Wednesday, April 24, 2024
Read the Magazine Subscribe

Indiana

AcquisitionsIndianaNews

Kandu Capital, Bloom Senior Living Purchase Two Communities in Indianapolis Out of Receivership

by Jeff Shaw

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsAssisted LivingIndianaNews

Blueprint Negotiates Sale of Community in Fort Wayne for Behavioral Health Conversion

by Jeff Shaw

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingFinanceIndianaNews

JLL Arranges $7M Refinancing for Gary Manor Affordable Community in Gary, Indiana

by Jeff Shaw

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsIndianaNews

ESI Brokers $29M Sale of Three-Property Portfolio in Indiana

by Jeff Shaw

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
FinanceIndianaNewsSkilled Nursing

Northland Networks Arranges Refinancing for 100-Bed Skilled Nursing Facility in Gary, Indiana

by Jeff Shaw

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.

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsIndianaNewsOhio

Blueprint Arranges Investor Succession for 11-Property Midwest Portfolio

by Jeff Shaw

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.

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsAssisted LivingIndianaMemory CareNews

ESI Arranges Sale of 48-Unit Assisted Living Community in Merrillville, Indiana

by Jeff Shaw

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 …

Continue Reading
0 FacebookTwitterLinkedinEmail
IndianaNewsOperations

Blueprint Arranges Operator Transition for 28-Property Portfolio in Indiana

by Jeff Shaw

INDIANA — Blueprint Healthcare Real Estate Advisors has arranged an operator switch for a portfolio of 19 skilled nursing facilities and nine assisted living communities in Indiana. The owner is a joint venture group and the new operator is a Midwest-focused company. The outgoing operator has expressed its intention to not renew its lease.

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsIndianaNewsSkilled Nursing

ESI Brokers $4.2M Sale of Manderley Health Care Center in Osgood, Indiana

by Jeff Shaw

OSGOOD, Ind. — Evans Senior Investments (ESI) has arranged the sale of Manderley Health Care Center, a 71-bed skilled nursing community located in Osgood, a tiny town located between Indianapolis and Cincinnati. An independent owner-operator sold the property to an East Coast-based owner-operator for $4.2 million, or $58,451 per bed. Built in 1981, Manderley Health Care Center was 58 percent occupied and not cash flowing at the time of marketing. While under contract, occupancy at the community dipped below 45 percent. However, the owners of the community were able to …

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsIndianaNewsSkilled Nursing

Euson Lindsay Health Acquires Green House Cottages of Carmel in Indiana

by Jeff Shaw

CARMEL, Ind. — Euson Lindsay Health LLC has acquired The Green House Cottages of Carmel, a 72-bed skilled nursing facility in Carmel, a suburb of Indianapolis. The Green House Cottages of Carmel opened in 2016 and offers short-term rehabilitation, memory care and long-term care. The beds are spread across six buildings in a home-like environment. The buyer will rebrand the facility under its Restoracy brand. The seller and price were not disclosed.

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts