Eads Announces Four Deals in Four States
It was a productive summer for Eads Investment Brokerage, which closed four deals across four states and nine properties. There was a mix of seniors housing and skilled nursing assets, as well as seller types. The first deal, a June closing, featured Johnson Christian Village, a senior living community 25 miles south of Bloomington, Indiana. An out-of-state, faith-based not-for-profit sold the property to a local investor that has experience in managing Indiana Medicaid waiver programs. Around the same time, Eads also sold a recently renovated skilled nursing facility in Des Moines, Iowa. The out-of-state operator was divesting the property in order to focus on its core markets, but... Read More »
SLIB Sells in NY and KY
Senior Living Investment Brokerage announced the closing of two separate seniors housing transactions in New York and Kentucky. First, Patrick Burke and Dave Balow facilitated the sale of an adult home and Assisted Living Program (ALP) community in upstate New York. The community, built in 1999 and renovated in 2019, comprises 60 units and 120 beds in an attractive sub-market in western New York. It benefits from the ability to attract private pay residents in the area, as well as those with Medicaid as the payor for the ALP beds. There is room for improvement operationally, as occupancy was at 65.7% at the time of closing and the community was just under breakeven. The seller was a... Read More »
W&D’s Busy First Half of the Year
Walker & Dunlop has had a good first half of the year, having closed 17 transactions. These transactions involved 28 assets spread across California, Colorado, Idaho, Florida, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania and Washington. The assets comprise 2,955 units and total transaction volume YTD is $599 million, with the average transaction size $35.23 million and the total under agreement $361 million. In July, W&D facilitated the sale of a seniors housing community in Huntingdon Valley, Pennsylvania, on behalf of a regional developer that has developed approximately 15 seniors housing buildings in the Philadelphia MSA. Built in 2022, Crescent Fields at... Read More »
Berkadia’s Recent Activity
Berkadia has had a busy few months, filled with financing transactions and an investment sales closing. First, Jay Healy was engaged by three separate sponsors to finance four loans that total $66 million. At the end of June, Healy closed a $20 million bridge-to-HUD loan to refinance a maturing construction loan for PruittHealth. The three-year loan, structured in partnership with a publicly traded REIT, is interest only and prepayable at any time. The property is a 90-bed skilled nursing facility in North Tampa, Florida. PruittHealth developed the community in 2022 and has operated it since. In July, Healy closed a $12.3 million bridge-to-HUD loan for a Fort Worth, Texas-based... Read More »
60 Seconds with Swett: Senior Care M&A: Ready to Explode?
The industry seems to be on the brink of a breakout M&A period, which is an astonishing thing to say when we are already in the midst of a record-breaking period of transaction activity. The promise of an interest rate cut, even a 25-basis point cut, could usher a number of buyers off the sidelines, and if a few lower cap rate deals get announced, then a few more owners of high-quality communities could be tempted off the sidelines too. On our webinar last week covering the mid-year update of our M&A and valuation statistics, our panelists seemed to believe that a number of large deals were looming, which could help break the logjam of mostly small deals closing in the... Read More »Schedule a demo
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