Seniors Housing

Eastern Union, Greystone Arrange $105M Acquisition Loan for Seniors Housing Portfolio in Kentucky

by John Nelson November 16, 2016

NEW YORK CITY — Eastern Union Funding and Greystone & Co. have arranged a $105 million loan for a New York-based owner-operator. The loan will be used to partially fund the $120 million acquisition of 12 skilled nursing facilities and one assisted living community in eastern Kentucky. The portfolio totals 1,239 beds and was 95 percent occupied at the time of sale. The seller was not disclosed. Phil Krispin and C.J. Danziger of Eastern Union, along with Greystone’s Jonathan Coven, secured the financing from several regional banks in the eastern United States. The loan includes flexible prepayment terms to allow for an FHA exit.

November 16, 2016

Georgia Seniors Housing Southeast

Westminster to Build $10M Memory Care Community in Metro Atlanta

by John Nelson November 15, 2016

NEWNAN, GA. — Westminster Memory Care has planned a new, $10 million memory care community in the Atlanta suburb of Newnan. The Coweta Community Board of Commissioners approved a rezoning of the plot to allow the memory care development to proceed. Developer James Deupree plans to break ground on the community in early 2017 for completion in early 2018. Deupree, of Birmingham, Ala., recently opened a Westminster Memory Care community in nearby Dallas, Ga. He is planning eight more communities for Georgia and South Carolina. Riverwood Retirement Management, a Florida-based operator, will manage all Westminster communities.

November 15, 2016

California Multifamily Oregon Seniors Housing Western

Summit Healthcare REIT Buys Interest in Seniors Housing Communities in Oregon, California for $23M

by Nellie Day November 14, 2016

CITRUS HEIGHTS, CALIF., AND CORVALLIS, ORE. — Summit Healthcare REIT has acquired 20 percent interest in two seniors housing communities — Sun Oak Senior Living and Regent Court Senior Living— for $23 million. Summit, a non-traded REIT based in Lake Forest, Calif., acquired the interest from an undisclosed, publicly traded REIT. The two properties are leased to Compass Senior Living, an Oregon-based operator. Sun Oak Senior Living is a 78-bed assisted living and memory care community in the Sacramento suburb of Citrus Heights. Regent Court is a 48-bed memory care community in Corvallis, approximately midway between Portland and Eugene. Capital One – Healthcare Financial Solutions LLC provided financing for the transaction. Blueprint Healthcare Real Estate Advisors, a brokerage firm based in Chicago, arranged the deal. Tim Cobb led the Blueprint team.

November 14, 2016

Multifamily Seniors Housing Top Stories

Ventas to Sell 36 Skilled Nursing Facilities to Kindred for $700M

by Jeff Shaw November 14, 2016

LOUISVILLE, KY. — Kindred Healthcare Inc. (NYSE: KND) plans to buy the 36 skilled nursing facilities it currently operates for Ventas for $700 million. The move is the latest step in Kindred’s plan to fully exit the skilled nursing business. The company will presumably try to sell the facilities that it will now both own and operate. Kindred announced its plan to leave skilled nursing last week on its third-quarter earnings call, which revealed a quarterly loss of $671.3 million. The company will focus instead on home healthcare and post-acute care hospitals. Ventas (NYSE: VTR), one of the largest healthcare REITs in the country, sent out its own statement the next day, noting that Kindred could not sell or lease the 36 Ventas-owned facilities without Ventas’ consent. By buying those 36 facilities, Kindred is now free to sell or lease the properties. As part of the deal, Ventas has extended its lease with Kindred for all the Ventas-owned acute-care hospitals in Kindred’s operational portfolio. The leases were set to expire between 2018 and 2020, but have all been extended to 2025. Ventas itself is attempting to exit the skilled nursing business as well. The company created a separate spinoff company …

November 14, 2016

Connecticut Multifamily Northeast Seniors Housing

Cushman & Wakefield Brokers Sale of 299-Bed Seniors Housing Community in Connecticut

by Amy Works November 10, 2016

NORTH BRANFORD, CONN. — Cushman & Wakefield has arranged the sale of Evergreen Woods, a continuing care retirement community located in North Branford. National Health Investors Inc. purchased the 299-bed property from Shoreline Life Care LLC for an undisclosed price. After acquiring the property, the buyer leased the property to Charlotte, N.C.-based Senior Living Communities. The community offers residents a full continuum of care with independent living, assisted living/supportive care and skilled nursing care. Richard Swartz, Jay Wagner and Aaron Rosenzweig of Cushman & Wakefield represented the seller in the deal.

