• National Developer/Investor Divests in Florida

    Blueprint was engaged by a national developer/investor in its divestment of a value-add, but newer vintage, Class-A seniors housing community in Lake Worth Beach, Florida. As part of a broader portfolio review, the ownership group decided to divest to de-lever and conserve liquidity within the fund that held this community. Built in 2019, this... Read More »
  • Recovery Continues at Sabra Health Care REIT

    After all the earnings reports for the fourth quarter 2023, we think it is safe to say the industry really has moved on from the pandemic. Not that the lasting effects have disappeared, as they may be with us for the rest of the decade, but most everyone seems to be getting back to “normal,” although at a different pace for each one. Sabra Health... Read More »
  • Georgia Seniors Housing Community Trades

    Blueprint was brought on in the divestment of a purpose-built seniors housing community in Kennesaw, Georgia. The community was built in 1999 and comprises 37 assisted living and memory care units. We suspect this is another former Enlivant property. Kyle Hallion, Amy Sitzman and Giancarlo Riso marketed the opportunity alongside 16+ seniors... Read More »
  • Cushman & Wakefield Hires Jason Skalko

    After its entire seniors housing team left for JLL earlier in 2023, Cushman & Wakefield has started to rebuild, announcing the hire of Jason Skalko as Managing Director. Skalko comes from JLL and will be based in the firm’s Tampa office to specialize in senior living and care investment sales throughout the United States. A graduate of the... Read More »
  • 60 Seconds with Swett: Memory Care Still Commands a Premium

    We are just a couple of days away from publishing the 29th Edition of The Senior Care Acquisition Report, which is available to all LevinPro LTC and LTC News subscribers as part of their subscriptions, and the impact of the capital markets upheaval on valuations affected nearly all property types in 2023. Still, a few historical norms remained.... Read More »
National Developer/Investor Divests in Florida

National Developer/Investor Divests in Florida

Blueprint was engaged by a national developer/investor in its divestment of a value-add, but newer vintage, Class-A seniors housing community in Lake Worth Beach, Florida. As part of a broader portfolio review, the ownership group decided to divest to de-lever and conserve liquidity within the fund that held this community. Built in 2019, this community comprises more than 110 assisted living and memory care units. While the community never stabilized, it did experience positive lease-up momentum in 2022 and early 2023 and was around breakeven at marketing launch. Alex Florea, Kyle Hallion, Brooks Blackmon and Kory Buzin handled the transaction. Blueprint targeted operators and investors... Read More »
Recovery Continues at Sabra Health Care REIT

Recovery Continues at Sabra Health Care REIT

After all the earnings reports for the fourth quarter 2023, we think it is safe to say the industry really has moved on from the pandemic. Not that the lasting effects have disappeared, as they may be with us for the rest of the decade, but most everyone seems to be getting back to “normal,” although at a different pace for each one. Sabra Health Care REIT is one of those that can safely be said to be on the safe side of the pandemic. With its fourth quarter earnings, it put out earnings guidance for 2024 for the first time since 2020. Like everyone else, Sabra and its tenants still have a way to go, but most everything is moving in the right direction.  What we like is that the lease... Read More »
Georgia Seniors Housing Community Trades

Georgia Seniors Housing Community Trades

Blueprint was brought on in the divestment of a purpose-built seniors housing community in Kennesaw, Georgia. The community was built in 1999 and comprises 37 assisted living and memory care units. We suspect this is another former Enlivant property. Kyle Hallion, Amy Sitzman and Giancarlo Riso marketed the opportunity alongside 16+ seniors housing communities spread throughout the Southeast, Midwest and Mid-Atlantic, targeting individual, regional and portfolio-specific buyers. The ultimate buyer was a repeat client of Blueprint’s with a demonstrated history of execution certainty. That always helps these days. The transaction closed on time at the originally agreed-upon purchase... Read More »
Cushman & Wakefield Hires Jason Skalko

Cushman & Wakefield Hires Jason Skalko

After its entire seniors housing team left for JLL earlier in 2023, Cushman & Wakefield has started to rebuild, announcing the hire of Jason Skalko as Managing Director. Skalko comes from JLL and will be based in the firm’s Tampa office to specialize in senior living and care investment sales throughout the United States. A graduate of the University of Florida, Skalko holds a bachelor’s degree in building construction and a master’s degree in business management. Skalko has been in real estate since 2010 with a deep understanding of capital markets and experience in investment advisory, debt and equity placement, market analysis, valuation and due diligence across the U.S. He... Read More »
60 Seconds with Swett: Memory Care Still Commands a Premium

