Brookdale Continues To Grow Census
Brookdale Senior Living continues to see census growth, posting its best second quarter sequential weighted average occupancy growth in more than 10 years. And remember, the second quarter has not been the industry’s friend for the past decade or so, so this is a great set up for the rest of the year. Weighted average occupancy in June was 75.2%, up 60 basis points from May and up 400 basis points from June in 2021. Before we pop the corks, occupancy in the mid 70 percent range is still quite low, and a far cry from Brookdale’s 84.5% in the fourth quarter of 2019, or 89.0% in the fourth quarter of 2013. But it is a step in the right direction. It is just that we need to see a lot of these... Read More »60 Seconds with Swett: Healthcare M&A Activity Drops
The second quarter saw senior care M&A sustain its very high level, but deal activity across the other 12 healthcare sectors that we track on our LevinPro HC platform experienced a 9% drop in dealmaking from 622 publicly announced deals in the first quarter of 2022 to 568 in Q2. Compared to Q4:21, the quarterly deal total has also dropped by over 10%. We cover a number of healthcare sectors from hospitals and home health to eHealth and Biotech, and the most popular sector of late (by far) has been Physician Medical Groups. Last quarter, we recorded 142 PMG deals, 54% of which were made by a private equity buyer. Compare that to 5% of the 135 long-term care deals announced in the second... Read More »Greystone Refinances Carrington at Lincolnwood
Greystone arranged a $116 million bank refinance of Carrington at Lincolnwood, a large seniors housing community in the Lincolnwood suburb of Chicago. The community comprises a total of 383 units, split between 251 independent living units, 88 assisted living units and 44 memory care units. It was co-developed by South Bay Partners and Chicago’s Bluhm family. Greystone’s Cary Tremper and Matt Miller secured the refinancing for Dallas-based Harbert South Bay, the result of a December 2021 merger between Harbert Management Corp. and South Bay Partners. Read More »Ziegler Closes Bond Financing for Eliza Jennings
Investment bank Ziegler has officially closed $24.405 million of bond financing for Ohio-based Eliza Jennings, a not-for-profit organization that currently owns and operates three senior living campuses in the state. The campuses comprise 75 independent living apartments and villas, 89 assisted living units and 216 skilled nursing beds. The first campus is The Renaissance, in Olmsted Falls, consisting of 314 units of senior living. Its second community Devon Oaks, located in Westlake, is a 66-unit assisted living community. Lastly, the third campus is The Eliza Jennings Home, a skilled nursing facility operating 126 beds in the city of Cleveland. The Series 2022A bonds are... Read More »Health Dimensions Group Sells Two SNFs in Minnesota
Health Dimensions Group, a Minnesota-based regional owner/operator, divested two older skilled nursing facilities in its home state. One facility is located in the Minneapolis market, while the second is about 2.5 hours north of the city. Totaling 234 beds, both facilities were originally built in the 1960s but were recently refurbished by HDG. Occupancy was very strong at 90%, and the quality mix topped 40%, but expenses ran high across the facilities. Plus, performance dropped off slightly during the transaction process. Nevertheless, Blueprint Healthcare Real Estate Advisors’ Amy Sitzman and Giancarlo Riso approached four groups and received three strong written offers. Mordy... Read More »Schedule a demo
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