Connecticut SNF Secures Bridge Loan
Greystone provided a $33 million bridge loan to refinance a 190-bed skilled nursing facility in Connecticut. The facility provides long-term care and rehabilitation, Alzheimer’s and dementia care, wound care & IV therapy, and therapeutic recreation. The bridge loan carries a two and a half year term with an extension option, and the borrower intends to pursue permanent financing from HUD. The financing was originated by Fred Levine. Read More »
CCHI Acquires and Repurposes MC Community
Blueprint was engaged by a public REIT in its divestment of a seniors housing community in Highland Park, Illinois, that was vacant at the time of sale. A not-for-profit organization, The Collaborative Community Housing Initiative, acquired the memory care community. CCHI will transform the community into a 45- to 50-unit co-living space for adults with disabilities in an environment designed for inclusion and independence through independent living, social engagement and recreational and educational activities. Ben Firestone and Lauren Nagle handled this transaction. Read More »
Westminster Secures Bond Financing
Ziegler announced the closing of Westminster’s $83.94 million Series 2025 bonds issued through the New Hope Cultural Education Facilities Finance Corporation. Westminster is a Texas-based not-for-profit organization that owns Westminster, a CCRC in Austin. The CCRC sits on nine acres and includes 367 independent living, 36 assisted living and 38 memory care units as well as 85 skilled nursing beds. Life Care Services has provided management services to the community since 1981. Proceeds of the Series 2025 bonds will be used, together with other available funds, to finance the costs of campus improvements (the Phase IV project), refinance the outstanding Series 2016 bonds and pay the costs... Read More »
Focus Healthcare Partners Acquires in Oklahoma
Focus Healthcare Partners acquired a seniors housing community in Tusla, Oklahoma. Originally built in 2016 as an active adult community by Avenida Partners and Carlyle Group, Cedarhurst of Woodland Hills is an independent living community with 140 units. The community has been rebranded as The Cedars at Woodland Hills, with 12 Oaks brought in to manage it. Occupancy was in the low-90s. It is in excellent condition. According to the Tulsa County Assessor’s office, it was last purchased in 2017 by an affiliate of Harbert Management Corporation for $25.872 million. The current purchase price was not disclosed, but Tremper Capital Group secured acquisition debt from a regional bank. Cody... Read More »
Prestige Group Sells West Virginia AL Asset
A small assisted living community in rural West Virginia traded hands from one local operator to another in a deal handled by Joe Shallow and Richard Natow of The Prestige Group. Originally purpose-built by a husband and wife in 2004, the community is located in Peterstown, near the Virginia border. It features 42 beds in 28 units and operates at 100% occupancy. There were some Medicaid residents, but the majority was private pay. The community was also kept in good condition over the years and operated profitably. The owners wished to retire and engaged Prestige to sell the property. The buyer was a physical therapist that previously lived in the Northeast but had purchased another... Read More »
Cushman & Wakefield Adds Jandris and Gardner
There was some buzz at the NIC Spring Conference about a certain dealmaking duo that have closed $15 billion in their careers jumping from one brokerage firm to another, and the news has now come out that Josh Jandris and Brett Gardner have both made the move from Walker & Dunlop to Cushman & Wakefield. They join Florida-based Jason Skalko, who was hired as a Managing Director at C&W in early 2024 to revive the senior care investment sales business after the exodus of its seniors housing team to JLL in 2023. Jandris and Gardner will each serve as Vice Chair in the Chicago office and will represent institutional and private-capital investors in dispositions across the continuum... Read More »
Private Equity Investor Acquires Stand-alone IL Community
Chad Mundy and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap closed a seniors housing deal in Standpoint, Idaho. Alpine Vista Senior Apartments comprises 55 independent living units and is the only full-service, stand-alone independent living option in Bonner and Boundary counties. The property has room for expansion, which can help meet the area’s increasing demand. The buyer was an equity investor entering the seniors space through this transaction. Read More »
Vacant Harrisburg Property Trades
Bob Gaines of Colliers facilitated the sale of a seniors housing community in Harrisburg, Pennsylvania. Built in 1950 and completely remodeled within the previous eight years, Butler Street Senior Living comprises 78 assisted living beds and was vacant at the time of sale. Butler Street Senior Living LLC, affiliated with Kaplan Development Group, was the seller, and the community features 57 assisted living and 11 memory care units. A not-for-profit, LHM Hospice and Social Services, was the buyer and paid $4.8 million, or $71,000 per unit, for the community. Not a bad price for a vacant building. Read More »
Sonida Senior Living Grows For The Future
The last to report 2024 earnings in our sector, Sonida Senior Living turned in a decent fourth quarter, but maybe not as good as they were hoping for. They are looking to the future, however, and not past performance, and are gearing up for growth. While the same-community occupancy of 86.6% in the fourth quarter is certainly above average for the industry, the year-over-year increase of just 70 basis points was below average. Many providers are still putting out census growth numbers that will not be sustainable as communities begin to stabilize, so increasing by 70 basis points in the future will look pretty good. But we are not there yet, especially with new development still way... Read More »
60 Seconds with Swett: The Demand for SNFs
We had a fantastic webinar last week that covered our recently published valuation statistics from The Senior Care Acquisition Report but also how valuations, the lending environment and M&A strategies are changing in 2025, so far. Jason Punzel of Senior Living Investment Brokerage, Steve Munn of VIUM Capital and JP LoMonaco of CBRE joined me for the discussion and all had fascinating and useful takeaways on the current state of the market. I ended the webinar with a question about what type of property each panelist would purchase themselves, if they had the equity to finance the rest of the acquisition with debt. Although much of the webinar centered around the seniors housing... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
