STOCKBRIDGE and MORROW, Ga. — Evans Senior Investments (ESI) has arranged the sale of two GoldenCrest Assisted Living communities in Georgia. The portfolio consists of a community in Stockbridge and a community in Morrow, approximately eight miles apart south of Atlanta. The portfolio sold for $12 million, or $124,000 per unit. Built in 1990, GoldenCrest at Eagles Landing in Stockbridge is a 57-unit assisted living community that is consistently over 90 percent occupancy. Built in 1996, GoldenCrest at Morrow is a 40-unit community that recently transitioned all units to memory …
Assisted Living
CALDWELL, Idaho — Blueprint Healthcare Real Estate Advisors has arranged the sale of Alexander Place, a closed, 35-unit assisted living community in Caldwell, approximately 25 miles west of Boise. A national owner-operator sold the property to a local owner-operator for an undisclosed price. This acquisition marks the buyer’s seventh community in Idaho. Blueprint positioned the offering as a value-add opportunity for an incoming operator to renovate and relicense the closed building. Blake Bozett, Amy Sitzman and Giancarlo Riso of Blueprint handled the transaction.
STRATFORD, Conn. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Atria Stratford, a 100-unit assisted living and memory care community located in Stratford. A publicly traded REIT sold the property to partners of Woodbine Senior Living for an undisclosed price. Developed in 1999, the 87,000-square-foot community features 76 assisted living and 24 memory care units. The property previously boasted an average assisted living occupancy of 98 percent, but was struggling with new competition in the market, according to Blueprint. Ben Firestone, Steve Thomes, Michael Segal and Alex …
PONTIAC, Ill. — Cambridge Realty Capital Cos. has provided a $7.6 million HUD loan to refinance Pontiac Supportive Living, a 60-bed assisted living facility in Pontiac. Located in the central part of the state approximately 100 miles southwest of Chicago, the community features eight one-bedroom units and 52 private studios. The loan is fully amortizing on a 35-year term.
GENESEO, N.Y. — M&T Realty Capital Corp. has provided a $7.5 million refinancing for a 64-unit assisted living facility in Geneseo, a town in the Finger Lakes region. At a 75 percent loan-to-value ratio, the 10-year, 4.18 percent fixed-rate loan is structured with a 25-year amortization. John Sigeti of M&T Realty Capital’s Buffalo office led the transaction. The name of the borrower and property were not disclosed.
ESCONDIDO, Calif. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Las Villas Del Norte, a 185-unit assisted living and memory care community in Escondido. A publicly traded REIT sold the property for an undisclosed price. The buyer was a locally based and privately held real estate investment firm with experience repurposing senior care properties. Constructed in 1986 with an expansion completed in 2006, Las Villas Del Norte is situated in an affluent submarket north of San Diego. The community had initially offered a wider spectrum of senior …
Coastal States Bank Funds $13.1M Acquisition Loan for Assisted Living Asset in Connecticut
by Jeff Shaw
STRATFORD, Conn. — Coastal States Bank has provided a $13.1 million senior loan to affiliates of Woodbine Senior Living. The financing will be used for the acquisition of a 100-unit licensed assisted living community in Stratford. Excess funds will be used to help bring the 88,825-square-foot property to stabilization. The name of the property was not released. Woodbine Senior Living partnered with Locust Point Capital, which provided a $5 million preferred equity investment.
NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, an assisted living facility in Manhattan. The property specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.
WICHITA, Kan., and OKLAHOMA CITY — Blueprint Healthcare Real Estate Advisors has arranged the sale of two assisted living communities located near Oklahoma City and Wichita. A publicly traded REIT and a national operator sold the properties to a family-owned operator based in Kansas. The prices, names and specific locations were not disclosed. With a combined 52 total units and 16,000 square feet, the primarily private pay communities were built in 1993/1994 and renovated in 2016. Both were over 90 percent occupied. Ben Firestone, Michael Segal and Alex Florea of …
SAINT PAUL, Minn. — Evans Senior Investments (ESI) has arranged the sale of Coventry of Mahtomedi, a 48-unit assisted living and memory care community in Saint Paul. National Health Investors (NYSE: NHI) acquired the property for $9.2 million or $192,000 per unit. The new owner is bringing in a regional group, 41 Management LLC, to operate the community. The master lease between NHI and 41 Management is for 15 years, includes two five-year renewal options, and has fixed annual escalators at 2.5 percent. ESI represented the undisclosed seller in the …