Pacifica Senior Living Chapter 7 Filing Update
After we and several other news outlets reported on the Chapter 7 bankruptcy filing of Pacifica Senior Living LLC on March 24, we heard from the company about the filing and our story. Apparently, the liquidation filing was for one of their management entities, Pacifica Senior Living LLC, “whose sole purpose was to manage a subset of our communities in California. Pacifica Senior Living LLC does not own any senior living facilities and this filing will have no impact on the ownership of our properties, resident care, or our beloved staff. All of the senior living properties in our portfolio are independently owned, and each remains operational and unaffected by PSLM’s situation.” The... Read More »
Pacifica Senior Living Goes Bust
In what can only be said is a surprising move, Pacifica Senior Living filed for bankruptcy, but not the usual Chapter 11 bankruptcy protection that would allow them to restructure their assets and debts and continue to operate. No, this is a Chapter 7 bankruptcy filing, meaning the company will dissolve, liquidate what remains, and will be gonzo. And this after more than 45 years in business. The California-based privately-owned company had grown to just under 100 communities, making it one of the larger seniors housing companies in the country. In its largest transaction, it purchased 15 properties from Retirement Housing Foundation for $180.5 million in 2024. We have heard they suffered... Read More »
60 Seconds with Steve Monroe: Here We Go Again
Investigate, investigate, investigate. Regulate, regulate, regulate. Why not assist? Why not help? Why not try to understand? Liz, Ron and Kirsten, of U.S. Senate fame, have asked the GAO to investigate the assisted living industry and to see if federal oversight is needed. Really? Are we going down this road again? How did that work out for the nursing home industry? As we know, the assisted living sector is predominantly private pay, unlike nursing homes, but the senators are using information from state Medicaid agencies to back up their claims. I suppose I could see them investigating any assisted living community that is receiving Medicaid funds to make sure the money is wisely spent,... Read More »
Sonida Senior Living Grows For The Future
The last to report 2024 earnings in our sector, Sonida Senior Living turned in a decent fourth quarter, but maybe not as good as they were hoping for. They are looking to the future, however, and not past performance, and are gearing up for growth. While the same-community occupancy of 86.6% in the fourth quarter is certainly above average for the industry, the year-over-year increase of just 70 basis points was below average. Many providers are still putting out census growth numbers that will not be sustainable as communities begin to stabilize, so increasing by 70 basis points in the future will look pretty good. But we are not there yet, especially with new development still way... Read More »
60 Seconds with Swett: The Demand for SNFs
We had a fantastic webinar last week that covered our recently published valuation statistics from The Senior Care Acquisition Report but also how valuations, the lending environment and M&A strategies are changing in 2025, so far. Jason Punzel of Senior Living Investment Brokerage, Steve Munn of VIUM Capital and JP LoMonaco of CBRE joined me for the discussion and all had fascinating and useful takeaways on the current state of the market. I ended the webinar with a question about what type of property each panelist would purchase themselves, if they had the equity to finance the rest of the acquisition with debt. Although much of the webinar centered around the seniors housing... Read More »Schedule a demo
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