Creativcap Continues Inaugural Year with Several More Closings
Still under a year after its launch, Creativcap has announced three more transactions, with a couple of other closings in the pipeline. First up on the brokerage side, Creativcap Advisory acted as co-broker on a $30 million sale of two senior living communities in the eastern Atlanta market. Built in the 1990s, the communities total 328 units, split among 156 independent living, 140 assisted living and 32 memory care. Combined occupancy was around 80%. A national operator had been managing the communities on behalf of the previous owner, a large private equity, alternative asset management and financial services firm based in New York City, but the Georgia-based buyer is bringing in its... Read More »
From One REIT to Another
A senior living community in the Dallas, Texas area that has recently fallen on some bad times just changed owners from one publicly traded REIT to another. Built in 1999 with 90 units of independent living, assisted living and memory care, the community was previously operated by Atria Senior Living. It had historically operated at stabilized levels, but leadership turnover and new competition (not surprising to hear from the Dallas-Fort Worth MSA) affected occupancy, which in turn led to discounting and lower cash flow. That’s an all-too-familiar combination in the seniors housing industry these days. So, the publicly traded REIT seller hired Ben Firestone, Michael Segal, Joshua Salzman... Read More »
Recent Senior Care M&A Deals, Week Ending November 8, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice The Ensign Group, Inc.6 TX skilled nursing facilitiesN/A Reign Residence Management, LLCFloridian Gardens Assisted Living$12 million Allegra CareSt. George's Nursing HomeN/A Colony Hills CapitalWindfield Senior Estates$14... Read More »
Inland Private Capital Corporation Makes First Seniors Housing Acquisition
As part of its larger disposition/restructuring strategy, Capital Senior Living Corporation announced in its third quarter earnings report that it sold two non-core independent living communities in Peoria, Illinois and Springfield, Missouri, generating some healthy proceeds in the process. The communities sold for a combined $64.75 million, or nearly $205,000 per unit, resulting in $14.8 million of net cash proceeds and $44.4 million of mortgage debt off its books. Tim Cobb and Sabel Kaminski of Berkadia represented CSL in the transaction. Both built in the late-1990s and totaling around 215 units, these communities were both over 90% occupied, but rent growth was sluggish. They were in... Read More »
ORIX Acquires Hunt Real Estate Capital
ORIX Corporation USA is continuing to make waves in the senior care lending space. Two years after the firm acquired Lancaster Pollard, they have now agreed to acquire Hunt Real Estate Capital, a subsidiary of Hunt Companies, Inc. In addition to that deal, upon closing, Hunt Real Estate Capital’s President and Chief Investment Officer, James P. Flynn, will become the CEO of the combined entity. For the Hunt loan origination team, including Kathryn Burton Gray as Senior Managing Director, James Scribner, Jason Smeck and Brady Johnson, they should be reunited with their former RED Capital Group colleagues, after leaving the group in early 2018. The Lancaster Pollard, RED Capital Group and... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
