BURLESON, Texas, and OVERLAND PARK, Kan. — CareTrust REIT Inc. (NYSE: CTRE) has acquired two skilled nursing facilities: AdventHealth Care Center Burleson, a 178-bed facility in Burleson, and AdventHealth Care Center Overland Park, a 102-bed facility in Overland Park, Kansas. The Overland Park facility represents CareTrust’s entry into the Kansas market. Blueprint Healthcare Real Estate Advisors represented the seller, AdventHealth, in the transaction. The acquisition of the Burleson facility will be an add-on to CareTrust’s existing lease with Austin, Texas-based operator Momentum Skilled Services, which will replace the outgoing operator. …
TEXAS — VIUM Capital has arranged a $10.8 million bridge-to-HUD loan to recapitalize two skilled nursing facilities. The properties, both located in Texas, total 136 beds. Further details were not disclosed.
TEXAS — VIUM Capital has provided $27 million in bridge-to-HUD financing for two skilled nursing facilities totaling 240 beds in Texas. The terms include a purchase option for the first facility, and refinances $6.8 million in debt on the second. The names, locations and borrower were not disclosed. The financing is full recourse, lowering to 50 percent recourse upon submission of the HUD application.
DALLAS — Bay 9 Holdings LLC, an affiliate of Lapis Advisers LP, has agreed to acquire Edgemere, a continuing care retirement community (CCRC) in Dallas. The high-profile asset has been operating under a forbearance agreement with its lender, UMB Bank, since January 2022. Located on a 16-acre site, Edgemere features 304 independent living units, 60 assisted living units, 31 memory care units and 72 skilled nursing beds. The initial phase of development opened in 2001. Although the seller is not disclosed, Lifespace Communities acquired Edgemere from Senior Quality Lifestyles Corp. …
HOUSTON — Ziegler has arranged $76 million in bond financing for Brazos Presbyterian Homes (BPH), a nonprofit owner-operator based in Houston. The tax-exempt, draw-down bonds are supported by a three-bank syndicate comprised of Amegy Bank, Hancock Whitney and Trustmark. BPH owns and operates three continuing care retirement communities in Texas: Brazos Towers at Bayou Manor, The Hallmark and Longhorn Village. The bonds will fund an expansion project at Longhorn Village, refinance bonds from 2013 and pay the costs of issuance. The expansion project will add 48 independent living apartments to …
AUSTIN, Texas — CBRE National Senior Housing has arranged an $18.2 million refinancing for Village on the Park Onion Creek, a Class A seniors housing community in Austin. The borrower is Bridgewood Property Co. Located in the established neighborhood of Onion Creek, the 124-unit, majority independent living community sits on a nine-acre campus. The property is near Austin’s Interstate 35 growth corridor, south of downtown, providing access to retail and the surrounding area. Aron Will, Tim Root and Michael Cregan of CBRE National Senior Housing arranged the 10-year, floating rate …
TEXAS and WISCONSIN — Lument has closed a series of bridge loans totaling more than $78 million to acquire or refinance four memory care facilities totaling 311 beds in Texas and Wisconsin. The borrower is Silverado, a large memory care operator with communities throughout California, Kansas, Nevada, Maryland, Texas, Illinois, Virginia, Washington, and Wisconsin. Doug Harper, Chris Mauger, and Casey Moore led the transaction for Lument. The four loans were underwritten with a 36-month initial term and one-year extension, with earn-outs for each loan and variable interest rates. The deal …
SAN ANTONIO — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Inn at Los Patios, a 166-unit independent living and assisted living community in San Antonio. Blueprint represented a court-appointed receiver to maximize proceeds for the trustee group and stakeholders involved. Though the community was 80 percent occupied and generating approximately $1 million of cashflow, Blueprint sold the upside of increasing occupancy by elevating the competitive profile and implementing minor expense efficiencies through regional operations. A New York-based private equity group acquired the property for $21 million …
HOUSTON — Buckner Retirement Services has hired industry veteran Tim List as the new executive director for faith-based senior living community Parkway Place in Houston. List takes over for Abraham Mathew, who moved into the position of director of operations for Buckner. List’s career in senior living began in 2012 at Longhorn Village, a life plan community in Austin. There he rose from lead chauffeur to administrator, serving in roles such as accounting specialist, employee relations supervisor, and assistant administrator along the way. List earned a bachelor’s degree in multidisciplinary …
ROUND ROCK, Texas — Cushman & Wakefield has arranged the sale of Franklin Park of Round Rock, a 76-unit assisted living and memory care community in Round Rock, approximately 20 miles north of downtown Austin. A Cushman & Wakefield team of Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin represented the seller, Franklin Park Senior Living and its institutional capital partner, in the transaction. The buyer was Inspired Healthcare Capital, a senior housing investor with a captive operator called Volante Senior Living, which will manage the community going forward. …