• National Real Estate Investment Group Acquires 24-Property Portfolio

    Ikaria Capital Group announced the successful funding of a $270 million term loan and $30 million preferred equity investment for a national private healthcare real estate investment group to support the acquisition of a 24-property skilled nursing and seniors housing portfolio located in the Pacific Northwest. First Citizens Bank led the bank... Read More »
  • The Zett Group Sells Idaho Portfolio

    A trio of small, well-performing assisted living communities in rural Idaho sold with the help of Blake Bozett and Spud Batt of The Zett Group. The pair represented a mom & pop who were looking to retire after nearly 25 years of operating. Terri and Carl Pendleton built the first 16-unit assisted living community in Gooding, Idaho, and added... Read More »
  • JV Buyer Acquires Two Communities From Separate Sellers

    Helios Healthcare Advisors structured the sale and arranged joint venture equity for the acquisition of two assisted living/memory care communities in Alabama on behalf of separate sellers. Helios was initially engaged by the Episcopal Diocese of the Central Gulf Coast to identify a buyer that would preserve the legacy of Murray House Assisted... Read More »
  • Detroit Redevelopment Sees Senior Apartment Conversion

    KeyBank Community Development Lending and Investment provided $43.6 million in construction loans and arranged $7.6 million in permanent loans for the acquisition and rehabilitation of Lee Plaza in Detroit, Michigan. The 15-story, Art Deco historical landmark will be converted to affordable senior apartments. The building will include a total of... Read More »
  • Montana Not-For-Profit Secures Bond Financing

    Ziegler announced the closing of Immanuel Living at Buffalo Hill’s $50.88 million Series 2025ABC bonds through the City of Kalispell, Montana. The Montana not-for-profit operates a senior care community in Kalispell, Montana, that is located on a 13-acre campus with 171 independent and assisted living units as well as 155 licensed skilled nursing... Read More »
60 Seconds with Swett: What Could Stop the M&A Momentum?

60 Seconds with Swett: What Could Stop the M&A Momentum?

Last week, we recorded our 560th deal of 2024, which breaks the annual record for M&A volume across seniors housing and skilled nursing transactions. And we have more than two months to go. So there can be no dispute that we will set an M&A record this year, and by a large margin. But could 2024 actually end with a whimper? We ask that because the 10-Year Treasury rate, which fell to 3.6% in September, the lowest level in more than a year and a half, is now above 4.2%, or the highest level since July. Much of the optimism at the NIC conference last month hinged on the Fed’s 50-basis point rate reduction in September and the 10-Year rate was at its low then too, but what about now?... Read More »
Brookdale and the Golden Age

Brookdale and the Golden Age

A lot has been made recently of the looming Golden Age of seniors housing. An analyst at Jefferies & Co. came out with a strong recommendation of Brookdale Senior Living and its potential to take advantage of the upcoming age wave. They referred to Brookdale as the leading senior living provider well positioned for this. A more accurate description would be the largest senior living provider. It did not matter, as the share price jumped by 12% during the day on very heavy volume. But we have seen this movie before. To take advantage of the Golden Age a few things have to happen, and one is to negotiate a new lease for its 121 properties with Ventas that will provide more cash flow to... Read More »
Do Elections Matter?

Do Elections Matter?

In less than three weeks we will be having an election that could set the stage for what happens in the country for many years to come. Or not. There is always a lot of fearmongering over what one candidate will do compared with the other. Usually, change comes slowly, or not at all. As is usually the case in presidential elections, there is little talk about senior care, other than the growing costs of entitlements, with no reasonable solutions coming from either side. It is a topic that is easily avoided, and we are tired of the lip service. But in Washington State, there are several initiatives on the ballot, one of which involves taxes and LTC insurance. You will remember that... Read More »
The People’s Republic of New York At It Again

The People’s Republic of New York At It Again

The saga of The Harborside on New York’s Long Island has been more than a decade in the making. Opened in 2010 and originally known as Amsterdam of Harborside, a not-for-profit entity, it has now filed for bankruptcy protection three times (2014, 2021 and 2023). Nothing like a little financial uncertainty to drive census, which is at about 50%. There are about 330 IL and AL units. Nearly 10 months ago, the bankruptcy court approved the sale to Iowa-based Life Care Services (LCS), partly because they agreed to keep it open, pay down the entrance fees to people who had moved or to their estates, and invest some capital. From media reports, it appears the residents wanted LCS to buy it, as... Read More »
Brookdale’s Still Lagging

Brookdale’s Still Lagging

After Brookdale Senior Living finally topped 80% in month-end occupancy in August, reaching 80.4%, the company reported 80.5% in month-end occupancy for September, indicating weaker momentum going into Q4 compared to prior years. We said improvements would need to be maintained through Q4 to head into the winter/flu season in a strong position. So far, the company is, unfortunately, only maintaining, with just a 10 basis point increase from August to September.  Brookdale also reported a Q3 average occupancy of 78.9%. Yes, this is an 80-basis point increase quarter over quarter and a 130-basis point increase year over year, but it is typical to see senior living occupancy grow the... Read More »
Brookdale and the Golden Age

Update on Retirement Unlimited Inc.

Many of you read in our online posts that the President of Retirement Unlimited Inc. (RUI), Doris-Ellie Sullivan, is out and that a lot of other changes have transpired there. But perhaps the biggest story is how Welltower and its RUI relationship went off course. Brandywine Living and Welltower sold the Brandywine management business to RUI in a transaction that closed late in 2023. Welltower owned the assets so was in the driver’s seat on what would happen in the future. Welltower had a previous relationship with the owner of RUI, Bill Fralen, who had owned a lot of SNFs but was growing his seniors housing business through RUI. It seemed like a good financial fit. But something went... Read More »