Seniors Housing Business

APR 2018

Seniors Housing Business is the magazine that helps you navigate the evolution of the seniors housing industry.

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Page 20 of 48

20 Seniors Housing Business n April 2018 housing portfolio in Central Wis- consin for $22.6 million. American Healthcare Investors and Griffin Capital Co. co-sponsor the REIT. The seller was Waunakee Manor. The communities are located in the Madison suburbs of Waunakee and Sun Prairie. The portfolio totals 236,000 square feet of independent living, assisted living and skilled nursing. The properties have un- dergone a total of $9.4 million in renovations since 2006. The portfolio is master leased under an absolute net structure through 2033 with two 10-year re- newal options. An entity affiliated with Integro Healthcare Consult- ing will operate the communities. The master lease includes annual rent escalators of between 2 percent and 2.5 percent. Healthcare Transactions Group brokers sale of 128-unit community in Maryland Adelphi, Md. — Healthcare Trans- actions Group Inc. has arranged the sale of Hillhaven Assisted Liv- ing, Nursing and Rehabilitation Center, a 128-unit assisted living and skilled nursing community in the Washington, D.C. suburb of Adelphi. The community features 66 skilled nursing beds and 62 assist- ed living units. The community has been family owned for more than 30 years. Hillhaven recently underwent a $1 million renovation. Mark Davis of Healthcare Trans- actions Group represented the sell- er. The buyer was a regional owner-operator. Other terms of the deal were not disclosed. Avison Young arranges $13 million sale of 45,654-square-foot skilled nursing facility in Virginia Alexandria, Va. — Avison Young has arranged the sale of the Mt. Vernon Nursing & Rehab Center, a 45,654-square-foot skilled nurs- ing facility in the Washington, D.C. suburb of Alexandria, for $13 mil- lion. A publicly traded REIT pur- chased the 130-bed rehabilitation center from a local family owner- Acquisitions Your bestie just closed a luxuriously structured loan with MidCap. Meanwhile your loan is in covenant default and your relationship manager just sent you to their workout specialist. Just let that sink in for a moment. visit us @ Eastern Region Lawrence Brin (301) 841-6484 Central Region David Sharp (312) 488-4524 Western Region Jason McMeen (312) 288-8603 FHA Group Head Brett Patrick (303) 757-2148 CareTrust REIT buys 464-bed skilled nursing portfolio in Michigan for $41.5 million Grand Rapid, Mich. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired a 464-bed, five-property skilled nursing portfolio in the Grand Rapids metro area for $41.5 million. The transaction is a sale-leaseback with the portfolio's longtime owner-operator, Metron Integrated Health Systems, based in Grand Rapids. Metron sought to recapitalize the company with plans for future growth. The initial annual cash rent from the portfolio will be approxi- mately $3.7 million, with annual CPI-based rent escalators. The lease term is 15 years, plus two five-year renewal options. CareTrust funded the acquisition using a combination of cash on hand and the company's $400 million unsecured revolving credit facility. Evans Senior Investments represented Metron in the transaction. The portfolio was 84 percent occupied at the time of sale. Metron Cedar Springs was among the five skilled nursing properties acquired by CareTrust REIT. The portfolio is located throughout the Grand Rapids, Mich., metro area.

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