Underperforming Asset Trades in California
A seniors housing community in Vacaville, California, sold with the help of Nick Stahler and Chad Mundy of The Knapp-Stahler Group at Marcus & Millichap. At the time of LOI, the asset was underperforming and financially strained. Built in 2004, it features more than 80 assisted living and memory care units and is licensed for over 90 beds on 3.66 acres near several healthcare providers between San Francisco and Sacramento. There is potential to add independent living units, creating a full continuum of care in a market with limited IL supply. The transaction was completed through a HUD loan assumption. The Knapp-Stahler Group sourced a buyer with operational expertise and the... Read More »
Communities Sell in California and Missouri
Haven Senior Investments closed a deal right before year-end and announced a couple of others from the preceding months. First, an assisted living community was facing a hard closing deadline, with a 30-day escrow and commercial loan that would have been canceled if the transaction did not close by December 31. Rebecca Van Wieren and Scott Fuller closed the sale just under the wire, finalizing the transaction at 4:30 PM on New Years Eve. Built in the 1960s and renovated since then, the community sits in the Bay Area of California. It features 19 units and 35 beds, with 94% occupancy. The local doctor-seller had tried to divest the community with the help of two other agents, but a... Read More »
SNF Portfolio Receives Bridge Financing
MONTICELLOAM, along with firm affiliates, provided $60 million in bridge financing to a five-facility skilled nursing portfolio in Illinois. The two-year loan was originated by Karina Davydov. The returning healthcare client, who operates over a dozen skilled nursing facilities in Illinois, will use the loan proceeds to acquire the portfolio, which has more than 620 licensed beds. Read More »
The Saga of Genesis HealthCare Continues
Genesis HealthCare was once one of the largest and most successful skilled nursing companies. But it grew too quickly, made some bad investments over the years (did we mention the billion-dollar merger with The MultiCare Companies?), and it always played the leverage game, whether with leases or debt, and usually both. Last summer, it filed for Chapter 11 bankruptcy protection for the second time, and in 2021 it came close to filing but got bailed out with a lease restructuring and a $100 million investment. It may have been better off with a BK filing five years ago. Instead, it seemed to put off the inevitable. Nearly two months ago, Pima Capital Partners appeared to be the winning... Read More »
Blue Moon/StepStone Finalize Large Recapitalization
Blue Moon Capital Partners completed a large recapitalization of five seniors housing communities that it developed over the years and were the last remaining assets within its fund, Blue Moon Senior Housing I. CBRE National Senior Housing acted as transaction advisor in the recap and arranged acquisition financing for the deal. StepStone Real Estate LP, the real estate arm of the global investment firm StepStone Group Inc. formed a joint venture with Blue Moon to take over ownership of the portfolio. Aron Will and John Sweeny, Co-Heads of CBRE National Senior Housing, acted as advisors on the transaction. Consisting of five Class-A seniors housing communities, the portfolio was... Read More »Schedule a demo
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