Blueprint Healthcare Real Estate Advisors announced the $8.5 million sale of a 152-unit skilled nursing and assisted living facility in Northeast Ohio.
The Chicago-based brokerage didn’t name the buyer or seller, though Blueprint indicated that the seller was a local 30-year owner-operator exiting the industry. The facility had experienced operational challenges, which Blueprint helped correct with the previous and new owners.
The buyer chose a private equity owner-operator with an experienced footprint in the region. At closing, the original pricing was maintained at $56,000 per unit for the $8.5 million total.
Connor Doherty and Ryan Kelly led the transaction for Blueprint.
JLL Closes on Chicago Nursing Home & Shelter
Professional services firm JLL (NYSE: JLL) completed the sale of St. Pauls House, a 171-bed skilled nursing and sheltered care community in Chicago.
JLL marketed the property for seller Lutheran Life Communities, and procured the buyer — an established operator of Illinois long-term care facilities.
The facility is composed of 55 sheltered care units and 96 skilled nursing beds.
St. Pauls House was built in 1921, with additions in 1956 and 1970, and sits on 2.38 acres in Chicago’s Irving Park neighborhood.
JLL managing directors Mike Garbers and Cody Tremper, from the JLL Seniors Housing Capital Markets investment advisory team, represented the seller.
Cambridge’s $16.3M HUD Refinance in California
Cambridge Realty Capital Companies provided a $16.3 million Housing and Urban Development (HUD)-backed loan to a California skilled nursing facility.
The loan covers the refinancing of Anberry Transitional Care, a 72-bed property in Merced, Calif. owned by a limited partnership.
The loan was fully amortized with a 35-year term, and was processed through the HUD 232/223 program. Cambridge Realty Capital Ltd. of Illinois underwrote the transaction.
Anberry Transitional Care offers short-term rehab and living for residents recovering from illness or surgery. The facility’s amenities include nutrition services, therapy, an on-site beauty salon, and courtyard dining.