Senior Living Dealbook: Blueprint Advises On California Portfolio Sale; Monticelloam Provides $2.2b Financing In 2024

Transactions

Blueprint sells 222-unit SNF

Blueprint was contracted by nonprofit The Trousdale Foundation for the off-market sale of Westmoreland Health and Rehabilitation Center in Knoxville, Tennessee.

The facility was originally built in 1959 and experienced a census drop caused by the Covid pandemic.

According to a press release, a “growing regional provider” was selected as the buyer.

SLIB sells Michigan community

Senior Living Investment Brokerage announced its involvement in the sale of a 109-unit assisted living and memory care community in Saline, Michigan.

A press release states the community was developed in 2012 and 2016 and is located in a “desirable submarket” of Ann Arbor.

The release states the seller was a large, Michigan-based owner and operator, while the buyer is a regional owner looking to expand its portfolio across the state.

Blueprint advises on sale of two California communities

Blueprint advised a national developer and investor on the sale of two vintage communities.

According to a press release, the California portfolio consisted of a 1986 vintage, 157-unit assisted living community in Corona and a 1998 vintage, 101-unit assisted living and memory care community in Roseville.

The seller ultimately selected Sunny Hills Management Co. as a portfolio buyer.

SLIB sells Tampa community

Senior Living Investment Brokerage facilitated the sale of a 108-unit assisted living and memory care community in Tampa, Florida on Feb. 5.

According to a press release, the asset was an “operation break-even at the time of the sale.”

The release states the seller is a local developer, and this was their only senior housing asset. The buyer is a regional operator that partnered with an institutional capital provider.

Financings

MonticelloAM LLC provides over $2.2B of financing in 2024

MonticelloAM LLC, a multifamily and seniors housing bridge lending platform, announced the firm and its affiliates completed 55 transactions worth around $2.2 billion across 2024.

The funding consisted of bridge, mezzanine and working capital financing.

Notable transactions for the firm included a $422M bridge and working capital financing for a seniors housing portfolio across Kentucky and Tennessee; a $129M bridge, mezzanine and working capital financing for a seniors housing portfolio in Kentucky; and $87.15M bridge financing for a group of assisted living communities in California, the release states.  

Thorofare Capital provides $43M financing for active adult community

Thorofare Capital provided a $42.9 million bridge loan to refinance active adult community Risor of St. Louis Park.

A press release states the sponsor, Roers Companies, will use the financing “primarily to retire an existing construction loan on the Class A property.”

The community was completed in November 2023 and is currently 78% occupied.

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