Welltower Announces Investments, Credit Facilities & a New Hire
Welltower came out with a flurry of announcements yesterday, all significant and all seemingly good news. To start, John Burkart was appointed Executive Vice President, Chief Operating Officer and will start on July 19. Already ensconced in the REIT world, Mr. Burkart comes from the multifamily sector, having spent 25 years at Essex Property Trust where he rose to Senior Executive Vice President and Chief Operating Officer. At Welltower, he will assume responsibilities for platform-wide operations, asset and portfolio management, data analytics, research and joint venture partnerships, utilizing a data-driven approach to drive platform efficiencies, capital allocation decisions and... Read More »
LTC Properties Divests Three ALFs in Wisconsin
In the ongoing plan to reposition its relationship with Senior Lifestyle Corporation, LTC Properties has sold three assisted living communities in Wisconsin. The sales price was $35.0 million, or about $133,100 per unit. The three communities had a combined net book value of $28.3 million, and the estimated gain for LTC on the sale is approximately $5.6 million. There was no debt on the communities, so the net sales proceeds of $34.0 million were used to pay down the REIT’s unsecured revolving line of credit. In the first quarter this year, LTC had transitioned 11 Senior Lifestyle assisted living communities in Wisconsin, Ohio and Illinois to two... Read More »
Walker & Dunlop Assists in Oregon Assisted Living Sale
Tony Cassie & Sam Thompson of Walker & Dunlop closed the sale of a 64-unit assisted living/memory care community in the Olympia, Washington area. The team went from escrow to closing in just four months. A local investor was the seller and planned to exit the seniors housing business altogether with the deal. A regional private investor paid an undisclosed sum for the property. Built in 2005, the community was 91% occupied at the time of sale. Read More »
Meridian Capital Group Finishes May with a Flourish
Meridian Capital Group is having quite the year, already with $2.7 billion in transaction volume closed to date in 2021. Most recently, the firm closed more than $390 million in deals for a combination of 42 skilled nursing, independent living, assisted living and memory care properties in nine states. Meridian’s Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch, David Gottlieb, Jacob Scott and Rafi Sod negotiated the transactions. Maybe a well-deserved summer vacation is on the horizon now? Beaches are open. On the M&A side, the team closed a number of sales, the largest being the $74 million sale of six skilled nursing facilities comprising 925 beds in... Read More »
The SLIB Team Sells AL/MC in Oregon
There has been a lot of talk about pricing, both during the pandemic and as we are coming out of it. Is it a buyer’s market, or a seller’s market? Should you be conservative, or aggressive and take advantage of the current positive momentum? How about being just right? In a transaction that just closed on June 1, Jason Punzel, Vince Viverito and Brad Goodsell of Senior Living Investment Brokerage represented the regional owner/operator of a 95-unit assisted living and memory care community located in Oregon. Built in 1997 with a renovation in 2015, it is licensed for 107 beds and has an occupancy rate of 92%. Yes, through the pandemic they mostly kept COVID out and the... Read More »Schedule a demo
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