DALLAS– MedCore Partners and The National Realty Group, together with BMO Harris Bank and Locust Point Capital, announced the purchase of a 582-unit independent living, assisted living and memory care portfolio in seven markets located in Washington and California.
The communities involved in this initial acquisition include five assets in Washington State: Birchview Memory Care in Sedro-Wooley with 60 units, Discovery Memory Care in Sequim with 55 units, The Sequoia in Olympia with 92 units, Cooks Hill Manor in Centralia with 72 units, and The Village in Tacoma with 136 units. The California-based assets include Del Obispo Terrace in San Juan Capistrano with 91 units and the 76-unit Westminster Terrace in Westminster.
MedCore will retain Tacoma-based Senior Services of America as the manager of operations and deploy more than $13 million of capital expenditures to improve the facilities. “The infusion of capital to make these communities more aligned with newer product in each of their respective markets positions us for significant occupancy improvement. It is also important that we continually look for ways to enhance the resident experience. MedCore envisions deploying resources toward several more middle-market opportunities in a very similar way in the coming years,” said Michael Graham, Principal of MedCore Partners, LLC.
The projects have been managed by Senior Services of America (SSA), all or in part, since 2001. SSA is a regionally based management company founded by Lee Field and Randy Trettevik in 2000. Based in Tacoma, Washington, SSA operates 15 assets with 1,147 units and a 138-unit property currently under construction. The company specializes in the management of senior living communities and has completed numerous acquisitions, sale leasebacks, and third-party management relationships on both coasts of the United States.
BMO Harris Bank provided the senior loan for the acquisition. “BMO was very happy to get this deal done with MedCore and Locust Point during challenging times,” said Ryan Stewart, Director of BMO Harris Healthcare Real Estate Finance. “We look forward to a long relationship with these outstanding companies.”