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Tennessee

CCRCDevelopmentFinanceNewsTennessee

Ziegler Arranges $17.7M Bond Financing for HutsonWood at Spring Hill in Tennessee

by Jeff Shaw

SPRING HILL, Tenn. — Ziegler has arranged $17.7 million in bond financing for HutsonWood at Spring Hill. The borrower will use the financing proceeds to acquire approximately 20 acres of land and to finance certain pre-construction development costs related to an expansion and repositioning of an existing skilled nursing and assisted living community in Spring Hill, a suburb south of Nashville. Upon completion of construction, the project will provide a full continuum of care for residents on an approximately 35-acre campus consisting of 172 independent living units, 24 assisted living …

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AcquisitionsNewsSkilled NursingTennessee

Lument Securities Arranges Sale of Summit View of Rocky Top Skilled Nursing Facility in Tennessee

by Jeff Shaw

ROCKY TOP, Tenn. — Lument Securities has arranged the sale of Summit View of Rocky Top, a 117-bed skilled nursing facility in Rocky Top, a suburb of Knoxville. The seller was a private long-term care operator based in Tennessee. The buyer and price were not disclosed. Laca Wong-Hammond and Isabel Carta led the transaction for Lument Securities. Summit View of Rocky Top offers a broad range of services, including short-term rehabilitation and traditional nursing care, along with an 18-bed behavioral health hospital. In recent years, Summit View experienced financial and …

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AcquisitionsAssisted LivingNewsTennessee

Bourne Financial, SRI Management Acquire Trinity Hills of Knoxville in Tennessee

by Jeff Shaw

KNOXVILLE, Tenn. — SRI Management, in conjunction with Bourne Financial Group, has acquired Trinity Hills of Knoxville. The community is located in the foothills of the Great Smoky Mountains in East Knoxville. It offers assisted living and memory care services. Further details were not disclosed.

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AcquisitionsFinanceNewsSkilled NursingTennessee

CareTrust REIT Funds $26.7M Mortgage Financing with Purchase Option on Tennessee Skilled Nursing Portfolio

by Jeff Shaw

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 …

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AcquisitionsAssisted LivingNewsTennessee

Berkadia Negotiates Sale of Two Communities in Tennessee

by Jeff Shaw

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.

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AcquisitionsNewsSkilled NursingTennessee

Blueprint Brokers Sale of 81-Bed Skilled Nursing Facility in Madisonville, Tennessee

by Jeff Shaw

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 …

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AcquisitionsAssisted LivingNewsTennessee

Blueprint Arranges Sale of Value-Add Community in Metro Memphis

by Jeff Shaw

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 …

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AcquisitionsAssisted LivingNewsTennessee

Blueprint Brokers Sale of Vacant Community in Memphis for Behavioral Health Conversion

by Jeff Shaw

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 …

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Affordable HousingFinanceGeorgiaNewsTennesseeTexas

BWE Arranges $60M in Financing for Affordable Housing Projects in the South

by Jeff Shaw

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 …

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ArkansasMemory CareNewsOperationsTennessee

Anthem Memory Care Assumes Management of Two Communities in Arkansas, Tennessee

by Jeff Shaw

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.

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