• CFG Provides Simi Valley Refinance

    Capital Funding Group (CFG) announced that it provided a $40 million loan to refinance an assisted living/memory care community in Simi Valley, California, with Meridian Capital Group arranging the transaction. Griffin Living, a large privately held real estate developer, obtained the loan, which repaid an existing construction loan and provided... Read More »
  • Pennant Releases Q2 Earnings

    The Pennant Group, Inc. has announced second quarter earnings for the year, coming out with adjusted diluted earnings of $0.14 per share, which is down from the year-ago quarter’s $0.17 per share but in line with various expectations. It seemed that more focused operations and portfolio pruning offset labor and inflationary headwinds. It also... Read More »
  • Greystone Provides $47 million in HUD Financing

    Greystone has provided a total of $47 million in HUD financing for five skilled nursing facilities in California, Connecticut, North Carolina and Ohio. The debt comprised $8.2 million for a 35-bed skilled nursing facility in San Diego, California, a $10.5 million loan for a 103-bed facility in Dayville, Connecticut, an $8.1 million loan for a... Read More »
  • 60 Seconds with Steve Monroe: Brookdale Has Great Start To Third Quarter

    Brookdale Has Great Start To Third Quarter Nearly two years ago, we wrote that the first half of every year was a census downer for the industry, but that the third quarter was always a winner. We are making history, or better said, you are making history. The first half of this year has been a winner, which it should have been because of the... Read More »
  • Avanath Acquires Northern California Portfolio

    Avanath Capital Management has acquired a six-property multifamily and affordable seniors housing portfolio in the Sacramento, California market. The communities sold for $182 million, or $176,400 per unit, and expand the real estate investment firm’s presence in the Northern California market.  The entire portfolio consists of four multifamily... Read More »

CareTrust REIT Planning a Behavioral Health Conversion

Blueprint Healthcare Real Estate Advisors has successfully advised its publicly traded REIT client, CareTrust REIT, on the sale of a 120-unit assisted living and memory care community in the Baltimore, Maryland area. Built in 1999, the community had struggled from an operational standpoint.  The team of Amy Sitzman, Giancarlo Riso, Kory Buzin, and Steve Thomes was originally hired to run a sales process in the community but later advised CareTrust REIT to structure a new lease with a multistate behavioral health operator. Then, that multistate behavioral health operator will convert the community into an addiction recovery center.  This acquisition marks the publicly traded REIT’s first... Read More »

JLL Handles SNF Texas Transaction

JLL Capital Markets has closed the sale of Methodist Transitional Care, a 100-bed/ 66-unit skilled nursing facility in Desoto, Texas. Equipped with advanced technology, the facility has the ability to offer intravenous therapy, physical therapy, speech therapy, occupational therapy, wound care, pulmonary care and many other treatments and services. Madison Marquette sold this asset with 13 years remaining on the lease. Based on first-year rent, the cap rate is 6.8%. This deal also includes two five-year renewal options.  The buyer of the amenity-filled facility is real estate development firm Location Finders International. Such amenities include a large state-of-the-art therapy gym,... Read More »

Family Owner/Operator Exits the SNF Business

Branford Hills Healthcare Center, a 190-bed skilled nursing facility in Branford, Connecticut, is no longer in the hands of the Shelton family, who ran operations since its construction in 1980. The facility sits on over 10 acres in Branford, Connecticut just a few miles outside of New Haven. It was expanded in 1991 and reported strong occupancy before the pandemic in excess of 94%, with revenues over $20 million. However, despite its close proximity to Yale New Haven Hospital and other referral sources in the county, the facility struggled during the pandemic. The Shelton family got the facility on the right track operationally leading up to the sale, which represents their exit from the... Read More »

Assisted Living Community Sells in Florida

Vitality Living Lady Lake, an 89-unit assisted living/memory care community in Lady Lake, Florida, has been sold just outside of the senior haven, The Villages. Built in 2010, the 89-unit community comprises 69 assisted living units along with 20 memory care units on over 9 acres. Occupancy stood around 72% in 2021. The seller was a Northeast-based real estate private equity firm which initially purchased the community as part of a larger portfolio.  However, this asset was an operational outlier from the rest of the portfolio. So, the seller hired Senior Living Investment Brokerage to find a buyer, which ended up being an unidentified regional owner/operator looking to add to their... Read More »

Bender Companies Invests in Active Adult

Chicago-based investment firm Bender Companies has spent $20.5 million, or $118,500 per unit, in Burbank Manor, a 173-unit active adult complex in Burbank, Illinois. Built in 1985, the apartments sit on 6 acres in the suburbs of Chicago. The property is well maintained and offers its residents a variety of amenities including secured outside entries, balconies, in-unit washers and dryers, and on-site parking with 300 tenant spaces.  The buyer is a company that shares a Chicago address with Bender. Burbank Manor previously sold in 2021 for $14.6 million, or $84,400 per unit. That means the seller, Advantage Management, sold the complex for 40% more than their original purchase price. Given... Read More »

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 »