Senior Living Investment Brokerage Brokers Bankruptcy Sale
The Senior Living Investment Brokerage team of Ryan Saul, Patrick Burke and Toby Siefert put in the hours to work through a bankruptcy sale of a 130-bed skilled nursing facility in Bristol, Tennessee. Originally built in 1986 and 1990, this facility was owned by a regional skilled nursing operator. Over the last couple of years, it faced challenges with occupancy and cash flow, and as a result, both the OpCo and PropCo were placed into bankruptcy for liquidation. In came the SLIB team, which ran an extensive marketing campaign during the height of the pandemic, and despite a few extended deadlines, they found a buyer in a Mid-Atlantic-based regional skilled nursing owner with operating... Read More »
Turnaround Texas Senior Living Portfolio Sells
There is plenty of potential to add value in a portfolio of three seniors housing properties in Texas that recently sold. That is mainly because two of the communities are currently vacant. Located in eastern Texas within a two-hour drive of each other, the portfolio comprises 132 total units of assisted living. The one property that is operational was performing well, with positive cash flow and 90% occupancy at closing. But a new owner will have the chance to acquire the vacant communities below replacement cost, while also adding a stabilized property to its portfolio. That buyer ended up being Dallas area-based WindRiver Companies, a seniors housing developer, owner and... Read More »
Chicago Pacific Founders Adds Florida Community
We’ve written about how private equity firms are likely the buyers best equipped to acquire senior care assets in this current environment, given their deep pockets and penchant for value-add deals. One of those firms, Kayne Anderson Real Estate Advisors, has already shown its interest by closing several deals, including the $500 million acquisition of seven senior living properties from Welltower in June and the $97 million purchase of two brand-new senior living communities in the St. Louis, Missouri area announced just last week. AEW Capital Management is another that threw its muscle around with its $700+ million acquisition of another Welltower seniors housing operating portfolio made... Read More »
Recent Senior Care M&A Deals, Week Ending October 2, 2020
The third quarter ended with just 57 publicly announced deals, but the start of October was a little more active than usual. Check out our recent senior care M&A deal chart. Long-Term Care AcquirerTargetPrice Kayne Anderson Real Estate AdvisorsThe Boulevard Senior Living at St. Charles & The Boulevard Senior Living at Wentzville$97 million National Health InvestorsThe Courtyard at Bellevue$12.3 million Chicago Pacific FoundersHeritage Oaks of EnglewoodN/A WindRiver Companies3 senior living... Read More »
PGIM Real Estate Funds AEW/Merrill Gardens Portfolio Purchase
Earlier this week, we reported on the Welltower sale of 10 seniors housing communities to AEW Capital Management and Merrill Gardens Senior Living, and now we have learned that PGIM Real Estate provided the acquisition debt. The partnership buyer obtained a $460 million loan with a seven-year term. There is also a combination of fixed-rate and floating-rate terms. The debt funded both the acquisition and the recapitalization of the 10-property portfolio, which includes a total of 1,507 units of independent living, assisted living, memory care and even some multifamily units. There are also approximately 29,000 square feet of... Read More »Schedule a demo
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