You almost never see a single senior care property sell for over $100 million. In fact, only two had ever been recorded with a higher price: a 423-unit/bed CCRC for $165 million in 2007, and a 499-bed skilled nursing facility for $105.5 million in 2015. Now, there is a third. Joshua Jandris, Charles Hilding and […]
A joint venture between Harbert Seniors Housing Fund I, LP, Aviva Investors Americas LLC, and Senior Resource Group, LLC, recently acquired an independent/assisted living portfolio of three communities in Sacramento, California. Consisting of 257 total units, the communities were 95% occupied and located in a high barrier-to-entry market. Two of the properties are adjacent to […]
The owner/operator of a senior living community in Saginaw, Michigan is set to open a second location next month in nearby Hampton Township, at a cost of $13 million, or around $185,000 per unit. Founded by K. Rumi Shahzad and a team of 19 local investor/doctors, the Saginaw community has already expanded to include a […]
Change is coming, and while some people will be prepared for it, others will struggle. With a record turnout at last week’s NIC Conference, we wanted to see what the mood was, and whether there was any primary theme. The mood was decent, perhaps not as upbeat as in years past, but it really depended […]
Affinity Living Group’s latest acquisition of two senior living communities in North Carolina was met with more complications than usual. Already with a senior lender on board, Affinity had to find supplemental debt that not only satisfied their own requirements, but also those of the senior lender and of a future HUD refinance. So, HJ […]
While attending the NIC conference in Washington, D.C. last week, I learned that Gene and Mari Jo Grace of Grace Management are retiring after nearly 33 years in the seniors housing and care business. I have known them for most of that 33 years, and I feel like the industry is losing not only two […]
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We hope the team at Blueprint Healthcare Real Estate Advisors has found some time this NIC to celebrate their busy end to the summer, having announced four deals during the Fall conference. First up, with the help of Steve Thomes, Christopher Hyldahl, and Gideon Orion of Blueprint, as well as acquisition financing provided by Private Bank, […]