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 »
Carnegie Capital Finances Boston-Area Acquisition
A partnership between a regional New England operator and a private fund based in Atlanta acquired a 120-bed skilled nursing facility located about 40 miles from downtown Boston, Massachusetts. Built in the 1980s, the facility was occupied in the 80s. Its new owners were able to consummate the deal with an acquisition loan arranged by JD Stettin of Carnegie Capital. The financing included a $4 million bank loan and a $1.5 million working capital line of credit. Mr. Stettin arranged the bank loan to include an earn out upon achieving a 1.25x debt service coverage ratio, which represents 82% of the purchase price. It comes with a five-year term, fixed rate of 4.35% and two years of... Read More »
Eden Senior Care Acquires Cleveland Community
Skokie, Illinois-based Eden Senior Care added an undisclosed assisted living community located in the greater Cleveland, Ohio area to its portfolio, taking over operations from an East Coast based private equity firm. Eden Senior Care will hope to turn things around for the community, as occupancy was 47% and it was losing money on $2.1 million in revenue. Built in 1999, the community features 90 units in seven cottages, with a combination of assisted living and memory care. It comprises roughly 50,000 square feet and is close proximity to a plethora of shops and restaurants. Recently, the community has also undergone multiple amenity renovations since the start of 2017. Evans Senior... Read More »
Standard Communities Acquires California Portfolio
Standard Communities acquired three California seniors housing communities, comprising a total of 559 rental units in Anaheim, San Diego county, and the Bay area. They will be taking over operations from Denver-based property management group AIR Communities, with plans to upgrade the plumbing, HVAC electrical, fire safety and security, as well as make general repairs. Heritage Village Anaheim is a spacious and upscale community consisting of 196 units. According to property records the purchase price was $64 million or about $326,531 per unit. Heritage Park Livermore, located just outside of San Francisco, comprises 167 units with an array of amenities. With rents starting at $2,000 a... Read More »Schedule a demo
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