• Interview with Bryan Lockard of JLL Value and Risk Advisory

    Ben Swett, Managing Editor of The SeniorCare Investor, sat down with Bryan Lockard of JLL Value and Risk Advisory to discuss JLL’s 2024 Seniors Housing and Care Investor Survey and Trends, which you can download here. Read More »
  • Wow…Sonida Senior Living

    The last company in our sector, Sonida Senior Living, finally reported fourth quarter and full-year 2023 earnings, and while pretty good, that was not even the story. The story started four weeks ago. In February, the company announced a series of capital transactions which reduced their debt, raised some equity, and provided liquidity to take... Read More »
  • Marcus & Millichap Arranges SNF Leases

    After purchasing four senior care campuses in a large portfolio deal, a seniors housing owner/operator turned to Marcus & Millichap to find new tenants for the skilled nursing portions of each newly acquired campus. Each building was losing close to $1 million annually and had struggled with occupancy and expenses.  While the portfolio... Read More »
  • LSS Absorbs Diakon

    Two large not-for-profits announced that they were combining to create the 12th largest not-for-profit senior living organization in the country. Lutheran Senior Services, based in St. Louis, Missouri, signed an agreement to bring Diakon Senior Living operations and four CCRCs under its umbrella. Both organizations were described by Adam Marles,... Read More »
  • SNF Under Receivership Is Acquired in Kansas

    Marcus & Millichap was brought on by a limited liability company in the sale of a skilled nursing facility in Topeka, Kansas, that was under receivership. The facility, Providence Living Center, comprises 78 beds across 24,000 square feet and focuses on senior residents with mental health needs. Rod Llanos and Colby Haugness handled the... Read More »

Valuations soar for “A” quality IL properties

The higher valuations in 2014 (according to the 2015 Senior Care Acquisition Report) should surprise no one. The average price paid per unit for “A” quality independent living communities rose 21.8% from $228,200 in 2013 to $277,900. But, the lesser quality deals didn’t hold back either. In fact, the average price paid per unit for “B” properties rose 55.8% from $99,600 in 2013 to $155,200. This goes to show that in today’s market, just about any piece of property will garner interest from a buyer, as long as it can show potential for profits. Read More »

Capital One arranges HUD loan

Capital One Multifamily Finance announced today that it provided a $10.9 million fixed-rate HUD loan for an experienced owner/operator of skilled nursing facilities to refinance its 133-bed facility in Northern Illinois. Joshua Rosen, out of Capital One’s Chicago office, originated the loan, which will refinance existing debt on the property at a lower, long-term rate. The facility was built in 1962, expanded in 1985, and substantially renovated between 2005 and 2012. Also, the current owners, who purchased the facility in 2012, renovated the residents’ rooms and bathrooms since taking over, so the facility is relatively modern. It is also well occupied and well positioned in its market.... Read More »

Would you buy a Certificate of Occupancy?

There is always a good amount of risk when purchasing a seniors housing community at Certificate of Occupancy. While you avoid the risks associated with development and construction costs, you are saddled with the burden of fill-up. But Capitol Seniors Housing (CSH) is up for the challenge, having recently purchased, along with its joint venture partner Harvard Management Company, a 92-unit/109-bed assisted living/memory care community in Tampa, Florida. The newly opened community was developed by a joint venture between Walt Chancey and Rookis Development Company and presold to CSH prior to breaking ground for an agreed price of $20 million, or $217,400 per unit. CSH has brought in The... Read More »

Wells Fargo expands seniors housing construction financing platform

With construction heating up in the seniors housing industry, Wells Fargo is looking to position itself to help fund that growth using its balance sheet, floating rate lending platform. It started about a year ago when Wells Fargo brought in Mark Cotsakis, who had been with the bank for over 25 years, to head the newly formed Senior Housing Finance Group (SHFG), part of the Wells Fargo Commercial Real Estate Group. Since then, Mark and his team of about 18 have been hard at work, with approximately a half-billion in closings in the past year, and they are set to close another quarter-billion in the next two months, totaling some 30 transactions. The closings have ranged from $8 million to... Read More »

Trilogy Health Services expands in Louisville, again

Trilogy Health Services recently announced that it is opening its 91st health campus, and its fifth in the Louisville, Kentucky area alone. Dubbed “Forest Springs Health Campus,” the community follows Trilogy’s basic prototype of 50 skilled nursing beds and 45 assisted living units, but with the addition of about 30 independent living villas. Altogether, the 115,000-square foot campus will cost approximately $13 million or $104,000 per bed. Louisville-based DMK Development was the developer of the project, having previously done 18 senior living projects with Trilogy in Kentucky, Ohio, Indiana and Michigan, and with more to come (Trilogy, as you may know, has also worked with Mainstreet in... Read More »