CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of six skilled nursing facilities in Michigan totaling 496 licensed beds. A publicly traded REIT sold the portfolio to an undisclosed buyer for $36 million, or $73,000 per bed. The portfolio’s occupancy was 86 percent with $43 million in annual revenues. However, the seller chose to divest the properties upon finding out the tenant would no longer be able to meet its lease obligations due to having to pay back millions in improper Medicaid payments.
Michigan
GRAND RAPIDS, Mich. — BB&T Capital Markets has closed on $70.2 million in bond financing to fund the expansion of Clark Retirement Community’s Keller Lake campus in Grand Rapids. The financing consists of $64.5 million in tax-exempt bonds and $5.7 million in taxable bonds, all at a fixed rate. The Keller Lake expansion is currently under construction. The project will add 53 independent living units to the community to the continuing care retirement community. Upon completion, Clark Retirement Community’s two campuses will total 185 independent living units, 230 assisted living …
WYOMING, Mich. — American House Senior Living Communities has acquired First & Main Metro Health Village in Wyoming, a suburb of Grand Rapids. American House has taken over operations at the property, and renamed it American House Wyoming. “We have continued to focus on growing our presence in the Midwest, Florida and New England — and we now own and manage over 65 senior communities,” says Dale Watchowski, president and CEO of American House Senior Living Communities and REDICO, an affiliated company. American House Wyoming, built in 2015, offers 102 …