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AcquisitionsAssisted LivingNewsWashington

MedCore Sells 72-Unit Cooks Hill Manor in Centralia, Washington

by Jeff Shaw

CENTRALIA, Wash. — MedCore Partners has sold Cooks Hill Manor, a 72-unit assisted living community in Centralia, Washington. “This was a strategic disposition for MedCore and its investors as we continue to build and capitalize our value-add seniors housing acquisition portfolio in multiple markets across the United States,” says Anthony Fulco, director of acquisitions. “This was a profitable disposition for us as the seller and will be a great project for the buyer going forward.” said Anthony Fulco, Director of Acquisitions. Tony Cassie at Walker Dunlop arranged the transaction. The …

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Anthem Memory Care Assumes Management of Nine Communities in Midwest, West

by Jeff Shaw

LAKE OSWEGO, Ore. — Anthem Memory Care has been selected to manage nine memory care communities in Utah, Washington, Minnesota, Michigan and Ohio. The new communities bring Anthem’s portfolio up to 21 properties and mark the Lake Oswego-based operator’s entry into Utah, Washington, Michigan and Ohio. The properties, owned by Irwin Investors, were previously operated by Sinceri and include: Elk Ridge in Maplewood, Minnesota Edgemont Place in Blaine, Minnesota Robinwood Landing in Lansing, Michigan Glenwood in Dublin, Ohio Preserve at Beavercreek in Beavercreek, Ohio Greenfield Estates in Akron, Ohio Pheasant …

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Pennant Group Transfers Operations of Five Communities in the West to Ensign Group

by Jeff Shaw

EAGLE, Idaho — The Pennant Group Inc. (NASDAQ: PNTG), an Eagle-based REIT, has agreed to transfer the operations of five senior living communities to affiliates of The Ensign Group Inc. The five communities are located in Washington, Arizona and California and are co-located with skilled nursing facilities already operated by affiliates of Ensign. The transaction is anticipated to occur across separate closings in the first half of 2022, subject to receipt of third-party approvals and other customary closing conditions. On the same day, Pennant Group announced that it has entered …

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CaliforniaConnecticutFinanceMarylandNewsSkilled NursingWashington

Berkadia Originates $47M Financing for Five Skilled Nursing Facilities

by Jeff Shaw

CHARLESTON, S.C. — Berkadia Seniors Housing & Healthcare has arranged $47 million in financing for five skilled nursing facilities across the country. Jay Healy secured the financing on behalf of multiple borrowers. In the first loan, Berkadia arranged the HUD refinancing of a 40-bed, Medicare-only skilled nursing facility in Sacramento. The $14.5 million, 48 percent loan-to-value financing retired the construction debt and covered transaction costs for the California-based client. The facility was constructed in June 2018, but did not receive its Medicare certification until August 2019. Occupancy at the time …

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FinanceNewsWashington

Blueprint Arranges Refinancing of 160-Bed Portfolio in Washington State

by Jeff Shaw

KENNEWICK, Wash. — Blueprint Healthcare Real Estate Advisors has negotiated the cash-out refinancing for a pair of Green Lake Senior Living Communities, located in the tri-cities area of Washington State. The two communities totaling approximately 160 beds were purchased during COVID as value-add communities from a pair of national operators looking to transition away from operating older, Class C communities. Green Lake Senior Living, a Washington-based owner-operator already in this market, was able to quickly and drastically improve performance through hands-on management and presence at the communities, in conjunction with …

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AcquisitionsAssisted LivingNewsWashington

Blueprint Brokers Sale of 40-Unit Amber Hills Community in Prosser, Washington

by Jeff Shaw

PROSSER, Wash. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Amber Hills, a 40-unit seniors housing community in Prosser, 190 miles northeast of Portland, Oregon. Originally constructed in 1999, Amber Hills offers assisted living units. Blueprint positioned the asset as a value-add opportunity focusing the buyer’s ability to increase census by adding regional oversight and increasing the assisted living unit count through a new renovation on the vacant land parallel to the community. The buyer was a growing regional owner-operator. The seller was a local group. The …

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AcquisitionsNewsWashington

Ziegler Arranges Sale of 42-Unit South Pointe Assisted Living in Everett, Washington

by Jeff Shaw

EVERETT, Wash. — Ziegler has arranged sale of South Pointe Assisted Living, a 42-unit independent living and assisted living community in Everett, a northern suburb of Seattle. The seller was Radiant Senior Living, which acquired the community in 2020 as part of a larger portfolio transaction including one other community in the greater Seattle area and another community in Bozeman, Montana. Prior to acquiring the community from the previous lessor, Radiant leased and operated the community for 10 years. The buyer and price were not disclosed.

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FinanceM&T Realty Capital CorporationNewsWashington

M&T Realty Capital Provides $20M in Financing for Seniors Housing Property in Washington State

by Jeff Shaw

SEATTLE — M&T Realty Capital Corp. has funded a $20 million Freddie Mac Optigo conventional loan to refinance a 90-unit, 92-bed seniors housing property located in the Seattle metro area. The non-recourse loan carries a 10-year term, fixed interest rate, five years of interest-only payments and a 30-year amortization period. The property maintained healthy occupancy during the COVID-19 pandemic and occupancy had climbed above 91 percent at the time of closing. The property features a mix of independent living, assisted living and memory care units. Steve Muth of M&T Realty …

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AcquisitionsNewsSkilled NursingWashington

Blueprint Brokers Sale of 123-Bed Alaska Gardens Skilled Nursing Facility in Tacoma, Washington

by Jeff Shaw

TACOMA, Wash. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Alaska Gardens Health and Rehabilitation Center, a 123-bed skilled nursing facility in Tacoma. LTC Properties Inc., a publicly traded healthcare REIT based out of Westlake Village, California, sold the asset for an undisclosed price. The buyer was a private owner-operator.

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Ziegler Arranges $91.9M Bond Financing for Eliseo CCRC Expansion in Tacoma, Washington

by Jeff Shaw

TACOMA, Wash. — Ziegler has arranged $91.9 million in bond financing, issued through the Washington State Housing Finance Commission, for an expansion project at Eliseo, a continuing care retirement community in Tacoma. Eliseo, formerly known as Tacoma Lutheran Retirement Community, is a nonprofit corporation established in 1975 to develop, own and operate senior living facilities. Eliseo comprises 53 independent living apartments, 88 condo-style independent living units, 41 licensed assisted living beds, 14 memory care units and 187 skilled nursing beds. The expansion project will add 91 new independent living units …

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