SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE:CTRE), a San Clemente-based REIT focused on skilled nursing properties, has funded a $26.7 million mortgage loan in connection with the borrower’s acquisition of a two-asset skilled nursing portfolio in Tennessee. The properties feature a combined total of 276 licensed beds. The borrower group under the loan is a regional healthcare real estate owner and investor. Affiliates of The Ensign Group Inc. (NASDAQ: ENSG) took over operations on May 1 pursuant to a new, long-term, triple-net master lease with the borrower. The loan …
KNOXVILLE and JACKSON, Tenn. — Berkadia has arranged the sale of two assisted living and memory care communities in Tennessee. Berkadia Seniors Housing & Healthcare, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, negotiated the 127-unit transaction on behalf of a publicly traded REIT. Mainstay Senior Living acquired the properties, which are located in the Knoxville and Jackson markets. Further details were not disclosed.
MADISONVILLE, Tenn. — Blueprint Healthcare Real Estate Advisors has arranged the sale of an 81-bed skilled nursing facility in Madisonville, located between Knoxville and Chattanooga. The seller was The Trousdale Foundation, a nonprofit owner through Trousdale Living Communities. The buyer was a New York-based provider. Although the price was not disclosed, the per-bed price of $150,000 equates to approximately $12 million. Constructed in 1982, the asset is located on four acres approximately 10 miles south of Sweetwater Hospital. As the only licensed provider in the city, the high-quality facility generated …
MEMPHIS, Tenn. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a value-add assisted living community near Memphis. A national developer/investor engaged Blueprint to create an exit strategy in order to maximize value for more than a dozen geographically disparate, older-vintage communities. These communities were purchased in a sizeable portfolio transaction pre-COVID, under a value-add thesis contemplating operator transitions to create regional groupings coupled with the intent to meaningfully invest in renovations and repositioning. Unfortunately, the cumulative impact of COVID followed by an unprecedented rise in interest rates …
MEMPHIS, Tenn. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a vacant assisted living community in Memphis. Blueprint’s behavioral healthcare team advised the seller on obtaining special zoning entitlements to seek a buyer looking to convert the property into a behavioral healthcare facility. The buyer originally planned to implement capital improvements and license the building as a substance abuse facility. However, during escrow, Blueprint was approached by an adolescent mental healthcare provider, expressing strong interest in leasing and operating the property. Blueprint introduced the buyer to the …
DALLAS, ATLANTA and NASHVILLE — BWE has arranged three financings totaling over $60 million to build, renovate and provide permanent financing for three affordable multifamily housing properties. Jon Killough and John Roberts originated the Freddie Mac tax-exempt loans on behalf of the borrowers. In the first transcation, BWE arranged a $14.2 million loan for Villages at Carver in Atlanta. The borrower, an Atlanta-based developer and operator, will fund renovations and permanent financing for the 220-unit, mixed-income, garden-style apartment complex. The development houses a mix of one-, two-, three-, and four-bedroom …
FAYETTEVILLE, Ark., and KNOXVILLE, Tenn. — Anthem Memory Care has assumed management of two communities — Clear Creek in Fayetteville and Concord Place in Knoxville. The new properties bring Anthem’s portfolio up to 19 properties and marks the Oregon-based operator’s entry into Tennessee.
SPARKS, Nev., and HARROGATE, Tenn. — The Ensign Group Inc. (Nasdaq: ENSG) has acquired the operations of Hearthstone Health and Rehabilitation, a 125-bed skilled nursing facility located in Sparks, and TriState Health and Rehabilitation Center, a 116-bed skilled nursing facility located in Harrogate. Ensign will operate both properties under an long-term, triple-net lease. These acquisitions bring Ensign’s growing portfolio to 299 healthcare operations, 27 of which also include senior living operations, across 14 states. Ensign subsidiaries, including Standard Bearer, own 113 real estate assets.
BRENTWOOD, Tenn. — Blueprint Healthcare Real Estate Trust has arranged the sale of an assisted living and memory care community in Brentwood, a suburb of Nashville. The buyer plans to convert the property to residential mental health center, and has already executed a long-term lease with a tenant. Further details on the buyer, seller and price were not disclosed. Andrew Sfreddo, Kyle Hallion, Shane Harmon and Gunnar Raney led the Blueprint team.
NASHVILLE, Tenn. — Distinctive Living has assumed management of The Village at Bellevue, an assisted living and memory care community in Nashville. The community features 69 units, including an 18-bed secured memory care neighborhood. New Jersey-based Distinctive Living currently operates 26 communities and has 20 under development via its development services platform (Distinctive Living Development LLC).