MILAN, Ohio — Cambridge Realty Capital Cos. has provided a $6.1 million HUD-insured loan for Continuing Healthcare of Milan, a 92-bed skilled nursing facility in Milan, a small village of fewer than 1,500 residents between Cleveland and Toledo. The loan refinances existing debt on the property. “The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, our specialists in FHA-insured HUD loans,” says Jeffrey Davis, Cambridge’s chairman.
BONITA SPRINGS, Fla. — Discovery Senior Living and National Health Investors (NYSE: NHI) have formed a joint venture to acquire and rebrand nine former Holiday Retirement communities. The properties are located in Arkansas, Georgia, Ohio, Oklahoma, New Jersey and South Carolina and total 1,094 units. Discovery Senior Living and its subsidiary management companies have taken over operations. Additionally, Discovery will assume operations of Isles of Vero Beach, a 230-unit assisted living community in Vero Beach, Florida, through Discovery and NHI’s existing joint venture. That property will be renamed Discovery Village …
OHIIO and PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of five skilled nursing facilities totaling 347 beds in Ohio and Pennsylvania. The seller was a public REIT and its operating partner. The seller and price were not disclosed.
BOWLING GREEN, Ohio — Monarch Advisors has arranged $18.9 million financing for the development of a 105-unit, 116-bed skilled nursing, assisted living and memory care community in Bowling Green, approximately 22 miles south of Toledo. The borrower is Trilogy Opportunity Fund I, a development fund based in Louisville, Kentucky. The loan represents 80 percent of the total cost of the project. Monarch secured a senior loan commitment from a local bank for a five-year term and a 3.5 percent fixed interest rate. The loan is structured as interest only for …
TOLEDO, Ohio — Welltower Inc. (NYSE: WELL), a Toledo-based healthcare REIT, has agreed to acquire 33 seniors housing communities totaling 2,787 units in Michigan, Ohio and Tennessee. The purchase price is $548 million. The communities will be acquired as three separate portfolios from undisclosed sellers. The communities were available for purchase because the lease-up process was heavily damaged by the onset of the COVID-19 pandemic. With occupancy at only 63 percent, Welltower expects the communities will greatly improve their performance in 2023 and beyond. Welltower will install Michigan-based senior living operator …
SPRINGFIELD, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Good Shepherd Village, a skilled nursing facility in Springfield. The community was built in the 1960s and was renovated in the 1990s. A private equity owner-operator based in New York was the buyer. Although the seller, price and number of beds were not released, the purchase price equated to approximately $83,000 per bed.
CHICAGO — Chicago-based Evergreen Real Estate Group has been retained to manage multifamily communities comprising a total of 1,377 units across Illinois, Minnesota, Ohio and Virginia. The assignments include a mix of market-rate units and affordable housing for families, seniors and disabled individuals, expanding Evergreen’s management portfolio to more than 10,000 units throughout the U.S. “While some of the new management contracts were underway just before COVID-19, many started during the pandemic, and we have taken great care to help residents of each community navigate these uncertain times,” says Steve …
OHIO — Blueprint Healthcare Real Estate Advisors has arranged the sale of 17 skilled nursing facilities in Ohio for $145 million. The seller was joint venture between an Ohio-based operator and an investment partner, which acquired the portfolio in 2018. The seller was an East Coast-based owner-operator. The portfolio historically has been stabilized with over $100 million in yearly revenue, but saw performance decline due to COVID-19. While further details on the properties were not disclosed, the per-bed price of $73,000 equates to nearly 2,000 beds across the portfolio.
OHIO — Evans Senior Investments (ESI) has arranged the sale of a 180-bed skilled nursing community in Ohio for $10.8 million, or $60,000 price per bed. Built in 1965 with a $220,000 renovation in 2019, the community has nine private units with the rest being semi-private occupancy. In fiscal 2019, the community posted $10.3 million in total revenue and 72 percent occupancy. Despite the large revenue generation, the community did not reach industry standard net operating income margins of 12 to 15 percent due to the below-average Medicaid rate and …
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 …
