WESTLAKE, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Our House, a 75-unit independent living community on nine acres in the Cleveland suburb of Westlake. The sale included a home health program that operates exclusively at the community. The seller was a family owner-operator that managed the community for over 40 year. The seller elected to undergo renovations before the sale to receive an assisted living license, as many buyers were interested in using the Ohio Assisted Living Medicaid Waiver Program. The buyer was a Columbus-based …
DAYTON, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of a portfolio of properties in Dayton. The assets included a 40-unit active adult campus, a 12,000-square-foot office builing and a 5.7 acre land parcel. The seller elected to divest the three assets to recycle capital and strategically downsize its portfolio to focus on core business. The buyer was a private equity investor and operator looking to expand through aggressive acquisition.
MARYSVILLE, Ohio — Walker & Dunlop has provided $10.9 million HUD loan to refinance debt on Monarch Skilled Nursing & Rehab, a 75-unit skilled nursing and assisted living community in Marysville, a suburb of Columbus. Frank Cassidy led the Walker & Dunlop team on behalf of Janet Harris and Holland Management. Monarch Skilled Nursing was originally built in 1967 and underwent a rehabilitation of the existing units as well as added assisted living units, which recently stabilized.
TOLEDO, CANTON and ROCKFORD, Ohio — Blueprint Healthcare Real Estate Advisors has brokered the sale of skilled nursing portfolio across Ohio. Situated in Canton, Toledo and Rockford and spanning 200 miles across the state of Ohio, the three facilities were originally built in the 1960s and 1970s and underwent considerable renovations and major upgrades since 2015. The properties total approximately 300 beds. Citing a need to recycle capital, the seller was an East Coast-based private equity investor. The operator, also an East Coast-based company, acquired the assets for an undisclosed …
DAYTON, Ohio — United Church Homes has unveiled plans for Longfellow Commons, a 126-unit active adult community targeting LGBTQ seniors in Dayton. The project will include the redevelopment of the former Longfellow School on Salem Avenue and ultimately comprise a new apartment building and shared community spaces on its two-acre campus CareSource, a nonprofit health plan and the Dayton area’s largest employer, recently donated $1 million to United Church Homes to support the development. The community will be the first senior living community of its kind in Dayton and only …
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.
CINCINNATI — Northsiders Engaged in Sustainable Transformation (NEST) and Pennrose have opened John Arthur Flats, Cincinnati’s first LGBTQ-friendly affordable seniors housing community. Located in the Northside neighborhood, the development adds 57 affordable units for residents age 55 or older. The three-story, elevator-serviced building includes studio, one-, and two-bedroom apartments available for residents earning 30 percent to 60 percent of the area media income (AMI), with rents ranging from $444 to $1,212 per month. The new community helps meet the demand for inclusive, affordable housing in the region, where the National …
OHIO — Evans Senior Investments (ESI) has arranged the sale of a 99-bed skilled nursing community in Ohio. Having been constructed in different phases from 1946 through 1985, the community received two significant renovations in 2013 and 2019. Consisting of 47 private rooms, the community was able to operate with an above-average quality mix. It was 70 percent occupied at the time of marketing, contributing to a breakeven net operating income. This was the buyer’s first acquisition in the skilled nursing space, although it was involved in the operations for …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based investor, has sold seven skilled nursing facilities in Ohio for $52 million. In connection with the completion of the sale, the company’s master lease with affiliates of Trio Healthcare was terminated. The portfolio includes approximately 600 skilled nursing beds along with approximately 100 seniors housing beds/units. “In February, we announced a plan to de-risk the portfolio by selling or re-tenanting 32 properties,” says Dave Sedgwick, CareTrust president and CEO. “Given how much the world has changed since we …
SHELBY, Ohio — Fairfield Homes Inc. has announced plans for the rehabilitation of Park Village Apartments, an affordable seniors housing community in the Central Ohio city of Shelby. The apartment community consists of 80 one- and two-bedroom apartments. The renovations will result in highly efficient, well-appointed apartments that include universal design features, sustainable materials and environmentally sound products. The project will include updated interior finishes, full HVAC replacement, community amenities, walkways and landscaping. The property will become an Enterprise Green Certified Community. Fairfield Homes partnered with NDC Corporate Equity Fund, …