The Ensign Group acquires Texas post-acute care campus
The Ensign Group (Nasdaq: ENSG) completed the acquisition of Golden Palms Rehabilitation and Retirement, a post-acute care campus in Harlingen, Texas. The campus includes 38 assisted living beds, 92 independent living units and a 60-bed skilled nursing facility.
Ensign Group acquired the real estate and operations.
LTC moves 3 Thrive properties to new operator
LTC Properties (NYSE: LTC) transitioned two of its the six senior housing communities in its Thrive Senior Living portfolio to a new operator.
The communities, located in Louisville, Kentucky and West Chester, Ohio and totaling 120 memory care units, are now managed by Trilogy Management Services (TMS), in what is a new operator relationship with the Westlake Village, California-based health care real estate investment trust.
Three other properties, comprising 215 assisted living and memory care units are in being transitioned to LTC’s current operating partner, Veritas Healthcare Group. The transition of one property, in Corpus Christi, Texas is complete and its lease was added to Veritas’ master lease. The other two properties, in Athens, Georgia and Murrel’s Inlet, South Carolina are expected to be taken over by Veritas on July 1, pending regulatory approval.
The remaining Thrive community in Jacksonville, Florida is being actively marketed for sale.
LTC issued a notice of default to Thrive on April 5, and announced its intent to sell the portfolio.
IDB Bank facilitates $10.7M refinancing for Florida memory care facility
Israel Discount Bank of New York (IDB Bank) Senior Vice President of Healthcare Lending Lisa Silvers recently facilitated a $10.7 million refinancing package for Market Street Viera, a 60-unit standalone memory care community in Melbourne, Florida.
Proceeds will restructure the existing debt on the property.
Blueprint brokers sale of Ohio, Indiana assisted living portfolio
Blueprint Healthcare Real Estate Advisors Senior Managing Director Ben Firestone, Managing Director Michael Segal and Director Connor Doherty were the sole brokers in the sale of a six-property portfolio of assisted living and memory care communities in Indiana and Ohio. Blueprint executed the transaction on behalf of a publicly traded REIT and a national operator. The buyer was a private investor.
Firestone, Segal and Doherty also completed the disposition of a 113-unit assisted living and memory care community in Dayton, Ohio. The Blueprint team marketed the property on behalf of the seller and procured the buyer.
Solvere Senior Living adds three communities in Texas, Florida
Solvere Senior Living, the operations arm of St. Petersburg, Florida-based Solutions Advisory Group (SAG), added three communities to its portfolio.
- Spring Creek (formerly Spring Creek Gardens) in Plano, Texas, which includes 44 assisted living units and 21 memory care units
- The Cabana at Jensen Dunes in Jensen Beach, Florida, which includes 83 assisted living units and 38 memory care units
- Tessera of Westchase in Tampa, Florida, which consists of 64 assisted living units and 38 memory care units
Carnegie Capital completes $15M construction loan for Oregon community
Carnegie Capital Managing Partner JD Stettin facilitated a $15 million construction loan for an assisted living and memory care community in southern Oregon. The loan, secured through a regional bank, carries a three-year term and 5.5% interest, and was arranged at a 75% loan-to-cost ratio.
Dwight Capital arranges $12.8M bridge loan for New York assisted living community
Dwight Capital Senior Vice President Kevin Lifshitz originated a $12.8 million bridge loan for Woodhaven Center of Care, a 181-unit Medicaid-funded assisted living community in Port Jefferson Station, New York.
Colony Capital sells New York senior living community for $16M
An affiliate of New York City-based Colony Capital (NYSE: CLNY) disposed of Peregrine Senior Living of Cheektowaga, a 100-unit senior living community in Cheektowaga, New York, to Miamisburg, Ohio-based real estate developer Dillan LLC. The sale price was $15.99 million.
The facility includes 78 assisted living apartments and 22 memory care unit, in studio and one-bedroom options. Peregrine Senior Living, based in Syracuse, New York, operates 12 communities in Georgia, Maryland, New York, Pennsylvania and Massachusetts, and is a part-owner of the property.
CBRE secures $20M refinancing for San Francisco senior living community
CBRE Multifamily Institutional Group Vice Chairman Andrew Behrens, CBRE National Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Adam Mincberg completed a $19.9 million refinancing package on behalf of a joint venture between Carlton Senior Living and Piedmont Properties Group for Carlton Senior Living Concord, a 152-unit Independent Living community located in Concord, California, a suburb of San Francisco.
CBRE Multifamily Capital originated the 10-year, fixed rate loan with full term interest only through Fannie Mae DUS multifamily loan origination program.
Altum Senior Living assumes operations for San Francisco assisted living community
Altum Senior Living was named the management company for Sagebrook Senior Living at San Francisco, a 79-unit assisted living and memory care community in San Francisco’s Laurel Heights neighborhood.
This expands Bozeman, Montana-based Altum’s operating portfolio to four communities in California and Washington state.
Phoenix Senior Living acquires South Carolina memory care community to portfolio
Roswell, Georgia-based Phoenix Senior Living acquired The Pearl at Fort mill, a specialized memory care community in Fort Mill, South Carolina, to its portfolio.
The property includes 50 memory care units with personalized suites to meet the needs of every senior. This marks Phoenix’s sixth standalone memory care community in the southeast and fourth property in South Carolina. The company’s total portfolio encompasses 30 communities across the southeast.
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