Newmark Facilitates a Sale and Refinance
Newmark’s Senior Housing Team handled the sale of a seniors housing community in South Carolina. Built in 2021, New Haven at Little River features 154 independent living, assisted living and memory care units in Little River, South Carolina. Totaling 200,000 square feet, it has 89 IL, 44 AL and 19 MC units. No additional details were disclosed, QSL Management announced that it took over management on October 17 and renamed the community The Barclay at Little River. Newmark’s Seniors Housing Team also secured a $140 million cash-out refinance through Freddie Mac for a seniors housing community in Atlanta, Georgia, called Corso Atlanta. Taking out the original construction loan, the package... Read More »
60 Seconds with Swett: What Could Stop the M&A Momentum?
Last week, we recorded our 560th deal of 2024, which breaks the annual record for M&A volume across seniors housing and skilled nursing transactions. And we have more than two months to go. So there can be no dispute that we will set an M&A record this year, and by a large margin. But could 2024 actually end with a whimper? We ask that because the 10-Year Treasury rate, which fell to 3.6% in September, the lowest level in more than a year and a half, is now above 4.2%, or the highest level since July. Much of the optimism at the NIC conference last month hinged on the Fed’s 50-basis point rate reduction in September and the 10-Year rate was at its low then too, but what about now?... Read More »
LTC M&A Sector Reaches New Transaction Volume Record
The most active dealmaking year was 2022, in which 559 transactions were announced, according to LevinPro LTC. As of Friday October 18, 2024, the senior care sector has hit a new record in terms of transaction volume. We are currently at 560 transactions, and still have some of October plus all of November and December to go. Overall, the deals announced this year have been smaller and more distressed than in previous years, while many portfolios were broken up into numerous smaller deals because of the lack of financing available for big deals. But we also hear from dealmakers that the process for closing deals is still long and difficult, making the record-high volume even more... Read More »
National Owner Acquires Louisiana SNF
After acquiring and turning around a skilled nursing facility in Alexandria, Louisiana, a mom & pop operator is selling the asset and entering into a well deserved retirement. Built in 1990 with a renovation in 2017, Regency House Alexandria features 60 skilled nursing beds and 10 assisted living beds. It only accepted Medicare and private pay residents and generated more than $1.5 million of EBITDAR at closing. There was also an assumable HUD loan on the property with an attractive interest rate, and even some upside with an increase to the facility’s Medicare census. Blueprint procured multiple offers before a national owner/operator was ultimately selected by the seller. The... Read More »
Tutera Acquires Iowa Senior Care Campus
A not-for-profit senior care campus in Asbury, Iowa, found a new owner with the help of Jeff Binder, Jason Punzel and Jake Anderson of Senior Living Investment Brokerage. Dubuque, Iowa-based Luther Manor Communities had previously owned the campus, plus one location in its home town of Dubuque, before failing to pay back over $15.7 million in loans and having the locations fall into receivership in August 2023. Since then, they have been operated by Walnut Creek Managing Co. (an LLC affiliated with Tutera Senior Living, which operates in the region), and Kansas City-based attorney (and serial senior care receiver) Michael Flanagan was appointed as the receiver. The Asbury campus... Read More »Schedule a demo
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