Evans Senior Investments Pennsylvania Portfolio
Evans Senior Investments announced the sale of a skilled nursing and seniors housing portfolio in the state of Pennsylvania, representing an in-state owner/operator in their exit from the industry. The portfolio consisted of three properties comprising a total of 395 beds of skilled nursing and 32 units of seniors housing. The purchase price of the portfolio was $39 million, or $91,000 per bed. At the time of marketing, occupancy averaged around 64%, with total portfolio revenue of $27.2 million and an operating loss of -$1.5 million. The portfolio struggled with regulatory deficiencies and staffing shortages, which dropped occupancy to 57% during the transaction process. Evans secured a... Read More »Cushman & Wakefield Refinances IL/AL Portfolio
Cushman & Wakefield announced it has arranged a $51 million refinance of an independent living and assisted living portfolio on behalf of Kisco Senior Living. The three-property portfolio comprises 477 units and spans across the states of California, Texas and North Carolina. The communities within the portfolio are Cypress Court in Escondido, California, Villa de San Antonio in San Antonio, Texas, and Heritage Woods in Winston-Salem, North Carolina. The new loan, which was provided by a national bank, is retiring existing debt. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Sam Dylag represented the borrower in the transaction. Read More »
60 Seconds With Swett: Not-For-Profits Could Have a Tough 2023
The pandemic adversely affected all senior care companies in the last three years, but not-for-profits seem to have been hit the hardest. First seeing their occupancies decline, they were then hit by inflation and soaring wages, which, when you generally have expense management issues in good times, is a devastating combination. The generosity to support several years of losses at these organizations is noble, but their boards can’t sustain those struggling businesses forever, especially when their mission could be better served in other capacities. We recently saw the debacle at the not-for-profit ProMedica where Welltower let the health system off the hook with its underwater leases for... Read More »
Charter Senior Living Will Operate High-End Miami Community
An upscale independent living community in the Westchester neighborhood of Miami, Florida, is set to open its doors in the new year, Miami-based commercial real estate owners and developers AJP Ventures and Mas Group, in addition to equity partner OCTA, completed construction of The Contemporary, which features one- and two-bedroom units on a six-acre campus. Charter Senior Living will operate it upon opening. Located on the same campus is MedSquare Place, a medical office building also in development by the two developers. Read More »BWE Closes $62 Million To Finance Five Seniors Housing Communities
Bellwether Enterprise Real Estate Capital LLC (BWE) announced it has closed $62 million in loans to finance five seniors housing communities in the Carolinas and New York. The properties consist of three assisted living and memory care communities in the Greenville, South Carolina market, one assisted living/memory care community around Charlotte, North Carolina, and a 150-unit affordable senior housing development in Kenmore, New York. The South Carolina communities were Fairview Park Senior Living of Simpsonville, Oakview Park of Greenville and Spring Park of Travelers Rest, and all received a $42.6 million Fannie Mae loan originated on behalf of the borrower, Atlas Senior Living.... Read More »Schedule a demo
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