Northland Networks Arranges Two Acquisition Loans
Northland Networks, a member of the First National of Nebraska family, ended 2024 on a high note, closing two acquisition financings for skilled nursing clients in the last several months. One was for a 59-bed skilled nursing facility in rural southern Kentucky that was built in the late-1970s by the same family that is now selling it. The facility could improve its operations, and that will be the task of a Northeast-based real estate investment firm to turn around with an operating partner. Seth Kahn of Northland arranged an acquisition loan with a bank, structuring it with a five-year term, one year of interest only, an attractive interest rate and at 80% loan-to-value. ... Read More »
CareCore Health Acquires in Ohio
Forest Healthcare Properties facilitated the sale of a 106-bed skilled nursing facility in Auglaize County, Ohio, that was built in 1984 and was 85% occupied. The seller was a real estate investment firm looking to exit the state, and the buyer was CareCore Health, which has nine other healthcare properties in Ohio and was looking to expand. Multiple offers were received. Forest additionally helped facilitate a transaction involving a Kentucky skilled nursing portfolio. The portfolio features over 1,000 beds, and the facilities were well-positioned with strong in-place cash flow in this off-market transaction. Both parties involved were large companies, one with a footprint in the... Read More »
Naples Senior Living Community Secures Refinancing
BWE arranged a $76 million refinance on behalf of a joint venture between Harbert Management Company and Senior Resource Group for The Carlisle Naples, a Class-A senior living community in Naples, Florida. Ryan Stoll and Taylor Mokris facilitated the financing. Built in 1998, The Carlisle features 257 independent living and 93 assisted living units on more than 18 acres and is operated by SRG. After acquiring the community in September 2021 for $101.5 million, or $290,000 per unit, when it was just 68% occupied, the joint venture completed an extensive capital improvement plan during the pandemic, driving both occupancy and rates post-renovation. The community is in a prime Naples location... Read More »
Montgomery Intermediary Group Closes First Loan
A few months after Montgomery Intermediary Group announced it was adding a healthcare real estate debt placement vertical alongside its investment sales platform, Jeremy Warren (the man hired to develop the new vertical) closed the group’s first loan. He successfully sourced and closed a refinance for a portfolio of three assisted living communities in Kansas. Built more than 20 years ago, the communities each feature between 20 and 30 units with a mostly Medicaid waiver census. Occupancy was nearly full at three of the locations, with very strong operating margins. The portfolio also benefited from a recent Medicaid waiver rate increase. There were three other similar communities that... Read More »
Welltower’s Executive Promotions
Welltower announced several executive promotions to start off the new year. First, John Burkart has been appointed Vice Chairman & Chief Operating Officer after previously serving as Executive Vice President – Chief Operating Officer. Prior to joining Welltower in 2021, Burkart spent 25 years at Essex Property Trust, most recently serving as Senior Executive Vice President and Chief Operating Officer. Burkart holds a BS in Finance from San Jose State University and an MBA in Real Estate from Golden Gate University. Next, Nikhil Chaudhri was appointed Co-President & Chief Investment Officer after previously serving as Executive Vice President – Chief Investment Officer.... Read More »
VIUM’s Recent Financings
As part of its record-breaking 2024, VIUM Capital closed three HUD 232/223f refinancing transactions totaling approximately $70 million for Texas-based Priority Management Group. The HUD loans paid off existing bridge debt and owner’s notes from acquisitions that occurred three years ago. Priority Management Group is a senior living owner/operator in Texas and Louisiana, and is a long-time client. The transaction was led by Scott Blount of VIUM. Additionally, in November, VIUM closed a $21 million bridge loan ($17 million initial and a $4 million earnout) for a 134-bed SNF in North Carolina. The recapitalization was used to pay off existing debt and a shareholder note, and to provide... Read More »
Regional Owner/Operator Acquires in Washington
Jason Punzel of Senior Living Investment Brokerage facilitated the sale of Moran Vista Senior Living in Spokane, Washington. Built in 1997 and expanded and renovated in 2008, it is situated on approximately 4.76 acres and comprises 131 (30 independent living, 86 assisted living and 15 memory care) units. Occupancy was 88% at the time of sale. The seller was a Pacific Northwest owner divesting to focus on core assets within its portfolio, and the buyer is a regional owner/operator with approximately 20 communities in Washington and Arizona. The community sold for $22.5 million, or $172,000 per unit, at a 3.06x GIM. Read More »
Ensign Expands in Tennessee and Alabama
The Ensign Group, Inc. acquired the operations of nine skilled nursing facilities in Tennessee and Alabama: Meadowbrook Healthcare and Rehabilitation Center (83 beds in Pulaski, TN), Wellpark Health and Rehabilitation (30 beds in Knoxville, TN), Legacy Park Health and Rehabilitation (176 beds in Knoxville), VanAyer Senior Living and Rehabilitation (91 beds in Martin, TN), Union City Health and Rehabilitation (115 beds in Union City, TN), Decatur County Healthcare (125 beds in Parsons, TN), Savannah Nursing and Rehabilitation (120 beds in Savannah, TN), Westwood Nursing and Rehabilitation (90 beds in Decaturville, TN) and The Health Center at Research Park (91 beds in Huntsville, AL). ... Read More »
VIUM Capital’s Record 2024
VIUM Capital recorded its highest revenue producing year in the firm’s young history, closing 56 transactions totaling nearly $900 million in par in 2024. The financings varied from bridge to permanent debt (both taxable and tax-exempt) and funded 82 separate properties in more than a dozen states across the country. Of the financings, 37 were HUD/GNMA loans through HUD’s 232/223(f) program, totaling over $450 million of par. VIUM finished the 2024 fiscal year as the #2 ranked HUD healthcare lender in the country in both total volume and number of transactions closed. The year also witnessed VIUM’s HUD/GNMA servicing book surpassing $1 billion, securing multiple HUD Corporate Credit... Read More »
Public REIT Divests to Regional Owner/Operator
Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage were engaged to confidentially sell a senior living community in Maitland, Florida. The community comprises Savannah Court, which offers 102 units of assisted living, and Savannah Cove, which comprises 39 beds and 24 units of skilled nursing care. The seller was a publicly traded REIT, and the buyer was a regional owner/operator with strong experience in both SNF and AL assets. The buyer intends to conduct a robust physical plant upgrade immediately. This is a strong and attractive submarket within the Orlando MSA and the building improvements should be well-received. Read More »Schedule a demo
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