• Skilled Nursing: Is There A Market Disconnect?

    On September 29th, 2022, our Editor Ben Swett discussed the skilled nursing M&A market with a couple of industry experts that included Laca Wong-Hammond of Lument and Toby Siefert of Senior Living Investment Brokerage. The conversation ran over an hour and covered SNF values, the current buyer’s mindset, what sellers are thinking and... Read More »
  • Skilled Nursing Facility Sells in Indiana

    A skilled nursing facility in Spencer, Indiana (Bloomington MSA) sold to a group of skilled nursing operators based in Indiana and the Midwest for an undisclosed price. The facility will be renamed Owen Valley Rehabilitation and Healthcare Center. Built in 2006, it has 113 beds, including a 31-bed memory care unit, sitting on 3.52 acres.... Read More »
  • CBRE Refinances Coastal California Community

    California-based owner/operator Westmont and a group of individual investors refinanced their senior living community on the central California coast. Located near San Luis Obispo, The Oaks at Nipomo opened in 2017 with 97 units of independent living, assisted living and memory care. Westmont has operated the community since its opening, and... Read More »
  • Orange County AL Community Finds New Owner

    Scott Frazier of Blueprint Healthcare Real Estate Advisors helped an independent owner/operator exit the seniors housing business with the sale of their only asset in Orange County, California. Built in 1970 and renovated in 2008, the community comprises approximately 70 units of assisted living and memory care. The current owner bought the... Read More »
  • Newmark Sells SNF Portfolio, and a Florida Community Too

    Newmark announced a couple of closings this week. First and most notably, the team sold a portfolio of skilled nursing facilities in New England. Including five facilities in Massachusetts and two in New Hampshire, the portfolio totaled 771 beds, with an average age of more than 50 years. The deal closed at the start of the month. Next, Newmark... Read More »

CBRE Refinances Coastal California Community

California-based owner/operator Westmont and a group of individual investors refinanced their senior living community on the central California coast. Located near San Luis Obispo, The Oaks at Nipomo opened in 2017 with 97 units of independent living, assisted living and memory care. Westmont has operated the community since its opening, and occupancy is currently above 95%, with improving operational metrics too. The CBRE National Senior Housing team of Aron Will and Adam Mincberg and the CBRE Multifamily team of Andrew Behrens and Jesse Weber arranged a $16.2 million loan through CBRE’s Freddie Mac Optigo lending platform. The fixed-rate loan came with a 10-year term and five years of... Read More »
Condor Health Gets Bank Refinance

Condor Health Gets Bank Refinance

Northland Networks served as exclusive placement agent for the bank refinance of Condor Health, a 181-bed skilled nursing facility in Anderson, South Carolina. The facility opened in 1965 and was expanded in 1974 and 1980. It sold in September 2019 for $11.5 million, or $64,000 per bed, when it was losing money, despite boasting an occupancy around 90%. The borrower, The Portopiccolo Group, obtained a loan that represented a 65% loan-to-“as is” value. Seth Kahn, Anthony Budniak and Derek LaSota of Northland Securities facilitated the financing. Read More »

Ziegler’s Florida Financing

Chicago-based specialty investment bank Ziegler announced the closing of $30 million in bonds for Life Care Ponte Vedra, Inc., d/b/a Vicar’s Landing, to help finance a Phase II expansion. Built in 1983, the community comprises 227 independent living units, 38 assisted living units and 60 skilled nursing beds (30 Medicare certified) on 24.3 acres within Sawgrass, a 4,800-acre private resort and residential community in Ponte Vedra Beach (Jacksonville MSA) that includes the TPC Sawgrass golf course. Vicar’s Landing is currently undergoing a multi-phased expansion less than one mile from its current campus, known as Vicar’s Landing at Oak Bridge. The project involves the acquisition, site... Read More »

Georgia Campus Funds Renovation Project

Bellwether Enterprise Real Estate Capital, a national commercial and multifamily mortgage banking company, announced it has closed a $23.9 million loan to finance the renovation of Jewish Tower and Zaban Towers in Atlanta, Georgia. Built in the 1970s, the communities have 200 units and 60 units, respectively. The affordable independent living communities sit on 10.3 acres and are connected through a skilled nursing facility, William Breman Jewish Home. The borrower, The Jewish Home Tower Inc., will finance the renovations with a HUD 221(d)4 sub-rehab loan, originated by Jeff Mion of BWE’s Duluth, Georgia, office. The project includes updates and improvements to handicap accessibility, a... Read More »

Upscale Utah Community Refinances Through Freddie Mac

KeyBank Real Estate Capital announced that it has secured a $68.3 million permanent loan through Freddie Mac for a seniors housing property in Utah. The Woodbury Corporation, Colmena Group, and Western States Lodging are refinancing the newly constructed Legacy Village of Sugar House in Salt Lake City. Set within the master-planned Sugar House neighborhood, the 10-story luxury senior housing property features independent living, assisted living and memory care units. There is also retail and commercial parking space, and the community offers mountain views from every residential floor. Morgin Morris of KeyBank structured the 10-year, fixed-rate loan with an initial five-year period of... Read More »

VIUM Capital’s Active August

VIUM Capital announced a plethora of transactions in the month of August, totaling approximately $200 million across six financings. The firm first closed a bridge acquisition loan for a pair of skilled nursing facilities in Arkansas. The loan totaled $19.9 million. VIUM next closed a bridge refinance with an earn-out structure for a 50-bed assisted living community in the state of Florida. Arranged for 428 Healthcare, which wanted to take equity out of a well-performing asset that it had purchased in 2019, the loan totaled $7.7 million ($3.7 million of initial funding with $4 million in earn-outs). After a two-year seasoning process, the loan will be submitted to HUD. To close out the... Read More »