November 10, 2016

Louisiana Seniors Housing Southeast

Blueprint Arranges $11.5M Sale of Seniors Housing Community in Baton Rouge

by John Nelson November 9, 2016

BATON ROUGE, LA. — Blueprint Healthcare Real Estate Advisors has brokered the $11.5 million sale of Oakwood Village, a 77-unit independent living, assisted living and memory care community in Baton Rouge. Blueprint represented the seller, a regional owner-operator divesting its only seniors housing asset. The buyer was a subsidiary of Florida-based specialty insurer Fortegra Financial Corp., an affiliate of Tiptree Financial Inc. New York City-based Care Investment Trust LLC will serve as asset manager of Oakwood Village, and Traditions Senior Management of Clearwater, Fla., will provide management services. Jacob Gehl was the lead Blueprint advisor on the transaction, supported by Michael Segal. Clint Parker and Jeremy Joiner from Brown Gibbons Lang & Co. Real Estate Partners assisted in the transaction.

November 9, 2016

Massachusetts Multifamily Northeast Seniors Housing

Blueprint Brokers $4M Sale of 123-Bed Skilled Nursing Facility in Massachusetts

by Amy Works November 8, 2016

NEW BEDFORD, MASS. — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage, has arranged the sale of Southeast Massachusetts Health & Rehabilitation Center for $4 million. The 123-bed skilled nursing facility is located in New Bedford, approximately 60 miles south of Boston. A New York-based national owner sold the facility to a regional owner-operator with an existing presence in that part of the state. The facility was 79 percent occupied at the time of sale. Steve Thomes and Christopher Hyldahl of Blueprint were lead advisors on the transaction.

November 8, 2016

Kindred Nursing and Healthcare – Victorian, San Francisco

Healthcare Multifamily Seniors Housing Top Stories

Kindred Plans to Leave Skilled Nursing Business, Posts Third-Quarter Loss of $671.3M

by Jeff Shaw November 8, 2016

LOUISVILLE, KY. — Kindred Healthcare Inc. (NYSE: KND) plans to fully exit the skilled nursing business, the Louisville-based healthcare owner-operator announced Monday afternoon during a third-quarter earnings call. Kindred posted a $671.3 million loss in the third quarter. The company was already in the process of reducing the number of skilled nursing facilities in its portfolio. At its peak the company owned and/or operated more than 300 skilled nursing facilities across the country. Kindred will instead focus the bulk of its efforts on Kindred at Home, the country’s largest provider of home healthcare and hospice services, according to Kindred. The company expects half its earnings to come from Kindred at Home, while long-term acute care hospitals will account for 25 percent of its earnings and rehabilitation services will account for the remainder. By divesting its entire skilled nursing portfolio, Kindred expects to reduce annual rent obligations by $90 million, capital expenditures by $30 million and corporate overhead by between $70 million and $100 million. “We are taking proactive strategic steps to position Kindred for long-term success against the backdrop of dynamic changes in the healthcare services industry,” says Benjamin Brier, president and CEO of Kindred. “Our plan to exit the …

November 8, 2016

Idaho Multifamily Seniors Housing Western

IRET Sells Eight Seniors Housing Communities in Idaho for $43.9M

by Nellie Day November 7, 2016

BOISE, IDAHO — IRET, a REIT based in Minot, N.D., has sold a portfolio of eight seniors housing communities totaling 313 units, all located in Idaho. The current tenants, all affiliates of Edgewood Senior Living, purchased the properties for $43.9 million. After retiring mortgage debt and paying other closing costs, IRET will receive net cash proceeds of approximately $31.2 million. Additionally, IRET intends to redeem all 1.2 million outstanding shares of its 8.25 percent Series A Cumulative Redeemable Preferred Shares (NYSE: IRET PR). The moves are part of what the company calls its “strategic transformation.” As of July 31, IRET owned interests in 146 properties, consisting of 100 multifamily properties totaling 13,012 units, and 47 commercial properties, including 31 healthcare properties, containing a total of approximately 2.8 million square feet of leasable space.

November 7, 2016

Multifamily Seniors Housing Texas

Senior Living Investment Brokerage Arranges $2.6M Sale of Memory Care Facility Near Houston

by Jeff Shaw November 7, 2016

TOMBALL, TEXAS — Senior Living Investment Brokerage Inc., an Illinois-based brokerage firm, has arranged the sale of an undisclosed memory care facility in Tomball, a suburb of Houston, for $2.6 million. The facility was built in 2010 and features 16 units. An independent real estate owner bought the property and immediately leased it to a regional operator. Matthew Alley and Jason Punzel of Senior Living Investment Brokerage arranged the transaction.

November 7, 2016

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