• Not-For-Profit Expands Texas Footprint

    Buckner Retirement Services, Inc., a not-for-profit senior living provider, acquired a CCRC in Texas. This will be the seventh senior living community owned/operated by Buckner in the state. The seller, Lifespace Communities Inc., acquired the community in 2019 and has operated it since. Lifespace was focused on finding a buyer with similar... Read More »
  • Fast-Growing SNF Operator Files for IPO

    There may be a new publicly traded senior care company on the horizon, as PACS Group, a Utah-based skilled nursing operator with more than 200 facilities in its current portfolio, filed for an initial public offering with the SEC on March 13. It plans to list on the NYSE under the symbol PACS. The company is barely 10 years old but has grown its... Read More »
  • Ziegler Handles Chicago SNF Deal

    A for-profit buyer is taking over ownership of a not-for-profit skilled nursing facility in an affluent north Chicago suburb. Ziegler acted as advisor to the Illinois-based not-for-profit seller, with Managing Director Nick Glaisner leading the transaction and Melanie Shaffer in support.  This was an older, multi-story facility, having been built... Read More »
  • Blueprint Sells Plano Property

    Blueprint facilitated the sale of a seniors housing community in Plano, Texas. Built in the late 1990s, the community offers 65 units of assisted living and memory care. The buyer was a regional owner/operator looking to expand in the state. The seller, a developer/investor, is divesting the community after selling over 12 geographically... Read More »
  • Dwight & Co Adds to Services and Team

    Dwight & Co has expanded its seniors housing and healthcare financing solutions by launching working capital revolving lines of credit (revolvers). The company also announced a couple of new hires.  The revolvers will integrate into Dwight’s existing bridge, mezzanine, and HUD healthcare lending platform, providing a comprehensive... Read More »
Not-For-Profit Expands Texas Footprint

Not-For-Profit Expands Texas Footprint

Buckner Retirement Services, Inc., a not-for-profit senior living provider, acquired a CCRC in Texas. This will be the seventh senior living community owned/operated by Buckner in the state. The seller, Lifespace Communities Inc., acquired the community in 2019 and has operated it since. Lifespace was focused on finding a buyer with similar values. The Shayton at Museum Way is an 11-story CCRC in Fort Worth. It comprises 188 independent living, 46 skilled nursing, 42 assisted living and 20 memory care units. The anticipated closing is June 2024, however, it may occur as soon as late April. The transaction is subject to regulatory approvals and customary closing conditions. The transaction... Read More »
Fast-Growing SNF Operator Files for IPO

Fast-Growing SNF Operator Files for IPO

There may be a new publicly traded senior care company on the horizon, as PACS Group, a Utah-based skilled nursing operator with more than 200 facilities in its current portfolio, filed for an initial public offering with the SEC on March 13. It plans to list on the NYSE under the symbol PACS. The company is barely 10 years old but has grown its reach to nine states, serves more than 20,000 patients daily and reported $3.1 billion of total revenue in 2023. NOI in 2023 reached $112.9 million, while adjusted EBITDA was $276.5 million. It also has about $732 million of debt on its books. As recently as 2020, the company only had 65 facilities in its portfolio, so the bulk of its acquisitions... Read More »
Ziegler Handles Chicago SNF Deal

Ziegler Handles Chicago SNF Deal

A for-profit buyer is taking over ownership of a not-for-profit skilled nursing facility in an affluent north Chicago suburb. Ziegler acted as advisor to the Illinois-based not-for-profit seller, with Managing Director Nick Glaisner leading the transaction and Melanie Shaffer in support.  This was an older, multi-story facility, having been built more than 100 years ago with additions made over time. The facility features more than 100 licensed beds, but ownership operated at under 100 beds at the time of the transaction. It was losing money on relatively stable occupancy, suggesting that expenses were a little inflated (typical of most not-for-profit owners). But that also means the... Read More »
Blueprint Sells Plano Property

Blueprint Sells Plano Property

Blueprint facilitated the sale of a seniors housing community in Plano, Texas. Built in the late 1990s, the community offers 65 units of assisted living and memory care. The buyer was a regional owner/operator looking to expand in the state. The seller, a developer/investor, is divesting the community after selling over 12 geographically disparate, older-vintage communities as part of a larger exit strategy. These communities were purchased in a sizable portfolio transaction pre-pandemic, under a value-add thesis that would switch operators to create regional groupings coupled with the intent to meaningfully invest in renovations and repositioning. However, the pandemic and rising interest... Read More »
Dwight & Co Adds to Services and Team

