Investment Firm Acquires in Missouri
Investment firm Lapis Advisers purchased a seniors housing asset out of state receivership in Kansas City, Missouri. The CCRC was distressed, having struggled with COVID-related challenges as well as a limited access to capital in recent years. Kingswood Senior Living features 185 independent living (65 of which are large duplex cottages), 34 assisted living, 23 memory care and 65 skilled nursing units. The independent living portion was built in 1995, and the assisted living section is newer. Memory care was added, and the SNF portion was heavily renovated. The campus was 87% occupied, with the independent living apartments weighing down overall occupancy. The assisted living... Read More »
Global Investment Firm Sells Community with Strong Momentum
A global real estate investment firm sold an independent living community in Iowa, engaging Blueprint’s Kory Buzin, Dillon Rudy and Steve Thomes to get the deal done. Built in 2002, the four-story community features 121 units, mostly with two-bedroom options. It appears to be The Arbordale in Urbandale, which was acquired in 2020 by Omaha, Nebraska-based active adult investor Essex Communities. Essex then converted the asset from an entrance fee model to a traditional rental model and significantly renovated the interior from 2020 to 2022. That helped the community’s position in the local market, and at the time of marketing, it was demonstrating strong operating momentum, with... Read More »
Large Operator Adds Turnaround Campus to Portfolio
A senior care campus in Ohio found a new owner with the help of Kiser Group. Set on 26 acres in a rural market east of Cleveland, the property features 76 skilled nursing beds, five assisted living units and three independent living units. It was originally built in 1950 but expanded through multiple additions between 1965 and 2001. At the time of the sale, occupancy was between 70% and 80%, with a 44% quality mix and a five-star CMS rating. However, it was generating negative EBITDA and presented a turnaround opportunity for an experienced operator. The incoming owner is a seasoned operator with a large skilled nursing portfolio in the Midwest and a growing presence in Ohio. They... Read More »
Texas Skilled Nursing Portfolio Sells
A portfolio of skilled nursing facilities traded hands in Texas before the end of the year. There are two assets in the Lubbock area and two in Central Texas that are located northwest of Austin. They comprise more than 430 beds, with between 100 to 120 beds at each of the four facilities. Three of the buildings were constructed in the 1970s, and one in the late-1980s. At the time of the sale, the Central Texas properties were around 75% occupied, and the West Texas ones were approximately 70% occupied. The payer mix is largely Medicaid, at about 90%, with Medicare accounting for the remainder. A small private company was divesting the portfolio. Nick Martinez and Todd Okum of O&M... Read More »
CIBC Bank’s Recent Activity
CIBC Bank USA closed an impressive array of transactions in the last several months, totaling more than $800 million in credit facilities across the country. The largest transaction was an $85 million (with earn-outs) debt package for a senior care portfolio in the Northeast. The debt included a senior term loan and a mezzanine loan to refinance the portfolio and cover corporate needs. Adam Panos, Patrick Garden, Charlie Sheridan and Tom Sheeren worked on the deal for CIBC. Laura Habich and Sam Dendrinos originated a couple of large cash-out refinances for skilled nursing clients. A $27.3 million loan went to a stand-alone SNF, and a $70.7 million loan refinanced a portfolio of four... Read More »Schedule a demo
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