Spotlight on Senior Care M&A, Sixth Edition
The SeniorCare Investor is releasing a mid-year update of its key valuation statistics for the assisted living, independent living and skilled nursing sectors in its latest report: Spotlight on Senior Care M&A. Check out the average prices and cap rates, as well as analysis of industry headwinds and tailwinds. Read More »
NY Owner/Operator Expands in Tennessee
Blueprint facilitated the sale of a seniors housing community in Tennessee. Amy Sitzman, Kyle Hallion and Giancarlo Riso handled the transaction, marketing the asset to a combination of national, regional and local buyers. Purpose-built in the late-1990s, the community is in an attractive submarket of eastern Memphis and features 77 assisted living and memory care units. It has a long history of stable occupancy and margin, however, it experienced notable performance declines stemming from the impact of the pandemic, like many other communities. The selected bidder is a Buffalo, New York-based owner/operator seeking to expand its Southeastern geographic footprint. Blueprint worked... Read More »
Elder Care Partners Purchases in Missouri
An 81-bed RCF that was in receivership and struggling operationally sold in Sedalia, Missouri. Plains Commercial Real Estate was engaged by the court appointed receiver, Mike Flanagan, to market and sell the facility that sits about 90 minutes from Kansas City. Built in 1987, Stoney Ridge Village was approximately 56% occupied at the time of marketing. It had been cash flow negative for a few years. The buyer was Northeast-based owner/operator Elder Care Partners, which has similar facilities in the state. The facility faced operational headwinds that accelerated the timeline to get to closing. Daniel Morris handled the transaction, which closed quickly in approximately seven weeks from... Read More »
Regional Owner/Operator Acquires Western Missouri SNF
Evans Senior Investments facilitated the sale of a skilled nursing facility in western Missouri. The seller was an independent owner/operator looking to exit the industry. Built in 1987, the facility comprises 199 beds across 4.4 acres. At the time of marketing, it faced several operational challenges, including a 2-star CMS rating, 54% occupancy and negative cash flows. ESI ran a competitive marketing process, targeting a select group of qualified buyers. During the process, ESI navigated the Right of First Refusal held by the existing operator. By bringing in a new buyer, a regional owner/operator with an existing presence in the state, the asset was able to sell at a competitive... Read More »
NewPoint’s New Way Forward with CEO Nick Gesue
NewPoint Real Estate Capital announced its strategic integration of the Alder View Capital (SVC) team into its platform. The move came on the heels of NewPoint’s appointment of AVC’s founder and CEO, Nick Gesue, as CEO of NewPoint itself. AVC’s Kevin Laidlaw and Cal Masterson will be joining Gesue at NewPoint, as well, adding to NewPoint’s deep bench of expertise. The combination will position NewPoint as a leading provider of borrower-centric capital solutions to the senior housing and care sector, in addition to the broader multifamily and residential housing sector. And the NewPoint platform provides AVC clients with access to a suite of lending options, including agency (Fannie Mae and... Read More »
Winterpast & Broadview Refinance in Georgia
CBRE arranged a refinancing of Vitality Living Frederica in Georgia on behalf of a joint venture between Winterpast Capital Partners and Broadview Real Estate Partners. Aron Will and Tim Root arranged the $14.8 million, three-year floating rate loan with 24 months of interest only through a regional bank. The community is between Savannah, Georgia, and Jacksonville, Florida, on St. Simons Island, the largest barrier island in the Golden Isles. It features 60 assisted living and 24 memory care units. Vitality Living, WCP’s affiliated operating partner, will continue to manage the community. Read More »
Ziegler Closes Two Transactions
Ziegler announced the closing of the Trinity Terrace $72.55 million Series 2024 bonds through the Tarrant County Cultural Education Facilities Finance Corporation. The transaction was structured without a mortgage or real estate pledged as security to bondholders. The Cumberland Rest, Inc. d/b/a Trinity Terrace is a not-for-profit corporation incorporated under the laws of the State of Texas in 1902 for the purpose of providing housing for aged and indigent Christian women. Trinity owns/operates a CCRC in Fort Worth, Texas, known as Trinity Terrace. The community, which sits on 5.457 acres, was originally opened in February 1983. It features 316 independent living apartments, 12 assisted... Read More »
Financing Obtained for SNF Portfolio Acquisition
First Citizens Bank announced that its Healthcare Finance business served as lead arranger of $115 million in financing for the acquisition of eight skilled nursing facilities in Illinois that comprise over 1,500 beds. The borrower is a Midwest-based healthcare real estate investment and management company that invests in a variety of post-acute facilities, with investments in over 24 states. Read More »
Arkansas Community Secures Financing
IPA Capital Markets, a division of Marcus & Millichap, announced the $35.53 million financing of Meadowview of Fayetteville, a 117-unit senior living community in Fayetteville, Arkansas. The ground-up development will feature 60 independent living units and 47 assisted living units. Frank Montalto secured the financing with a local bank on behalf of a private developer. Terms of the construction loan include a five-year term and 70% loan-to-cost at SOFR + 3.10%. Read More »
American Healthcare REIT Expands Cogir Relationship
American Healthcare REIT, which went public earlier this year, and Cogir Management USA expanded their relationship to 14 communities with AHR’s latest acquisition of four communities in Washington State. AHR acquired Mallard Landing in Battle Ground, Orchard Pointe in Port Orchard, Blossom Valley in Wenatchee and Blossom Creek in Wenatchee. Combined, the communities offer 207 units of assisted living and memory care. With this acquisition, Cogir now operates communities in Washington, California, Utah and North Carolina for AHR. Cogir, which acquired Cadence Living in late 2022, also now manages 22 communities in Washington and 84 communities across the United States. Read More »Schedule a demo
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