Transactions & Financings: Senior Housing Management Expands Operations; Ensign Acquires in California

JLL advises Welltower on $1.8B Benchmark portfolio sale

JLL (NYSE: JLL) represented Welltower (NYSE: WELL) in the Toledo, Ohio-based REIT’s $1.8 billion disposition of 48 properties operated by Waltham, Massachusetts-based Benchmark Senior Living, to an unnamed buyer. The 4,137-unit portfolio consists of 48 assisted living properties located in Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island and Vermont and had $24 million of secured debt that was extinguished at closing.

The JLL Capital Markets team was led by Senior Managing Director and Co-Head of JLL’s Capital Markets Healthcare practice Ted Flagg.

The Ensign Group acquires California assisted living facility

The Ensign Group (NASDAQ: ENSG) acquired Mainplace Senior Living, a 91-bed assisted living facility in Orange, California. The terms of the deal were not disclosed, and the property will be managed under a triple-net lease.

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Platinum Communities completes $5.5M acquisition of Wisconsin senior housing community

Platinum Communities acquired The Atrium of Racine, a senior housing community in Racine, Wisconsin, in a $5.5 million receivership sale. The complex includes a 74-unit independent living building and a 40-unit assisted living facility. Brookfield, Wisconsin-based Platinum Communities now owns and operates 320 assisted-living units and 74 independent-living apartments in Racine, Columbus, North Milwaukee, Oak Creek, Sheboygan, Slinger and Watertown.

A capital improvement plan is underway which will tackle repairs for the property, new landscaping and upgrades. Platinum Communities is immediately eliminating the buy-in process implemented under previous management.

Watermark assumes operations for Dallas assisted living community

Watermark Retirement Communities assumed operations of The Preston of the Park Cities, an assisted living and memory care community in Dallas, Texas. Formerly known as HarborChase of the Park Cities, the community features resort-style amenities and concierge service.

Memory Care is now provided through Watermark’s signature program The Gardens, whose caregivers are trained and certified in partnership with the National Council of Certified Dementia Practitioners. The community also offers The Bridge, an assisted living option for residents with slight cognitive impairments who would benefit from guided support by specially-trained cognitive experts.

CBRE National Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Tim Root represented the buyers, a joint venture of Silverstone Senior Living and Crescent Real Estate.

Senior Living Investment Brokerage assists in two assisted living sales

Senior Living Investment Brokerage Managing Director Jason Punzel was the sole broker in the sale of Ocean Park Memory Care, a 40-unit/55-bed memory care community in Brookings Oregon.

The seller is a REIT which is pruning its portfolio of non-core assets. The buyer is a regional operator with a strong presence in Oregon and several communities on the Oregon coast.

SLIB Managing Director Ryan Saul, Principal and Managing Director Jeff Binder and Senior Vice President Patrick Byrne were the sole brokers in the $8.2 million sale of Courtyard Estates of Peoria, a 100-unit supportive living facility in Peoria, Illinois. The community was 86% occupied at the time of sale.

Chicago Pacific Founders acquires Texas assisted living community

Chicago Pacific Founders and its subsidiaries, Grace Management and CPF Living Communities, acquired Twin Rivers Assisted Living and Memory Care, an 83-unit community in Richardson, Texas. This is the sixth acquisition by Chicago Pacific Founders in five weeks.

Grace Management will assume operations for the facility. Evans Senior Investments (ESI) represented the seller in the transaction. Chicago Pacific Founders were represented by CBRE National Senior Housing Vice Chairman Aron Will, First Vice President Austin Sacco and Vice President Tim Root, who secured a $13 million, 10-year floating rate loan through Freddie Mac to facilitate the purchase.

Senior Housing Management Assumes Operations of 5 Properties

Cedar Rapids, Iowa-based Senior Housing Management added five properties to its operating portfolio. The properties are owned by Healthcare Trust Inc. (HTI), a non-traded healthcare real estate investment trust based in Carlsbad, California.

The portfolio includes:

  • Arbor View, an assisted living and memory care community in Burlington, Wisconsin
  • Arcadian Cove, an assisted living facility in Richmond, Kentucky
  • The Atrium, a memory care community in Rockford, Illinois
  • Liberty Court, an assisted living and memory care community in Dixon, Illinois
  • Ramsey Woods, an assisted living and memory care community in Cudahy, Wisconsin

Senior Housing Management now manages nine HTI communities.

Bellwether Enterprise closes $3M loan for Atlanta senior apartments

Bellwether Enterprise Real Estate Capital, a subsidiary of Enterprise Community Investment, closed on a $2.94 million construction-to-permanent loan to build Scott Boulevard Senior Residences, an affordable senior housing community in Decatur, Georgia.

Scott Boulevard Senior Residences will include 90 one-bedroom apartments for seniors aged 62 and over, and 72 units will be reserved for residents earning less than 60% of the area median income. The building is part of Decatur Crossing, a retail and residential mixed-use development located just two miles north of the Decatur city center.

Blueprint brokers sale of Dallas memory care community

Blueprint Healthcare Real Estate Senior Managing Director Ben Firestone and General Counsel Joshua Salzman represented the seller in the sale of a 33-unit memory care community in Dallas, Texas. The community, located in the Turtle Creek neighborhood, was owned by a publicly traded REIT.

The buyer was Iris Senior Living, a Dallas-based owner-operator.

Kayne Anderson, Watermark secures $21M credit facility

A joint venture of Kayne Anderson Real Estate and Watermark Retirement Communities secured a $21 million credit facility the acquisition of a 108-bed assisted living and memory care community in Marana, Arizona.

BMO Harris Healthcare Real Estate Finance secured the credit facility on behalf of the joint venture.

1031 Crowdfunding completes $20.1M California assisted living/memory care facility acquisition

1031 Crowdfunding, through its affiliate 1031 CF Properties, acquired a 100-bed assisted living and memory care facility in Rancho Cucamonga, California. The purchase price was $20.1 million.

The property is operated by Meridian Senior Living.

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