• Mom & Pop Divests SNF to Publicly Traded Company in Iowa

    Senior Care Realty was brought on by a mom & pop in their divestment of a skilled nursing facility in northwest Iowa. The seller had owned the facility for over 50 years, and was the second owner since the facility’s inception. They had plans to retire, leading to the decision to divest. Built in the 1960s with renovations since then, the... Read More »
  • Berkadia Handles Southeast REIT Divestment

    Berkadia Seniors Housing & Healthcare facilitated the sale of three assisted living and memory care communities. Of the three, two are in South Carolina and the other is in Virginia. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders handled both transactions.  The two communities in South Carolina total 156 units. They are in the... Read More »
  • Bakerson Companies Looking to Grow Seniors Housing Holdings

    A private real estate investment firm that is “playing offense right now” in the seniors housing M&A market announced its latest acquisition of a 172-unit community in Rock Hill, South Carolina (Charlotte, NC MSA). La Jolla, California-based Bakerson Companies was launched in 2021 by Pablo Linero, who brings investment experience from HP... Read More »
  • Beth Mace New Director at Brookdale

    Brookdale Senior Living recently held its annual meeting of shareholders, and Beth Mace was voted in as a new member of its Board of Directors. Not only that, but she received more votes than any other nominee (157,658,156), and fewer “against” votes than any other nominee.     As readers know, we have complained that for many... Read More »
  • National SNF Portfolio Secures Refinancing

    IDB Bank served as the administrative agent on a $201.5 million bridge-to-HUD loan to refinance existing debt for a national portfolio of 21 skilled nursing facilities in North Carolina, Michigan, Georgia and Texas. The facilities comprise 2,500 beds, have decent occupancy and are performing well. Facility ages varied, and there were multiple... Read More »
Mom & Pop Divests SNF to Publicly Traded Company in Iowa

Mom & Pop Divests SNF to Publicly Traded Company in Iowa

Senior Care Realty was brought on by a mom & pop in their divestment of a skilled nursing facility in northwest Iowa. The seller had owned the facility for over 50 years, and was the second owner since the facility’s inception. They had plans to retire, leading to the decision to divest. Built in the 1960s with renovations since then, the skilled nursing facility is in Spencer, Iowa, and comprises more than 80 beds. Occupancy was hovering around 75% at the time of the sale, as a wing was closed during the pandemic and was not yet re-opened. The buyer was a publicly traded company, and the purchase price was $3.55 million, or around $44,000 per bed. Mark Van Den Broeke handled the... Read More »
Berkadia Handles Southeast REIT Divestment

Berkadia Handles Southeast REIT Divestment

Berkadia Seniors Housing & Healthcare facilitated the sale of three assisted living and memory care communities. Of the three, two are in South Carolina and the other is in Virginia. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders handled both transactions.  The two communities in South Carolina total 156 units. They are in the Columbia and Myrtle Beach MSA’s. The seller was a publicly traded REIT. The buyer was a regional owner/operator. The community in Virginia features 77 units and is located 10 miles southwest of downtown Richmond. The seller was also a publicly traded REIT, and the buyer was a private equity group. Commonwealth Senior Living will operate the... Read More »
Bakerson Companies Looking to Grow Seniors Housing Holdings

Bakerson Companies Looking to Grow Seniors Housing Holdings

A private real estate investment firm that is “playing offense right now” in the seniors housing M&A market announced its latest acquisition of a 172-unit community in Rock Hill, South Carolina (Charlotte, NC MSA). La Jolla, California-based Bakerson Companies was launched in 2021 by Pablo Linero, who brings investment experience from HP Investors, Brookfield Properties and Frontera Real Estate Investments. Backed by Latin American family office capital, the company is searching for scale in the seniors housing industry.  The latest deal featured Chandler Place in Rock Hill. Built in 1995 and 2002, this seniors housing campus includes independent living (majority), assisted living... Read More »
Beth Mace New Director at Brookdale

Beth Mace New Director at Brookdale

Brookdale Senior Living recently held its annual meeting of shareholders, and Beth Mace was voted in as a new member of its Board of Directors. Not only that, but she received more votes than any other nominee (157,658,156), and fewer “against” votes than any other nominee.     As readers know, we have complained that for many years Brookdale’s board has lacked any outside directors with any real knowledge of the seniors housing business, and now they have one. Beth recently retired as the head of research at NIC, and had been responsible for providing financial data to the industry to try to help investors and lenders understand certain dynamics, and how those dynamics... Read More »
National SNF Portfolio Secures Refinancing

