The Hearth on James, located approximately one mile north of the Syracuse University campus, was originally built in 2001 carrying the Enriched Housing Program licensure designation granted by the State of New York.
The community was acquired in a sale/leaseback structure between Mainstreet Health Investments Inc. (TSX: HLP.U), a North American real estate healthcare company and the current owner/operator, The Hearth, a Syracuse- based operator that manages 15 retirement communities in four states.
Blueprint was able to confidentially and efficiently market The Hearth on James as part of a three property portfolio resulting in multiple qualified offers from some of the industry’s most noteworthy investors. Blueprint worked diligently with its client to effectively negotiate these offers creating an ideal structure for the client.
The sale of the Hearth on James represents the second closing included in a three-community, $50 million portfolio transaction.
Tim Cobb and Steve Thomes were lead advisors on the transaction.