village on the Park McKinney — comprises 366 units of assisted living and memory. The properties were all built between 2014 and 2017. The buyer is a joint venture between Artemis Real Estate Partners and Bridgewood Property Company. The Aspenwood Company, Bridgewood’s affiliate property manager, is operating the communities. The seller and …
MICHIGAN CITY and MERRILLVILLE, Ind. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two communities in Indiana. The two assisted living and memory care communities are located in Michigan City and Merrillville, both located on the south shore of Lake Michigan southeast of Chicago. The portfolio totals 119 units. Blueprint positioned the portfolio as a value-add opportunity for an incoming buyer to capitalize on strong pre-pandemic financial performance along with substantial Medicaid Waiver reimbursement rate enhancements that were passed in July of 2023. The buyer, seller and price were …
KATY, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of an assisted living and skilled nursing facility in Katy, a suburb of Houston. Opened in 2018, the facility consists of 70 short-term rehab beds and 34 assisted living beds across 78 units. The community maintained a steady lease-up trajectory that was quickly halted due to industry-wide COVID headwinds that caused statewide decreases in elective surgeries. With a minimal amount of dually certified beds, the seller struggled to turn a profit, according to Blueprint. The seller was a …
MEMPHIS, Tenn. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a value-add assisted living community near Memphis. A national developer/investor engaged Blueprint to create an exit strategy in order to maximize value for more than a dozen geographically disparate, older-vintage communities. These communities were purchased in a sizeable portfolio transaction pre-COVID, under a value-add thesis contemplating operator transitions to create regional groupings coupled with the intent to meaningfully invest in renovations and repositioning. Unfortunately, the cumulative impact of COVID followed by an unprecedented rise in interest rates …
NEWNAN, Ga. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Insignia of Newnan, a 40-unit assisted living community in Newnan, a suburb southwest of Atlanta. The community sits on 7.3 acres. Insignia Senior Living sold the asset to focus on it core geographic markets. The Buyer is a group of individual investors partnered with a Southeast-based provider. The price was not disclosed. Daniel Geraghty and Bradley Clousing handled the transaction for SLIB.
STAMFORD, Conn. — Berkadia has arranged the sale of an 85-unit assisted living and memory care community in Stamford, approximately 30 miles northeast of Manhattan. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders of Berkadia represented the seller, a publicly traded REIT. The undisclosed buyer is based in New England. No price was released.
PONTE VEDRA, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Palms of Ponte Vedra, an 86-unit assisted living and memory care community in the Jacksonville suburb of Ponte Vedra. Constructed in 2015, the two-story building sits on 14.5 acres. The seller was a regional owner-operator in Florida. The buyer was a locally based regional owner-operator looking to expand its presence in Florida. The price was not disclosed Brad Clousing and Daniel Geraghty led the transaction for SLIB.
BRYAN and CALDWELL, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living and skilled nursing facility in Bryan, as well as a skilled nursing facility in Caldwell. The cities are located east of Austin and northwest of Houston. Offering 237 beds, the communities total approximately 137,265 square feet. The seller is a nonprofit Catholic hospital system, which was selling its only skilled nursing/seniors housing communities. The buyer owns several skilled nursing facilities in Texas and is leasing the operations of these buildings to a …
