GREAT FALLS, Mont. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 70-unit seniors housing community in Great Falls, located in the central part of Montana approximately 130 miles south of the Canada border. A partnership between an Oregon-based operator and a private equity fund purchased the property. The seller was a REIT. The price and the name of the community were not disclosed.
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PRIOR LAKE, Minn. — The City of Prior Lake, approximately 25 miles southwest of Minneapolis, has approved development of Summers Ridge Senior Living. Vincent Development is now clear to start construction of the single-story, 40-unit assisted living and memory care community. Great Lakes Management, based in nearby Plymouth, will operate the community upon completion. A construction timeline was not released. Summers Ridge is one of eight projects Vincent Development plans to start in 2020, with other projects ranging up to 200 units in size.
CHICAGO — In order to recognize the unique and unprecedented conditions of COVID-19’s impact on its triple-net-leased seniors housing tenants, healthcare REIT Ventas has established a rent deferral program for those care providers for the month of April. Under the program, certain seniors housing care providers who are Ventas tenants can defer 25 percent of their April 2020 payment obligation until Oct. 1 or receipt of government assistance. All amounts deferred are required to be used for operating expenses to care for seniors at Ventas communities. Ventas says these tenants …
NEWTON, Mass. — Diversified Healthcare Trust (NASDAQ: DHC) has completed the sale of three seniors housing communities in California. The portfolio totals 599 units. An undisclosed buyer purchased the properties for $47 million. These sales were part of Newton-based DHC’s previously announced disposition plan to sell up to $900 million of assets in connection with the restructuring of its business arrangements with Five Star Senior Living Inc. DHC expects to use the proceeds from these sales to repay debt and for general business purposes.
IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has completed the sale of two skilled nursing facilities located in Montana. Genesis Healthcare operates both communities. An undisclosed buyer paid $14.4 million for the properties, and also took on $14.2 million in HUD-insured mortgage debt associated with the properties. As a result of this disposition, the total annual rental obligation from Genesis to Irvine-based Sabra will decrease by approximately $1.1 million.
PEKIN, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hallmark House Nursing Center. Located in Pekin, a suburb of Peoria, Hallmark House was built in 1964 and features 71 beds. The property totals 22,588 square feet on a six-acre plot. The seller was a private owner based in California struggling to oversee this single asset in Illinois. Occupancy was 62 percent at the time of sale. The buyer was a regional owner-operator with other facilities in Illinois. The price was not disclosed. Ryan Saul of SLIB …
LONDON — Welltower (NYSE: WELL) has dropped it’s bid to buy London-based skilled nursing group Barchester Healthcare, according to British news outlet The Times. The Toldeo, Ohio-based REIT had bid 2.5 billion pounds, approximately $3.1 billion based on this morning’s exchange rate. Barchester operates over 200 skilled nursing facilities and seven hospitals totaling more than 12,000 beds. Welltower pulled its bid due to the chaos surrounding the COVID-19 pandemic, according to the Times report. Neither Welltower nor Barchester have publicly commented on the development. Other American investors reportedly interested in purchasing …
SEATTLE — Evans Senior Investments (ESI) has arranged the sale of Washington Care Services, a 165-bed skilled nursing community in Seattle, for $10.5 million, or $64,000 per bed. Built in 1974, the community was placed into receivership in June 2019 after the previous owner, a local nonprofit organization, defaulted on its existing HUD loan. At the time of the sale, the property was 77 percent occupied and losing over $500,000 a year in net operating income. The new owner plans to correct course by replacing contracted staffers with full-time workers, …
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT that invests in seniors housing and healthcare properties, has completed the sale of its entire portfolio of Preferred Care-operated properties. Preferred Care declared bankruptcy in 2017 amid a slew of personal injury lawsuits against the operator. The combined net proceeds for the portfolio, including one property sold in 2019 and 21 properties sold in the first quarter of 2020, were $77.9 million, resulting in a total estimated gain on sale of $44 million. The 21 properties sold …
ANDOVER, Kan. — Dwight Capital has provided a $14 million HUD refinancing for Victoria Falls, a 164-bed assisted living and skilled nursing facility in Andover. The assisted living building and skilled nursing building — built in 2004 and 2010, respectively — are situated on 7.2 acres. Together, the Victoria Falls buildings total 106,660 square feet. Clint Miller of Dwight Capital originated the transaction.