Ziegler Closes Multi-Part Financing
Ziegler closed a bond financing and taxable term loan to finance EveryAge’s acquisition of Providence Place, a rental CCRC in High Point, North Carolina. EveryAge, formerly United Church Homes and Services, is a not-for-profit corporation organized in 1961 that owns nearly 1,000 units. With the acquisition and an upcoming development project, its unit count will rise above 1,400. EveryAge also provides management and certain other administrative services to seven corporations operating 252 housing units for low-income seniors (HUD 202 communities) and two PACE programs. The organization is currently developing a 95-unit independent living community located in Hickory, North Carolina.... Read More »
Silver Wave Capital Announces First Acquisition
Silver Wave Capital, a newly formed private investment firm set to take advantage of value-add opportunities in the seniors housing M&A market, has announced its first closed acquisition. The deal included a 116-unit assisted living/memory care community in Naples, Florida. We understand the property was around 20 years old and was not stabilized. It was also being sold by a REIT owner. Blueprint’s Brooks Blackmon, Kyle Hallion and Lauren Nagle handled the transaction. Cory Wake and Elan Ruggill of Silver Wave Capital made the acquisition through a joint venture with its co-GP partner Persimmon Ventures, an established seniors housing investment firm that is run by Stephen Bellone. The... Read More »
Protea Refinances Class-A Asset
JLL Capital Markets arranged a $35 million construction-takeout refinancing for a seniors housing community in California. Built in 2019 and expanded in 2021, Ocean Hills Senior Living comprises 216 units in Oceanside. Working on behalf of Protea Capital Partners, JLL placed the five-year, fixed-rate loan with a regional bank. Ocean Hills offers a mix of independent living, assisted living and memory care units in studio, one- and two-bedroom layouts. The AL/MC phase of the property was delivered in 2019, with the IL portion opening in 2021. Initially hampered by the pandemic, occupancy rates have steadily increased. The campus reached initial stabilization in Q4:23. There was... Read More »
Chicago Pacific Founders Acquires in Florida
Chicago Pacific Founders and its subsidiaries, CPF Living Communities and Grace Management, Inc., announced the acquisition of a seniors housing community between Pensacola and Pensacola Beach in coastal Florida. Built in 2018, The Arbors of Gulf Breeze features 132 units with 51 independent living, 58 assisted living and 23 memory care units. Grace Management will operate the community on a go-forward basis. The community, which was described as a stabilized, quality asset, was previously owned by a local partnership that had reached the end of their investment horizon. Based on the age, performance and quality of the community, we would guess it traded around a market cap rate for... Read More »
Sonida to Acquire in Georgia
Sonida Senior Living, Inc. entered into an agreement to acquire two seniors housing communities that comprise 178 units in Atlanta, Georgia, for $29 million, or $163,000 per unit. The acquisition is expected to be funded through cash on hand and proceeds from Sonida’s senior secured revolving credit facility. Next, Sonida completed the acquisition of eight senior living communities in the Southeast for $103 million. These transactions have increased the company’s year-to-date acquired properties to 17 and expanded its operating portfolio to 91 communities. Also, Sonida closed an additional $75 million commitment on its senior secured revolving credit facility, bringing the total capacity... Read More »
Update on Retirement Unlimited Inc.
Many of you read in our online posts that the President of Retirement Unlimited Inc. (RUI), Doris-Ellie Sullivan, is out and that a lot of other changes have transpired there. But perhaps the biggest story is how Welltower and its RUI relationship went off course. Brandywine Living and Welltower sold the Brandywine management business to RUI in a transaction that closed late in 2023. Welltower owned the assets so was in the driver’s seat on what would happen in the future. Welltower had a previous relationship with the owner of RUI, Bill Fralen, who had owned a lot of SNFs but was growing his seniors housing business through RUI. It seemed like a good financial fit. But something went... Read More »
CareTrust Grows with Mid-Atlantic SNF Portfolio Acquisition
CareTrust REIT, Inc. acquired a skilled nursing portfolio in the Mid-Atlantic consisting of four facilities and 396 beds/units. One of the four facilities is a skilled nursing and assisted living campus, which includes 47 assisted living units. The purchase price, inclusive of transaction costs, was approximately $74.7 million, or $188,600 per bed/unit. In connection with the acquisition, CareTrust entered into a triple-net master lease with a new operator relationship. The operator is an experienced skilled nursing operator that has managed facilities across multiple states. The new master lease has an initial term of 15 years with two, five-year extension options and provides for a... Read More »
Skyline Healthcare Back In The News
All we can say is, it is about time. The former owner of Skyline Healthcare (or Skyline Management), Joseph Schwartz, is finally going to trial on his “alleged” fraud scheme, although he did plead guilty. He and his “team” walked away from leases on more than 100 nursing homes across the country with no food in the fridge and empty med carts. They basically handed the keys over to the states. It was not only shameful, but it was also criminal. Each state had to scramble, and the nursing home industry suffered its biggest black eye. Actually, two black eyes. Skyline basically sucked as much cash out of the leased facilities as they could until it all collapsed. Not even a... Read More »
Ensign’s at It Again
The Ensign Group acquired a skilled nursing facility and an assisted living community, both in Norfolk, Nebraska. Built in 1968, St. Joseph Rehabilitation and Care Center comprises 83 skilled nursing beds. Skyview Villa Assisted Living features 20 assisted living beds. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc. This acquisition brings Ensign’s growing portfolio to 324 healthcare operations, 30 of which also include senior living operations, across 14 states. Ensign subsidiaries, including Standard Bearer, own 123 real estate assets. Ensign is actively seeking opportunities to acquire real estate and to lease both well-performing and... Read More »
Publicly Traded REIT Divests to Cougar Capital Management
Berkadia announced the financing and sale of a senior living community in South Setauket, New York. Mike Garbers, Cody Tremper, Ross Sanders and Dave Fasano closed the sale transaction on behalf of a publicly traded REIT. Berkadia provided both investment sales and mortgage banking services for the 196-unit independent living and assisted living community. The community will be rebranded as The Village at South Setauket and undergo extensive capital expenditure projects. Willow Ridge Senior Living will operate the community on a go-forward basis. Steve Muth and Austin Sacco secured $15.6 million in acquisition and capex financing through Old Second Bank on behalf of the buyer,... Read More »Schedule a demo
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