BOUNTIFUL, Utah — CareTrust REIT Inc. (NASDAQ:CTRE) has acquired Barton Creek Senior Living, a 62-unit assisted living facility located on the campus of Lake View Hospital in Bountiful, a suburb of Salt Lake City. The acquisition price of the off-market transaction was not disclosed. The Barton Creek facility has been added to CareTrust’s existing master lease with seniors housing operator Bayshire LLC. For the seller, the nonprofit South Davis Community Hospital Campus, the sale was part of a strategic decision to focus on its adjacent higher-acuity operations. The property will …
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FORT WASHINGTON, Pa. — Acts Retirement-Life Communities, a nonprofit operator based in Fort Washington, has added William Reynolds and Michael Kelly to its board of directors. The Acts Board represents a diverse group of volunteer members who serve without compensation. Reynolds is a resident of The Evergreens, an Acts community in Moorestown, New Jersey. He served as a teacher and administrator in public and private schools and at the University of Pennsylvania. Later he had a more than 20-year career as founder and senior partner in Reynolds & Schaeffer Associates …
CBRE Hires Seniors Housing Financing Expert Joshua Hausfeld as Executive Vice President
by Jeff Shaw
BETHESDA, Md. — CBRE has hired Joshua Hausfeld as a debt and structured finance professional within the company’s national seniors housing practice. Hausfeld will be an executive vice president based in CBRE’s Bethesda office, specializing in agency loans for healthcare and seniors housing properties, including independent living, assisted living, memory care and skilled nursing facilities. Hausfeld will lead CBRE’s HUD 232 origination efforts nationally, and partner with CBRE National Senior Housing professionals Aron Will, Austin Sacco and Lisa Widmier. Prior to joining CBRE, Hausfeld was a managing director at SunTrust …
MANALAPAN, N.J. — Hackensack Meridian Health has opened the doors on The Villas in Manalapan. The company is marketing the property to Staten Island residents looking to downsize. The property spans 100,000 square feet on seven acres and offers independent living, assisted living, memory care and skilled nursing. The number of units was not disclosed. Independent living residences are available as one- or two-bedroom, and studio apartments, with monthly rates starting at $4,950.
JACKSONVILLE, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Summer Brook Health Care Center, a 120-bed skilled nursing facility in Jacksonville. A longtime private owner-operator sold the community for $12.6 million. The buyer was a partnership between a private ownership group and a regional operator. The price translates to approximately $105,000 per bed. Originally built in 1967, Summer Brook is located in the heart of Jacksonville. A strong historical performer, according to Blueprint, Summer Brook EBITDAR was trending even higher during the sale process. Trent Gherardini …
LUBBOCK, Texas, and HUNTSVILLE, Ala. — Walker & Dunlop has structured $13.1 million in financing for Crown Point Health Suites, a skilled nursing facility in Lubbock, and $33.6 million in financing for Regency Retirement Village of Huntsville, a continuing care retirement community (CCRC) in Huntsville. Built in 2011, Crown Point Health Suites is a 96-unit, Class A+ facility in West Texas. Regency Retirement Village of Huntsville is a 312-unit CCRC built in 1980, with a skilled nursing expansion completed in 2016. The two transactions were both refinancings through HUD’s 232/233(f) …
NEW JERSEY — Monticello and its affiliates have provided $38 million in first lien debt financing for the acquisition of one rental-model retirement community in New Jersey. The community features 226 independent living units, 113 assisted living and memory care beds and 60 skilled nursing beds. The transaction also includes a $1 million working capital loan to the operating company of the property provided by Monticello’s asset-based lending group, Monticello Commercial Capital. The borrower is an owner and operator of various models of senior living. The name and location of …
Dwight Capital Closes $6.8M Financing for Canal Pointe Skilled Nursing Facility in Akron, Ohio
by Jeff Shaw
AKRON, Ohio — Dwight Capital has provided a $6.8 million bridge loan for the acquisition of Canal Pointe Nursing and Rehab, a 120-bed skilled nursing facility in Akron. Renovated in 2008, the property totals 57,724 square feet situated on 2.2 acres. Canal Pointe offers its residents services such as short-term rehabilitation, occupational therapy, respiratory care, trach care and behavioral care. The borrower was not disclosed.
Capital Funding Arranges $10.8M Acquisition Financing for Harrison House of Christiana in Pennsylvania
by Jeff Shaw
CHRISTIANA, Pa. — Capital Funding LLC has arranged $10.8 million in bridge-to-HUD financing for the acquisition of Harrison House of Christiana in Lancaster County. The property is a 139-bed skilled nursing facility. The borrower was not disclosed. Concurrent with the real estate closing, Capital Finance also provided a $3.5 million line of credit. Craig Casagrande and Andrew Jones originated the transaction for Capital Funding.