• Zett Group Closes Full-Circle Transaction

    We do not see deals like this often. In a full circle transaction, Blake Bozett and Spud Batt of The Zett Group sold a large seniors housing community in Eugene, Oregon, to a Salem, Oregon-based group in partnership with a new operator through a pre-established JV structure. Bozett represented his grandparents, Ron and Joyce Knutson, a pioneering... Read More »
  • Brookdale Misses Revenue Targets, Again

    Brookdale Senior Living continues to slap investors and analysts around, missing consensus revenue targets for the fourth quarter in a row. We know, never rely on “consensus” anything, but the company seems to always disappoint, even now when everything should be rallying. Investors did not like what they heard and sent shares tumbling by 10% in... Read More »
  • Owner/Operator Divests to Private Fund in Florida

    Bradley Clousing, Daniel Geraghty and Ryan Saul of Senior Living Investment Brokerage were engaged by a Southeast owner/operator in its divestment of two seniors housing communities that sit a few blocks apart in Wilton Manors, Florida. The buildings total 159 independent living and assisted living units, and were cash flow negative when the... Read More »
  • GEM Realty Capital Expands Its Active Adult Portfolio

    The CBRE Capital Markets Houston Multifamily Group and CBRE National Senior Housing handled the sale of an active adult community in Houston, Texas. Built in two phases in 2006 and 2012, Elate Royal Oaks, previously known as Camden Royal Oaks, consists of 340 units (236 were built in Phase 1, and 104 were built in Phase II). Clint Duncan, Matt... Read More »
  • New Venture Secures Acquisition Financing and Purchases Active Adult Community

    Newmark arranged the sale and financing for a seniors housing community in Huntington Beach, California. The seller, Bascom Group, was represented by Newmark Vice Chairman Dean Zander, who worked on the deal with Voit Real Estate Services’ Joe Leon and Nick Ingle. Huntington Breeze is a 114-unit, 103,000-square-foot active adult community that... Read More »
Texas Gets New IL Community

Texas Gets New IL Community

The McFarlin Group just broke ground on its newest active adult community in Dallas, Texas, The Blake at Bent Tree. Featuring 200 units, the community is McFarlin’s 17th development in Dallas, and the company is based in the city, as well. The Blake was developed as an active adult community but offers a future buyer the ability to convert it to full-service independent living, if they choose. It will offer food, programming and laundry services, as well as amenities such as an outdoor BBQ and entertainment area, a golf simulator, outdoor pool with hot tub, pickleball court and professional concierge services, among others. Greystar will operate it under the Elate brand. Berkadia announced... Read More »
Ziegler Prices Bonds for North Carolina CCRC

Ziegler Prices Bonds for North Carolina CCRC

Ziegler announced the pricing of Carolina Meadows, Inc.’s Series 2024 bonds. Carolina Meadows is a North Carolina not-for-profit that was incorporated in 1983 to develop, own and manage a CCRC in Chatham County, North Carolina, just south of Chapel Hill. The community comprises 476 independent living units, 78 assisted living units (with 95 beds in operation) and 79 skilled nursing units (with 86 beds in operation). It is the 20th largest not-for-profit single-site CCRC in the United States, according to the 2023 LeadingAge-Ziegler 200.  Carolina Meadows plans to develop, own and operate a replacement skilled nursing facility that will total approximately 122,000 square feet. The... Read More »
AOG’s Foray into The Active Adult Sphere

AOG’s Foray into The Active Adult Sphere

A few years ago, we were preparing for an influx of multifamily developers and investors to flood into the seniors housing space, particularly in active adult, which was seen as an attractive add-on to their traditional multifamily portfolios with favorable demographic trends, higher (and more consistent) rents, good occupancy rates and longer lengths of stay. Active adult may have also acted as a gateway to other seniors housing sectors like independent living and assisted living for these investors.  Then, interest rates rose above average active adult cap rate between 4% and 5%, and development became more difficult, not to mention expensive. But as we (and others) have noted, the... Read More »
S&R Handles Texas Land Transaction

S&R Handles Texas Land Transaction

Sherman & Roylance closed the sale of an eight-acre development site in Austin, Texas, which was initially envisioned for a senior living community. However, the buyer, Novak Brothers, plans to leverage their expertise and create a new multifamily development in the location. The property, previously approved by the City of Austin for a two-story, 98-unit assisted living and memory care community, faced construction delays and ultimately ended up in foreclosure by Woodforest Bank in September 2023. With the “as designed” construction halted in 2022, with the foundation in place and the framing begun, Sherman & Roylance was tasked with finding a buyer. Read More »
Live Oak Bank Returns to Santee Seniors Housing Campus

Live Oak Bank Returns to Santee Seniors Housing Campus

Live Oak Bank closed a $27.0 million refinance with a repeat client for an assisted living/memory care community, The Ridge at Lantern Crest, situated on a larger campus, Lantern Crest, in Santee, California. Lantern Crest, operated by Lantern Crest Senior Living, is a 34-acre seniors housing campus developed by The Grant Companies. It offers independent living, assisted living and memory care. Development occurred in three phases, with Phase I being The Ridge at Lantern Crest, Phase II being The Pointe at Lantern Crest and Phase III being The Plaza at Lantern Crest.  The Ridge, which opened in 2012, was originally built with 80 assisted living and memory care units. It was expanded... Read More »
The Current Lending Environment for Senior Care Properties

The Current Lending Environment for Senior Care Properties

The financing process has killed dozens (and hundreds) of deals in the last couple of years, and yet M&A activity is near record levels in the seniors housing and care industry. So deals are getting done, and not just with cash. Who has been lending and at what cost to the borrower? What hurdles have to be overcome? And when capital costs do lower, how can owners and operators best prepare to finance the oncoming wave of deals and demographics? Read More »