Benchmark Senior Living Buys CCRC Near Boston
A continuing care retirement community (CCRC) near Boston has a new owner.
Benchmark Senior Living, which is based in Waltham, Massachusetts, acquired New Pond Village, a 199-unit senior living community in Walpole, Massachusetts. National real estate services firm Cushman & Wakefield negotiated the sale.
New Pond Village is an 199-unit entrance-fee CCRC that offers independent and assisted living services. The community’s amenities include a dining plan with chef-prepared meals, a 24-hour concierge service and scheduled transportation with drivers.
“We are excited to blend the high standards maintained by New Pond Village with Benchmark’s 20 years of operational expertise,” said Allison Melahouris, Benchmark Senior Vice President of Quality Resident Services, in a press release.
Ensign Group Closes Sale-Leaseback Transaction
The Ensign Group, Inc. (Nasdaq: ENSG) has closed its definitive agreement to sell and lease two skilled nursing facilities (SNFs) and one assisted living community to Mainstreet Health Investments, Inc. (TSX: HLP.U).
The deal means that Ensign will lease the properties from Mainstreet under a triple-net lease with an initial 20-year term and CPI-based rent escalators. The properties, which are located in Los Angeles and Phoenix, have been owned and operated by Ensign for years, according to a press release.
In conjunction with the transaction, Mainstreet agreed to release Ensign from its lease obligations on three transitional care facilities in Kansas and Texas that are currently under development. Ensign subsidiaries will operate five properties in Kansas, one in Texas and one in Colorado that were developed by Mainstreet Property Group. Ensign affiliates will no longer have any outstanding lease obligations with Mainstreet Health Investors or Mainstreet Property Group with respect to facilities under development.
“This transaction not only demonstrates the significant value inherent in our owned real estate, but it also shows that we have several levers we can pull to strengthen our already healthy balance sheet,” said Christopher Christensen, Ensign’s President and Chief Executive Officer, in a press release. “As with the spin-off transaction that we completed in June 2014, we took a very conservative approach to both the sale price and the lease structure. We are very excited to capture some of the value we’ve created in these real estate assets while simultaneously ensuring that we will continue serving each of these communities for decades to come.”
Senior Community Near Boston Changes Hands
Institutional Property Advisors (IPA) announced it arranged the sale of The Estate at Franklin, an 81-unit assisted living and memory care community located in Franklin, Massachusetts, which is about an hour’s drive from Boston.
A “family-owned full-service real estate development company” sold the community to a “privately held real estate investment and property management firm,” according to a press release from IPA.
“We located a qualified buyer that paid market price based on the low trailing cash flows and the need to turn around operations and increase occupancy,” says Mark Myers, IPA executive managing director, in the release.
Myers, Joshua Jandris, and Matthew Andriano handled the sale.
Written by Tim Regan