Indiana

ANDERSON, Ind. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Vermillion Place in Anderson, approximately 30 miles northeast of Indianapolis. The community comprises 45 units of assisted living care on about two acres. This particular asset was family owned and it proved difficult to successfully run a smaller, single-site operation, according to SLIB. The owner made the decision to sell and was encouraged by its lender to divest.  The buyer is a private owner that previously provided the owners with operating, clinical and environmental consulting services for …

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ELKHARD, KOKOMO and MADISON, Ind. — Blueprint has arranged the sale of three assisted living communities in Indiana. The communities were built in the late 1990s in Elkhart, Kokomo and Madison, and historically struggled operationally. The buyer plans to reposition the assets as the premier affordable option in their respective markets by utilizing the Indiana Assisted Living Waiver Program. The buyer, seller and price were not disclosed. Connor Doherty, Ryan Kelly, Amy Sitzman and Giancarlo Riso led the Blueprint team.

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GREENWOOD, Ind. — LCS Development has unveiled plans for a $100 million expansion project at Greenwood Village South, a seniors housing community in Greenwood, a southern suburb of Indianapolis. Plans include a new salon. library, indoor pool, 280-seat auditorium and an outdoor courtyard for pickleball and bocce ball. Greenwood Village South officials say the expansion will also dramatically improve two levels of care the 62-year-old facility provides: assisted living and memory care. For the expansion, LCS plans to build 66 new independent living “hybrid” homes in the form of six …

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INDIANAPOLIS — Kandu Capital and its operating company, Bloom Senior Living, have acquired two senior living communities in Indianapolis out of a Fannie Mae receivership.  With the move, Bloom expands its Indiana footprint to five communities. After strategically divesting $110 million of skilled nursing and behavioral health assets at peak pricing up to $225,000 per bed, Bloom has opportunistically redeployed capital into seniors housing at $30,000 per unit. Bloom is capitalizing on new distressed opportunities while its current portfolio is outpacing pre-pandemic levels and industry fundamentals are strengthening.  Blueprint represented …

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FORT WAYNE, Ind. — Blueprint Healthcare Real Estate Advisors has arranged the sale of an assisted living and memory care community in Fort Wayne. Developed in 1996, this Northern Indiana assisted living and memory care community is located in close proximity to downtown Fort Wayne and offers large amenity spaces, private baths and outdoor programming areas. An institutional investor sold the asset to a behavioral healthcare provider with plans to convert the community. The price was not disclosed. The Blueprint team included Andrew Sfreddo, Shane Harmon, Gunnar Raney, Amy Sitzman …

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GARY, Ind. — JLL Capital Markets has arranged a $7 million refinancing for Gary Manor, a 198-unit, age-restricted community in Gary, approximately 30 miles southeast of Chicago. Built in 1980 and substantially renovated in 2011, Gary Manor consists of a 12-story building for seniors and four, two-story walk-up buildings for families. Floor plans include 172 one-bedroom units, 20 two-bedroom units and six three-bedroom units. JLL worked on behalf of the borrowers, Monroe Group Limited and Steele Properties, to secure the 10-year, fixed-rate loan through Freddie Mac Multifamily. JLL Real Estate …

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MARION, Ind. — Evans Senior Investments (ESI) represented a local nonprofit owner’s exit from the long-term care industry. Encompassing three assets total, the senior living and skilled nursing portfolio sold for $29 million, or $97,000 per bed/unit. Built in 1982 and 1995, the portfolio was being leased to an Indiana-based regional operator, which had approximately 10 years remaining on its current triple-net lease. That operator was the buyer, exercising its right of first refusal to purchase the properties from the Marion-based seller. The operator plans to make extensive renovations to …

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GARY, Ind. — Northland Networks has arranged an undisclosed amount of financing for a 100-bed skilled nursing facility in Gary, just across the state border from Chicago. The loan will refinance existing debt on the property. Further information on the borrower, loan and property was not disclosed.

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OHIO and INDIANA — Blueprint Healthcare Real Estate Advisors advised on the execution of an investor succession plan, involving the sale of an 11-asset, 1,400-unit portfolio in the Midwest. The portfolio, geographically clustered in Indiana and Ohio, featured run rate total revenue and EBITDAR of approximately $56 million and $12 million, respectively, at closing. The buyer was a company with existing Midwest expertise and infrastructure. No further details were disclosed.

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MERRILLVILLE, Ind. — Evans Senior Investments (ESI) has arranged the sale of a 48-unit assisted living and memory care community in Merrillville. A regional family ownership group sold the asset to Lloyd Jones for an undisclosed price. The community was originally purpose built for memory care in 2016 and received in-place rates above $5,000 a month. In late 2019, the community began accepting assisted living residents due to slow lease-up velocity of the existing memory care units. The community experienced multiple bans on admissions due to COVID-19 outbreaks, with the …

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