• 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 »
Majestic Care Acquires Toledo Campus

Majestic Care Acquires Toledo Campus

Genacross Lutheran Services has sold its Toledo Campus to owner/operator Majestic Care, an affiliate of MDG Real Estate Global Ltd. The historic Toledo Campus, which opened in 1953 and has been expanded and renovated many times, needs significant capital improvements that Genacross has been unable to fund. So, the sale provides future financial flexibility and an improved financial position for Genacross while the campus can continue providing a continuum of senior care services. Cain Brothers brokered the deal. Headquartered in Toledo, Ohio, Genacross changed its name from Lutheran Homes Society in 2016. They are a not-for-profit corporation that has operated in northwest Ohio and... Read More »
Cain Brothers Finances CCRC Repositioning Project in Wisconsin

Cain Brothers Finances CCRC Repositioning Project in Wisconsin

A not-for-profit CCRC in Dousman, Wisconsin is following the will of its patients and converted a number of its skilled nursing beds to community-based residential facility-licensed beds and secured financing with the help of Cain Brothers to fund it. Three Pillars Senior Living Communities, a not-for-profit founded in 1905 and affiliated with the Masonic Grand Lodge of Wisconsin, owns and operates the campus.   Occupancy was consistently above 96% across its independent living and assisted living units, but census at its 84-bed skilled nursing facility began softening in 2018 due to the lack of private rooms. Management also took notice of higher acuity residents’... Read More »
Cain Brothers Finances CCRC Construction On College Campus

Cain Brothers Finances CCRC Construction On College Campus

Many have extolled the advantages of senior care communities partnering with universities. Through collaborative programming, the relationship helps keep seniors engaged with other generations, and students in turn can benefit from the residents’ years of wisdom and experiences. With that in mind, a partnership between an affiliate of Arizona State University (ASU) and Pacific Retirement Services (PRS) is building a 20-story CCRC on ASU’s main campus in Tucson. Under PRS’s “Mirabella” high-rise CCRC brand, this community will have four levels of care and around 252 total units. The first floor will feature a public restaurant and retail space, while three restaurants will likely be placed... Read More »
Cain Brothers and Pilgrim’s Place

Cain Brothers and Pilgrim’s Place

Pilgrim’s Place, a not-for-profit CCRC in Claremont, California was originally established over 100 years ago, and now is planning a $9 million renovation with the help of a $36 million tax-exempt bond issuance from Cain Brothers. The community has grown over the years to feature 182 independent living units, 56 assisted living units and 62 skilled nursing beds on a 32-acre neighborhood campus. Cain Brothers structured the bonds with a 4.25% coupon priced at a discount, and an all-in total interest cost of 4.46% and net present value savings on the advanced refunding portion of more than $1.5 million, or 6.4% of refunded par. Read More »

Partner in post-acute

To finance its recent acquisition of Spectrum Professional Services, an investor group led by healthcare M&A investor Beecken Petty O’Keefe and Company recently received a $110.5 million senior secured credit facility arranged by Capital One Healthcare, which served as administrative agent and lead book-runner. Spectrum is a rehabilitative therapy management consulting business catering its services to post-acute care, skilled nursing and assisted/independent living providers. It was acquired in December 2015 by a joint venture headed by Beecken Petty O’Keefe and including Sunrise Senior Living plus existing investors at Spectrum. Cain Brothers had served as Spectrum’s exclusive... Read More »