Minnesota Senior Living Provider Acquires Local Facilities Through USDA Loans
Heartland Senior Living, a Minnesota non-profit senior living provider, will acquire three southern Minnesota communities from current owner Eldercare of Minnesota, with the sale expected to close in the fourth quarter of 2017, according to a report from the Albert Lea Tribune.
The three Minnesota communities are Parker Oaks Retirement Community in Winnebago, Parkview Care Center in Wells and Truman Senior Living in Truman. Heartland Rural Services LLC, an Avon Park, Florida-based management consulting firm, will continue to manage all three locations, which provide care to 164 residents.
Heartland Senior Living has been seeking funds for this acquisition since it was founded in 2014, specifically to be the umbrella organization for the three communities. The provider received financing approval last week from the United States Department of Agriculture. The loan is funded by a USDA direct loan and a USDA guaranteed loan through Profinium Inc. of Truman.
Heartland has immediate plans to renovate the three locations, with new construction to follow.
Blueprint Arranges Sale of Detroit Senior Living Community to Mozart Healthcare
Chicago-based Blueprint Healthcare Real Estate Advisors facilitated the sale of a Detroit independent living community to Mozart Healthcare, a Skokie, Illinois-based senior housing investor, according to a press release from Blueprint.
Maple Heights Retirement Community, a 145-unit independent living community, has been around since the 1970s and has maintained a consistent occupancy of at least 90% and an operating margin of approximately 35%, the release states.
This was Mozart Healthcare’s fifth acquisition.
The transaction was managed by Blueprint Senior Managing Director and founding partner Ben Firestone and Managing Director Michael Segal.
Blueprint Announces Sale of Two Kansas Senior Living Communities
Blueprint also arranged the sale of two southeast Kansas senior living communities. The sale was conducted on behalf of a joint venture between a public REIT and a private equity firm that was seeking to shed these non-core assets.
The seller recently acquired several assisted living and memory care communities in Kansas and wanted to sell these two facilities, which were geographic outliers within its regional portfolio.
The two communities were built in the 1990s and together have 49 assisted living and memory care units.
The properties were sold to a Kansas owner-operator that already owns similar sized communities and was looking to expand its footprint in the region.
Blueprint Senior Managing Directors and founding partners Ben Firestone and Jacob Gehl sourced the opportunity and Managing Director Michael Segal led the transaction.
Written by Elizabeth Jakaitis