• Elevation Financial Group Grows Senior Living Portfolio 

    Elevation Financial Group, a private equity real estate investment firm focused on seniors housing and affordable senior apartments, continues to add to its portfolio with an acquisition in the Boston, Massachusetts MSA. Connemara Senior Living (the target) is an 86-unit community with independent living, assisted living and memory care services.... Read More »
  • CFG Closes Another Acquisition Loan 

    Capital Funding Group (CFG) announced the closing of a $11.26 million bridge-to-HUD loan for the acquisition of a skilled nursing facility in Sacramento, California. Featuring 121 beds, the facility was acquired by an undisclosed company looking to grow its portfolio. Capital Funding Group Managing Director, Long-Term Care Tim Eberhardt and... Read More »
  • Greystone Refinances Washington Oakes 

    Greystone has arranged a refinance for Washington Oakes, a 152-unit seniors housing property in Everett, Washington, a northern suburb of Seattle. A life insurance company provided the $15 million nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing... Read More »
  • Colliers Mortgage Arranges HUD Refinance 

    Colliers Mortgage provided a $25.2 million HUD loan to The Winslow in West St. Paul, Minnesota. Opened in 2020 with the help of a construction loan provided by Colliers in 2018, the 172-unit affordable seniors housing community rises four stories. Units are restricted to persons age 62 and above and who earn up to 60 percent of the area median... Read More »
  • 60 Seconds with Steve Monroe: Labor Headwinds Everywhere

    In case you did not notice, practically every equity analyst report we read on healthcare companies in the past four weeks had “labor headwinds” either in the title or the first paragraph. And I am not talking about senior care companies. These were home health, managed care, PMGs, you name it. Providers just can’t find the staff they need, and... Read More »
Elevation Financial Group Grows Senior Living Portfolio 

Elevation Financial Group Grows Senior Living Portfolio 

Elevation Financial Group, a private equity real estate investment firm focused on seniors housing and affordable senior apartments, continues to add to its portfolio with an acquisition in the Boston, Massachusetts MSA. Connemara Senior Living (the target) is an 86-unit community with independent living, assisted living and memory care services. Prior to the pandemic, it had operated relatively well, but census tumbled throughout the last couple of years. Built in 1990 in Brockton’s Campello neighborhood, it was named after the previous owner John Burke’s grandparents. Mr. Burke had over 25 years of skilled nursing management experience and had co-founded Roscommon Healthcare, a skilled... Read More »
Two Assisted Living Communities Trade in Florida 

Two Assisted Living Communities Trade in Florida 

Ken and Damien Carriero of Colliers International announced a seniors housing closing involving two assisted living assets in Florida. Prompting the sale was the undisclosed seller’s plan to liquidate their assisted living properties to potentially invest in other asset types.   Included in this deal was the 16-unit/32-bed Green Gables in Vero Beach and the 32-unit/40-bed Jane Adams House in Amelia Island. Green Gables was built in 2000, and Jane Adams House was built in 1997. The communities were 87% and 90% occupied, respectively, which is certainly strong compared with the rest of the industry. Combined revenues reached $1.155 million, with the communities reporting combined EBITDA... Read More »
Cushman & Wakefield Sells Vancouver, WA Portfolio 

Cushman & Wakefield Sells Vancouver, WA Portfolio 

Cushman & Wakefield served as exclusive advisor to Rood Investments, LLC to sell the company’s three seniors housing communities in Vancouver, Washington. Totaling 703 units, the portfolio comprises two large senior living campuses and one 83-unit active adult community called The Lofts at Glenwood that opened in 2017. The 325-unit Glenwood Place was originally built in 2001, and The Quarry opened in 2008 with 291 units. Both feature a mix of independent living, assisted living and memory care units. Rood Investments is an owner/developer that also self-managed these communities.   Operations were strong, despite a pandemic drop in census. Occupancy has since rebounded to the 80s... Read More »
Chicago Pacific Founders Adds Winter Garden Property 

Chicago Pacific Founders Adds Winter Garden Property 

Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., acquired The Summit of Winter Garden, a 113-unit senior living community in Winter Garden, Florida (Orlando MSA). Opened in June 2017, the community features 69 independent living and 44 assisted living units. Grace Management will take over management, but they are jumping into a strong operation, as occupancy rose from 92% at the time of the sale to 95% as of May 2022. Additional details were not disclosed, but CPF plans to make investments in the campus.  This is the first seniors housing acquisition of the year for CPF, which announced three deals in 2021 and just two in 2020. That... Read More »
Newmark Announces Several High-Quality Community Sales

Newmark Announces Several High-Quality Community Sales

The team at Newmark certainly demonstrated variety with its productivity in the first four months of the year in seniors housing and care transactions. The team closed eight sales, four refinances, three acquisition loans and three construction loans for a host of clients across the country. And from what we hear, there are another $550 million to $600 million in active adult sales alone set to close in the next two months. So, the momentum is building for another great year.  To the sales, a couple of deals involved very high-quality properties that sold way above the average per-unit price for seniors housing sales. Most recently, that was the sale of Danberry at Inverness, a senior... Read More »
Former Mainstreet Facility Getting New Life

Former Mainstreet Facility Getting New Life

The former Mainstreet “transitional care” facilities that were developed with much fanfare continue to sell as vacant (but beautiful) assets. Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors just sold another one in Temple, Texas to a buyer with alternative plans for the property. Built in 2019 with 70 private units, the facility never operated, so that made an easier conversion project. The high-quality building featured plenty of common area and modern finishes. A competitive market process saw Blueprint identify an experienced Texas-based real estate investor as the buyer who structured a lease with a national healthcare system based in Southern California to... Read More »