• Ziegler Secures Financing 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... Read More »
  • BWE Secures Refinance for Virginia IL/AL/MC Community

    BWE secured $47 million to refinance a seniors housing community in Richmond, Virginia. Built in 2015, Discovery Village at the West End comprises 219 units of independent living, assisted living and memory care. There is a 124-unit independent living building and a 95-unit assisted living and memory care building. Discovery Senior Living manages... Read More »
  • Local RCFE Owner/Operator Grows in California

    Sherman & Roylance handled the sale of seniors housing communities in California. The assisted living/memory care communities are in Whittier and comprise 32 beds total. The seller was a long-standing family owner/operator, and the buyer was a local RCFE (Residential Care Facilities for the Elderly) owner/operator looking to expand its... Read More »
  • JLL Expands Alternatives Group

    JLL hired Senior Director Will Childs and Director Brian Spillers to focus on seniors housing and healthcare properties within its alternatives group, led by Executive Managing Director Bryan Lockard. Childs will focus on providing specialized seniors housing valuation and market study services of single assets to large portfolio transactions... Read More »
  • Brookdale’s June Occupancy Should Be Higher

    Brookdale Senior Living reported June and second quarter 2024 occupancy, and while census increased, is it enough to carry them through next year’s winter season? Probably not, unless they have a huge July and August, which is possible, but not likely. Weighted average occupancy for June came in at 78.2%, up 10 basis points sequentially, but... Read More »
60 Seconds with Swett: 2024 On Track for Record M&A Year

60 Seconds with Swett: 2024 On Track for Record M&A Year

We have been saying for the past few months that we are currently on a record pace of M&A activity for seniors housing and care properties, and our preliminary results for the first half of the year show 334 publicly announced transactions. That is not only a record for any six-month period, but it is about 100 deals higher than the 236 recorded in the first half of 2023 and surpasses the 299 deals reported in the first half of 2022. Annualized, that puts 2024 deal volume at 670 transactions, which would also clearly be a record and more than 100 transactions higher than the previous annual record of 559 deals in 2022. And looking at Q2 alone, we recorded 183 transactions, which puts... Read More »
60 Seconds with Swett: 2024 On Track for Record M&A Year

60 Seconds with Swett: CCRCs Lead the Occupancy Recovery

The CCRC market continues to lead all other sectors in its occupancy recovery, post-pandemic. Yes, we are talking about a smaller market, and many of these communities tend to be higher-end, luxury properties mostly in primary markets that have generally demonstrated better resilience in recent years. But the sector has not always been the bright spot in seniors housing, especially after the Great Financial Crisis, so this is new territory. Ziegler and NIC MAP partnered on a report detailing the occupancy gains in each CCRC segment for more than 1,160 CCRCs, including not-for-profit and for-profit, plus entrance-fee and rentals in 140 MSAs. Independent living was the highest, averaging... Read More »
60 Seconds with Swett: 2024 On Track for Record M&A Year

60 Seconds with Swett: WSJ’s Private Equity Analysis in Health Care

Last week, The Wall Street Journal published an article examining private equity activity in the healthcare M&A market, specifically that its activity was down compared with 2023 because of increased regulatory scrutiny and higher interest rates. The article cited Pitchbook transaction data, and some of the numbers left our editors at our sister platform LevinPro HC, which exclusively covers the healthcare M&A market, scratching their heads. According to Pitchbook, as cited in the article, there were 180 PE add-on deals, or when a PE firm buys a company through a portfolio company, through May 28. Our numbers are higher, as LevinPro HC recorded 193 deals from a PE-backed company,... Read More »
60 Seconds with Swett: 2024 On Track for Record M&A Year

60 Seconds with Swett: Private Equity Ownership in Health Care

We have long been tired of the often-inaccurate claims of “private equity’s takeover of the nursing home industry” and the too-simplistic or misleading correlations between PE ownership and quality of care. Of course there are never any mentions of the need for SNF owners to make a profit or the benefits of fresh capital injections into the industry and into aging physical plants. We have also written several times that, according to our data, PE firms have only been the buyers in about 5% of SNF deals, a share that has actually shrunk in the last couple of years.  Seniors housing was higher, above 10% of acquisitions, but a study done by our sister site LevinPro HC shows that several... Read More »
A Webinar Wrap-Up on 2023 M&A Valuations

A Webinar Wrap-Up on 2023 M&A Valuations

The SeniorCare Investor recently hosted a webinar titled “2023 M&A Valuations and 2024 Predictions” with moderator Ben Swett, Managing Editor of SCI, Managing Director of Senior Living Investment Brokerage Bradley Clousing, Senior Managing Director and Head of Healthcare Services of Oxford Finance Tracy Maziek, and Principal of Scribner Capital James Scribner. After a chaotic and difficult year, in this webinar, the panelists dissected what exactly happened in 2023, how values changed and what motivated buyer and seller decisions. The webinar kicked off with a review of many statistics available in the soon-to-be-published Senior Care Acquisition Report, starting with how M&A... Read More »
60 Seconds with Swett: 2024 On Track for Record M&A Year

60 Seconds with Swett: SNF Values Drop

We are in the middle of compiling our 2023 M&A statistics for the soon-to-be-released 29th Edition of The Senior Care Acquisition Report, and the difficult year that was 2023 is coming clearer into focus, at least from a valuation perspective. We’ll preview the skilled nursing market first, which remained relatively strong despite the numerous headwinds facing the sector. On the other hand, some of the tailwinds like rising reimbursement rates, falling supply of licensed beds and revenues from related ancillary businesses have helped prop up valuations. We heard consistently throughout 2023 that values for SNFs had dropped between 10-15% from their peak around 2021 and early 2022, BUT... Read More »