• Unique Upstate NY Community Changes Hands

    An independent living community with Enriched Housing Program beds sold in western New York for $4.0 million with the help of Dave Balow and Vince Viverito of Senior Living Investment Brokerage. The Enriched Housing Program (EHP) is a unique designation in New York State, appealing to a wider pool of potential residents than IL alone.  Built... Read More »
  • West Coast-Based Investor Acquires in Kentucky

    The Bluegrass Assisted Living Portfolio, which comprises two performing seniors housing communities, sold to a West Coast-based investor. Located approximately 30 miles apart in Bardstown and Elizabethtown, Kentucky, the assets offer assisted living and memory care services. They will be managed by an operator with an existing presence in the... Read More »
  • Investor Group Acquires in Oregon

    Silver Wave Capital announced its fourth acquisition in the last 12 months, picking up a new seniors housing community in a suburb of Portland, Oregon. The firm, founded by Cory Wake and Elan Ruggill in 2024, made the acquisition with Sherman Capital Partners as a co-GP and another capital partner.  Built in 2019, the Class-A community is... Read More »
  • Private Company Acquires Struggling Skilled Nursing Facility

    Todd Okum and Nick Martinez of O&M Investments have acquired their seventh skilled nursing facility of the year. Built around 1985, the facility comprises 120 beds and sits west of Palm Beach County, Florida. The seller was a not-for-profit organization, with this divestment marking its exit from the skilled nursing sector, as it sold the... Read More »
  • Alta Senior Living Obtains Refinance for Tampa Asset

    Kristen Ahrens and Pat Maloney of Blueprint facilitated the refinance of The Legacy at Highwoods Preserve. Built in 2015, the 68,281-square-foot building comprises 60 assisted living and 22 memory care units on 9.9 acres in Tampa, Florida. The borrower is a well-established owner/operator with a presence in Florida. Blueprint Capital Markets ran... Read More »
60 Seconds with Swett: HUD’s Express Lane and M&A

60 Seconds with Swett: HUD’s Express Lane and M&A

We’re not used to sensible reforms coming out of Washington, D.C., but HUD has just come out with a new “Express Lane” for the Section 232 Residential Care Facilities program. Obviously, we don’t want any facilities or borrowers that shouldn’t receive a loan to slip through the cracks, not that you can always predict a future disaster. But so many HUD loan processes sought by repeat-borrowers are a foregone conclusion, and we think with the guardrails in place, this is a great idea. Those guardrails apply to the loan terms, the facility quality and the borrower itself. Also, all of the criteria have to be met to qualify. Some of the highlights include a maximum 70% loan-to-value, minimum... Read More »
60 Seconds with Swett: HUD’s Express Lane and M&A

60 Seconds with Swett: May M&A Activity Slumps

Earlier this year, M&A activity was continuing at a record pace after 2024 finished with 714 deals for the year, an annual record by far. February, March and April all exceeded 60 transactions each, peaking in March with 69 deals and average 780 annualized deals across that three-month period. But we were a little surprised when dealmaking plummeted in May to 46 transactions, the lowest monthly total since February 2024. Looking at only U.S. deals, the decline has been steadier, going from 57 deals in March to 46 in April to 35 in May, the lowest domestic monthly total since September 2023. Dealmaking is always cyclical, with waves of listings and closings ebbing and flowing. And we’ve... Read More »
60ish Seconds with Steve Monroe: For Sale

60ish Seconds with Steve Monroe: For Sale

From the title of this, I am sure you thought I was going to talk about some seniors housing community or company for sale. But no, unfortunately, I am talking about the Oval Office being for sale, and it is disgusting. Although he is not the only President to pardon criminals and tax cheats, there seems to be more of a pattern with Donald J. Trump, as it pertains to our industry. It started in his first term when he commuted the 15-year sentence of Jon Harder, the founder and CEO of Sunwest Management, who in the 1990s and 2000s built up a huge portfolio of seniors housing communities, overpaying for most of them along the way.  But it all came crumbling down when his lenders decided... Read More »
60ish Seconds with Steve Monroe: For Sale

60 Seconds with Steve Monroe: Brookdale Senior Living and SWAT

Brookdale Senior Living announced it had recently formed SWAT teams to deal with its lowest-occupancy buildings to try to get them over the 80% hump, and there are a lot of them. Since then, the term SWAT team has been appearing more and more with other providers.  SWAT is a scary term, and stands for Special Weapons and Tactics, and in law enforcement is used to deal with barricaded persons, active shooting scenes and high-risk search warrants. Not exactly something we want to be associated with trying to get customers into senior living. But I understand the intent. The other frequently used term is the “silver tsunami” about to hit us. Again, a tsunami is extremely destructive,... Read More »
60 Seconds with Swett: HUD’s Express Lane and M&A

60 Seconds with Swett: The Republican Budget and Medicaid Cuts

There will be significant political interest in what happens to Medicaid funding as Republicans work to pass a budget and tax bill with their very slim majority. Touching entitlements remains politically risky, and the party is divided on whether any Medicaid cuts would be acceptable heading into an election cycle. At this stage, per-capita caps on federal Medicaid payments to states do not appear to be under serious consideration. However, even without direct federal cuts, rulemaking changes could materially affect Medicaid-dependent providers. CMS has issued a proposed rule that aims to close what it describes as a Medicaid “tax loophole” that some states have used to inflate federal... Read More »
60 Seconds with Swett: HUD’s Express Lane and M&A

60 Seconds with Swett: Welltower Is on a Roll

Welltower came out with its first quarter earnings on Tuesday, and surprise, surprise, it was yet another great quarter, and its share price jumped 3.5% immediately upon the news. It was the tenth consecutive quarter in which same store SHOP NOI growth exceeded 20%, at 21.7% in the first quarter. Guidance for same store NOI growth also rose by 100 basis points to a midpoint of 19.0% for FY2025. On Tuesday’s call, Welltower did mention that SHOP margins remain below pre-pandemic levels, but they may not be for long. Also, that issue currently plagues thousands of communities in this country and was prevalent in the years before COVID too. Perhaps that is why most of what we hear from... Read More »