Transactions & Financings: SLIB Starts June With Flood of Deals

Sales

Blueprint Facilitates AL, Memory Care Sale

Blueprint Healthcare Real Estate Advisors announced it facilitated the sale of a senior living community in the Baltimore area.

The community – called Woodlands Assisted Living – is a 65-unit AL and memory care community that was built in 1999. The community’s performance was trending upward in the years after the onset of the Covid-19 pandemic after previously recorded years of 90% occupancy and 30% margins.

Inscriptions Assisted Living and Memory Care was selected as the buyer.

CBRE Sells Midwest Portfolio

CBRE announced that its National Senior Housing Investment Properties completed the sale of a senior living portfolio located in the Midwest.

The communities – which all offer independent living, assisted living and memory care – were built in 2007 or later and were owned by Bridge Investment Group. They are currently located in close proximity to high-end skilled nursing facilities that create a campus environment.

CBRE’s John Sweeny, Aron Will, Scott Bray and Garrett Sacco executed the deal.

SLIB Facilitates Upper-Midwest Sale

Senior Living Investment Brokerage announced that it facilitates the sale of two senior living communities located in Michigan and Ohio, respectively.

The communities comprise 100 units and 132 beds and were built in 2018. The seller is a national owner/operator that is exiting the industry while the buyer is a real estate investment trust (REIT) that plans to lease the communities to Ridgeline Management Company.

SLIB’s Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson worked on the transaction.

SLIB Executes Sale in Oregon

SLIB announced it facilitate the sale of a senior living community in Portland, Oregon to a buyer with plans to renovate the 62-year-old community.

The community is situated on more than 4 acres and has 72 total units – 42 AL units and 30 memory care units.

The seller is looking to exit the industry and the buyer is a Salt Lake City-based private equity firm with a nationwide senior living portfolio. This is its second Portland-based community.

SLIB’s Juson Punzel, Brad Goodsell, Vince Viverito and Jake Anderson handled the sale.

SLIB Facilitates Pair of Kentucky Sales

SLIB announced it facilitate the sale of two Kentucky-based senior living communities to the same owner.

The communities – called Acadian Cove in Richmond, Kentucky and Willow Creek Senior Living in Elizabethtown, Kentucky – comprise 114 assisted living units in total.

The communities were sold by a REIT that were divesting the properties for strategic purposes while the buyer is an operator that is trying to expand into the Midwest.

SLIB’s Daniel Geragthy, Vince Viverito and Jason Punzel handled the sale.

SLIB Facilities AL, Memory Care Sale for $10M

SLIB announced it facilitates the sale of a senior living community located near Nashville, Tennessee.

The community – called The Waterford in Smyrna – is made up of 92 total units, 68 of which are AL units and the remaining 24 units are memory care units. SLIB reports that the community was about 57% occupied when it started marketing the community and it was nearly breaking even.

The seller is a local ownership group that developed the property and the buyer is a Nashville-based owner/operator that is adding to its Nashville-area portfolio. The $10 million sale price breaks down to about $108,000 per unit.

SLIB’s Patrick Burke and Dave Barlow handled the transaction.

SLIB Facilitated Pacific Northwest Portfolio Sale

SLIB announced it facilitated the sale of a three-property portfolio of senior living and residential care facilities located in the Pacific Northwest.

Together, the communities comprise 93 units and 105 beds and were built in the early 1990s. The buyer, a Texas-based owner/operator, is planning on continuing its recent growth mode. This is its first venture into the PNW region.

SLIB’s Jason Punzel, Brad Goodsell, Vince Viverito and Matt Alley handled the deal.

Transactions

GenCare Lifestyle Partners With Ripple for Behavioral Health Amenities

Senior Living Operator GenCare Lifestyle announed it partnered with senior-living-centered behavioral health firm Rippl to enhance behavioral health care offered in senior living communities.

In this partnership, GenCare will introduce the Rippl programming to residents at its Pacific Northwest communities.

CBRE Buys Senior Living Appraisal Service

CBRE announced it acquired Valuation & Information Group, an appraisal and market feasibility service that is focused on senior housing and other health care real estate in the U.S.

For CBRE, the move to buy the 23-person appraisal operation comes less than a year removed from the acquisition of Cold River Land, a provider of property tax payment services and Southern California affiliates of IRR, a specialist Right-of-Way appraisal firm. The moves signal CBRE’s continued effort to enhance leadership in specialty areas.

Financings

Ziegler, M&T Realty Capital Parnter on Refinancing

Ziegler and M&T Realty Capital Corporation announced in tandem their role in a $105.6 million refinancing for a senior living community to underwrite existing debt for The Ridge Senior Living on a recently-opened community.

The community – Ridge Senior Pinehurst – is a 371-unit community located in the Denver, Colorado suburb of Lakewood that began welcoming residents in the fall of 2020.

The financing comes by way of Freddie Mac and will be used to refinance their construction loan with fixed-rate financing.

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