• 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 »
Blueprint Sells NJ Community Out of Receivership

Blueprint Sells NJ Community Out of Receivership

So, how do you sell an underperforming, over-leveraged community that is in receivership and was originally built in 1965. That is a tough one, but it did help that Priority Life Care was the court-appointed receiver and manager effective about the end of 2020. This is what Blueprint Healthcare Real Estate was dealing with when it was hired to sell a 164-unit community in Pennsauken, New Jersey called Ivystone Senior Living. Apparently, the owners refinanced existing HUD debt in the year before the pandemic hit, taking out some excess cash. What was not known (or forgotten) was that in order to participate in a relatively lucrative Medicaid program for the “independent living” units, the... Read More »
Kansas Senior Care Facilities Trade Hands

Kansas Senior Care Facilities Trade Hands

Nick Cacciabando and Jeff Binder of Senior Living Investment Brokerage closed a couple of Kansas deals in early May. First was the sale of two senior care facilities plus the leasehold interest of a third facility in southeast Kansas. A regional investment group consisting of three investors experienced in the industry had owned the real estate of two properties and leased the third facility from the eventual buyer, a Kansas-based operator with a large presence in the state.  The acquired facilities included Assisted Living at Windsor Place in Coffeyville with 32 units (licensed for 36 assisted living beds) and Windsor Place of Iola with 45 dually licensed skilled nursing beds. They were... Read More »
Another Mom & Pop Retires from SNF Business 

Another Mom & Pop Retires from SNF Business 

An older skilled nursing facility sold in Vincennes, Indiana, with multiple offers ultimately yielding an Indiana-based owner/operator as the buyer. Built in 1965, GentleCare of Vincennes features 60 licensed and 52 functional beds. It boasted one of the longest-running five-star ratings from CMS, and occupancy was around 80% with a 70% quality mix. Those kinds of numbers would intrigue many investors. The facility also operated at a decent 11% margin on nearly $3.95 million of revenues, based on 2020 figures.  However, its mom & pop owners were looking to retire, bringing on Ryan Saul of Senior Living Investment Brokerage to sell the property. The Strategies, an Indiana-based provider... Read More »
Montgomery Intermediary Group Sells in the Southeast 

Montgomery Intermediary Group Sells in the Southeast 

Andrew Montgomery, Co-Founder and Vice President of Montgomery Intermediary Group, announced a couple of senior care sales in the Southeast. First, in Georgia, Mr. Montgomery represented the buyer of a 96-unit assisted living/memory care community that was previously owned by a mom & pop organization. Built in 2016, the community was 85% occupied when the LOI was signed. The buyer, made up of a new seniors housing management company based in Dallas, Empower Living, and its private equity capital partner, Aspire Ventures, also based in Dallas, acquired the community at a mid-7% cap rate based on 2021 figures. Both Mark Reisman (Empower Living) and Ramana Korada (Aspire Ventures) have... Read More »
Rood Investments Sells Washington State Portfolio 

Rood Investments Sells Washington State Portfolio 

Cushman & Wakefield served as exclusive advisor to Rood Investments, LLC to sell its three high quality seniors housing communities in Vancouver, Washington. Totaling 703 units, the portfolio spans the care continuum with active adult apartments, independent living, assisted living and memory care services. Rood Investments developed all three communities between 2001 and 2017, which are located in urban areas surrounded by plenty of amenities.  Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Jack Griffin represented the seller in the transaction. The buyer and purchase price were not disclosed.  Read More »
SLIB Handles Two Peach State Purchases 

SLIB Handles Two Peach State Purchases 

Bradley Clousing and Dan Geraghty of Senior Living Investment Brokerage announced a couple of deals in the Peach State involving four total properties. First was the sale of Oaks Senior Living Portfolio, which included two assisted living/memory care communities about 90 miles apart in Leesburg and Columbus. Built in 2019 and 2018, respectively, they total 154 units and are operating well with 91% combined occupancy. The owner, Oaks Senior Living, also operated the properties, and will continue to do so under new ownership.  The buyer was revealed to be a 1031 exchange called 1031 Crowdfunding LLC, which represents investors with 1031 exchange-qualified properties through Delaware... Read More »