REBusinessOnline

Blueprint Negotiates Sale of 200-Bed Skilled Nursing Portfolio in New Mexico

SANTA FE AND HOBBS, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities, located in Santa Fe and Hobbs and totaling 200 beds. The seller was a Texas-based regional owner-operator looking to divest non-core assets. O&M Investments acquired the Santa Fe facility, while a Southern California-based private REIT acquired the Hobbs property. The prices were not disclosed. Christopher Hyldahl and Gideon Orion of Blueprint were the lead …

Capital One Provides $15.1M HUD Refinancing for Chicago-Area Assisted Living Community

PARK RIDGE, ILL. — Capital One has provided a $15.1 million HUD 232/223(f) loan to refinance Avantara Park Ridge, a 154-bed assisted living facility in Park Ridge, a suburb of Chicago. Since purchasing Avantara in 2014, the undisclosed borrowers have extensively renovated the facility. Joshua Rosen of Capital One arranged the fixed-rate loan, which includes a 35-year amortization

Bridge Investment Group Acquires Somerby Living Services, Including Nine Seniors Housing Communities

NEW YORK CITY AND BIRMINGHAM, ALA. — An affiliate of Bridge Investment Group has purchased Somerby Senior Living Services, a seniors housing operator based in Birmingham. The seniors housing firm is a wholly owned subsidiary of Dominion Partners, a Birmingham-based real estate developer. The sales price was not disclosed. The acquisition includes a nine-property portfolio of seniors housing assets located in prime markets in Alabama, Florida, Georgia, South Carolina and Tennessee. The …

Omega Healthcare Investors Agrees to Acquire MedEquities Realty Trust for $600M

HUNT VALLEY, MD. AND NASHVILLE, TENN. — Real estate investment trust Omega Healthcare Advisors (NYSE: OHI) has agreed to acquire MedEquities Realty Trust  (NYSE: MRT) in a cash and stock transaction valued at $600 million. As part of the transaction, Omega will acquire the fee simple interest in 34 facilities operated by 11 operators in seven states. Omega will also acquire approximately $34 million in mortgage loans. Under the terms of the transaction, MRT shareholders will receive …

Cushman & Wakefield Arranges Sale of Solana Marlboro Assisted Living Community in New Jersey

MARLBORO, N.J. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of The Solana Marlboro, a newly constructed, 79-unit assisted living and memory community in Marlboro. A joint venture between affiliates of Capitol Seniors Housing, Formation Development Group and Shelbourne Capital sold the property for an undisclosed price. The buyer was Kayne Anderson Real Estate. Chelsea Senior Living, the current operator, will continue to manage the community. Located …

Blueprint Negotiates Sale of Vacant Skilled Nursing Facility in Concord, Massachusetts

CONCORD, MASS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing facility in Concord, a northwestern suburb of Boston. The facility was out of operation, after management challenges and a growing list of deferred capital expenditures forced its closing. The undisclosed seller sold the property to a substance abuse rehabilitation provider, which will renovate the property to serve that function. The price was not disclosed. Steve Thomes led the transaction …

Joint Venture to Develop 338-Unit Seniors Housing Community in Los Angeles

LOS ANGELES — South Bay Partners Inc., through a joint venture with LAMB Properties LLC, has acquired two parcels totaling 2.7 acres in the Woodland Hills neighborhood of Los Angeles. Plans call for an eight-story midrise seniors housing community on the property. Named The Variel, the Class A community will feature 215 independent living units, 94 assisted living units and 29 memory care units. Construction is slated to begin in early 2019. The development will be located within a mile …

PGIM Provides $17.2M Loan for Independent Living Community Near Salt Lake City

SOUTH JORDAN, UTAH — PGIM Real Estate Finance has originated a $17.2 million Fannie Mae Choice refinancing for Legacy Retirement Center, an independent living community in the Salt Lake City suburb of South Jordan. Western States Lodging owns the 162-unit community, along with 16 other seniors housing properties in Utah, Nevada, Arizona and Colorado. An assisted living and memory care community is located adjacent to the property. David Stein and Christopher Fenton of PGIM Real Estate …

LCB Breaks Ground on 84-Unit Seniors Housing Community in Pennsylvania

GLEN MILLS, PA. — LCB Senior Living has broken ground on The Residence at Chadds Ford, an independent living, assisted living and memory care community in Glen Mills, located west of Philadelphia and north of Wilmington, Del. Once completed, the community will offer 84 luxury apartment units. The Residence at Chadds Ford will be LCB’s flagship community in the area. The property is located near a variety of shopping and recreation. LCB’s portfolio includes properties in Massachusetts, …

Skilled Nursing Occupancy Increases Slightly, May Be First Sign of Recovery

ANNAPOLIS, Md. — The skilled nursing occupancy rate saw a slight uptick in the third quarter of 2018, increasing 14 basis points to 82.2 percent, according to data from the National Investment Center for Seniors Housing & Care (NIC). Despite the increase, occupancy is still a full percentage point below year-earlier rates and has been on a sharp slide for the last three to four years. NIC is an Annapolis-based nonprofit data firm serving the seniors housing industry. The …

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