KENNEWICK, WASH. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 36-unit assisted living community in Kennewick, located near the Oregon border in the eastern half of the state. The property was over 90 percent occupied at the time of sale, though it has struggled in recent years due to key leadership turnover, according to Blueprint. For this reason, it was still marketed as a value-add opportunity. The buyer was well capitalized and local, and this is the company’s fourth acquisition in Washington. The seller and price were not disclosed.
ENUMCLAW, WASH. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted living and memory care. The loan, which will refinance existing debt, features a 60 percent loan-to-value ratio, 10-year term and fixed rate. It also includes five years of interest-only payments followed by a 30-year amortization. The borrower is a multi-generational, family-run business. The property is listed on the website of Village Concepts, which operates 25 seniors housing communities all located in Washington State. Steve Muth of M&T Realty Capital Corp.’s Richmond, Virginia, office led the transaction.
TACOMA, Wash. — Evans Senior Investments (ESI) has arranged the sale of Heartwood Extended Healthcare, a 120-bed skilled nursing community in Tacoma. A joint venture between an East Coast capital group and a Los Angeles-based operator acquired the facility for for $8 million, or $66,000 price per bed. The seller was a local owner-operator. Built in 1986, the community was 69 percent occupied and not profitable at the time of sale. The new buyers plan to replace contracted staff with full-time employees. In addition, Medicaid rate increases have already been approved, as well as emergency funding for dealing with the COVID-19 pandemic. ESI represented the seller in the transaction. “The new buyer will be able to leverage their experience in the nursing home industry to improve the financials and continue to build upon an already great culture in the building,” says Jeremy Stroiman, CEO of ESI.
ST. LOUIS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 167-bed skilled nursing facility in St. Louis. An undisclosed real estate investment trust sold the property. The operating partner plans to exit Missouri altogether. Despite a $1.2 million renovation in 2015, occupancy and cash flow were both in decline. An East Coast-based owner-operator with an existing presence in the state was the buyer. Housing & Healthcare Finance sourced the acquisition loan. The price was not disclosed.
O’FALLON, ILL. — Holland Construction Services is underway on a $39 million senior living community known as Keystone Place at Richland Creek in O’Fallon, about 20 miles east of St. Louis. Upon completion, the four-story building will offer 64 independent living units, 66 assisted living units and 19 memory care units. There will also be one guest suite. The five-acre development will also feature a memory garden and a courtyard. Keystone Senior Management Services Inc. is the developer. Completion is slated for early 2021. The project is being constructed next to Parkway Lakeside Apartments, which Holland built several years ago.
PEKIN, ILL. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hallmark House Nursing Center. Located in Pekin, a suburb of Peoria, Hallmark House was built in 1964 and includes 71 beds. The long-term care property totals 22,588 square feet on a six-acre plot. The seller was a private owner based in California struggling to oversee this single asset in Illinois. Occupancy was 62 percent at the time of sale. The buyer was a regional owner-operator with other facilities in Illinois. The price was not disclosed. Ryan Saul of SLIB handled the transaction.
LEBANON AND MOUNT JOY, PA. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $12.3 million refinancing for two seniors housing properties owned by Juniper Communities LLC. The loan will refinance the mortgages on Juniper Village at Lebanon and Juniper Village at Mount Joy, both located in southeastern Pennsylvania. The Lebanon location features 40 independent living and 83 assisted living units, while the Mount Joy location features 63 assisted living units. An affiliate of Juniper Communities LLC, Juniper Management LLC, has managed the Lebanon and Mount Joy locations since acquisition in 2012.
PRIOR LAKE, MINN. — Vincent Development has received approval from the city of Prior Lake for the development of Summers Ridge Senior Living. Comprising 40 units of assisted living and memory care, the senior living facility will be located at 4285 Fountain Hills Drive in Prior Lake, about 20 miles southwest of Minneapolis. Great Lakes Management will manage the one-story property, which will feature 24-hour support, private bedrooms and bathrooms, home-cooked meals, physical and mental exercises, outings and activities, housekeeping and laundry services.
CAPE CANAVERAL, FLA. — LV Lending, a local private lender, has provided a $4.2 million refinancing loan for a 7.7-acre vacant site in Cape Canaveral, a town on Florida’s Space Coast. The borrower, Danny Ringdahl of La Casa Canaveral LLC, plans to build a four-story, 248-bed assisted living and memory care community on the site. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending arranged the financing. Hart Advisors Group was the mortgage broker.
SEATTLE — Evans Senior Investments (ESI) has arranged the sale of Washington Care Services, a 165-bed skilled nursing community in Seattle, for $10.5 million, or $64,000 per bed. Built in 1974, the community was placed into receivership in June 2019 after the previous owner, a local nonprofit organization, defaulted on its existing HUD loan. At the time of the sale, the property was 77 percent occupied and losing over $500,000 a year in net operating income. The new owner plans to correct course by replacing contracted staffers with full-time workers, while implementing expense management and approved Medicaid rate increases. “These Medicaid rate increases will dramatically help improve the cash flow of the facility in the very near future and serve as a bridge through these troubled times,” says Henry Fuller, senior associate at ESI. ESI represented the seller, the court-appointed receiver for the community. The buyer was an East Coast capital group that formed a joint venture with a Los Angeles-based operator. The community represented one of two facilities the venture closed on in the state of Washington simultaneously. “Washington Care Services presented a great opportunity for a new ownership group with operational expertise and synergies in the skilled nursing …