Eads Investment Brokerage Closes Two Transactions in Missouri
Eads Investment Brokerage, a brand-new boutique seniors housing & long-term care brokerage firm led by Patrick Byrne, formerly of Senior Living Investment Brokerage, has closed $44.5 million in transactions in the past five months. Two recent closings totaled $13.5 million between the two. One included the sale of a not-for-profit CCRC in Concordia, Missouri, and the sale of a member interest in a 475-bed skilled nursing portfolio in eastern Missouri. Starting with the CCRC deal, the 200+ bed/unit campus sponsored by a Lutheran organization has been serving the local community for over 50 years. However, the pandemic took a toll on its operations, and some much-needed capital repairs... Read More »
Regional Owner/Operator Acquires Community with Assumable HUD Debt
Nick Stahler and Chad Mundy of The Knapp-Stahler Group at Marcus & Millichap sold an assisted living/memory care community in a suburb of Salt Lake City, Utah, on behalf of a single-asset owner/operator. The 48-unit/56-bed community was built in 2003 and traded for $4.2 million, or $87,500 per unit. It was 90% occupied, with a modest 19% Medicaid population. The community historically enjoyed a strong private pay case mix and census but recently struggled with compressed profit margins. Ultimately, the buyer, a prominent regional owner/operator, saw significant value in the existing, assumable HUD debt along with immediate expansion plans to not only expand capacity but also increase... Read More »
SLIB Handles REIT Divestment
Vince Viverito and Brad Clousing of Senior Living Investment Brokerage successfully sold a 145-unit seniors housing community in Bountiful, Utah, on behalf of its REIT owner that was looking to exit the state and focus on its core markets. Built in 1978 and 1999, the community features independent living, assisted living and memory care units. Occupancy was 70%, and the community had a significant Medicaid census that impacted operating margin. At the time of marketing, the community was losing nearly $1 million on $3.2 million of revenues, so some expense management could also be in store. There was a good amount of agency labor that could theoretically burn off in the near-term, which... Read More »
Ventas To Take Over Santerre Health Portfolio
When it rains, it pours, and that has certainly been the case for the seniors housing industry’s debt issues in recent weeks. Right at the end of the first quarter, Ventas announced that it intends to take ownership of the collateral that supports its approximately $486 million cash-pay mezzanine loan to Santerre Health Investors, a company that was formed to manage the portfolio of DigitalBridge’s healthcare assets that sold to an investment group composed of Highgate Capital Investments and Aurora Health Network in 2021. Ventas had originally provided the loan as part of a refinance in 2019 with Colony Capital, which rebranded as DigitalBridge in 2021. The $490 million loan bore interest... Read More »
SLIB Sells Performing Senior Living Community
Six years after it last traded hands, a stabilized senior living community in Sedalia, Missouri, sold to an owner/operator with the help of Jeff Binder of Senior Living Investment Brokerage. Located about 90 miles southeast of Kansas City, the community was built in stages in 2007, 2010 and 2015, and now features 129 units of independent living and assisted living, including some high-acuity AL units. In 2017, it was divested by a regional operator to a Texas-based private investment group for $15 million, or $116,300 per unit, and at an 8.0% cap rate. SLIB worked on that deal, as well. At the time, occupancy was above 95%, and the community was operating at a... Read More »Schedule a demo
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