• Covenant Living Communities Expands in Illinois

    Covenant Living Communities and Services enlisted Chicago-based construction company, Leopardo, and Atlanta-based architects, THW Design, for a $66.5 million expansion project at the assisted living community Covenant Living of Northbrook in Northbrook, Illinois. This expansion involves the construction of three new three-story carriage homes,... Read More »
  • Meridian’s November Transaction Volume

    Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $176 million in transaction volume in November 2023. The team recently arranged $48.7 million in financing from a commercial bank along with a $5 million A/R line for the acquisition of two skilled nursing facilities with 300 beds in... Read More »
  • Developers Secure LIHTC Equity for Indiana Project

    Brown Capital Group, Leo Brown Group and Rogers Development Group are teaming up on a new seniors housing development in Indiana. The trio will open Reserve on Park Place, a 187-unit affordable senior apartment building in Fort Wayne, in April 2025. The three-story community will have 15 studio, 136 one-bedroom and 36 two-bedroom units for... Read More »
  • Construction Coming to a Close for NY Development

    FilBen Group, an owner/developer, and its equity partner RSF Partners are nearing completion of their $54 million seniors housing development in Montebello, New York, in the Lower Hudson Valley. The four-story Braemar at Montebello will be complete in 2024 and feature 133 total units. Of those, there are 66 studio, 14 one-bedroom and 53... Read More »
  • REIT Divests Washington State Seniors Housing Asset

    Blueprint’s Behavioral Healthcare and Seniors Housing Team worked together to sell a seniors housing asset in Bremerton, Washington, on behalf of its nationally recognized healthcare REIT owner. The property was identified as an ideal candidate for either a behavioral healthcare provider, based on strong demand and reimbursement in the state, or... Read More »
Strawberry Fields REIT Reports Q3 Earnings

Strawberry Fields REIT Reports Q3 Earnings

Strawberry Fields REIT released its third quarter results, and it featured some good and could-be-better news. First, to the positive news, the REIT collected 100% of its contractual rents during quarter three, something other REITs have not been so lucky to experience. Revenues did increase, however, NOI decreased year over year from $9.3 million to $4.7 million for several reasons on the expense side.  First, general and administrative expenses increased by 113.7%, mostly due to non-capitalized expenses related to the acquisition of Indiana senior care campuses. Next, interest expense increased by 14.6%, primarily because of additional debt service related to Series D Bonds and an... Read More »
From AL/MC to Behavioral Health

From AL/MC to Behavioral Health

Blueprint’s Behavioral Healthcare and Seniors Housing teams were brought on by a regional seniors housing owner looking to lease its vacant assisted living/memory care community in Tennessee.  Because the community was empty, Blueprint could effectively market the asset as both seniors housing and behavioral healthcare conversion candidates. Blueprint recommended the owner deploy a behavioral healthcare marketing strategy given strong demand within Brentwood. Lease rate, term, credit and certainty of execution were all considered for the incoming tenant. The owner received three strong offers before selecting a regional behavioral healthcare provider. The owner and incoming tenant... Read More »
60 Seconds with Monroe: Are We Getting Too Big Again?

60 Seconds with Monroe: Are We Getting Too Big Again?

One of the consequences of the pandemic, one of many, is that the differentiation between the best operators and the not so good has been increasingly exposed. And of course, investors will seek out the best to manage their properties. But as this happens, the operators who are doing a good or even great job today will start to be spread too thin. Managing 20 communities is a lot different than 50, 100 or more. You can have the procedures and policies in place for 100 properties, but you do start to lose that personal touch, especially if the CEO is very hands on. With REITs and other investors doubling down on either their best operators, or finding others that they perceive to be top... Read More »
Strawberry Fields REIT Reports Q3 Earnings

Are Cap Rates Set To Rise in 2024?

In a recent survey conducted by Cushman & Wakefield, 68% of respondents anticipate a sustained increase in capitalization rates over the next year, expressing concern over debt market liquidity, which is the primary worry for 51% of participants. The majority of respondents, 49%, are pursuing core-plus investment strategies, while 34% focus on opportunistic or distressed investments, expecting around $18 billion in sector-specific loan maturities within the next 24 months. Notably, 33% of participants are targeting need-driven segments, particularly assisted living. There’s a notable compression in basis point spreads between the going-in capitalization rate and terminal capitalization... Read More »
Sonida Senior Living Still Making Progress

Sonida Senior Living Still Making Progress

As Col. Hannibal Smith of the A-Team was fond of saying, “I love it when a plan comes together.” For Sonida Senior Living, it has been a long struggle, and while it may be taking longer than management wanted, the plan is slowly coming together. Everything is moving in the right direction, with occupancy up 150 basis points year over year to 84.9% in the third quarter, higher than industry averages, resident revenue increased 12.6% year over year, adjusted EBITTDA more than doubled in the third quarter compared with the year-ago quarter, and RevPOR increased by 11.7% year over year. October’s census increased by 40 basis points from September to over 86%. The third quarter also saw... Read More »
Chartwell Retirement Residences Sees Census Soar

Chartwell Retirement Residences Sees Census Soar

Canada-based Chartwell Retirement Residences has been seeing a resurgence of occupancy growth that seems to be above and beyond the normal third quarter increases that we have come to expect.  The third quarter saw census increase by 210 basis points from the June average of 80.1%, but it grew by another 100 basis points in October to 83.2%. They expect to add another 100 basis points over the next two months. Not too shabby. If they keep it up, they may reach the 95% occupancy levels of Ventas’s Canadian operators. Leasing activity in 2023 to date is 18% higher than the company’s pre-pandemic levels. Occupancy is now 600 basis points above its recent low of 77.2% in April 2022. With... Read More »