Chartwell Retirement Residences Exits LTC
Chartwell Retirement Residences announced it has entered into an agreement to substantially exit the long-term care home business in Ontario, Canada with an agreement to sell 16 LTC homes to AgeCare Health Services Inc. and Axium Infrastructure Inc. There are several parts of the transaction, with the most significant being the sale of 16 homes with 2,418 beds for C$382 million, or about C$158,000 per bed. This equates to US$126,400 per bed. The facilities range in size from 64 beds to 235 beds, with the majority over 150 beds. All of these are located in Ontario, and all were owned by Chartwell. Next up is the sale of an existing care home with 100 beds currently in operation, with... Read More »
Panorama Commercial Group Closes Durango, Colorado Deal
Minnesota-based Ameritus Property Fund Durango, LLC acquired an assisted living community with a memory care wing in Durango, Colorado. Purpose-built in 1999 and operated by the original developer, the community is licensed for 70 total beds but operates with 56 units. Census and EBITDA had been declining for several years, and the owner decided to sell after the pandemic, exiting the Colorado market in the process. The purchasing entity, Ameritus, approached the opportunity with the intent to purchase, but wanted to manage the community first. Management was handled by Cornerstone Management Services, a firm engaged in commercial and senior living management in Minnesota, Wisconsin,... Read More »
Front Porch and Covia Merge
Two California not-for-profits with senior living operations across several states merged effective April 1. Front Porch and Covia announced that the merger, which started in 2021, creates a consolidated organization with 19 senior living and 32 affordable housing communities serving approximately 7,500 residents. Other programs and services will connect more than 10,000 participants throughout the country. The deal offers significant financial benefits for both organizations. In August, Fitch and S&P affirmed Front Porch’s ratings of “A” and “A-”, respectively, with both agencies assigning a “stable outlook” to the combined organization’s $305 million public debt refinancing that... Read More »
Grandbridge Arranges CCRC Recap
Grandbridge Real Estate Capital’s Tampa-based Senior Housing Investment Sales team arranged the recapitalization of a large senior living campus in Jackson, Michigan. Located about 35 miles west of Ann Arbor, the 20-acre campus includes 32 cottages, 181 independent living units, 46 assisted living units, 23 memory care units and 36 skilled nursing units. It was built in stages in 1972, 1977 and 2002. Its SNF holds a five-star rating from CMS, and the community offers both entrance fee and rental plans. Not-for-profit owner Vista’s partner, Kauhale Health, operated the campus. The Grandbridge team led by Jay Jordan and Dave Kliewer was brought in to market the community for an outright sale... Read More »
Atlas Senior Living Adds to Atlanta Portfolio
Atlas Senior Living added three operations to its growing portfolio of now 35 properties. The three communities are located in the greater Atlanta, Georgia area, and all provide assisted living and memory care services. They include Legacy Ridge at Brookstone in Kennesaw, Legacy Ridge at Peachtree in Peachtree City, and Legacy Ridge at Sandy Plains in Marietta. The deal brings Atlas’ Georgia holdings to 10 properties. Heritage Senior Living previously operated the locations but will be replaced effective April 1. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
