• 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 »
Cambridge Arranges Conventional Loan

Cambridge Arranges Conventional Loan

Cambridge Realty Capital Companies arranged a $5.95 million conventional loan for the acquisition of Twilight Haven Senior Living, in Fresno, California. Brent Holman-Gomez, Cambridge Senior Vice President, handled the transaction.  A California limited liability company obtained the fully-amortized, 25-year loan, which was underwritten by a Utah-based industrial bank. Previously owned by a not-for-profit organization, Twilight Haven comprises 60 independent living units, as well as 116 assisted living beds and 50 skilled nursing beds. The assisted living business is focused on the Medi-Cal Assisted Living Waiver program.  However, the selling operator was in bankruptcy, and the... Read More »
Commonwealth Acquires in Michigan

Commonwealth Acquires in Michigan

Commonwealth Senior Living recently acquired a seniors housing community near Grand Rapids, Michigan. This marks the third community for Commonwealth in the Grand Rapids area. Redico and American House Senior Living Communities purchased the community in January 2020. Built in 2015 and formerly known as American House Wyoming, the community comprises 102 assisted living and memory care units in Wyoming, Michigan. It was developed by Granger Group originally as First & Main at Metro Health Village. It will be rebranded as Commonwealth Senior Living at North Byron. Commonwealth intends to renovate the community, primarily focusing on enhancing the memory care portion. Read More »
Utah’s Meridian Heights Finds New Owner

Utah’s Meridian Heights Finds New Owner

Orion Real Estate Partners acquired a seniors housing community in Utah from Tablerock Capital. Built in 1998, Meridian Heights features 96 units in Sandy. The units comprise one- and two-bedroom floor plans that range from 838 to 1,004 square feet. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, handled the transaction. In 2022, the asset became subject to a $4.5 million CMBS loan from Citibank, originated by Berkadia Commercial Mortgage, according to Yardi Matrix data. The note carries a 2029 maturity term and a 5.95% fixed interest rate. The community last traded in 2019. Read More »
Two Class-A Communities Sell around D.C.

Two Class-A Communities Sell around D.C.

The Newmark Seniors Housing team facilitated the sale and equity raise for two Class-A seniors housing communities in the Washington, D.C. metro area. They worked on behalf of the sellers, Harrison Street and Palomino Capital, a middle market investment bank.  Thrive Senior Living had developed the communities in the late-2010s to include 140 units, each. Built in 2019, Tribute at Melford comprises 104 assisted living and 36 memory care units in Bowie, Maryland. While Tribute at The Glen was built in 2017 with 96 assisted living and 44 memory care units in Woodbridge, Virginia. Cogir had taken over operations at both locations in recent years.  We heard that the properties were... Read More »
Seven Properties Sell in Missouri

Seven Properties Sell in Missouri

Eads Investment Brokerage facilitated the sale of seven seniors housing communities in and around Saint Louis, Missouri. Patrick Byrne, who has sold 23 communities in Missouri since 2022, handled the transaction. First, Eads represented a regional owner/operator downsizing to focus on its core markets in the sale of a 96-bed skilled nursing facility with a mostly Medicaid census in Saint Peters. It was operating well and sold for approximately $5.4 million, or $63,000 per bed. Turnover at key leadership positions largely accounted for post-pandemic census and regulatory challenges. The facility averaged 73% census in 2023, producing $5.5 million in revenues, and it was trending... Read More »
SLIB Closes in Jacksonville

SLIB Closes in Jacksonville

Senior Living Investment Brokerage closed the sale of Rosecastle of Deerwood, a memory care community in Jacksonville, Florida. Built in 2015, the community was originally designed as stand-alone memory care with 60 units, back when that care type was all the rage to build. But due to slower-than-expected lease-up, the operator decided to convert 20 of the units into assisted living. The operations improved significantly throughout the marketing process. SLIB’s Brad Clousing and Daniel Geraghty worked with the seller, a seniors housing and healthcare-focused REIT, to procure multiple offers. Ultimately, a Florida-based owner in a 1031 exchange was selected as the buyer, for an undisclosed... Read More »
Flatirons Divests in Colorado

Flatirons Divests in Colorado

Benchmark Commercial Real Estate was brought on by Flatirons Health Development, LLC. in its divestment of a skilled nursing facility in Colorado. The facility was previously operated by Axiom Healthcare Services. This was its only managed facility in Colorado, with all others in Kansas. The buyer is a local owner/operator that intends to occupy the building with a use compatible with the existing configuration. Built in 2016 by Neenan Archistruction, Flatirons Health and Rehabilitation features 48 beds. It  comprises 43,391 square feet and sits on 2.6 acres in Louisville. The property sold for $9.85 million, or $205,000 per bed. Marketing began in 2023 during the difficult capital... Read More »
Two SNFs Secure Bridge-To-HUD Debt

Two SNFs Secure Bridge-To-HUD Debt

Capital Funding Group announced the execution of $16.25 million in bridge-to-HUD financing for the acquisition of two Utah skilled nursing facilities totaling 220 beds. The buyer is nationally recognized, and this marks its entrance into the state. Tommy Dillon originated the transaction. The financing follows CFG’s announcement of the closing of a $12 million bridge loan for a Florida skilled nursing facility comprising 109 beds. The buyer is converting it to a drug and alcohol rehabilitation facility. Read More »
Utah’s Meridian Heights Finds New Owner

The Pennant Group Purchases in Utah

A national developer/investor engaged Blueprint to create an exit strategy to maximize value for more than a dozen geographically disparate, older-vintage communities. These communities were purchased in a sizable portfolio transaction pre-pandemic under a value-add thesis with the intent to invest in renovations and repositioning. However, cumulative headwinds from the pandemic and rising interest rates drove a portfolio re-prioritization, rationalization and ultimate de-levering effort. Built in 1999 and 2000, the portfolio consisted of two Utah seniors housing communities: a 113-unit AL/MC community in Salt Lake City and a 75-unit AL/MC community in Saint George. Performance varied... Read More »
SNF Sold through Lease-To-Purchase Agreement

SNF Sold through Lease-To-Purchase Agreement

Montgomery Intermediary Group closed on a lease-to-purchase agreement of a skilled nursing facility with 60 beds in Missouri. Built in 1961 and expanded in the 1980s, the facility was owned by Blue Sky Basin, which is still actively looking to grow in the sector but deemed this facility a geographical outlier and chose to sell. Anew Healthcare, an expanding owner/operator based in the Kansas City area that is looking to grow its footprint in western Missouri, was selected as the buyer in the lease-to-purchase structure. Andrew Montgomery handled the transaction. Read More »
Bravo Capital Closes Quick Financing

Bravo Capital Closes Quick Financing

Taking flexibility to another level, Bravo Capital, a privately held lender with a national presence, closed a $13 million loan for Green Hill Senior Living and Rehabilitation just seven days from signing the term sheet to funding. The first mortgage was arranged through Bravo’s “most agile” vehicle, Bravo Mezz Fund, but terms were not disclosed. Located West Orange, New Jersey, Green Hill consists of a 77-bed skilled nursing facility and a 40-bed assisted living/memory care community. Green Hill started as the Society for Relief of the Respectable Aged Women in Newark in 1866 before the organization moved to West Orange into the Green’s Hotel building in 1965. The campus was losing... Read More »