HOUSTON — CareTrust REIT Inc. (NYSE: CTRE) has acquired a 125-bed skilled nursing facility located in the greater Houston metropolitan area. An affiliate of Evergreen Health Group will operate the property, opening a new tenant relationship for CareTrust. The specific name and location of the property were not disclosed. Evergreen Health Group is a Texas-based operator of skilled nursing facilities primarily owned by Selina Chao, an industry veteran. Evergreen has entered into a 15-year, triple-net lease with CareTrust that includes two five-year extension options and annual CPI-based rent escalators. CareTrust’s …
SAN ANGELO, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 30-unit assisted living and memory care community in the West Texas city of San Angelo. A publicly traded REIT sold the asset, which was built in 2012. The two adjacent buildings sit on 2.8 acres, including room for future expansion. As the newest seniors housing community in San Angelo, the property historically generated strong operational performance with occupancies exceeding 85 percent in 2019, while generating cash flows of $1.5 million at a 34 percent margin …
GRAND PRAIRIE, Texas — Greysteel has arranged the sale of Wright Senior Apartments, a 154-unit affordable seniors housing property in Grand Prairie, just west of Dallas. Initially constructed in 2005, community includes 123 rent-restricted affordable units and 31 market-rate units in a mixture of studio, one- and two-bedroom units. The buyer, an experienced affordable housing owner, will continue to operate the community as an affordable housing community per the terms of the LIHTC LURA. The buyer assumed the seller’s existing HUD loan. Murphy Holloway and Doug Banerjee of Greysteel’s National …
GEORGETOWN, Texas — Watermark Retirement Communities has opened The Hacienda at Georgetown, a 231-unit luxury property in Georgetown, approximately 25 miles north of Austin. The apartments feature one- and two-bedroom options and offer independent living, assisted living, short-term stays or memory care. The Georgetown property is the latest addition to Watermark’s high-end Élan Collection. “The Hacienda at Georgetown fills the luxury senior living gap in the market created by the greater Austin area population boom,” says David Freshwater, chairman of Watermark.
TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of seven skilled nursing facilities totaling 564 beds in Central Texas and East Texas. The assets on average were built in 1969, and had an average licensed capacity of 80 beds per facility. Blueprint positioned the deal as an opportunity for an incoming owner or operator to acquire a well-established skilled nursing portfolio, integrate the facilities into an existing regional portfolio, and implement key cost control measures. The buyer was a regional owner-operator. The seller and price were not …
DALLAS — Buckner Retirement Services has selected chef Stephan Pyles as chief culinary advisor for its senior living communities in Texas. The James Beard Award-winning chef from Texas will help enhance the culinary experiences at Buckner Villas in Austin, Calder Woods in Beaumont, Parkway Place in Houston, and Buckner Westminster Place in Longview, in addition to his established advisory role with Ventana by Buckner in Dallas. Buckner previously collaborated with Pyles to craft a new type of dining experience for seniors ahead of the opening of Ventana by Buckner in …
BURLESON, Texas, and OVERLAND PARK, Kan. — CareTrust REIT Inc. (NYSE: CTRE) has acquired two skilled nursing facilities: AdventHealth Care Center Burleson, a 178-bed facility in Burleson, and AdventHealth Care Center Overland Park, a 102-bed facility in Overland Park, Kansas. The Overland Park facility represents CareTrust’s entry into the Kansas market. Blueprint Healthcare Real Estate Advisors represented the seller, AdventHealth, in the transaction. The acquisition of the Burleson facility will be an add-on to CareTrust’s existing lease with Austin, Texas-based operator Momentum Skilled Services, which will replace the outgoing operator. …
TEXAS — VIUM Capital has arranged a $10.8 million bridge-to-HUD loan to recapitalize two skilled nursing facilities. The properties, both located in Texas, total 136 beds. Further details were not disclosed.
TEXAS — VIUM Capital has provided $27 million in bridge-to-HUD financing for two skilled nursing facilities totaling 240 beds in Texas. The terms include a purchase option for the first facility, and refinances $6.8 million in debt on the second. The names, locations and borrower were not disclosed. The financing is full recourse, lowering to 50 percent recourse upon submission of the HUD application.
DALLAS — Bay 9 Holdings LLC, an affiliate of Lapis Advisers LP, has agreed to acquire Edgemere, a continuing care retirement community (CCRC) in Dallas. The high-profile asset has been operating under a forbearance agreement with its lender, UMB Bank, since January 2022. Located on a 16-acre site, Edgemere features 304 independent living units, 60 assisted living units, 31 memory care units and 72 skilled nursing beds. The initial phase of development opened in 2001. Although the seller is not disclosed, Lifespace Communities acquired Edgemere from Senior Quality Lifestyles Corp. …