60 Seconds with Swett: Memory Care Still Commands a Premium

We are just a couple of days away from publishing the 29th Edition of The Senior Care Acquisition Report, which is available to all LevinPro LTC and LTC News subscribers as part of their subscriptions, and the impact of the capital markets upheaval on valuations affected nearly all property types in 2023. Still, a few historical norms remained. For instance, as they usually do, buyers placed a premium on memory care, whether standalone or as a portion of an assisted living community, over traditional AL properties in 2023, averaging $168,700 per unit versus $95,700 per unit, respectively. Both are down from their 2022 averages, according to the Report. Yes, these communities with memory... Read More »
Recovery Continues at Sabra Health Care REIT

Nice Surprise For Diversified Healthcare Trust Shareholders

Readers know that Diversified Healthcare Trust has struggled in the past year or more, and even had a “going concern” issue where they were not sure if they would make it through the end of 2023, or so they told shareholders. The share price tanked, and management told investors if they did not agree to the merger with Office Properties Trust (controlled by the same people as DHC), that there was a good likelihood they would default on the debt that was coming due later in the year. A few shareholders took a stand against management, the institutional shareholder proxy services panned the merger as well, and the merger was canceled. The debt was refinanced, the share price took off and all... Read More »
Publicly Traded REIT Divests Stand-Alone Memory Care Community

Publicly Traded REIT Divests Stand-Alone Memory Care Community

Nick Stahler, Justin Knapp and Chad Mundy of the Knapp-Stahler Group at Marcus & Millichap were engaged by a publicly traded REIT in its divestment of a stand-alone memory care community in the Bay Area of California. Built in 1945 and renovated in 2009, the community comprises 22 units and underwent several management changes in the last few years, struggling to maintain profitability. After a confidential marketing process, the team procured several offers from local and regional owner/operators. There were two rounds of bidding, with the winning bidder selected due to its existing operations in the submarket and its capital stack. The purchase price was $4.5 million, or $204,500 per... Read More »
Georgia IL/AL Community Changes Hands and Receives Financing

Georgia IL/AL Community Changes Hands and Receives Financing

CBRE Capital Markets completed the sale and financing of an independent living and assisted living community in the Atlanta, Georgia MSA. The community, Arbor Terrace Peachtree City, comprises 146 units in Peachtree City and includes a host of amenities.  The buyer was GEM Realty Capital, a Chicago-based real estate investment company with over $6 billion in assets under management. John Sweeny, Aron Will and Garrett Sacco represented the seller. Will and Michael Cregan also arranged an acquisition loan via CBRE’s Freddie Mac Optigo lending platform. Read More »
Evans Running Pennsylvania Bankruptcy Deal

Evans Running Pennsylvania Bankruptcy Deal

Evans Senior Investments was hired to run a court-appointed sale of two skilled nursing facilities in Pennsylvania, with the sale hearing scheduled (in person and via Zoom) for March 15, 2024, at 10AM Eastern.  Built in the 1980s and renovated in the 1990s, the facilities up for sale include Beacon Ridge, a 118-bed skilled nursing facility in Indiana, Pennsylvania, and The Patriot, a 100-bed SNF and 76-unit personal care/independent living community, together licensed to run as a CCRC, in Somerset, Pennsylvania. Both were losing money. There is also a 92-unit personal care community in Johnstown that has been closed, but is still included in the sale. The previous operator, Senior... Read More »
Recovery Continues at Sabra Health Care REIT

A Webinar Wrap-Up on 2023 M&A Valuations

The SeniorCare Investor recently hosted a webinar titled “2023 M&A Valuations and 2024 Predictions” with moderator Ben Swett, Managing Editor of SCI, Managing Director of Senior Living Investment Brokerage Bradley Clousing, Senior Managing Director and Head of Healthcare Services of Oxford Finance Tracy Maziek, and Principal of Scribner Capital James Scribner. After a chaotic and difficult year, in this webinar, the panelists dissected what exactly happened in 2023, how values changed and what motivated buyer and seller decisions. The webinar kicked off with a review of many statistics available in the soon-to-be-published Senior Care Acquisition Report, starting with how M&A... Read More »
United Methodist Retirement Homes Secures Funding

United Methodist Retirement Homes Secures Funding

Ziegler announced the pricing of a bond series closed for The United Methodist Retirement Homes, totaling $67.18 million in Series 2024A and 2024B bonds. The United Methodist Retirement Homes is a North Carolina not-for-profit that owns and operates three CCRCs in the Tarheel State. The three communities consist of a total of 690 independent living units, 28 memory care units, 112 assisted living units and 194 skilled nursing units, which ranks UMRH as the third largest not-for-profit senior living operator in North Carolina. Since 2000, UMRH has been managed by Life Care Services, the third largest operator of senior living communities in the nation. UMRH, with the assistance of LCS... Read More »