Recent Senior Care M&A Deals, Week Ending December 1, 2017
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Koelsch CommunitiesRock Creek Memory Care CommunityN/A Birchwood Health Care PropertiesQuail Run Assisted Living$6 million Care Property Invest2 Assisted Living Communities$35.7 million Chicago Pacific FoundersNorthgate Park Senior... Read More »
Greystone Heads North
Greystone Real Estate Advisors headed north of the border for its latest transaction, where along with TD Securities, they represented an owner in its sale of five retirement communities in the Edmonton, Alberta area to Canadian REIT Chartwell Retirement Residences. With a weighted average age of six years, the portfolio consists of four existing communities with 450 independent living, 237 assisted living and 88 memory care units (plus a 52-unit addition at one community expected to finish in the first half of 2018) and a 256-unit community currently under development and expected to open in late 2019. There is a 58% private pay census across the portfolio, with 42% being funded by the... Read More »
Aron Will Closes Two More Financings
Heading into the Thanksgiving holiday, Aron Will of CBRE certainly had a bountiful month, closing nearly $80 million in two transactions. First, working on behalf of joint venture partners Harrison Street Real Estate Capital and The Springs Living®, Mr. Will arranged a $66.4 million construction loan to fund the construction of a 216-unit senior living community in Lake Oswego, Oregon (Portland MSA). A pair of national banks provided the floating rate loan, which came with a four-year term and 48 months of interest only. Using a conservative loan-to-value for the project, that would result in a per-unit value most likely above $400,000. The property’s location in one of the most affluent... Read More »
Moving Forward In Moberly
An assisted living community in Moberly, Missouri is getting a fresh start, following its acquisition by a Pacific-Northwest operator with a growing presence in the Midwest. Originally built as an independent living community in 2005, the community struggled with census during the Great Recession. That prompted the owner, a regional operator, to convert a portion of the building to assisted living, and while census eventually stabilized (at 93%), the operating margin remained relatively low (at 16%). So, the decision was made to convert the entire building to assisted living. However, the regional operator’s investors were looking to exit the troublesome asset, and as the conversion... Read More »
Blueprint Represents REIT in SNF Disposition
Steve Thomes of Blueprint Healthcare Real Estate Advisors represented a publicly traded REIT and its operating partner in its disposition of an 81-bed skilled nursing facility in Webster, Massachusetts (located about 10 miles south of Worcester on the Connecticut border). Several factors made this facility ripe for divestment. It was built in 1967 (although substantially renovated in 2015) and was just 77% occupied, with a 74% Medicaid census. On top of that, it was operating just below breakeven on approximately $5.65 million of revenues. An undisclosed buyer paid $2.025 million, or $25,000 per bed, so there is certainly some room for improvement. Read More »Schedule a demo
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