PHILADELPHIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two assisted living and memory care communities on the Philadelphia Main Line. A publicly traded REIT sold the properties to a growing seniors housing investor for an undisclosed price. The existing regional operator will remain in place. Ben Firestone and Michael Segal led the transaction for Blueprint.
Seniors Housing
OHIO — KeyBank Real Estate Capital has provided a $36.3 million FHA 232/223(f) loan for the acquisition of a four-property skilled nursing portfolio in Ohio. Built between 1961 and 1984, the properties contain a total of 442 beds. Property names were not disclosed. John Randolph, Henry Alonso and Brandon Taseff of KeyBank originated the loan on behalf of the borrower, Foundations Health Solutions. The loan proceeds were used to pay down part of an existing $87.5 million bridge loan that KeyBank previously provided the borrower for the acquisition of nine skilled nursing facilities.
NEW YORK CITY — Seniors housing REIT giant Welltower Inc. (NYSE:HCN) and international real estate firm Hines have announced plans for a 17-story seniors housing community on the Upper West Side of Manhattan. The project will be the second of its type for the partnership. A 16-story seniors housing community named The Welltower is currently under construction in Midtown. An undisclosed “passive institutional investor” is also involved in both projects. The companies acquired the development site, located at Broadway and 85thStreet. Plans call for a 140,000-square-foot “The Welltower West” building rising from the 9,100-square-foot plot. Existing commercial structures on the site will be demolished to make way for construction. SLCE Architects LLP will design the project. Sarah Hawkins and Bevin Littlehale of Hines and John Olympitis and Talal Khan of Welltower, both out of their respective New York regional offices, led the transaction teams on the land acquisition.
FAIRFIELD, CONN. — Benchmark has opened Sturges Ridge of Fairfield, an assisted living and memory care community in Fairfield, a coastal town between New York City and Hartford. The 85,000-square-foot community offers 68 assisted living units and 20 memory care units. It is Benchmark’s 18thcommunity, and is located in the hometown of company founder Tom Grape. Terry Hornikel, executive director of the new community, lives in Fairfield and brings more than 40 years of senior living and healthcare experience, including as a certified gerontologist.
ROYAL PALM BEACH, FLA. — Hunt Midwest and Integral Senior Living have broken ground on The Capstone at Royal Palm, a seniors housing development located on Okeechobee Boulevard in Royal Palm Beach, a village in South Florida’s Palm Beach County. Slated to open in early 2020, The Capstone at Royal Palm will feature 84 studio, one- and two-bedroom assisted living and memory care suites, offering accommodates for up to 114 residents. Community amenities will include a great room, formal dining room, fitness center, bistro lounge, sunroom, walking trails, gazebo and a dog park. Integral Senior Living will manage the property upon completion.
FORT WORTH, TEXAS — MedEquities Realty Trust Inc. (NYSE: MRT) has signed a 15-year lease with Creative Solutions in Healthcare, a Fort Worth-based operator of skilled nursing and assisted living facilities. Beginning in 2019, Creative Solutions will assume operations of all 10 MedEquities facilities currently leased to an affiliate of OnPointe. Creative Solutions currently operates 55 skilled nursing and assisted living facilities in Texas.
CLEVELAND — Cleveland-based KeyBank Real Estate Capital has provided a $105.8 million HUD loan for 16 skilled nursing facilities located throughout Texas. The financing was used to fund the acquisition of 12 properties and to refinance four other properties. The portfolio totals 1,924 beds. Grant Saunders and Peter Trazzera of KeyBank originated the loan on behalf of the borrower, a joint venture between Capital Senior Ventures and BlueMountain Capital Management.
Greystone Provides $20.9M HUD Financing for Skilled Nursing Portfolio in Jackson, Tennessee
by Amy Works
JACKSON, TENN. — Greystone has funded a total $20.9 million in HUD-insured loans to refinance a two-facility skilled nursing portfolio in Jackson. Fred Levine of Greystone’s Monsey, N.Y., office originated the financing for the undisclosed borrower. The two loans both carry a 30-year term and amortization period. The financing is a permanent exit from the interim bridge loans that Greystone previously arranged for the facilities.
SMITHTOWN, N.Y. — Benchmark has opened Whisper Woods of Smithtown, an assisted living and memory care community in Smithtown, located on Long Island. Whisper Woods is a three-story, 88,500-square-foot building that sits on 12.6 acres. The property, Benchmark’s first in New York, features 101 units that can serve up to 136 residents. “There has been a need for high-quality seniors housing on Long Island, where the 75-plus population has grown by 20 percent in the last eight years,” says Tom Grape, Benchmark’s chairman and CEO. “Whisper Woods is in an ideal location — close to downtown Smithtown and St. Catherine of Siena Medical Center.” Desiree Krajnyak-Baker is the community’s executive director, overseeing a team of 85. Based in Waltham, Mass., Benchmark operates 58 senior living communities offering independent living, assisted living, memory care and continuing care in Connecticut, Maine, Massachusetts, New Hampshire, New York, Pennsylvania, Rhode Island and Vermont.
LAS VEGAS — Evans Senior Investments (ESI) has arranged the sale of Vintage Park at San Martín, a 30-unit memory care community in Las Vegas. A publicly traded company sold the property to a private equity firm with a Nevada footprint for $2.1 million, or $70,000 per unit. Built in 2010, Vintage Park at San Martín features both one- and two-bedroom units with a total of 60 beds. The community is located five miles southwest of downtown Las Vegas. At the time of listing, the community was 61 percent occupied. “Vintage Park at San Martín’s low occupancy will provide the opportunity for the new buyer to generate value-add type returns and allowed the seller to exit a legacy acquisition,” says Jason Stroiman, president of ESI.