OHIO — LTC Properties Inc. (NYSE: LTC) has made a $45 million joint venture investment for the purchase of an independent living, assisted living and memory care campus in Ohio. The campus was built between 2019 and 2022, includes a total of 242 units, and is now operated by current LTC partner, Encore Senior Living. Additionally, the transaction includes a $2.1 million lease incentive. The lease term is 10 years at an initial yield of 8.25 percent, and includes a purchase option for the seller during the third and fourth …
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 …
DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of an assisted living and memory care community in Dallas. The property was built in 1996 and renovated in 2020. The buyer plans to convert the property into a behavioral health facility. The seller and price were not disclosed. Additionally, Blueprint helped introduce and secure a real estate capital partner for the behavioral healthcare operator. The two parties entered into a long-term, triple-net lease on the asset and the capital partner will provide renovation capital for the operator.
CHICAGO — Senior Living Investment Brokerage (SLIB), a Chicago-based firm, has arranged the sale of three communities in the Pacific Northwest. The facilities offer a combined 93 units and 105 beds, and were built between 1991 and 1995. The buyer is a private owner-operator group out of Texas. The seller, price, names and locations were not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito and Matt Alley of SLIB handled the transaction.
WINTER HAVEN and LAKELAND, Fla. — Grandbridge Real Estate Capital’s seniors housing investment sales team has arranged the sale of two communities in Florida. A national REIT sold the assets to a Florida-based owner-operator growing in the region. The price was not disclosed. The properties include Spring Haven, a 297-unit independent living, assisted living and memory care community in the Orlando suburb of Winter Haven, and Lake Morton Plaza, a 123-unit independent living and assisted living community in the Tampa suburb of Lakeland. Dave Kliewer and Jay Jordan led the …
LAKEWOOD, Colo. — Ziegler, in partnership with M&T Realty Capital Corp., advised on a $105.6 million Freddie Mac refinancing on behalf of The Ridge Senior Living. The loan is for The Ridge Pinehurst, a luxury independent living, assisted living and memory care community in Lakewood, a suburb of Denver. Ridge began opening the 371-unit community in phases starting in September 2020. The original 10-year, fixed-rate loan was structured with five years of interest-only payments, followed by 30-year amortization. The refinancing provided The Ridge with a long-term, fixed-rate loan to replace …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), along with a regional investor in healthcare real estate, has acquired four skilled nursing facilities on the West Coast. The four-property acquisition includes 450 skilled nursing beds and 20 assisted living units. Links Healthcare Group, a new operator relationship for CareTrust, will operate the facilities pursuant to a 15-year master lease with two five-year extension options. Links is an experienced operator founded by Toby Tilford and Curt Rodriguez and currently operates 16 skilled nursing and seniors housing communities. CareTrust’s initial investment …
PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 72-unit assisted living and memory care community in Portland. The facility was built in 1961 with renovations in 2021. The property totals 52,217 square feet on approximately 4.22 acres of land. The seller was a local owner-operator seeking to retire from the industry. The buyer was a private equity company based in Salt Lake City, with senior living communities throughout the country. This is the buyer’s second community in the Portland market. The price was not …
WALTHAM, Mass. — EPOCH Senior Living has named Laurie Gerber, wife of the late EPOCH founder and CEO Larry Gerber, has been named the company’s chairperson. Laurie will work alongside the Waltham-based EPOCH management team. Larry founded the company in 1997. Under his leadership, the company grew significantly to include five Waterstone Senior Living communities and 11 Bridges by EPOCH memory care assisted living communities located throughout the Northeast. Larry died on March 25 at the age of 66. Laurie is an executive with over two decades of experience as …
LANSING, Mich., and BEAVERCREEK, Ohio — Senior Living Investment Brokerage (SLIB) has arranged the sale of two memory care communities totaling 100 units and 132 beds in the Midwest. Located in Lansing and Beavercreek, both communities were built in 2018 and each total approximately 34,500 square feet on 4.9 acres of land. The seller is a national owner and developer that is exiting the industry. The buyer was a REIT that will lease the communities to Ridgeline Management Co. The price was not disclosed. Jason Punzel, Brad Goodsell, Vince Viverito …