Walker & Dunlop Arranges HUD Financing For Wisconsin Acquisition
To support the acquisition of a 50-unit assisted living community in Green Bay, Wisconsin, Walker & Dunlop structured a HUD loan assumption for the out-of-state buyer, Senior Opportunity Funds Holding Company. We covered the deal in January when Ray Giannini of Marcus & Millichap announced he represented the seller, a husband-and-wife team who have worked diligently to maintain census and keep the community COVID-free throughout 2020. Contrary to many seniors housing communities today, this property was fully occupied, with a 100% private pay census at the time of closing. It also reported strong cash flow and was relatively new construction, having been built in phases from 2009... Read More »
Senior Care Centers Saga Continues
LTC Properties sent a notice of default to Senior Care Centers (SCC) and ABRI Health Services after they failed to pay the March rent due as well as additional charges under the master lease. LTC will make draws under SCC’s letter of credit to cover the payments, which are a minimum of $1.2 million per month. The lease covers 11 skilled nursing facilities in Texas with approximately 1,400 beds operated by SCC. Many of SCC’s properties have already been transferred to other operators, and it appears as if these 11 will be added to the total. LTC Properties expects to transition these 11 to Texas-based HMG Healthcare by the end of the second... Read More »
Newmark Handles Receiver Sale In Mississippi
After a long bankruptcy process, a senior living community in Southaven, Mississippi (Memphis area) found a new owner. Newmark represented the receiver in the transaction. Opened in 2008, the community has 76 assisted living and memory care units. Occupancy averaged 65% in 2020, and there was no positive cash flow at the time of the sale. The sale process yielded multiple offers, with a regional owner/operator emerging as the winning bidder for a price near $6 million. They expect to invest in renovations and physical plant updates, plus use its scale to support the onsite team and improve operations. Read More »
Recent Senior Care M&A Deal Chart, Week Ending March 12, 2021
Senior care M&A activity keeps chugging along, here is our recent deal chart. Long-Term Care AcquirerTargetPrice Joint ventureThe WillowsN/A CareTrust REIT, Inc.Buena Vista Care Center$15.86 million Partnership buyerBeach House Assisted Living & Memory CareN/A Regional owner/operatorMemory care community in Portland, OR$25... Read More »
Joint Venture Makes Second Acquisition
Fundamental Advisors LP’s joint venture with Foundry Commercial, which launched in the summer of 2020, has yielded a couple more acquisitions, with partners Scribner Capital and Foster Senior Living participating in the deals yet again. First, the venture acquired an 84-unit assisted living/memory care community in Jacksonville Beach, Florida for an undisclosed price. Bradley Clousing, Jeff Binder and Matthew Alley of Senior Living Investment Brokerage represented the seller in the deal. Built in 2014, the well-maintained community has mostly private rooms, with six semi-private units. The seller had reached the end of their... Read More »Schedule a demo
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