Private REIT Divests Midwest Portfolio
Senior Living Investment Brokerage facilitated the sale of a seniors housing portfolio that consisted of three communities in Ohio and two in Indiana. The Ohio communities are located within 250 miles of each other, and the Indiana communities are located within 75 miles of each other. Together, they total 400 units and were built between 1983 and 2001. The portfolio was well maintained, as it underwent significant capex over the last few years. The seller, a Northeast-based private REIT, was divesting because these communities were geographic outliers and it wanted to shift focus to its core markets. The buyer, a regional owner/operator, was looking to grow its Midwest portfolio,... Read More »
Omega Sells Off SNFs
Omega Healthcare Investors sold three of its skilled nursing facilities located in the Tampa Bay, Florida region. Built in 1966, Lakeside Oaks Care Center comprises 27,509 square feet in Dunedin and sold for $8.05 million. Built in 1971, Habana Health Care Center in Tampa has 41,652 square feet and sold for $17.25 million. Built in 1997, Brandon Health Care and Rehabilitation in Brandon consists of 61,518 square feet and sold for $13.8 million. The buyer was New York-based Kinship Health, according to property records in Hillsborough and Pinellas counties. Earlier this year Kinship purchased two other skilled nursing facilities in Pinellas, the Living Center of St. Petersburg for around... Read More »
Blueprint Homes in on Ohio
Blueprint utilized its Ohio expertise to arrange the sale of a seniors housing campus in Port Clinton, Ohio, its 12th deal in the state this year, so far. Connor Doherty and Ryan Kelly represented one of the country’s largest not-for-profit organizations to sell the campus as part of their strategic move to redeploy capital and resources to other assets across the state. Set on 57 acres, Vineyard on Catawba was owned and operated by Ohio Living, which has 11 CCRCs in the state. The community was built in stages to now include a 40-unit low-income apartment complex, 12 assisted living units and 10 independent living condos. It was nearly fully occupied. Another not-for-profit, United... Read More »
Live Oak Bank Lands Long Island Loan
Live Oak Bank closed a $27.2 million refinance for an 89-unit assisted living/memory care community in Woodbury, New York (Long Island). The community is stabilized and operated by Benchmark Senior Living. Benchmark Senior Living and its joint venture partner, Iron Point Partners, LLC, developed the community in fall 2019. Chad Borst, the Senior Loan Officer at Live Oak Bank, arranged the loan. Read More »
SLIB Sells Southeast Trio
Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage facilitated the sale of three seniors housing communities in two separate transactions. First, SLIB was brought on by a publicly traded REIT to sell Avonlea Assisted Living in Tupelo, Mississippi. Avonlea comprises 68 assisted living units and was built in 1999 before being remodeled in 2005. A Tupelo-based owner/operator emerged as the buyer and intends to conduct renovations and make significant upgrades to improve occupancy, revenue and overall bottom-line performance. Next, Geraghty and Clousing marketed (and sold) two assisted living/memory care communities that sit approximately 50 miles apart in Jefferson and... Read More »
60 Seconds with Swett: CCRCs Still Ahead on Occupancy
Ziegler recently came out with its analysis of the latest NIC MAP occupancy statistics for CCRCs, or LPCs, and the sector continues to outperform the separate seniors housing and care sectors. For independent living units, the average occupancy for CCRCs was 90.5% compared with 84.2% for IL units not within a CCRC. In the assisted living sector, AL units within CCRCs were on average 87.5% occupied, versus 83.1% outside of CCRCs. Memory care averaged 86.5% occupancy within CCRCs and 83.4% outside of them, and skilled nursing beds were 83.6% and 82.2% occupied, respectively, although CCRCs have been shedding their SNF beds over the last several years and the beds remaining would... Read More »
Ziegler Sells Struggling CCRC in Alabama
Diversicare Healthcare Services purchased a large, independent, not-for-profit CCRC in Homewood, Alabama (east of Birmingham) in a deal handled by Nick Glaisner and Jake Sexton of Ziegler. Called St. Martins of the Pines (SMP), the community had been in significant financial distress, losing nearly $2 million in EBITDA on approximately $13.5 million in revenues. Occupancy was understandably low, as well, across all acuity types. Founded in 1955, the campus features a four-story independent living community with 97 units, a two-story assisted living/memory care community with 40 AL and 51 MC units, and a skilled nursing campus in a greenhouse “cottages” style (which replaced an older... Read More »
Not-For-Profit Divests in Wisconsin
Marcus & Millichap facilitated the divestment of Colfax Health and Rehabilitation Center in Wisconsin on behalf of a local not-for-profit seller. Built in 2013, the facility originally featured 28 skilled nursing beds, 26 assisted living beds and 12 RCAC units within a 52,000-square-foot space, all comprising private rooms. The community underwent a strategic transformation. Post-conversion, the assisted living component expanded by an additional 28 beds, resulting in a total of 66 assisted living and RCAC units. The skilled nursing beds were phased out, with the corresponding license transitioned to a CBRF license. Operating at a substantial loss, with revenues hovering around $1.5... Read More »
New Development Is Not Dead
New development is not dead, as Chelsea Senior Living and global real estate developer Trammell Crow Company teamed up to open a brand-new assisted living/memory care community in Fair Lawn, New Jersey. In this current environment, most agree that the only developments that work are high-end communities in high-barrier-to-entry markets where intense competition and pressures on staffing costs are less. Most lenders certainly agree with that, too, and The Chelsea at Fair Lawn is located in an affluent suburb of New York City. Not only that, it is the borough’s first assisted living/memory care community. The three-story community opened in September 2023 with 67 units. Residents can... Read More »
Moravian Manor Communities and Morningstar Living Affiliate
Moravian Manor Communities and Morningstar Living finalized their affiliation and will now operate under the umbrella of Unitas Communities. The two faith-based, not-for-profit organizations each operate two CCRCs in Pennsylvania, with Moravian operating two communities in Lititz and Morningstar operating two in the Nazareth area. There was already a loose connection between the organizations before a formal affiliation was established. Under the agreement, both will retain separate corporate identities with separate financial and legal operations. However, they will share services and resources, and J. David Swartley, president and CEO of Moravian, becomes president and CEO of... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
