• Brookdale’s June Occupancy Should Be Higher

    Brookdale Senior Living reported June and second quarter 2024 occupancy, and while census increased, is it enough to carry them through next year’s winter season? Probably not, unless they have a huge July and August, which is possible, but not likely. Weighted average occupancy for June came in at 78.2%, up 10 basis points sequentially, but... Read More »
  • All-Cash Buyer Purchases AL/MC Community in Washington

    The Zett Group was engaged by an owner/operator in the divestment of a seniors housing community it had owned for 33 years in Central Washington. The community comprises 60 units of assisted living and memory care. The buyer was an owner/operator based out of Seattle.  Blake Bozett handled the transaction, having called nearly every... Read More »
  • Joint Venture Acquires Two Communities in Michigan

    JLL arranged the sale of two seniors housing communities in the Detroit, Michigan MSA. JLL represented the seller and procured the joint venture buyer, spearheaded by MedCore Partners. American House Senior Living Communities assumed management of both communities.  Built in 2017, Anthology of Troy comprises 93 assisted living/memory care... Read More »
  • Pace Secures Financing for Minnesota CCRC

    Pace Loan Group closed a $7.1 million PACE loan on a 134-unit new construction, market-rate senior living community in St. Francis, Minnesota. The 20-year loan complements a $30 million qualified tax-exempt loan on the project using Series 2023A bonds with Sunrise Bank as the senior lender. The project team also included Pope Architects and Bauer... Read More »
  • 60 Seconds with Swett: Overturning Chevron and the Effects on M&A

    There has been a lot of news to analyze from Washington, D.C. in the last couple of weeks, and the result of the 2024 election will certainly impact the operational and investment landscape in senior care. But we are still wrapping our heads around perhaps the most consequential news of late for the industry, which was the Supreme Court’s... Read More »
Brookdale’s June Occupancy Should Be Higher

Brookdale’s June Occupancy Should Be Higher

Brookdale Senior Living reported June and second quarter 2024 occupancy, and while census increased, is it enough to carry them through next year’s winter season? Probably not, unless they have a huge July and August, which is possible, but not likely. Weighted average occupancy for June came in at 78.2%, up 10 basis points sequentially, but still below every month in the fourth quarter last year. Month-end occupancy was a little better, at 79.7%, up 20 basis points from May and up 50 basis points from April. But that 79.7% occupancy at the end of June is exactly the same as the end of September last year. That is not progress.  The press release had a great line. “Both June and... Read More »
All-Cash Buyer Purchases AL/MC Community in Washington

All-Cash Buyer Purchases AL/MC Community in Washington

The Zett Group was engaged by an owner/operator in the divestment of a seniors housing community it had owned for 33 years in Central Washington. The community comprises 60 units of assisted living and memory care. The buyer was an owner/operator based out of Seattle.  Blake Bozett handled the transaction, having called nearly every owner/operator in the state and procuring five offers. Ultimately, an all-cash buyer was identified. Recognizing the typically slower licensure process in Washington, The Zett Group recommended closing on an interim agreement until the full change of ownership was approved. Randi Nathanson and Parisa Zarelli of Lane Powell PC led the closing, ensuring all... Read More »
Joint Venture Acquires Two Communities in Michigan

Joint Venture Acquires Two Communities in Michigan

JLL arranged the sale of two seniors housing communities in the Detroit, Michigan MSA. JLL represented the seller and procured the joint venture buyer, spearheaded by MedCore Partners. American House Senior Living Communities assumed management of both communities.  Built in 2017, Anthology of Troy comprises 93 assisted living/memory care units in Troy. The community will be rebranded as American House Somerset. Built in 2018, Anthology of Rochester Hills features 91 assisted living/memory care units in Rochester Hills. It will be rebranded as American House Hampton Village. Jay Wagner, Rick Swarts and Jim Dooley handled the transaction. No additional details were... Read More »
Pace Secures Financing for Minnesota CCRC

Pace Secures Financing for Minnesota CCRC

Pace Loan Group closed a $7.1 million PACE loan on a 134-unit new construction, market-rate senior living community in St. Francis, Minnesota. The 20-year loan complements a $30 million qualified tax-exempt loan on the project using Series 2023A bonds with Sunrise Bank as the senior lender. The project team also included Pope Architects and Bauer Design Build.  Vista Prairie at Eagle Point comprises 59 independent living, 43 assisted living and 24 memory care units as well as eight skilled nursing beds. Construction began in June and is expected to be completed by 2025, with a total project cost of $46.58 million, or approximately $350,000 per unit. Vista Prairie Communities, which... Read More »
60 Seconds with Swett: Overturning Chevron and the Effects on M&A

