60 Seconds with Swett: Burning Questions for NIC Attendees
This time next week, we’ll be heading out of Nashville from the Spring NIC conference likely buoyed by the overwhelmingly positive mood we’re expecting from most of our industry friends. It’s hard not to be optimistic when occupancy and margins are increasing to healthy levels nationally, and show no signs of stopping, when liquidity is increasing and when values are rising across both seniors housing and skilled nursing. We’ll want some questions answered when we hit the ground in Nashville, too. Like will prices for core, Class-A assets rise enough to force more investors into the Class-B/value-add space, and increase prices for those assets in 2026? Or, will the continued resident rate... Read More »
Janus Living’s IPO Results
Janus Living has completed its initial public offering, raising $878 million after deducting the underwriting discount and estimated expenses payable by the company. The REIT sold 48.3 million shares of its Class A-1 common stock at $20 per share, including the full exercise of the underwriters’ 6.3 million-share option. It made its New York Stock Exchange debut March 20 under the ticker “JAN,” with shares trading well out of the gate. The stock opened at $23.50, climbed as high as $23.96 intraday and closed at $23.61. The net proceeds received from the offering are expected to be used to pursue acquisitions and investment opportunities, in addition to general corporate purposes. The... Read More »
VIUM Capital Secures Slew of HUD and Bridge Financings
VIUM Capital recently closed a series of healthcare and seniors housing real estate financings across multiple states, spanning both HUD-insured loans and bridge executions for skilled nursing, assisted living and memory care assets. The largest loan was a $56.4 million HUD financing for a 325-bed skilled nursing facility in Florida. The facility was approximately 93% occupied and had existing acquisition and capital improvement debt. With the refinance, ownership also wished to fund additional renovations aimed at enhancing resident areas and increasing Medicare mix. Then in Colorado, VIUM closed a $51.0 million HUD loan across a five-facility skilled nursing portfolio totaling 311 beds.... Read More »
Several Senior Care Finances Close
Jeremy Warren of Montgomery Intermediary Group reported an active end of winter, closing a handful of debt transactions for clients in Illinois and Kentucky. First, he helped the owner of a 77-bed skilled nursing facility in Kentucky refinance existing acquisition debt following a successful operational turnaround. Since acquiring the facility with a $6.3 million loan just 18 months prior in 2024, ownership has controlled expenses and benefitted from Kentucky’s boosted Medicaid rates. The building also holds a five-star rating from CMS. The borrower was able to obtain a $17 million bridge-to-HUD loan from a bank, nearly triple the debt amount from 2024. Next, Warren arranged a $12.3... Read More »
Developers Divest Class-A Seniors Housing Portfolio
A portfolio of seniors housing communities sold, with the six assets located across two states in the Kansas City, Kansas MSA. The seller was a joint venture between Hunt Midwest, a Kansas City-based real estate development company, and Principal Senior Living, a Georgia-based developer/owner/operator of senior living communities. The portfolio comprises 413 assisted living/memory care units in Kansas City, Blue Springs and Raymore, Missouri, and Olathe and Lenexa, Kansas. The Class-A buildings were built between 2015 and 2019, and at the time of closing they were over 90% occupied. Berkadia’s Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers handled the deal on behalf of the... Read More »
Joint Venture Acquires Full-Continuum Community in Las Vegas
After acquiring two Class-A seniors housing communities in March through separate transactions, Clarion Partners made another purchase, in Las Vegas, Nevada. The previous two additions to its portfolio were Vitality Living Franklin in Tennessee, and The Gallery at Spokane in Washington. The Washington deal was done through a joint venture with Franklin Templeton. Completed in two phases in 2008 and 2010, San Martin Senior Living in Las Vegas consists of a two-story building comprising 144 independent living and assisted living units, plus a single-story building with 30 memory care units. The community, which will be rebranded as The Grand at Southern Hills, is located within a large... Read More »
Bridge-to-HUD Takeout Refinances Two Communities
An undisclosed borrower secured a $46 million bridge-to-HUD refinance for two seniors housing communities in Ohio with the help of Greystone. Christopher Clare originated the financing with assistance from David Young, Ben Rubin, Ryan C. Harkins, Parker Nielsen and Liam Gallagher. The two communities feature a total of 186 skilled nursing beds in 118 units and 10 independent living, 232 assisted living and 16 memory care units with 317 AL/MC beds. Read More »
Janus Living Goes Public After Upsizing IPO
Janus Living, a Healthpeak Properties-formed REIT and now the only publicly traded U.S. REIT fully dedicated to seniors housing with its entire portfolio structured under RIDEA, has launched its initial public offering of Class A-1 common stock. The company is now listed on the NYSE under the ticker “JAN.” It plans to pay a quarterly dividend of $0.1425 per share, or $0.57 annually, representing an approximate 3% yield. The night prior to the IPO, the company upsized the offering to 42 million shares, from 37 million, and priced the deal at the top of its $18 to $20 per share range. At pricing, Janus Living was expected to raise $840 million, up from its previous range of $666 million to... Read More »
Partnership Acquires Two Long Island Communities
Two Long Island assisted living communities were sold by their original developer/operator. Village Green Senior Living in Levittown (opened in 2020) and Village Walk Senior Living (opened in 2018) in Patchogue were acquired by a partnership between Fundamental Advisors, Scribner Capital and Atria Senior Living. They will be renamed Atria Levittown and Atria Patchogue, respectively. The newer vintage assets will complement Atria’s existing Long Island portfolio, and the operator expects to increase the occupancy and operating margins. With these additions, Atria now operates 18 communities across New York City and Long Island. Read More »
Artemis Real Estate Partners Purchases Class-A Community
The developer of a Class-A seniors housing community in the Minneapolis, Minnesota MSA, has passed the torch to a new owner. Pillars of Lakeville, now known as The Crest at Lakeville, sits on 1.8 acres. Oppidan Investment Co., a company that developed multiple Pillars senior living properties in Minnesota, acquired the land from Crossroads Church, and construction on the asset began in 2021. Opened in 2023, the community comprises 100 independent living, assisted living and memory care units and is connected to a childcare facility that is operating out of the Church. Ebenezer Management Services, Minnesota’s largest senior living operator, was managing the community. According to... Read More »Schedule a demo
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