Avamere Exits New Mexico Market
Wilsonville, Oregon-based Avamere Family of Companies has exited the state of New Mexico with the sale of its 85-bed transitional care facility in Albuquerque. The short-term rehab facility was a popular referral destination for the area’s largest hospitals, and it was experiencing rapid census growth following an operator transition in 2019. Financial performance was improving too, with total revenues exceeding $8.5 million. Following the marketing process, five competitive offers were submitted, with a regional owner/operator looking to expand their footprint in the state, ultimately succeeding. Blueprint Healthcare Real Estate Advisors Amy Sitzman, Jacob Gehl, Humair Sabir and... Read More »$200 million CCRC Development in the Works Near Cincinnati
Just outside of Cincinnati, in Fort Mitchell, Kentucky, plans have been initiated to build a 262-unit entrance fee CCRC. In charge of the development is Greenbrier Development, a Dallas-based seniors housing consulting group and developer. They are partnering with Brandicorp and St. Elizabeth Healthcare, which intend on investing between $20 million and $25 million into the development. The first phase of the development is expected to cost upwards of $200 million, or $760,000 per unit. This will be Greenbrier’s first ground-up development in the region. The structure of the community will comprise 196 independent living units, 18 assisted living units, 24 memory support units and 24... Read More »Helios Structures Partnership Buyout
Helios Healthcare Advisors has structured a partnership buyout of an Indiana-based assisted living and memory care provider. The company, which included Hendricks County Hospital as an owning partner, operated Golden LivingCenter – Woodbridge, a 67-unit assisted living/memory care community in Evansville, Indiana. Acquired by the partnership in 2012, the community underwent a complete renovation in 2015 and reopened as the first standalone memory care community in Evansville, before an expansion added traditional assisted living units as well.In 2019, Helios helped secure construction financing for that project. Post-expansion and renovation, Helios then worked to recapitalize the... Read More »Meridian Announces Slew of Senior Care Transactions
So far in 2022, Meridian Capital Group’s Senior Housing and Healthcare Team has closed $2.2 billion in transaction volume, following a record year in 2021 where they closed nearly $5.6 billion. The latest transactions were negotiated by Meridian’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, along with Vice Presidents, Matt Lesnik, Jesse Rauch, and Rafi Sod, and Senior Associates, David Gottlieb, Jacob Scott, and Yuval Hananya, as well as Associate, Dylan O’Connor. Starting with the sales, the team sold two skilled nursing facilities in New York totaling 515 beds for $129.3 million, or $251,000 per bed, and arranged a $129.5 million loan, which... Read More »
More Good Occupancy News
Brookdale Senior Living just reported that its May weighted average occupancy increased by 70 basis points from April, to 74.6%. Even better, month-end occupancy in May increased by 90 basis points in May compared with the end of April, hitting 76.2% at the end of May. That’s 460 basis points higher than the end of May in 2021. And, they had more than 2,000 move-ins in May. This is all counter to the usual performance in the second quarter for the industry, so all is good. Except (always an except), Brookdale’s overall census is still quite low at 76.2%, and needs a lot more of these 90-basis point increases. The third quarter is historically the strongest of the year for... Read More »Schedule a demo
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