Seniors Housing

FHA’s Latest Revisions to Lean 232 Address Owner Issues

Recent changes to the Federal Housing Administration’s (FHA) Lean 232 program provide owners with more options, all of which a lender offering a full suite of financing options can act upon. Owners who anticipate future cash-out needs are in a good position to benefit. The program was made easier for owners to work with through several additional changes. For owners of residential healthcare facilities that offer services like skilled living or memory care, FHA Lean 232 loans are of..

June 22, 2017

PSRS Arranges $2.6M Acquisition Financing for 26-Unit Seniors Housing Community in San Diego

SAN DIEGO — PSRS has arranged $2.6 million in acquisition financing for Melroy Investments, which will use the funds to purchase a three-story, 26-unit seniors housing community in San Diego’s North Park neighborhood. The total purchase price was $5.1 million. The property is restricted to those over the age of 55. The name of the property was not disclosed. In addition to the $2.6 million loan, PSRS included $700,000 in “earn outs” for hitting certain benchmarks as far as rent..

June 21, 2017

Monticello Provides $34.1M Acquisition Loan for 256-Bed Skilled Nursing Facility in New York

NEW YORK CITY — Monticello Asset Management LLC has provided $34.1 million in financing to Elener Associates LLC and W Management Group, which will use the funds to acquire a 256-bed skilled nursing facility in New York. The four-story building was constructed in 1961 and features 120 resident rooms. It totals 35,525 square feet on 0.82 acres. The name of the facility was not disclosed. The borrowers plan to make improvements to the physical building as well as the operations. Renovations,..

June 21, 2017

Confluent, Harbor Retirement to Develop 110-Unit Assisted Living Community in Beavercreek, Ohio

BEAVERCREEK, OHIO — Confluent Development and Harbor Retirement Associates (HRA) are developing HarborChase of Beavercreek, a 110-unit assisted living and memory care community in Beavercreek, a suburb of Dayton. Slated to open in summer 2018, the 122,000-square-foot community will be located at 4175 Indian Ripple Road on a seven-acre site. The property will feature 24-hour staff, full-service dining, a barber and beauty salon, library, fitness center, game room, walking path and gardens and..

June 21, 2017

Avanath Capital Purchases Three Affordable Communities in Sacramento for $56.5M

SACRAMENTO, CALIF. — Avanath Capital Management LLC, an institutional fund manager that specializes in affordable and workforce housing investments, has acquired a three-property affordable housing portfolio in Sacramento for $56.5 million. The properties total 468 units and offer a mix of seniors housing, family housing and mixed-income housing. The acquisition nearly doubles Avanath’s footprint in Sacramento, which it cites as one of the hottest real estate markets in the..

June 20, 2017

Care Investment Trust, Inspirit Buy Two Seniors Housing Communities in Pennsylvania for $13M

MACUNGIE AND PALMERTON, PA. — A joint venture between Care Investment Trust LLC and Inspirit Senior Living has acquired The Villages at Palmerton in Palmerton and The Willow in Macungie for $13 million. Both towns are located in the Lehigh Valley, north of Philadelphia and west of New York City. The sellers are LifeCare Holdings LLC and The Weston Group Inc. The new owners will rebrand the properties as “The Willow, an Inspirit Senior Living Community” and “The Palmerton, an Inspirit..

June 20, 2017

Columbia Pacific Advisors to Acquire Hawthorn Retirement Group

SEATTLE AND VANCOUVER, WASH. — Columbia Pacific Advisors, a real estate investment fund manager, has agreed to acquire Hawthorn Retirement Group, a seniors housing owner-operator, for an undisclosed price. Both firms are based in Washington state, Columbia Pacific in Seattle and Hawthorn in Vancouver. Hawthorn’s portfolio includes 55 communities in operation and 24 under construction or in pre-development across 20 states and two Canadian provinces. The acquisition includes the portfolio..

June 20, 2017

Healthcare Transactions Group Arranges Sale of Operations of 1,906-Bed Skilled Nursing Portfolio in Pennsylvania

PHILADELPHIA — Healthcare Transactions Group Inc. has arranged the sale of the operations of an eight-location, 1,906-bed skilled nursing portfolio in Pennsylvania. Mid-Atlantic Health Care LLC of Maryland sold the operations to Mima Healthcare, which is based in New Jersey. Of the properties, six are in the greater Philadelphia area and two are in Central Pennsylvania. The portfolio produces annual revenue in excess of $205 million. The sales price and names of facilities were not disclosed...

June 19, 2017

IPA Brokers $18.3M Sale of 131-Unit Assisted Living Community in New Jersey

OCEAN GROVE, N.J. — Institutional Property Advisors (IPA) has arranged the sale of Francis Asbury Manor, a 131-unit assisted living facility in Ocean Grove, a coastal community adjacent to Asbury Park. Sage Healthcare Partners acquired the community from United Methodist Communities for $18.3 million, or $139,000 per unit. Built in 1949 on a 1.9-acre lot, Francis Asbury Manor comprises 103 assisted living units and 28 memory care units. The facility is within walking distance to downtown..

June 19, 2017

Monticello Provides $69.3M Acquisition Loan for 616-Bed Skilled Nursing Portfolio in Massachusetts

NEW YORK CITY — New York-based Monticello Asset Management, through one of its investment vehicles, has provided $69.3 million in acquisition financing for a four-property skilled nursing portfolio in Massachusetts. The borrower was 50 Christy Place LLC. The specific facilities acquired were not disclosed. The portfolio totals 616 beds, including 100 for assisted living, with an average year built is 1994. The properties have an average total land area of 3.8 acres and an average size of..

June 16, 2017