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AcquisitionsAssisted LivingNewsWisconsin

SLIB Arranges Sale of 255-Unit Assisted Living Portfolio in Wisconsin

by Jeff Shaw

OSHKOSH and WAUKESHA, Wis. — Senior Living Investment Brokerage (SLIB) has arranged the sale of three assisted living communities in Wisconsin. A publicly traded REIT sold the assets to reduce the number of buildings leased to a specific tenant. The buyer was a private, regional owner with assets in the area. The price was not disclosed. The portfolio consists of Mission Creek in Waukesha, a suburb of Milwaukee, and Bella Vista and Lakeshore Manor, located one mile apart in Oshkosh, approximately 45 miles southwest of Green Bay. Mission Creek is …

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FinanceNewsSkilled NursingWisconsin

Ziegler Arranges $9.6M Refinancing for Eskay Real Estate

by Jeff Shaw

UNION GROVE and LOMIRA, Wis. — Ziegler has arranged $9.6 million in refinancing on behalf of Eskay Real Estate, a family-owned post-acute care provider in Southeastern Wisconsin. The refinancing funded the acquisition of a previous partner’s majority interest and refinanced SBA loans related to two post-acute care campuses located in Wisconsin. Both facilities provide skilled nursing care and assisted living accommodations in Union Grove and Lomira. Ziegler recommended refinancing outstanding SBA debt with FHA Section 232/223(f) program to allow Eskay to lower its debt service and eliminate bank-related financing risks …

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AcquisitionsAssisted LivingFinanceNewsWisconsin

Walker & Dunlop Arranges $9.1M Financing for Acquisition of Tender Hearts Assisted Living in Green Bay

by Jeff Shaw

GREEN BAY, Wis. — Walker & Dunlop has arranged $9.1 million in financing for the acquisition of Tender Hearts Assisted Living, a 50-unit community in Green Bay. The property was built in 2009 and renovated in 2019. The total price of the acquisition was $10.1 million. The seller was not disclosed. Walker & Dunlop structured the HUD-insured financing on behalf of Senior Opportunity Funds Holding Co. (SOF), a seniors housing developer that has historically developed Class A independent living, assisted living and memory care communities in the Southeast. As part …

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NewsOperationsWisconsin

Health Dimensions Group to Manage Two Former Brookdale Communities in Wisconsin

by Jeff Shaw

APPLETON and STEVENS POINT, Wis. — Health Dimensions Group (HDG) has taken over operations of two seniors housing communities in Wisconsin. The repositioning of Brookdale Appleton to Dimensions Living Appleton and Brookdale Stevens Point to Dimensions Living Stevens Point took place on March 1. Dimensions Living Appleton is an assisted living and memory care senior living community surrounded by woods and new walking paths yet still close proximity to shops, parks, theatres, and the Timber Rattlers baseball stadium. Dimensions Living Stevens Point, located in Stevens Point, provides independent and assisted …

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FinanceNewsWisconsin

Berkadia Arranges $32.3M Refinancing for Community in Appleton, Wisconsin

by Jeff Shaw

APPLETON, Wis. — Berkadia’s Seniors Housing and Healthcare Group has secured a $32.3 million refinancing for a seniors housing facility in Appleton, located near the north bank of Lake Winnebago approximately 30 miles southwest of Green Bay. Chris Cain secured the financing on behalf of the Oregon-based owner and operator, Touchmark. Further details on the property were not disclosed. “We were able to lock in a low interest rate and provide additional equity to the borrower at closing, even with the current COVID-19 restrictions,” says Cain. “We expect to see …

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AcquisitionsNewsSkilled NursingWisconsin

SLIB Negotiates Sale of 104-Bed ManorCare Health Services in Appleton, Wisconsin

by Jeff Shaw

APPLETON, Wis. — Senior Living Investment Brokerage (SLIB) has arranged the sale of ManorCare Health Services in Appleton, approximately 30 miles southwest of Green Bay. The skilled nursing facility features 104 beds. The seller sought to divest of its only skilled nursing facility in the state. The buyer and price were not disclosed.

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AcquisitionsNewsWisconsin

SLIB Negotiates Sale of 50-Unit Woods of Caledonia in Racine, Wisconsin

by Jeff Shaw

RACINE, Wis. — Senior Living Investment Brokerage has arranged the sale of The Woods of Caledonia, a 50-unit community-based residential facility (CBRF) in Racine, approximately 25 miles south of Milwaukee. The property totals 54,000 square feet n 4.48 acres. It was originally built in early 1960s and converted to a CBRF in 2008. Occupancy was 75 percent at the time of the sale. The seller was a regional owner-operator that strategically divested this facility due to poor financial performance and the fact that it had transitioned to a Medicaid waiver …

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FinanceNewsSkilled NursingWisconsin

Oxford Finance Provides $9.5M Acquisition Financing for Two Skilled Nursing Facilities in Wisconsin

by Jeff Shaw

WISCONSIN — Oxford Finance LLC has provided a $9.5 million senior credit facility and revolving line of credit to AB Asset Management LLC and Vitalogy Property Holdings LLC. The proceeds will be used to finance the acquisition of two skilled nursing facilities located in Wisconsin, totaling 158 beds. Vitalogy formed a partnership with AB Asset Management and Symmetry Healthcare to acquire the properties. Levi Rudd and Louis Kass founded Vitalogy in 2015. The company plans to expand its existing multi-state operating platform to the Midwest.

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AcquisitionsNewsWisconsin

ESI Negotiates Sale of 154-Unit Seniors Housing Campus in Cottage Grove, Wisconsin

by Jeff Shaw

COTTAGE GROVE, Wis. — Evans Senior Investments (ESI) has arranged the sale of Aster Senior Communities of Cottage Grove and Drumlin Residences, a 154-unit independent living, assisted living and memory care campus in Cottage Grove, a suburb of Madison. The campus first opened its doors in 2006 with the 70-unit assisted living community, then followed by the 24-unit memory care community in 2016 and the 130-unit Drumlin Residences independent living section in January of 2018. The campus maintained over 93 percent occupancy for the last few years. ESI represented the …

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AcquisitionsAssisted LivingNewsWisconsin

NHI Acquires The Courtyard at Bellevue in Wisconsin for $12.3M

by Jeff Shaw

BELLEVUE, Wis. — National Health Investors Inc. (NYSE:NHI) has exercised its purchase option to acquire The Courtyard at Bellevue, a 43-unit assisted living and memory care community in Bellevue, a small village just outside of downtown Green Bay. The purchase option was part of a deal that included a $3.9 million second mortgage loan at a rate of 13 percent that NHI announced in January 2020. The purchase price is $12.3 million at an initial cash lease yield of 7.5 percent with 2.5 percent annual escalators. The lease has an …

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