VIRGINIA — Newmark has arranged the $149.6 million sale of a nine-property portfolio of skilled nursing facilities. The properties combined total 1,014 beds across the state of Virginia. The specific names and locations were not disclosed. Annaly Capital Management sold the properties to Next Healthcare Capital for an undisclosed price. The new owner will continue to work with the existing operator. Newmark Seniors Housing Group’s Ross Sanders, David Fasano, Ryan Maconachy, Chad Lavender and John Giebel represented the seller.
Virginia
CareTrust REIT Provides $15M Mezzanine Loan for Skilled Nursing Portfolio Acquisition in Virginia
by Jeff Shaw
VIRGINIA — CareTrust REIT (NASDAQ: CTRE) has provided a $15 million secured mezzanine loan to Next Healthcare Inc. The loan is part of a larger financing package that is funding Next’s acquisition of nine skilled nursing facilities in Virginia totaling approximately 1,000 beds. The loan caries a five-year maturity and an annual interest rate of 12 percent. The loan was funded with proceeds from CareTrust’s $600 million unsecured revolving credit facility.
Monticello Provides $42.1M Financing for Skilled Nursing Facility Acquisition in Virginia
by Jeff Shaw
VIRGINIA — Monticello has provided $42.1 million in financing for the acquisition of a skilled nursing facility located in Virginia. The transaction also includes a $3.5 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The buyer is an experienced owner and operator. Further details on the property, loan and acquisition were not disclosed.
WELLESLEY HILLS, Mass. — Truist Financial Corp. has provided a $136 million loan to National Senior Campuses, a continuing care retirement community (CCRC) operator based in Wellesley Hills. The financing will be used toward five of the borrower’s communities, totaling 7,731 units in Warminster, Pennsylvania; Peabody, Massachusetts; Pompton Plains, New Jersey; Springfield, Virginia; and Tinton Falls, New Jersey. Greenspring, one of the borrower’s CCRCs in Northern Virginia, is the first affiliate that will benefit from the new debt proceeds. In total, the funding will provide $115 million toward multi-year, multi-phased …
RICHMOND, Va. — Enterprise Community Development has completed construction of The Rosa, an affordable seniors housing community in Richmond’s historic Jackson Ward neighborhood. Partners on the project include the City of Richmond, the Richmond Redevelopment & Housing Authority, Virginia Housing, the Federal Home Loan Bank, the U.S. Department of Housing and Urban Development (HUD), Truist, Enterprise Housing Credit Investments, and the Virginia Department of Housing and Community Development. The four-story building features 82 mixed-income apartments, including 36 affordable units designated for workforce housing. It is named after the school for …
STERLING, Va. — Avanath Capital Management has acquired Cascades Village, a 150-unit affordable seniors housing community in the Washington, D.C. suburb of Sterling, for $27.2 million. “Avanath was attracted to Sterling because home pricing and existing market-rate product in the market are unaffordable to lower income renters, resulting in a significant demand for affordable rental units in the area,” says John Williams, president and chief investment officer of Avanath Capital Management. “Cascades Village is located only 2.5 miles away from our affordable community, Acclaim at Sterling, and this proximity will …
CHESAPEAKE, Va. — Commonwealth Senior Living has acquired Cedar Manor Assisted Living, a seniors housing community in Chesapeake, located in the southeast corner of the state along the Atlantic Ocean and North Carolina border. Chesapeake Regional Healthcare built the property in 2001. It will be rebranded as Commonwealth Senior Living at Cedar Manor. The community currently features 60 assisted living and 12 memory care beds. Starting after the holidays, Commonwealth will immediately begin renovations to update the building and expand its capacity to 68 assisted living and 32 memory care …
VIRGINIA BEACH, Va. — Standard Communities, the affordable housing division of Standard Cos., has acquired The Commons at Princess Anne, an affordable seniors housing community in Virginia Beach. This acquisition and renovation represents an investment of approximately $22 million and includes capital improvements at the 186-unit property. With this transaction, Standard has created or preserved over 2,000 units of affordable housing in the Mid-Atlantic region. “Older adults, many of whom are on fixed incomes, often find themselves priced out of the neighborhoods that they have been a part of for …
VIRGINIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sentara Healthcare’s portfolio of skilled nursing and seniors housing. The portfolio totals 876 beds in Southern Virginia. Following a previous sale in 2019, Sentara decided to leave the seniors housing space to focus on acute care. The buyer was Omega Healthcare Investors, which will continue to lease to the existing operator, Saber Healthcare Group. The price was not disclosed.
WASHINGTON, D.C. — Cadence Living has been appointed as the new manager of four senior living communities in the Washington, D.C. area. The portfolio includes Tribute at One Loudoun in Ashburn, Virginia; Tribute at The Glen in Woodbridge, Virginia; Tribute at Black Hill in Germantown, Maryland; and Tribute at Melford in Bowie, Maryland.