Cushman & Wakefield Assists in Assisted Living Disposition
As part of a larger effort to exit several non-core assets, an institutional owner decided to sell its 112-unit assisted living/memory care in Mount Vernon, Illinois (about 80 miles southeast of St. Louis), with the help of the Richard Swartz, Jay Wagner, Jim Dooley and Sam Dylag of Cushman & Wakefield. Built in phases from 2001 to 2009 and substantially renovated in 2017, the community struggled against newer competitors in the area and their rent discounting tactics. As a result, occupancy fell to just 60% in 2018. Compass Senior Living stepped in to acquire the asset for $6 million, or $53,600 per unit, leaving plenty of wiggle room for an operational turnaround. From the sound of... Read More »
Maryland Acquisition Update
We previously reported on the sale of two skilled nursing facilities in Maryland, but had few details. Now we do. Both facilities are located in Baltimore and have a total of 307 beds, one with 225 beds with a 16-bed ventilator care unit which was built in 1990 and 1996, and the other with 82 beds, which was built in 2004. All things considered, these can be considered to be fairly new. The seller, Brinton Woods Management Company, did a very good job operating these facilities, which had a four-star and five-star CMS rating. In addition, overall occupancy was 92.5%, and they operated with a 13.4% margin in 2018, not too bad in today’s environment. Actually, quite good. Revenues in 2018... Read More »
New Team at Newmark
Fresh off a banner year that included over $2.5 billion of closed transactions (including well over $1 billion in December closings alone), the HFF seniors housing and healthcare team that includes Ryan Maconachy, Chad Lavender, David Fasano, Ross Sanders and Sarah Anderson has moved over to Newmark Knight Frank. For Newmark, they get a team that has closed over $42 billion in healthcare and senior care investment sales, plus the more than $7 billion in financing that Ms. Anderson has arranged over the years. There is no reason to think the team can’t continue that impressive haul now they are at Newmark. It’s quite the get for Newmark, we have to say. Read More »
Recent Senior Care Deals, Week Ending February 22, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice The Hallmark Companies, Inc.Highland Court Senior Residences$9.6 million Strawberry Fields REIT LLC3 skilled nursing facilities$21 million CALCAP Real Estate AdvisorsHawthorn Court at... Read More »
Hunt Real Estate Capital Rises in Phoenix
Nearly a year on from its departure from RED Capital Group, the Kathryn Burton Gray-led team at Hunt Real Estate Capital closed a $7.0 million bridge loan to fund the acquisition of a 44-unit memory care community in Phoenix, Arizona. Brady Johnson originated the deal, with help from Ms. Burton Gray and Michael Jones, working on behalf of the joint venture buyer that consisted of CALCAP Real Estate Advisors, a California-based real estate investment firm, and Greg Roderick, President and CEO of Frontier Management. This is CALCAP’s first foray into seniors housing, and they will certainly benefit from Mr. Roderick’s operating experience. Built in 2000 but renovated in 2016, the community... Read More »Schedule a demo
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