Senior Living Investment Brokerage Facilitates 2 $30 Million Sales

In two separate transactions, Senior Living Investment Brokerage facilitated the sale of nine assisted living facilities and five senior housing communities for $29.5 million and $29.125 million, respectively. 

The first transaction, the Autumn Grove Cottage portfolio, consists of nine assisted living communities with a focus on memory care located in the Houston and San Antonio, Texas, areas. 

The properties are located in Harris, Montgomery and Bexar counties. Each property consists of 16 units and have a shared bathroom on each wing. Rates range from $5,500 to $5,590 per month. Two of the properties were in lease-up at marketing. All locations were stabilized by the time of closing.

The seller is a private owner/operator looking to exit the seniors housing space, and the buyer is a nonprofit entity looking to expand their presence in Texas. The purchase was financed through the issuance of health care bonds.

Matthew Alley and Toby Siefert of Senior Living Investment Brokerage handled the transaction.

The latter transaction, the Hollinger portfolio, includes four properties located in South Carolina and one in Florida. The portfolio features 282 assisted living units, and is a part of a larger, 11-property portfolio in which the remaining assets are scheduled to close at the end of March.  

Bradley Clousing, Ryan Saul and Jeff Binder handled the transaction.

Greystone Healthcare Management Adds 10 SNFs to Growing Portfolio

Tampa, Florida-based Greystone Healthcare Management Corp. continues to grow its network of health care facilities, home health agencies and hospice care services in Florida and Ohio with the acquisition of 10 skilled nursing facilities from Autumn Health Care.

The properties include a total of 614 beds and are located in the central Ohio area. The acquisition includes existing therapy provider TheraTrust, Inc. and a corporate office located in Newark, Ohio, that will be maintained as a regional headquarters.

The acquired communities offer rehabilitation and skilled nursing care in the following areas: Adena, Cambridge, Coshocton, Mount Vernon, Newark, Somerset, Thornville, Walnut Grove and Zanesville.

“These central Ohio facilities truly solidify our presence in the state, and demonstrate our commitment to growth in the region,” said Connie Bessler, CEO of Greystone Healthcare Management. “We are eager to expand our network and offer our new communities the Greystone difference in patient-centered care.”

The 10 skilled nursing communities join Greystone’s existing locations in Ohio, including The Rehabilitation and Health Center of Gahanna in Columbus; home health services provider Executive Care; and Greystone Hospice of Ohio.

Allegro Assumes Management of Fla. Senior Living Community

Allegro Management Company (AMC) has become the manager of Renaissance, formerly known as Renaissance Village, a senior living community in Tampa, Fla.

As the management company for Renaissance, AMC will be responsible for day-to-day operations and all related decisions.

Allegro Management Company is partnering with Formation Development Group, LLC and the new real estate owner of this community, CRP Lakeshore Villas, to oversee future development and operations of the community. Renovations are currently in the planning phase.

“We are pleased to have Allegro Management Company on board,” says Scott Dobat, community director at Renaissance. “They have a long-standing reputation for bringing stability and longevity to senior communities and we are confident in their direction for our community.”

Under management by AMC, Renaissance will be licensed as an independent living, assisted living and memory care community. Future multi-million dollar renovations will include updates to modernize the campus. 

“From an operational perspective, we’re working hard to make this a positive transition for the employees and residents,” says Mary Rieser, president of Allegro Management Company. “We will be focused on creating a culture of stability for our employees and confidence in management for our residents and families.”

Currently, AMC operates nine communities throughout Florida and Kentucky under the Allegro brand, with a home office in St. Louis, Mo. 

MidCap Financial Closes Acquisition, Construction Loan for Calif. Community

MidCap Financial, a specialty finance firm focused on the middle market in North America and Europe, recently announced it closed a transaction with Monarch Senior Living to acquire an existing medical office building in La Jolla, Calif., and convert it into a Class A memory care facility.

MidCap provided a $9.96 million first mortgage floating rate loan with a term of up to five years. The loan not only facilitated the acquisition, but will also provide renovation funds for the borrower to repurpose the building into a 26-unit/44-bed memory care facility.

The community will be owned by a newly formed joint venture between HG Capital and Monarch. HG Capital is a private real estate equity sponsor based in Menlo Park, Calif. Monarch is a seniors housing and memory care provider located in California.

HG Capital and Monarch intend to invest together on a programmatic basis to establish a portfolio of seniors housing assets in premier locations over the next several years.

Financing was arranged by Aaron Beck of Northmarq Capital.

Brokerage Firm Facilitates Sale of Michigan Adult Community 

FOURMIDABLE Real Estate Services, a Bingham Farms, Michigan-based national commercial and residential real estate brokerage division, has announced the sale of Solaire Active Adult Community in Southfield, Mich. The transaction was reported to be approximately $20 million.

Solaire, which was built in 1970, has 382 one-, two- and three-bedroom apartment units and is located less than a mile from Southfield’s Providence Hospital and Medical Center.

The complex includes two 10-story high-rise buildings and the buildings have undergone both interior and exterior renovations since 2008.

Recently, the FOURMIDABLE Commercial and Residential Real Estate Brokerage division was the listing broker and seller for additional properties in the Solaire owner’s portfolio: Eagles Landing of Troy Apartments, Eagles Landing of Washington Apartments, Eagles Landing Office Park and Rochester Commons. The $60 million portfolio of apartment communities and office developments represents the division’s largest sale to date.

“We are pleased that FOURMIDABLE will provide complete management services to the residents of Solaire,” says Scott Allen, president of the company.

Asbury CCRC Affiliates with Skilled Nursing Provider

Germantown, Maryland-based Asbury, one of the nation’s largest continuing care retirement communities (CCRCs), has recently become affiliated with Calvert County Nursing Center in Prince Frederick, Md. Additionally, Renee Reynolds has been named executive director of Calvert County Nursing Center.

The Center’s affiliation makes it a part of the Asbury system, the nation’s 16th-largest not-for-profit CCRC system.

“Asbury’s affiliation with Calvert County Nursing Center brings together two mission-driven organizations committed to serving older adults, while also providing both organizations with greater potential to serve the residents of Calvert County,” said Hagner Mister, Board chair for Calvert County Nursing Center.

University-Based Senior Living Community Gets New Management 

Dickinson Investments LLC, the group that owns the senior living community on the Dickinson State University campus in North Dakota, recently announced that, beginning April 1, Senior Services of America will take over management of the facility, according to local reports. 

Senior Services of America managed Hawks Point from its inception in 2007 until 2013, when the company was terminated by Dickinson Investments. From that time forward, the DSU Foundation managed the facility.

However, Dickinson Investments has been searching for a new management company since last November when North Dakota Attorney General Wayne Stenehjem forced the Foundation into financial receivership.

Read the full news brief here. 

Florida Senior Living Development Site Sells for $10 Million

A Los Angeles-based developer paid $10 million for a property west of Boynton Beach, Fla., where it plans to build a senior living community, according to local reports.

Civic Development Group, a Boynton Beach-based company, sold the 15.4-acre site to BRP Senior Housing, an affiliate of Big Rock Partners. 

BRP Principal Richard Ackerman tells the South Florida Business Journal that he plans to break ground this summer on a 323-unit senior housing project there. It would include 185 independent living units, 78 assisted living units and 60 memory care units. 

Read the full report here. 

Written by Emily Study