WEST ALLIS, WIS. — Blueprint Healthcare Real Estate Advisors, a brokerage based in Chicago, has arranged the $6.5 million sale of Lamplight Inn of West Allis, a 118-unit assisted living community in the Milwaukee suburb of West Allis. The seller was a private ownership group looking to divest non-core assets. The buyer is a publicly traded REIT, which will continue leasing the property to the current operator. None of the specific companies involved in the transaction were disclosed. The purchase price equates to approximately $55,000 per unit. Ben Firestone and Jacob Gehl led the Blueprint team, supported by Mike Segal and Mario Wilson.
TACOMA, WASH. — Franke Tobey Jones, a 20-acre, 90-year-old, nonprofit continuing care retirement community in the Point Defiance neighborhood of Tacoma, has announced a three-phase expansion. The community currently serves 190 residents with independent living, assisted living, memory care and skilled nursing services. The nonprofit also operates the Point Defiance Ruston Senior Center, a Senior University Program and the M.J. Wicks Family Wellness center. Between its projects, Franke Tobey Jones provides continuing education, fitness classes and social events to residents and non-residents alike. Initial plans for the community’s expansion include three phases over the next five to eight years. Phase I will include a new health center, memory care community and independent living apartments featuring views of the Puget Sound. Phase II will include new independent living apartment building with an enhanced wellness center, auditorium, bistro, game room, lounge, business/computer room, library and rooftop deck. The building is meant for aging in place, allowing for assisted living services to be delivered without relocation. Phase III will include a renovation of the historic original building and another building on the campus. When all three phases are complete, Franke Tobey Jones will be able to house over 280 seniors with a full spectrum …
PHOENIX — Mainstreet, a seniors housing developer based in Indiana, has purchased 3.65 acres in Algodon Medical Office Park in West Phoenix for $1.7 million. The company is building a 94-bed rehabilitation and assisted living facility at the location. When completed, the community will comprise 67,697 square feet of space for short-stay rehabilitation and assisted living. Mainstreet expects to finish construction in February 2017. Novo Development, which developed Algodon Medical Office Park and sold the plot to Mainstreet, is currently building 42,000 square feet of new medical office buildings at the site, also due for delivery in 2017. Justin Miller and Kurt Rosene of Novo Development represented John F. Long Properties in the sale of the parcel to Mainstreet. Bob Neil and Sam Pollina with Realty Executives represented the buyer.
VALDOSTA AND NASHVILLE, GA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of two assisted living communities in Georgia to Omega Healthcare Investors for $20.2 million. The transaction was structured as a sale-leaseback deal, so the undisclosed seller will continue to operate the communities. The properties are a 109-unit community in Valdosta, sold for $17.5 million, and a 26-unit community in Nashville, sold for $2.7 million. Both are located in south Georgia near the Florida border. Bradley Clousing led the SLIB team in brokering the transaction.
SIOUX FALLS, S.D. — Cain Brothers has arranged $40 million in taxable bank direct-purchase bonds for The Evangelical Lutheran Good Samaritan Society, a nonprofit operator of seniors housing based in Sioux Falls. Founded in 1922, the society operates skilled nursing facilities, senior apartments, home health services and affordable housing in over 230 locations in the United States. Proceeds from the financing were used to pay down a line of credit that was initially drawn upon to fund the purchase of a home health agency that provides services in New Mexico and Arizona. The acquisition more than doubled the society’s existing home health business. Cain Brothers arranged the financing through an undisclosed bank.
DES PERES, MO. — Blueprint Healthcare Real Estate Advisors has arranged a lease for The Quarters of Des Peres, a 147-bed skilled nursing facility in the St. Louis suburb of Des Peres. The landlord, a private equity fund based in Dallas, will lease the community to local operator MGM Healthcare. MGM currently operates 30 facilities in the Midwest, and its headquarters are less than 10 miles from The Quarters. Blueprint’s Jacob Gehl and Ben Firestone were the lead advisors on the transaction.
ALEXANDRIA, VA. — Brandywine Senior Living has started construction on the Cameron Park Development in Alexandria, the first of five seniors housing communities the New Jersey-based developer and operator plans to build near Washington, D.C. The community will consist of 116 suites on six stories with ground-floor retail designed to complement the active lifestyle of the surrounding area. The Brandywine residence will be a part of JBG Cos.’ 722,000-square-foot Cameron Park development on Alexandria’s West End. The development also features 66 townhomes to be developed by PulteGroup Inc. and roughly 300 multifamily units.
ROSEVILLE, CALIF. — A California-based investment firm has purchased The Terraces of Roseville, a 198-unit independent living, assisted living and memory care community in the Sacramento suburb of Roseville, for $39 million. Blueprint Healthcare Real Estate Advisors represented the seller, a New York-based private investment group, in the sale. Westmont Senior Living will continue to operate the community after the sale. The Terraces of Roseville was built in 1987 and sits on a 4.1-acre parcel. The community was sold out of bankruptcy as a value-add property. The proposed repositioning includes capital investment and/or a substantial expansion on the site as well as adjacent 1.3-acre parcel. The sale price equates to approximately $197,000 per unit and a capitalization rate of 6.8 percent based on in-place operating income. Blueprint’s Christopher Hyldahl was the lead advisor on the transaction and was supported by Gideon Orion and Mike Segal.
RIVERSIDE, CALIF. — Reliant Management Group has purchased Riverside Healthcare Center, a 188-bed skilled nursing facility, for $12.5 million. Shep Roylance of JCH Senior Housing Group represented both the buyer and the seller, Lifehouse, in the transaction. Lifehouse will continue to operate the facility under a 15-year lease with two five-year extension options. Located in Riverside, approximately 50 miles east of Los Angeles, Riverside Healthcare Center is situated on nearly four acres and features several one¬story buildings. Originally constructed in 1969, the site has grown to nearly 40,000 square feet.
LA GRANGE PARK, Ill. — Ziegler, a specialty investment bank, has closed $56.3 million in fixed-rate bonds for Plymouth Place Senior Living, a 360-unit continuing care retirement community in La Grange Park, approximately 15 miles southwest of Chicago. Plymouth Place is a nonprofit community established by United Church of Christ in 1939 and is situated on 18.6 acres. The community includes 182 independent living apartments, 14 independent living cottages, 52 assisted living apartments, 26 memory care apartments and 86 skilled nursing beds. Providence Management and Development Co. operates the skilled nursing portion of Plymouth Place. Proceeds from the bonds will pay for $2.3 million in capital improvements, pay for $52.8 million in outstanding 2005 bonds, establish a debt reserve fund and pay for issuance expenses. The 2005 bonds were used to redevelop the main building and demolish the prior main building.