In an uncertain time for the seniors housing industry, the “What Will 2023 Hold for Seniors Housing Investment & Acquisition Activity?” webinar focused on what’s influencing the landscape now and what is likely to affect it in the near future. The Dec. 8 panel discussion, hosted by Seniors Housing Business and sponsored by Valuation & Information Group, delved into tough topics like wages and staffing; inflation; the costs of debt and equity; government reimbursement; and other economic factors to illuminate what we can expect in 2023. Tune in …
Assisted Living
AUGUSTA, Ga. — CBRE National Senior Housing has arranged the sale of Thrive at Augusta, a Class A assisted living and memory care community. Located in the heart of Augusta, the 85-unit community was built in 2019 and was fully occupied at the time of sale. Drake Real Estate Partners sold the asset to Inspired Healthcare Capital. While the price was not disclosed, CBRE also arranged $16.8 million in acquisition financing for the buyer. CBRE National Senior Housing’s investment sales team members Aron Will, John Sweeny Jr., Garrett Sacco and …
COMMERCE, Ga. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.3 million loan for the refinancing of Brookside Commerce, an assisted living facility in Commerce, approximately 70 miles northwest of Atlanta. The 62-bed community includes 12 independent living units. It is 3.5 miles from Northridge Medical Center, a full-service community hospital. Robert Bhat, based out of the MMCC Miami office, led the transaction. “Brookside Commerce was acquired in September 2019,” says Bhat. “We were able to secure a 35-year HUD loan to refinance the asset and provide cash …
KINGS PARK, N.Y. — EW Howell Construction Group has completed work on St. Johnland Assisted Living in Kings Park. The two-story, 68,000-square-foot facility on Long Island’s North Shore offers 80 residential units and 100 beds. St. Johnland is a provider on Long Island of skilled nursing care, with specialties in dementia, head injury rehabilitation, subacute care and adult day care. The new assisted living facility was built adjacent to the existing St. Johnland Nursing Center on the 100-acre complex that the nonprofit organization owns. KDA Architects designed the community to …
WESTMINSTER and ENGLEWOOD, Colo. — CA Ventures has sold its Anthology of Westminster and Anthology of Englewood senior living assets to Harrison Street. “Anthology’s Westminster and Englewood assets have leased incredibly well — particularly having opened their doors at the onset of the COVID-19 pandemic in February 2020,” says Justin Dickinson, president of Anthology Senior Living. “The strong financial performance of each asset despite a volatile global macroeconomic environment and never-before-seen headwinds across the industry is a testament to both our investment strategy and the talent of our team.” The …
VIUM Arranges $89.4M Acquisition Financing for Nine-Property Portfolio in Ohio, Pennsylvania
OHIO and PENNSYLVANIA — VIUM Capital has arranged $26.3 million in debt fund financing and $63.1 million in balance sheet financing for the acquisition of nine assisted living communities in Ohio and Pennsylvania. The borrower is a Minnesota-based owner-operator, which has planned capital improvements at the 580-unit portfolio. Further details were not disclosed.
ALLENTOWN, Pa. — Evans Senior Investments (ESI) has arranged the sale of an 80-unit assisted living community in Allentown. An independent owner-operator sold the property to Hamister in an all-cash transaction. The price was not disclosed. The property was built in the 1980s, is 100 percent private pay and received in-place rates just shy of $5,000 a month. At the time of marketing, the community was 94 percent occupied and making over $800,000 in net operating income. Along with the community’s strong surrounding demographics, the facility implemented a rate increase …
MICHIGAN — VIUM Capital has arranged a $16.4 million bridge loan for the acquisition of a 64-unit assisted living community in Michigan. Approximately $3.2 million of the initial $4.0 million earnout was released at closing. Further details were not disclosed.
MADISON, Wis. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Wickshire Madison, an assisted living community in Madison. The property was built in 1992 on a 2.5-acre plot. A Northeast-based private REIT sold the property to a private regional company looking to expand in the Midwest. The price was not disclosed. Daniel Geraghty and Ryan Saul of SLIB handled the transaction. “The asset is a well-run community, being 100 percent occupied, which will make for an excellent addition to the buyer’s growing Wisconsin portfolio,” says Geraghty.
ARIZONA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 150-unit “behavioral assisted living” community in Arizona. A regional developer, owner and operator sold the asset to a private equity firm for $45 million, or $271,000 per unit. The property was 70 percent occupied, approximately 90 percent of which was Medicaid resident census. The property was originally built in 1987 as a hotel, though was converted to an assisted living community in 2016 after undergoing a nearly $10 million renovation. The operator had established a unique relationship …