LOS ANGELES — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 50-bed skilled nursing facility in the Los Angeles metropolitan area. A private real estate investor sold the community to an investor with a large California portfolio for $4 million, or $80,000 per bed. The specific name and location of the property were not released. The seller made $1.7 million in capital improvements to the property over the last three years, including adding 27 beds. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.
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LADERA RANCH, Calif. — Strategic Student & Senior Housing Trust Inc., a public, non-traded REIT sponsored by SmartStop Asset Management LLC, has promoted Michael Crear to chief financial officer. In his new role, Crear is responsible for the implementation of accounting and financial management policies, as well as the Ladera Ranch-based company’s SEC and regulatory reporting. Previously, he served as vice president and controller of the REIT. Crear will continue to serve as vice president of accounting for the company’s sponsor, SmartStop Asset Management. Prior to joining the SmartStop family …
DENVER — Spectrum Retirement Communities has hired John Holcomb as medical advisor. In his role at Denver-based Spectrum, Holcomb will review and provide recommendations on all resident care policies and procedures and providing insight and expertise on resident care, safety, injury prevention and emergency preparedness programs. Holcomb is an internationally known trauma and acute care surgeon. He is a retired U.S. Army colonel, and has received the Lifetime Achievement Award in Trauma Resuscitation Science from the American Heart Association, the United States Special Operations Command Medal, and the Service Award …
Greystone Provides $71.3M HUD Refinancing for Massapequa Center Rehabilitation on Long Island
by Jeff Shaw
AMITYVILLE, N.Y. — Greystone has provided a $71.3 million HUD-insured loan to refinance Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in the Long Island village of Amityville. Fred Levine of Greystone originated the transaction. The financing carries a fixed rate, 30-year term and 30-year amortization. The refinancing enables the borrower to exit initial bridge financing used to acquire the property in November 2017, and to continue with renovations. Originally constructed in 1974, Massapequa Center has undergone $8.5 million in facility upgrades, including the installation of private suites …
DES MOINES, Iowa — LCS has hired Charles Murphy as executive vice president/senior managing director of development and real estate. Murphy’s career includes leadership roles at The Walt Disney Company, Security Capital Group, GE Capital and Hammes Co. In these roles, his responsibilities included development, acquisition, finance and asset management. Murphy will report to Joel Nelson, president and CEO, and is responsible for strategy and performance oversight of the LCS Development and LCS Real Estate companies for Des Moines-based parent company LCS. Murphy will join the organization in mid-February. “Chuck …
NATIONAL CITY, Calif. — NorthMarq has arranged the sale of Southern Highlands Independent Senior Living, a 151-unit independent living property in National City, just south of San Diego. Lincoln Avenue Capital acquired the community from Shefflin Investments for $22.1 million. The three-story building was constructed in 1999 on 1.03 acres. The units are a mix of studios and one-bedroom apartments. NorthMarq’s Southern California investment sales team of Kyle Pinkalla and Shane Shafer arranged the sale.
WALKERSVILLE, Md. — Greysteel has arranged the sale of Victoria Park at Walkersville, an 80-unit affordable seniors housing community in the Western Maryland town of Walkersville. Osprey Property Cos. sold the property to an undisclosed buyer for $10.2 million. The community was constructed in 2008 using Low-Income Housing Tax Credits. Residents must be at least 62 years old and meet low-income requirements. According to Greysteel, it is both the only seniors housing and affordable housing in Walkersville. Ari Firoozabadi, Henry Mathies and Fletcher Hultman from the Greysteel’s Washington, D.C. office …
SPRINGFIELD, Mo. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Fremont, a 119-unit independent living, assisted living and memory care community in Springfield. A Missouri-based ownership group sold the property to a Florida-based private equity company for an undisclosed price. The new owner assumed an existing agency loan as part of the acquisition, and will keep Arrow Senior Living as the operator. Originally built in 2008, the community underwent an expansion in 2012 to keep up with the demand of the local market. Consisting of 54 …
MINNEAPOLIS — Ryan Cos., a builder and developer based in Minneapolis, has hired Julie Ferguson as senior vice president and senior living sector leader. Ferguson will work with national and regional development, architecture, construction, asset management and capital market teams to lead, plan and execute the company’s strategic vision for the senior living sector. Ferguson joins Ryan Cos. with over 20 years of real estate development, acquisition and brokerage experience in seniors housing, most recently serving as a director at Titan Development. She helped launch the Titan Development Real Estate …
INDIANAPOLIS — Elevation Financial Group, through its Elevation Real Property Fund VII, has Crestwood Village East in Indianapolis for $20 million, or $40,300 per unit. The property sits on 20 acres and features 496 units ranging from 430 to 1,130 square feet. It is Elevation’s largest acquisition to date, in both unit count and price, and its first property in Indiana. The Justus Co. built the community in 1966 as part of a larger development, with the intent of offering an affordable lifestyle for seniors. A single family has owned …