SAN CLEMENTE, Calif. — CareTrust REIT has acquired 13 skilled nursing facilities in Tennessee for $176 million, as the second phase of a portfolio transaction in the state. California-based CareTrust purchased the properties through a joint venture arrangement with a third-party healthcare real estate owner. Each of the 13 facilities will be operated by existing CareTrust tenants under new, long-term master lease agreements. Affiliates of the Ensign Group will operate six of the facilities, with affiliates of Links Healthcare Group operating the remaining seven. The portfolio transaction totals $421 million and …
BRENTWOOD, Tenn. — Brookdale Senior Living has received a $344.2 million loan to refinance a seniors housing portfolio. The portfolio comprises 47 communities across 14 states. Tennessee-based Brookdale has used the proceeds to repay $312.5 million of variable-rate debt due September 2027. Allison Holland and Alex Sheaffer of JLL Capital Markets secured the seven-year, fixed-rate financing on behalf of Brookdale under JLL’s master credit facility agreement with Fannie Mae. JLL Real Estate Capital LLC will service the loan. Totaling 5,102 units, the portfolio features independent, assisted living and memory care residences.
OAK BROOK, Ill. — An affiliate of Inland Real Estate Acquisitions has acquired a 635-unit senior living portfolio. The portfolio comprises three newly constructed Clarendale communities — Clarendale of Chandler in Chandler, Arizona; Clarendale of St. Peters in St. Peters, Missouri; and Clarendale at Indian Lake in Hendersonville, Tennessee. Amenities at the properties, which feature independent living, assisted living and memory care residences, include swimming pools, wellness centers, full-service salons, entertainment, dining and access to outpatient services and 24-hour security. The portfolio’s average occupancy was 92 percent at the time of …
BRENTWOOD, Tenn. — Brookdale Senior Living, the largest seniors housing operator in the United States, has declined to exercise its right to renew an existing master lease with real estate investment trust Ventas. Covering 120 seniors housing communities, the lease will remain effective through its current term, which ends Dec. 31, 2025. Annual cash rent under the master lease will total $113.6 million in 2025. In a press release, Brentwood-based Brookdale indicated the portfolio has “historically generated significant negative cash flows.” Additionally, Brookdale stated that it is open to continuing discussions …
BRENTWOOD, Tenn. — Brookdale Senior Living (NYSE: BKD), an owner-operator based in the Nashville area, has entered into agreements to acquire three triple-net-leased seniors housing portfolios totaling 41 properties and 2,789 units. The combined purchase price is $610 million. Brookdale currently leases and operates the properties on triple-net bases. In explaining the move, company officials noted that by taking ownership of these communities, Brookdale will gain portfolio management flexibility that is not present in a leased structure, providing additional opportunities to further enhance shareholder value. “The immediate and long-term benefits …
GAINESBORO, Tenn.— Evans Senior Investments (ESI) has arranged the sale of Mabry Health Care & Rehabilitation Center in Gainesboro, located about 88 miles east of Nashville. The transaction was executed on behalf of the seller, an independent owner-operator. The buyer was Strawberry Fields REIT in an off-market transaction. Mabry Health Care, a family-owned nursing home founded in 1979, has served the Gainesboro community for over four decades. Originally focused solely on skilled nursing care, the center expanded its services in 2005 to include assisted living. Today, the facility comprises 108 total …
MEMPHIS, Tenn. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 77-unit assisted living and memory care community in Memphis. The property was built in the late 1990s. The buyer was a Buffalo, New York-based owner-operator seeking to expand its Southeastern geographic footprint. The seller and price were not disclosed.
TENNESSEE — VIUM Capital has provided $12.4 million in bridge financing for three assisted living facilities totaling 160 beds in Tennessee. The financing funded the properties’ acquisition at a 75 percent loan-to-cost ratio. Further details were not disclosed.
DUBLIN, Ohio — JLL Capital Markets has secured a $115 million bridge financing for a portfolio of four Town Village independent communities totaling 852 units spanning across Alabama, Tennessee, Oklahoma and Michigan. JLL represented the borrowers, Chicago Pacific Founders and Grand Park Capital, in arranging the three-year, nonrecourse loan through Ally Bank. The properties were built between 2000 and 2002 and have all undergone renovations by the borrowers. Jay Wagner, Rick Swartz, Joel Mendes, Dan Kearns, Jim Dooley and Robert Tonnessen led the JLL team.
MEMPHIS, Tenn. — Grace Management Inc. has assumed management responsibilities for The Summit of Germantown in Memphis. The community features 122 independent living units, 34 assisted living units and 24 memory care units. This transition represents an expansion in the greater Memphis market for Grace, complementing an existing community, Town Village Audubon Park.
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