CareTrust expands memory care portfolio with $12.5M California acquisition
CareTrust REIT (Nasdaq: CTRE) added to its portfolio of memory care communities with the $12.5 million acquisition of Vista del Lago, a 42-unit/96-bed community in San Diego. The seller was Torrey Pines Development Group.
The Cushman & Wakefield Senior Housing Capital Markets team of Vice Chairman Rick Swartz, Executive Managing Director Jay Wagner, Managing Director Aaron Rosenzweig, Directors Dan Baker and Tim Hosmer and Associate Bailey Nygard served as the exclusive advisor to Torrey Pines in the transaction.
Senior Housing Properties Trust completes $26M MOB, nursing disposition
Senior Housing Properties Trust (Nasdaq: SNH) completed two portfolio dispositions totaling $26 million. The transactions are part of the Newton, Massachusetts-based health care real estate investment trust’s previously announced plan to sell $900 million in assets as part of a major lease restructuring with Five Star Senior Living (Nasdaq: FVE).
The two transactions are:
- The $18 million sale of the Reliant Medical Group portfolio of medical office buildings
- The $8 million sale of a 15-property skilled nursing portfolio in Iowa, Kansas and Nebraska.
Net proceeds from the sales will be used to service existing debt and general business purposes.
SunTrust originates $30.9M refinancing for Virginia senior living community
SunTrust CRE Seniors Housing & Healthcare Finance Managing Director Joshua Hausfield originated a $30.9 million Fannie Mae loan for Liberty Ridge, a 171-unit independent living and assisted living property in Lynchburg, Virginia.
The community is owned and operated by Runk & Pratt, a family-owned provider with seven communities in the Lynchburg area.
Holiday Retirement adds to Colorado portfolio
Holiday Retirement will assume management of Kipling Meadows, a 121-unit independent living community in Arvada, Colorado, effective Oct. 1. The management agreement was formed in conjunction with property owner Artemis Real Estate Partners.
Artemis is engaging with Holiday Retirement to leverage the company’s operator knowledge, scalability and expertise with processes and systems to enhance resident and associate experiences.
Lancaster Pollard originates $9.1M refinancing for Colorado memory care portfolio
Lancaster Pollard Vice President Rob McAdams assisted Applewood Our House in refinancing a portfolio of five memory care facilities located in Jefferson County, Colorado. The $9.1 million transaction, through the FHA Section 232/223(f) program, was able to provide a long-term, non-recourse, fixed rate financing solution for Applewood Our House’s 76-unit portfolio, which offers individualized care in a homelike setting.