60 Seconds with Swett: Overturning Chevron and the Effects on M&A

There has been a lot of news to analyze from Washington, D.C. in the last couple of weeks, and the result of the 2024 election will certainly impact the operational and investment landscape in senior care. But we are still wrapping our heads around perhaps the most consequential news of late for the industry, which was the Supreme Court’s overruling of the Chevron doctrine, the 40-year judicial standard that had given a lot of leeway for administrative bodies to interpret statutes and implement regulations across the country. The case overturning Chevron is known as Loper. Now, it is up to the courts to determine those administrations’ regulatory powers, and ultimately Congress will... Read More »
Regional Owner/Operator Acquires Ohio SNF (with HUD Debt)

Regional Owner/Operator Acquires Ohio SNF (with HUD Debt)

Blueprint was brought in in the divestment of a skilled nursing facility in Ohio. Purpose-built in 2015 as a transitional care facility in a northeastern suburb of Akron, the SNF comprises 80 beds and presents numerous paths to stabilization with strong fundamentals and attractive in-place HUD financing.  Both regional and national acquirers were targeted, resulting in offers from five credible groups. The selected bidder was a regional owner/operator with significant experience in northeast Ohio, allowing for a quick HUD Transfer of Physical Assets Approval. The transaction closed before the end of June, enabling the facility to remain eligible for the Quality Incentive Payment... Read More »
Operator Retains Management After IL/AL/MC Divestment

Operator Retains Management After IL/AL/MC Divestment

Berkadia was engaged by Indianapolis-based Leo Brown Group in its divestment of two Class-A seniors housing communities in strong submarkets in Indiana and Ohio. The properties demonstrate robust operating performance with impressive margins, top-line revenue and high occupancy rates.  Each being the newest vintage in their respective submarkets, built in 2020 and 2021, the communities comprise 247 independent living, assisted living and memory care units. The communities were developed by Leo Brown Group and operated by Traditions Management. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers handled the transaction. Berkadia ran a competitive process that ultimately allowed... Read More »
Ziegler Closes Acquisition Financing for CCRC Group

Ziegler Closes Acquisition Financing for CCRC Group

Ziegler announced the closing of New Jersey-based FellowshipLIFE’s Series 2024 bonds and taxable term loan in an aggregate par amount of $42.5 million for the Senior Living Finance Practice. FellowshipLIFE, a not-for-profit provider of seniors housing, has an obligated group (subject of this financing) that currently consists of only Fellowship Village and is rated “BBB-” by Fitch Ratings. In connection with this financing, the obligated group will purchase a CCRC in Freehold, New Jersey, and bring it into the obligated group, which will result in no change to the current rating. Before the acquisition, the obligated group only included the Fellowship Village CCRC in Basking Ridge, New... Read More »
Sunrise Expands Horizon with 13 Added Communities

Sunrise Expands Horizon with 13 Added Communities

Sunrise Senior Living added 13 communities to its growing North American portfolio, with more community additions to follow in the third quarter. Sunrise now operates more than 240 seniors housing communities in the United States and Canada, serving more than 20,000 residents. First, Sunrise assumed a new joint venture ownership interest in two, high-quality assisted living/memory care communities in the suburbs of Chicago, expanding its AL/MC services in a high-performing market. Next, Sunrise assumed management of a portfolio comprising eight independent living communities in the greater Rocky Mountain area. Three additional communities are anticipated to close in the coming weeks. ... Read More »
Owner/Operator Expands in Missouri

Owner/Operator Expands in Missouri

Andrew Montgomery of Montgomery Intermediary Group represented a buyer that was not disclosed in its purchase of a skilled nursing facility in St. Louis, Missouri. Built in the late 1990s, the SNF comprises 120 beds. Current operations were not disclosed, but the facility was considered to be a “value-add” opportunity. Its previous owner, a local mom & pop, was exiting the sector with the sale. They were represented by Matt Bukhshtaber of CBRE. Meanwhile, Montgomery represented the buyer, a growing owner/operator that was expanding their existing footprint in the state of Missouri. The purchase price was not disclosed. Read More »
PE Firm Divests in Philadelphia

PE Firm Divests in Philadelphia

Blueprint was engaged by a real estate private equity firm in its divestment of a seniors housing community in Philadelphia, Pennsylvania. Built in 1988, the community comprises 114 units of assisted living and memory care. The PE firm acquired it in 2018 with a plan to execute a capex investment and repositioning strategy, subsequently investing significant capital to renovate and modernize the community, materially elevating its FF&E, common areas and resident units to a quality on par with a newer vintage product. Kory Buzin, Steve Thomes and Ben Firestone handled the transaction, marketing the opportunity as one with upside upon respositing it to better serve the local,... Read More »