Senior Living Dealbook: Heartis Mid Cities Sold; Five-property Portfolio Trades Hands 

Transactions

Heartis Mid Cities sold

Berkadia announced its involvement in the sale of Heartis Mid Cities, a 178-unit community located in Bedford, Texas.

The community is “one of the newest seniors housing communities in its submarket,” and was built in 2018, according to a press release.

Senior Managing Directors Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the sale transaction on behalf of a joint venture between Dallas-based Caddis Partners and a private equity real estate fund, the release states.

Five-property portfolio trades hands

Senior Living Investment Brokerage facilitated the sale of a five-property portfolio in Virginia.

The portfolio totals 159 units and was licensed for 267 beds, a press release states.

The seller is a local owner and operator of senior living communities in Shenandoah Valley and surrounding areas, and the buyer is a New Jersey-based assisted living owner-operator with ownership in multiple states, according to the release.

80-unit community awarded to Cougar Capital

Blueprint announced it completed the sale of an 80-unit assisted living community in the Washington, D.C. metropolitan area.

The community was built in 1998 and presented as a turnaround opportunity, according to a press release.

The community was ultimately sold to Cougar Capital, a regional investment firm that owns over 1,100 seniors housing units, the release states. Willow Ridge Senior Living assumed management of the building.

Buffalo nonprofit sells to real estate investors

Senior Living Investment Brokerage facilitated the sale of a 66-unit senior living community in a Buffalo, New York suburb.

The community was built in 2001 with additional construction through 2017, according to a press release.

The community was sold by a non-profit, faith-based owner and operator of senior housing and care services based in Western New York, and the buyer is a group of local real estate investors, according to the release.

Virginia senior living package under new ownership

Senior Living Investment Brokerage facilitated the sale of two assisted living facilities in Virginia.

The package comprised a total of 55 units and 67 licensed beds, according to a press release.

The seller is a senior living private equity and operating group, and the buyer operates skilled nursing and assisted living facilities, according to the release. Both are based in New York.

80-unit community in Lufkin sold

Senior Living Investment Brokerage announced it sold Pinnacle Senior Living, an 80-Unit senior living community located in Lufkin, Texas.

The community was marketed with limited competition within a 10-mile radius and additional land available for a future expansion, according to a press release.

The community was sold by a local independent owner-operator and purchased by a Texas based owner-operator that is planning to keep the existing management in place, the release states.

Financings

Berkadia secures refinancings for two communities

Berkadia announced it secured two refinancings for two Class A senior housing communities.

The communities include The Residence at Charles Meadow and The Residences at Natick South, both of which are located in Boston’s MetroWest region, a press release states.

The three-year loan “features a market leading interest rate, among other attractive loan economics,” the release states.

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