• Digging Out

    Cases of COVID-19 are rising across the country, but providers are better prepared than ever to take care of our elderly. The coronavirus pandemic is spreading, and any notion of a vaccine by the end of the year has faded. Yet, even though we take care of the most vulnerable population, the senior care acquisition market seems to be stabilizing.... Read More »
  • Senior Care Realty Sells Wisconsin Assisted Living Community

    Mark Van Den Broeke of Senior Care Realty led the sale of an assisted living community in the Milwaukee area of Wisconsin with an unconventional history. That is because it was a former convent, but the 60-year old community has been operating as a 24-unit/27-bed assisted living community in South Milwaukee for many years. Built in 1960, it has... Read More »
  • HJ Sims Refinances Two Senior Care Communities

    HJ Sims closed a small loan for a seniors housing community in Kansas City, Missouri, and provided ownership with about $61,000 in annual debt service savings as a result. The 81-unit community caters to low-income seniors and was in need of some repairs. Also, real estate taxes had recently been imposed on the property, meaning that ownership... Read More »
  • KeyBank Secures Financing For Idaho Property

    Thomas Development Co., a multifamily real estate developer based in Boise, Idaho, acquired a low-income senior apartment community in nearby Caldwell thanks to financing secured by Sarah Geis and Kevin Ruf of KeyBank Community Development Lending and Investment.   The community is brand new and features 48 units comprised of 32 one-bedroom... Read More »
  • Recent Senior Care M&A Deals, Week Ending October 27, 2020

    In the last two weeks, we have seen a fair number of closings in the senior care market. Here are a few highlights. Long-Term Care   AcquirerTargetPrice FairsteadFederation Davie Apartments$17.9 million Regional owner/operatorAssisted living community in WI$3.1 million CT-based owner/operator2 skilled nursing facilities in CTN/A Not... Read More »
Senior Care Realty Sells Wisconsin Assisted Living Community

Senior Care Realty Sells Wisconsin Assisted Living Community

Mark Van Den Broeke of Senior Care Realty led the sale of an assisted living community in the Milwaukee area of Wisconsin with an unconventional history. That is because it was a former convent, but the 60-year old community has been operating as a 24-unit/27-bed assisted living community in South Milwaukee for many years. Built in 1960, it has recently been renovated, and occupancy was hovering around 100%. Operations were also solid, and the community made a profit on mostly government funding.  The deal was actually fully negotiated and closed pre-COVID but just now has risen to the surface. The community sold for $1.305 million, or $54,400 per unit, at a 10.5% cap... Read More »
Recent Senior Care M&A Deals, Week Ending October 27, 2020

Recent Senior Care M&A Deals, Week Ending October 27, 2020

In the last two weeks, we have seen a fair number of closings in the senior care market. Here are a few highlights. Long-Term Care   AcquirerTargetPrice FairsteadFederation Davie Apartments$17.9 million Regional owner/operatorAssisted living community in WI$3.1 million CT-based owner/operator2 skilled nursing facilities in CTN/A Not disclosedSt John's Manor$1.3... Read More »
San Bernadino County Community Sells To In-Place Tenant

San Bernadino County Community Sells To In-Place Tenant

A competitive bidding process ended with the sale of an 83-unit assisted living/memory care community in Yucaipa, California (San Bernadino County). The winning bidder ended up being the existing tenant, which paid $13.9 million, or $167,500 per unit. Jim and Cindy Hazzard of JCH Senior Housing Investment Brokerage handled the transaction.   Previously owned by a partnership, this community was built in 2003 and 2004 with 54 assisted living units, 29 memory care units and 130 total licensed beds on a 7.5-acre campus. The deal was supposed to close in March but was delayed by the pandemic, and in the end, there was no change in the purchase price. It certainly helped that operations were... Read More »
Senior Care Realty Handles Wisconsin Transaction

Senior Care Realty Handles Wisconsin Transaction

Bob Richards of Senior Care Realty represented a husband and wife team in their sale of a small assisted living community in Manitowoc, Wisconsin, thereby allowing them to retire from the business. This was their only senior care asset, which they developed in 2014 to feature 24 assisted living units and 26 beds, with a small portion of those set aside for memory care. Operations were strong with occupancy in the mid-90s and an operating margin of 31% on about $1.1 million of revenues, which did not drop off much as a result of the pandemic.   With such consistent performance, there was also no movement on the final purchase price negotiated before COVID of $3.1 million, or $130,000 per... Read More »
Recent Senior Care M&A Deals, Week Ending October 27, 2020

Blueprint Handles Two East Coast Sales

Blueprint Healthcare Real Estate Advisors handled a couple of sales on opposite ends of the East Coast. First, in Connecticut, Steve Thomes and Chris Hyldahl sold two skilled nursing facilities that were acquired by a private investment group based in New York City as part of a 10-SNF portfolio in late 2017. Combining for 197 licensed beds, one facility is located in the Hartford MSA, and the other is in Fairfield County near the New York border.   Older facilities, they were occupied in the mid-70s when the marketing process started in 2019, and it’s fair to say the pandemic and ensuing lockdowns took a further toll on census. Revenues also at the time of marketing were approximately $16... Read More »
The Prestige Group Sells Vacant Personal Care Home in Pennsylvania

The Prestige Group Sells Vacant Personal Care Home in Pennsylvania

Jim Baranello of The Prestige Group had an uphill battle marketing for sale a vacant personal care facility in the northeast area of Philadelphia, Pennsylvania during the pandemic, but he got the deal done. Owned by a family for nearly 20 years, the 35-bed facility was originally built in 1910 but converted to personal care in the last 20 years. Set in the Tacony section of Philadelphia, it features 15 units and five bathrooms in three stories, with a full commercial kitchen. The facility was inherited by a second generation who did not want to continue operating it and who chose to shut it down in 2019.   Positioned for a buyer to either continue operating the building for personal care... Read More »