• Genesis HealthCare’s Legacy Liabilities Lead to Bankruptcy Filing

    Genesis HealthCare has filed for Chapter 11 bankruptcy protection, listing its 298 affiliated holding companies, ancillary businesses and insurance vehicles in its submission to the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division. It is one of the largest skilled nursing operators in the country and operates 218... Read More »
  • Cindat Capital Management Invests in Colorado Community

    Cindat Capital Management, a middle-market real estate private equity platform focused on seniors housing and opportunistic investments, announced its first investment from its Senior Housing Credit Platform. It was a unitranche debt investment in The Pearl at Boulder Creak, a 116-unit, Class-A independent living and assisted living community... Read More »
  • MedCore Divests to Publicly Traded Healthcare REIT

    Ziegler announced its role as exclusive sell-side financial advisor to MedCore on the sale of Parkview on Hollybrook, a 189-unit rental CCRC in Longview, Texas. The property has been on a long road to stabilization. It was originally bought in a bankruptcy auction in 2016 for $20.7 million by Thrive FP when it was in the middle of development. 12... Read More »
  • Forbright Bank’s H1 Activity

    Forbright Bank reported its activity for the first half of the year from its healthcare and HUD lending teams, announcing more than $500 million in loans closed for acquisitions, recapitalizations, working capital, and HUD financings for healthcare providers across the country. One of the largest transactions was a $60 million revolving loan to... Read More »
  • Large SNF Portfolio Secures Financing

    MONTICELLOAM, LLC announced the closing of $218.3 million in combined bridge, mezzanine, and working capital financing for 18 skilled nursing facilities across Kentucky. The transaction includes a $179.3 million senior bridge loan and a $29 million mezzanine loan, which the sponsor plans to use to restructure and upsize the existing debt on the... Read More »
Blueprint Arranges Another Ohio Deal

Blueprint Arranges Another Ohio Deal

A few weeks after arranging the sale of 17 skilled nursing facilities in Ohio, the Blueprint Healthcare Real Estate Advisors team of Connor Doherty and Ryan Kelly sold a SNF in the Dayton, Ohio MSA. Called Good Shepherd Village, the facility was built in the 1960s and thoroughly renovated in the 1990s. Operations were sold, but ownership decided to exit the industry while taking advantage of the seller’s market in skilled nursing. For context, the numerous buyers chasing relatively few facilities on the market led the average price per bed to rise to a near-record of $98,000 per bed in 2021, according to our recently published 27th Edition of The Senior Care Acquisition Report. That price... Read More »
Oregon Owner/Operator Sells Seven Sites

Oregon Owner/Operator Sells Seven Sites

An Oregon owner/operator has exited the industry with the sale of their seven-property portfolio. Built between 1999 and 2014, each building has 15 units, and all are in secondary markets along the I-5 Interstate. The purchase price was $15.875 million, or roughly $178,000 per unit. While historically operating near stabilized levels generating gross revenue of $6 million, performance declined in late 2021. Although, occupancy at closing was approximately 85%, which a number of operators across the country would probably love to achieve right now. The buyer is a regional operator with a focus on serving memory care residents which intends to invest in operational systems to drive... Read More »
Alabama Buyer Adds to Southeast Portfolio

Alabama Buyer Adds to Southeast Portfolio

Blueprint Healthcare Real Estate Advisors recently closed on a portfolio of two Class-A senior living properties in Alabama and Tennessee. The communities were built in 2018 and consist of 152 units of independent living, assisted living, and memory care. With lease-up regaining momentum following the pandemic, the target offered incremental investor upside via a turnkey memory conversion at one community and an opportunity to expand on excess land at the other community. Ownership engaged Blueprint in the fall of 2021 and the properties spent only a brief time on-market. The winning bidder was an Alabama-based owner/operator looking to expand their operating footprint in the Southeast. No... Read More »
Blueprint Advises Sale of Two Class-A Communities

Blueprint Advises Sale of Two Class-A Communities

Blueprint Healthcare Real Estate Advisors recently closed on a portfolio of two Class-A seniors housing communities in Georgia and Florida, owned and developed by Atlanta-based Aspire Development Partners and managed by The Arbor Company. Located in Canton, Georgia, The Arbor at BridgeMill consists of 206 units and opened in 2018. The Lakeside at Amelia Island in Fernandina, Florida has 187 units and opened in two phases between 2018 and early 2019. The buyer and sales price were not disclosed. Aspire originally engaged Blueprint in the fall of 2020 to evaluate strategic options and, after a brief marketing process, decided to delay the offering as M&A markets improved. As many of us... Read More »
Two Stabilized MC Communities Find New Owner

Two Stabilized MC Communities Find New Owner

An owner/operator successfully recapitalized two newly constructed, Class-A standalone memory care communities located in the Oklahoma City and Dallas Fort-Worth MSAs. The 2016- and 2018-built communities total 76 units (36 and 40 respectively) and were developed and managed by an experienced operator, who will stay on to manage operations.  It is worth noting that both assets demonstrated consistent upward trending operational performance despite the COVID-19 pandemic. Occupancies exceed 95% and generated $5.9 million in total revenue, and $1.9 Million in EBITDAR representing an impressive 32.5% operating margin. No wonder the current operator is staying on. Blueprint Healthcare Real... Read More »