LTC Properties Completes Brookdale Portfolio Restructuring
Even though it took a year, the 35 assisted living communities that had been leased by LTC Properties to Brookdale Senior Living have now found homes, with some being new. The leases were set to expire at the end of 2023, and in early 2023 discussions began in earnest. It appeared that Brookdale did not want to renew at the then existing lease rate, at least not for all 35, so it looked like they were going to walk. What is often forgotten in these negotiations is how much overhead these portfolios cover, especially when concentrated in areas where the tenant already has many other properties. After looking like Brookdale was putting them in the rearview mirror, they came back to the table... Read More »
SLIB Sells Senior Care Campus in Iowa
As a local, Masonic not-for-profit exited its senior care campus in Bettendorf, Iowa, a Florida-based private owner stepped in to take over ownership. The buyer has additional communities in Iowa, so the deal is part of an effort to strategically grow in the eastern part of the state. Ryan Saul and Nick Cacciabando of Senior Living Investment Brokerage handled the transaction. Iowa Masonic Health Facilities & Masonic Village is located in the Quad Cities area, near the Illinois border on the Mississippi River. It consists of a 79-bed skilled nursing facility that was originally built in the early 1900s and 40 independent living villas. Built in the late-1980s, the villas come in one-... Read More »
Virginia CCRC Finances Expansion
Ziegler announced the closing of Williamsburg Landing’s $76.91 million Series 2024A, 2024B and 2024C bonds (together, the Series 2024 Bonds). Williamsburg Landing is a CCRC on 138.56 acres in Williamsburg, Virginia. The campus was originally built in 1982 and now comprises 317 independent living units, 73 assisted living units, 36 memory care units and 58 skilled nursing beds. It is accredited by the Commission on Accreditation of Rehabilitation Facilities (CARF), with its most reaccreditation in 2019. In 2018, the campus acquired 15.3 acres of undeveloped land adjacent to the existing campus, on which they will develop an expansion known as Anchor Cove that will feature 27 terrace homes,... Read More »
Not-For-Profit Divests in Ohio
Blueprint closed the sale of a CCRC in Beachwood, Ohio, on behalf of the not-for-profit seller, as it was facing challenges due to increased healthcare staffing and a shift in competitive landscapes. Menorah Park totals 594 licensed skilled nursing beds, 288 assisted living and memory care units, and 193 independent living units. The community was founded in 1906, moved to its current location in 1968, and expanded since then. The 355-bed Menorah Park Nursing Home was built in stages between 1968 and 2015, which was followed by a 193-unit independent living community called R.H. Myers Apartments added in 1978. Stone Gardens & Helen’s Place (118 assisted living/memory care units)... Read More »
Encore Acquires Largest Campus in Illinois
Newly launched Continuum Advisors, founded by David Kliewer and Jay Jordan, sprinted to the end of the year with several closings in the last week of December. First, Continuum arranged the sale of the largest senior living campus in Illinois. Friendship Village of Schaumburg was built in phases from the late-1970s to 2007 and features 512 independent living apartments, 28 IL garden homes, 85 assisted living units, 24 memory care units and 169 skilled nursing beds, or 818 units and beds, total. It sits on over 60 acres in the affluent Chicago suburb of Schaumburg, about 30 miles northwest of downtown. In 2017, Friendship Village refinanced its debt and funded campus renovations through a... Read More »
SLIB Handles Two REIT Divestments
Senior Living Investment Brokerage’s Brad Clousing and Dan Geraghty closed a couple of portfolio sales at the end of 2023 on behalf of a publicly traded REIT. The larger deal consisted of four assisted living communities and 173 total units in Florida. They are located in Spring Hill, Fort Myers, Niceville and Tallahassee. The portfolio generated interest from multiple parties, but Opal Senior Living ended up as the buyer, for an undisclosed price. Clousing and Geraghty also sold a portfolio of three assisted living communities with 128 total units in South Carolina to Mainstay Senior Living. According to an announcement from Mainstay, the acquired communities have been renamed to Ansley... Read More »
ESI Facilitates Sale of Oklahoma SNF
Evans Senior Investments facilitated the sale of a skilled nursing facility on behalf of a private owner/operator. The facility comprises 95 beds in Oklahoma and boasts a five-star rating, which attracted a competitive and qualified pool of potential buyers. The selected buyer was a private, West Coast-based investor with a history of skilled nursing operations and property ownership. The facility will be managed by a local operator that is expanding their footprint in the state. No other details were disclosed. Read More »
Not-For-Profit Owner/Operator Divests in Texas
Plains Commercial facilitated the sale of a skilled nursing facility on behalf of a not-for-profit seller looking to consolidate its operational footprint closer to its home office in Lubbock, Texas. The buyer is a Dallas-based owner/operator looking to grow its footprint. Built in 1965, Senior Village Nursing Home comprises 60 licensed beds in the rural town of Perryton in the panhandle of Texas. At the time of sale the facility was struggling from low census with around 20 occupied beds, and it was cash flow negative. The facility offers the buyer, Capstone Healthcare, significant upside through further lease-up and operational changes. Daniel Morris handled the... Read More »
SLIB Sells Chicagoland Portfolio
Fresh off an active 2023, Ryan Saul of Senior Living Investment Brokerage kicked off 2024 with a large closing in Chicagoland. A private, family-run company was looking to exit the skilled nursing space, prompting the sale of its three SNFs with 491 total beds for $51.2 million, or $104,300 per licensed bed. On a functional bed basis, the per-bed price rises to $111,500. The portfolio consists of Wauconda Care (149 beds), Fairmont Care (186 beds) and Oak Brook Care (156 beds). They are the premier nursing homes in the area and hold five-star ratings from CMS, plus JCAHO (Joint Commission on Accreditation of Healthcare Organizations) accreditation. Occupancy was healthy at 84%, with... Read More »
Carnegie Capital Secures Acquisition Financing
JD Stettin, Managing Partner of Carnegie Capital, helped finance the acquisition of a non-performing senior care campus in Dallas, Texas. The debt will also help cover around $9 million in planned renovations at the 119-bed campus. Built in 2001 with a recent 2018 renovation, Crystal Creek at Preston Hollow features a range of care levels including skilled nursing, assisted living and memory care. At the time of marketing, occupancy in both the seniors housing and skilled nursing was rapidly declining. Due to the skilled nursing component not being licensed to accept Medicaid, the campus consistently struggled to lease up the beds with Medicare & private pay residents, which resulted... Read More »Schedule a demo
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