National SNF Portfolio Secures Refinancing

IDB Bank served as the administrative agent on a $201.5 million bridge-to-HUD loan to refinance existing debt for a national portfolio of 21 skilled nursing facilities in North Carolina, Michigan, Georgia and Texas. The facilities comprise 2,500 beds, have decent occupancy and are performing well. Facility ages varied, and there were multiple operators across the portfolio. As administrative agent, IDB will hold $100 million of the debt, and the syndicated deal involved two additional banks. The term length is three years, with no extension options. The goal is to take it to HUD within the next three years. Michael Palermo, John Bertolozzi and Thierry Decembre handled the... Read More »
National Church Residences Expands Ohio Portfolio

National Church Residences Expands Ohio Portfolio

National Church Residences expanded its Ohio portfolio through the acquisition of two affordable seniors housing communities. Both properties were purchased from Maple Knoll Communities and are in Cincinnati, Ohio. With these recent acquisitions, National Church Residences has 112 affordable seniors housing communities and 8,364 apartments across Ohio. Corbly Trace features 44 units and Mount View Terrace comprises 50 units. Originally built in the 1990s, both communities will receive immediate repairs. Ruscilli Construction, based in Dublin, Ohio, is the general contractor and Columbus-based Berardi Partners is the architect for the planned renovations. Read More »
New Perspective Accelerates Growth Mode

New Perspective Accelerates Growth Mode

New Perspective Senior Living, a fast-growing senior living company with 40 communities across eight states, secured more than $200 million in bridge debt, preferred equity and common equity with its partners, BMO Commercial Real Estate, Fengate and Boldt, to facilitate the acquisition and financing of six senior living communities with over 800 combined units. The joint venture has established a programmatic relationship to pursue $500 million in future acquisitions and developments. One of the senior living communities is situated in West Fargo, North Dakota. Four others are in Wisconsin, encompassing the areas of Sun Prairie, Brown Deer, Franklin and Waukesha. The sixth community is in... Read More »
Helios Handles (and Helps Finance) Alabama Deal

Helios Handles (and Helps Finance) Alabama Deal

Helios Healthcare Advisors was engaged by a Mississippi-based regional owner/operator in its sale of an assisted living and memory care community in Alabama. The seller, Veritas InCare, was divesting to exit the industry. The selected buyer was a local owner/operator. Andrew Wittenauer, Mario Santiago and Bill Janis of Helios handled the transaction. Despite the community’s strong performance, dislocation in the debt markets and low liquidity impacted the buyer’s ability to utilize its existing lending relationships to fund the purchase. So, Helios structured a financing package with a regional lender that recapitalized the buyer’s existing community to unlock equity, while simultaneously... Read More »
Joint Venture Buyer Purchases Vermont Senior Living Portfolio

Joint Venture Buyer Purchases Vermont Senior Living Portfolio

CBRE arranged the sale of a portfolio of three seniors housing communities in Vermont. The three communities, The Residence at Shelburne Bay, The Residence at Quarry Hill and The Residence at Otter Creek, comprise 423 units of independent living, assisted living and memory care. The seller, a joint venture between Virtus Real Estate Capital and LCB Senior Living, was represented by the CBRE National Senior Housing Investment Sales team led by John Sweeny, Aron Will and Garrett Sacco. The buyer was a joint venture between an undisclosed REIT and LCB, which will continue to operate the portfolio. Read More »
Investment Firm Acquires in Minnesota

Investment Firm Acquires in Minnesota

JLL Capital Markets arranged the sale and financing, secured through Freddie Mac, for a Section 8, affordable seniors housing community in Stillwater, Minnesota. Rivertown Commons features 96 units across seven stories with 55,800 total square feet. JLL worked on behalf of the seller, Dominium Management, and procured the buyer, a mission-first investment firm that specializes in affordable and workforce housing. The buyer intends to invest additional capital to refresh the units and common areas in addition to extending the existing affordability restrictions. The JLL Investment Sales and Advisory team was led by Managing Director Josh Talberg and Senior Managing Director Doug Childers.... Read More »
Beth Mace New Director at Brookdale

Foundry Commercial Adds New Hire

Foundry Commercial announced the addition of John Reinsma as Deal Principal for its Healthcare business within the Development & Investments platform. In his role, Reinsma, who has spent nearly 20 years in the senior living industry, will lead the development and acquisition strategies and investment initiatives for Foundry’s senior living platform, which encompasses 57 senior living communities with more than 3,700 units nationwide. Foundry Commercial’s senior living platform specializes in the development, acquisition and asset management of seniors housing communities throughout the country. Having entered the senior living sector in 2020, it has positioned its platform to... Read More »