UTAH — Blueprint Healthcare Real Estate Advisors has arranged a new tenant for a 12-property, 1,275-bed skilled nursing portfolio in Utah. Blueprint was approached by a longstanding client to find a best-in-class tenant for the portfolio, which the client was under contract to acquire. The seller was a Utah-based owner and operator of skilled nursing facilities that was in the process of executing on a strategic firm-wide recapitalization. The new tenant is a Nevada-based operator that had strong interest in leasing the portfolio from the future buyer. However, after further …
CLEVELAND — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 99-bed skilled nursing facility in Cleveland. The transaction was part of a HUD short-sale process. The community was built in 1987 and well maintained, but struggled with survey issues and severe financial turmoil. The buyer was a New Jersey-based owner-operator with existing experience in Ohio. Details on the seller and price were not disclosed.
ROSWELL, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunset Villa Care Center, a 52-bed skilled nursing facility in Roswell. The facility is located within three miles of two regional acute care hospitals. It was built in 1965, but “is very well maintained, and had strong recent and historical financial trends,” according to Blueprint. Blueprint’s marketing efforts focused on highlighting the facility’s high cash flows, operating margins, and the local submarket’s strength. At the time of marketing, the facility was running revenues of approximately $6 million. …
KENANSVILLE, N.C. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Kenansville Health and Rehab, a skilled nursing facility in Kenansville. The 92-bed skilled nursing facility is located 75 miles southeast of Raleigh and was built in 1975 adjacent to ECU Health Duplin Hospital. With no direct local competition, the facility consistently maintained stable census and quality mix levels. The seller was an ownership group led by a Georgia-based entrepreneur. The operator had recently announced its plan to exit the industry. The buyer was an investor seeking growth …
BROCKTON, Mass — Lument today has provided a $15 million HUD Sec. 232/223(f) loan to refinance Alliance Health at West Acres, a 130-bed skilled nursing facility (SNF) in Brockton, approximately 20 miles south of Boston. Alliance Health owns and operates seven communities consisting of 807 skilled nursing and 54 residential care beds. Alliance Health at West Acres was originally built in 1965 and consists of a two-story building featuring 116 semi-private beds and 14 private beds. The community was substantially renovated in 2017 using bank debt, which the $15 million …
VIRGINIA — Evans Senior Investments (ESI) has arranged the sale of a three-property skilled nursing portfolio in Virginia. Hill Valley Healthcare sold the assets to an East Coast-based buyer just entering the seniors housing industry. The $59 million price tag equates to $184,375 per bed. The assets are located in the eastern part of Virginia and totaled 270 skilled nursing beds and 50 assisted living beds. Despite two buildings being located in rural markets, the portfolio maintained an occupancy average of 86 percent during the marketing process. Accompanied with a …
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT, has sold two skilled nursing centers in New Mexico. The two centers, totaling 235 beds, were sold for $21.3 million, generating proceeds of $20.8 million. The proceeds will be used to pay down the company’s unsecured revolving line of credit. LTC anticipates recording a gain on sale of approximately $15 million in first-quarter 2023. As a result of the sale, the two properties were removed from the operator’s master lease, and LTC provided a rent decrease of 7.5 …
AURORA and LAKEWOOD, Colo. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of Hampden Hills Post Acute, a 218-bed skilled nursing facility in Aurora, and Mapleton Post Acute, an 84-bed skilled nursing facility in Lakewood. Both properties are located in first-ring suburbs of Denver. Ensign has signed long-term, triple-net leases for both. The owner was not disclosed. These acquisitions bring Ensign’s growing portfolio to 290 healthcare operations, 26 of which also include senior living operations, across 13 states. Ensign subsidiaries, including Standard Bearer, own 108 real estate …
CINCINNATI and CLEVELAND — Senwell Senior Investment Advisors has arranged the sale of two skilled nursing facilities in Ohio’s Cincinnati and Cleveland markets. The seller, a regional operator in the Midwest, opted to divest these properties as they were not aligned with the company’s core long-term care model. The communities were built in 2016 and 2017. The buyer was a Medicare-specialized operator from the West looking to expand its presence in Ohio. Senwell’s Ben Bohland facilitated the transaction.
WALLINGFORD, Conn. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a vacant, 180-bed skilled nursing facility in Wallingford, approximately midway between Hartford and New Haven. The buyer was a Florida-based developer with local ties to Wallingford. No further details were disclosed.