Senior Housing Investments & Transactions: Blue Moon Capital Partners’ $52 Million Investment

Blue Moon Capital Partners Forms New Development Joint Venture in Northville, Michigan

Senior housing private equity investor Blue Moon Capital Partners announced Sept. 14 that it closed on a $52.5 million development joint venture with The Damone Group and its affiliates for the development of a 180-unit independent living, memory care and assisted living campus in Northville, Michigan.

The closing represents Blue Moon’s first investment stemming from its $175 million fund, Blue Moon Senior Housing I LP, which invests in developing new senior housing communities in joint ventures with developers and operators. The fund, which was secured in December 2014, is also meant to provide capital to operators for the repositioning of existing senior living communities in need of more intensive renovation.

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The Damone Group, based in Troy, Michigan, is comprised of senior housing construction, development and operations experts. Its management company is branded as Cedarbrook Senior Living.

“We are grateful for the opportunity to work with the Blue Moon team,” The Damone Group President Michael J. Damone said in a news release. “Blue Moon brings capital and extensive senior housing experience, which will enable us to continue growing our senior living platform.”

United Church Homes Acquires 61-Unit Senior Housing Apartment Community in Beavercreek, Ohio

Marion, Ohio-based United Church Homes acquired Fairwood Village, a 61-unit senior housing apartment community located in Beavercreek, Ohio. 

As part of the agreement, Fairwood Village is changing its name to Trinity Community at Fairwood. Financial terms of the transaction were not disclosed.

“We’ve worked closely with the Beavercreek Church of the Nazarene over the past year on this initiative, and believe there is a strong cultural alignment of vision, mission and core values between our faith-based ministries,” United Church Homes President and CEO Kenneth Daniel said in a prepared statement.

United Church Homes has 70 properties around the U.S.

Sagepoint Senior Living Services Acquires Circle of Care to Provide Home Care in Southern Maryland

Sagepoint Senior Living Services announced Sept. 19 that it completed the acquisition of Prince Frederick, Maryland-based Circle of Care, which provides home care assistance in the Maryland counties of Calvert, Charles and St. Mary’s. Terms of the transaction were not disclosed.

The acquisition will complement its current offerings of assisted living, adult day services, longterm care, rehabilitation and memory care.

“We believe there is significant benefit to enabling older adults to age in place,” Sagepoint President and CEO Bill Holman said in a news release. “By offering home care services, we are now able to assist the senior population who wishes to remain at home. This acquisition of Circle of Care will enable us to better serve the needs of seniors and their families throughout Southern Maryland, and we are excited about the new opportunities this will create to support our mission.”

Reliant Acquires 52-Bed Skilled Nursing Facility in Northern California for $4.5 Million

Reliant Management Group LLC has acquired Northgate Care Center, a 52-bed skilled nursing facility in San Rafael, California, for $4.5 million.

Baton Rouge, Louisiana-based Reliant bought the facility from Meridian Foresight Management as part of a lease-purchase agreement. Reliant, which is owned by investors looking to expand their skilled nursing portfolio in California, had already been operating the facility at the time of purchase.

The transaction was facilitated by JCH Consulting Group.

AdCare Intends to Purchase Florida Skilled Nursing Facility for $4.8 million

AdCare Health Systems, a health care real estate investment company that focuses on senior living and long-term health care, announced on Sept. 22 that it signed a letter of intent to buy a skilled nursing facility in Florida for about $4.8 million. 

The proposed deal signals AdCare’s entrance into the Florida market, and represents the first acquisition since AdCare transitioned to a property holding and leasing company.

A letter of intent was also signed with one of the 55-bed facility’s operators to engage in a long-term lease upon purchase. The terms of the lease are expected to include a 15-year term with initial annual cash rent of $420,000 in the first year and a 3% annual escalator.

“This agreement to purchase a Tampa Bay-area facility represents the first of what we expect will be several transactions that expand and further diversity our portfolio of properties,” Bill McBride, chairman and CEO of AdCare, said in a news release.

The purchase is anticipated to close in the first quarter of 2016.

Written by Mary Kate Nelson

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