Newmark Ends October with Portfolio Closings
Newmark announced a flurry of transactions at the end of October involving various institutional firms. The largest was a portfolio of seniors housing communities in the Northeast known as “Stars and Stripes.” Word on the street is that the portfolio sold for north of $800 million, and that a sub-portfolio was valued at more than $1 million per unit. The deal consisted of nearly 900 units in New York, Connecticut, Massachusetts and New Hampshire, with the communities built between 2017 and 2022. One group of properties were considered to be value-add, while the other was classified as core (we imagine that was the $1 million+ per unit deal). Newmark also sold two assisted living/memory... Read More »Stacked Stone Acquires Missouri Portfolio
Stacked Stone Ventures announced the purchase of a seven-community assisted living/memory care portfolio in Missouri for $71 million, or $212,600 per unit. Totaling 334 units and 405 beds, the Oak Pointe portfolio was developed between 2015 and 2020 by an investor group called ClearPath Senior Housing, which included Jeff Binder of Senior Living Investment Brokerage. Binder is from Missouri and was knowledgeable about each community’s local market. Provision Living operated the portfolio. The communities were operating well, with occupancy rising from 84% at the time of PSA to 92% at close, and EBITDAR growing from $6 million to $6.7 million in the same period. Like its other recent... Read More »Blueprint Sells Georgia Community to LTC Properties
LTC Properties divested seven skilled nursing facilities through two separate deals for $122 million in October. In those transaction announcements, the publicly traded REIT noted that it intended to redeploy proceeds for the acquisition of newer, stabilized SHOP assets. It looks like that’s what the publicly traded REIT did in Georgia at the start of November. LTC Properties used those proceeds to fund a $23 million, or $261,400 unit, purchase of an 88-unit assisted living and memory care community in Marietta, Georgia. The community is currently stabilized at 90% occupancy and is expected to deliver a year-one yield of approximately 7%. The Arbor Company, a new LTC operating... Read More »MIG Announces Two Closings
Montgomery Intermediary Group announced a couple of transactions at the end of October. First, Andrew Montgomery sold a 120-bed skilled nursing facility in southern Illinois in a value-add deal. Built in the 1960s and 1970s, the facility had a roughly 50% Medicaid census, with between 30% and 35% private pay and 5% to 10% Medicare. It was losing money. Jeremy Warren of MIG helped finance the deal, as well, arranging 80% loan-to-cost financing with a 20-year term and a variable rate in the low-7s. He secured the loan from a regional lender, and this was the fifth building that Warren financed in the past 45 days. Then, Montgomery sold a 38-unit assisted living community in a small Missouri... Read More »Senwell Facilitates Bed Transfer Deal
Brandon Bohland and Collin Hempfling of Senwell Senior Investment Advisors facilitated the transfer of 80 adult care home bed licenses in Wake County, North Carolina. A national institutional assisted living owner/operator engaged the firm after the community suffered significant damage from a fire and ultimately closed. There was a highly competitive bid process that generated multiple strong offers from qualified buyers, with the result maximizing the seller’s exit value. After working with attorneys, regulatory bodies and stakeholders, Senwell completed the transfer of the licenses to a large regional owner/operator. Read More »Protea Capital Partners Finances Florida Development
JLL Capital Markets assisted a developer, Protea Capital Partners, in arranging $34.5 million in financing for the construction of HarborChase of Beachwalk, a 172-unit seniors housing community in St. John’s, Florida. Multiple bids were generated, and Protea was ultimately able to secure a five-year construction loan with a regional bank on favorable terms. JLL’s Capital Markets team representing the borrower was led by Olga Walsh, Aaron Rosenzweig and Dan Baker. Slated for completion in October 2027, HarborChase of Beachwalk will offer 82 independent living, 66 assisted living and 24 memory care units across multiple three- and four-story buildings. Floor plans will range from studios to... Read More »Colorado CCRC Expands with Bond Financing
Ziegler announced the closing of Frasier’s $44.14 million Series 2025A bonds through the Colorado Health Facilities Authority. Frasier Meadows Manor, Inc. (Frasier) is a Colorado not-for-profit founded in 1956 in Boulder. Frasier is the only CCRC in Boulder offering the full continuum of care and is also the oldest retirement community in Boulder. Today, the CCRC offers 303 independent living units, 19 assisted living units, 19 memory care units and a 54-bed skilled nursing facility. Frasier offers a “Type B” entrance fee contract to its independent living residents, offering a discounted rate to higher levels of care if needed. The community maintains a 742-household waiting... Read More »Omega Invests in Saber Healthcare Joint Venture
Omega Healthcare Investors released its third quarter earnings and made some news when it disclosed the acquisition of a 49% equity interest in a joint venture with Saber Healthcare. The JV will own and lease 64 skilled nursing facilities that were previously wholly owned by affiliates of Saber, which will retain a 51% equity interest in the JV and is responsible for day-to-day operations. Omega issued approximately 5.5 million Omega OP Units with a fair value of $222.4 million in exchange for a 49% equity interest in the JV. Plus, Saber will need Omega’s approval for any investments, dispositions, financings and major capital expenditures. The 64 facilities held by the JV are subject to... Read More »
Health Systems as Sellers in Three Transactions
Cain Brothers advised on a trio of senior care transactions involving health systems as sellers, which could be a growing trend, particularly among any resource-constrained systems. Conversely, other systems may see the need to own skilled nursing beds in the future in order to control the transfer of their post-acute patients to SNFs and free up acute care beds. The first deal involved Bristol Health, a small health system in central Connecticut, selling Ingraham Manor, a skilled nursing facility in Bristol, near Hartford. Cain Brothers served as sell-side advisor on the deal, which closed on October 21. Built in 1987, Ingraham Manor has 128 beds. Bristol Health had noted there were... Read More »
Large Ohio Operator Takes on Vacant SNF Beds
Senwell Senior Investment Advisors facilitated the sale of 26 skilled nursing beds from a facility in Ohio and coordinated the repurposing of the real estate for future behavioral health services. The owners made the decision to close the facility after determining that the small size of the building prevented it from achieving the operational efficiencies and economies of scale necessary for long-term success in the long-term care industry. Patients were transitioned to the seller’s nearby facility, maintaining continuity of care. Senwell capitalized on Ohio’s limited four-year cycle for transferring beds from overbedded to underbedded counties, securing the sale of the beds to a large... Read More »Schedule a demo
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