Dwight & Co Adds to Services and Team

Dwight & Co has expanded its seniors housing and healthcare financing solutions by launching working capital revolving lines of credit (revolvers). The company also announced a couple of new hires.  The revolvers will integrate into Dwight’s existing bridge, mezzanine, and HUD healthcare lending platform, providing a comprehensive suite of financial solutions for healthcare operators. In January 2024, Dwight closed its first two revolvers and also has a strong pipeline of new business. The revolvers were structured to complement Dwight’s bridge mortgage loans. In addition, to support its originations, underwriting, capital markets, asset management and servicing areas of... Read More »
Fast-Growing SNF Operator Files for IPO

Steady As She Goes For Chartwell

Chartwell Retirement Residences, the largest operator of seniors housing in Canada, posted a slight 20-basis point decline in census in February, to 85.5%. They are forecasting no drop for March and a 20-basis point rise for April. If that holds, they will escape the winter census blues, and the December to April period would end up showing an 80 basis-point increase. Chartwell had a remarkable run in 2023, with occupancy increasing by 520 basis points, certainly an above-average jump for 12 months, especially a few years after the bottom. They are expecting rate increases in 2024 to average 5%, and same-community margins to increase by about 400 basis points in 2024 to 38%, from 34% in... Read More »
Carnegie Capital Finances Two SNF Acquisitions

Carnegie Capital Finances Two SNF Acquisitions

JD Stettin of Carnegie Capital could not get enough of Texas this month, closing two loans for skilled nursing facilities in the state before attending the NIC Conference in Dallas. Both loans facilitated acquisitions of the facilities. In one, Stettin arranged the assumption of a HUD loan on a 120-bed SNF in west Texas, which carries a sub-3% rate and represented 75% of the purchase price.  The same seller also divested a 150-bed SNF in west Texas, after its relationships with local admissions sources faded over the last year. That led to a substantial decrease in the Medicaid census and cash flow, and upon closing the acquisition, the facility’s EBITDAR was negative, excluding QIPP... Read More »
Knapp-Stahler Group Inks Idaho Deal

Knapp-Stahler Group Inks Idaho Deal

Nick Stahler and Chad Mundy of the Knapp-Stahler Group at Marcus & Millichap facilitated a successful seniors housing transaction in Idaho. The team worked on behalf of the original developers and owner/operators of the community, who are leaving after more than two decades of ownership.  The community, completed in two phases, comprises 51 independent living and assisted living units, with 73 beds. An owner/operator with a strong presence in Idaho bought the asset for an undisclosed price. The transaction was completed with the assistance of conventional bank financing. Read More »
60 Seconds with Swett: Reflections on Spring NIC

60 Seconds with Swett: Reflections on Spring NIC

Maybe it was because Spring is around the corner, but the mood at the NIC in Dallas was relatively better, especially compared with the mood of the last three conferences when rising interest rates soured things in Fall 2022, the banking crisis of early 2023 affected last Spring and last Fall most were resigned to the reality of high rates and low values. That acceptance of the present market conditions means that almost no one is happy, but that they are more ready and willing to do deals again. And we heard of more performing, Class-A properties and portfolios hitting the market and receiving interest from buyers. More than in the previous year. On the lending side, banks are not totally... Read More »
Fast-Growing SNF Operator Files for IPO

Brookdale Census Holds Steady So Far

We all know that historically the winter months have never been kind to nursing home census. Known as the flu season, occupancy tends to drop in the first quarter by 50 to 100 basis points, if not more. The same has been true for assisted living, especially since acuity levels started rising more than a decade ago. The one exception for some providers was during the pandemic recovery, when census was ramping up at unprecedented rates in general, and the flu was nothing compared with COVID. Brookdale Senior Living just announced its February occupancy results, and while they noted it was an improvement from “normal” pre-pandemic seasonality, first quarter-to-date occupancy declined by 40... Read More »
REIT Divests in Colorado

REIT Divests in Colorado

Senior Living Investment Brokerage was brought on by a REIT in its divestment of a seniors housing community in Colorado. This was its tenant’s only managed asset in the state. The buyer was a Colorado-based owner/operator growing its portfolio. The purchase price was $3.0 million, or $36,100 per unit and $27,800 per bed.  Built in 1982 and 1989, Devonshire Acres offers independent living, assisted living and skilled nursing in Sterling on 10 acres. There was also a large greenhouse added in 2021 for residents to enjoy gardening. The community comprises 24 IL/AL and 68 SNF beds, with 15 IL/AL and 84 SNF units. Occupancy, as of April 2023, was 86.7% for the IL/AL component and 71.3%... Read More »