PARK CITY, Utah — Blueprint Healthcare Real Estate Advisors has arranged the sale of an undisclosed assisted living and memory care community in Park City, approximately 35 miles southeast of Salt Lake City. The community was built in 1999 and features 32 units of assisted living and 10 units of memory care. The Pacific Northwest-based owner sought to divest the asset as a geographical outlier in its portfolio. A local owner-operator bought the property for an undisclosed price, taking on the existing HUD loan as part of the deal.
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Joint Venture Starts Construction of Arista Riverstone Active Adult Project in Sugar Land, Texas
by Jeff Shaw
SUGAR LAND, Texas — A Houston-based joint venture between Buckhead Investment Partners and Zane Segal Projects has started construction of Arista Riverstone, a 142-unit active adult apartment community in the Houston suburb of Sugar Land. The project is located in Riverstone, a master-planned community along the Brazos River. The four-story building will be located on the last multifamily tract in Riverstone bordered by a lake, and will connect to Riverstone’s 20-mile fitness trail network Johnson Capital Multifamily Inc. provided an undisclosed amount of construction financing. Gonzalez Newell Bender Architects provided …
RIVERSIDE COUNTY, Calif. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community featuring 64 skilled nursing beds and 49 assisted living beds in Riverside County, located east of Los Angeles. The facility was in escrow when COVID-19 hit with a first-time buyer who decided not to proceed. The seller, a family-owned owner-operator eventually sold the property to a first-time buyer. The sales price was $5.4 million, or $84,375 per bed at a 9 percent capitalization rate. JCH also assisted the buyer in setting up …
ELIZABETHTOWN, Pa. — Senior Living Investment Brokerage has negotiated the sale of Elizabethtown Health & Rehab, a skilled nursing and personal care community in Elizabethtown, a suburb of Harrisburg. The facility consists of 45 skilled nursing beds and 39 personal care beds. Most of the building is configured as semi-private rooms. The facility encountered COVID very early in the pandemic with almost all residents and several staff testing positive. With very few deaths, the facility continued to perform extremely well, benefited from higher rates, and was able to continue admitting …
VALLEY STREAM, N.Y. — Oxford Finance LLC has arranged a $44.6 million senior credit facility and revolving line of credit to MDA Capital Group, a Valley Stream-based seniors housing consulting services firm. The proceeds are being used for the acquisition of five skilled nursing facilities located in Vermont totaling 527 licensed beds. Details on the properties and transaction were not disclosed.
SALT LAKE CITY — The Ridge Senior Living, a Salt Lake City-based operator of three seniors housing communities in Colorado and Utah, has hired Marti DiTaranto as vice president of sales and marketing. DiTaranto will work with The Ridge communities as a primary sales resource to generate move-ins and new leads, and ensure that the sales and marketing process is fully executed. She has worked in the senior living industry for more than a decade at both for-profit and nonprofit organizations. Her experience in sales management spans all service levels, …
UNIONTOWN, Pa. — Evans Senior Investments (ESI) has arranged the sale of Cherry Tree Nursing Center, a 120-bed skilled nursing facility in Uniontown, approximately 45 miles south of Pittsburgh. An independent owner-operator exiting the long-term care industry sold the property for $9.7 million. The buyer was an Ohio-based owner-operator looking to expand in Pennsylvania. Built in 1995, the community features all private or semi-private rooms. Despite the contemporary design, the community was not profitable at the time of marketing the offering, with census averaging 72 percent contributing to only $50,000 …
CHARLESTON, S.C. — Berkadia’s Seniors Housing and Healthcare Group has arranged nearly $40 million in loan closings for skilled nursing facilities across the country, including Alabama, Illinois, New Jersey, Washington, Idaho, Indiana and Montana. “While COVID-19 has certainly presented some unique challenges for us as a HUD healthcare lender, we remain steadfast in our commitment to this sector and those that serve the most vulnerable of our population,” says Jay Healy, managing director with Berkadia. “As such, we’ll continue working in tandem with HUD to make sure all qualified projects …
CANTON, Ohio — Capital Senior Living Corp. (NYSE: CSU) has sold a seniors housing community in Canton for $18 million The sale provided $6.4 million in net cash proceeds to the company, which will continue to operate the asset. The buyer and the name of the property were not disclosed. The community features 92 independent living units, 102 assisted living units and 36 memory care units.
Blueprint Brokers Sale of 154-Bed Pawtucket Center Skilled Nursing Facility in Rhode Island
by Jeff Shaw
PAWTUCKET, R.I. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Pawtucket Center, a 154-bed skilled nursing facility in the Providence suburb of Pawtucket. The property was built in 1978, expanded in 1997 and renovated in the early 2000s. A REIT sold the facility to a New Jersey-based entrepreneur, which has partnered with a regional operator. The new owner rebranded the property as Pawtucket Falls Healthcare Center. The price was not disclosed.