Monarch/REDICO Joint Venture Secures Refinancing
Marathon Asset Management’s Commercial Real Estate platform originated a $154.5 million mortgage loan to a joint venture between Monarch Alternative Capital LP and REDICO to fund the refinance of The American House Florida Portfolio. Marathon’s Joseph Griffin originated the senior acquisition loan. Aron Will and Adam Mincberg of CBRE arranged the financing, marking CBRE’s second financing of this portfolio within a three-year time span. The portfolio comprises six purpose-built seniors housing communities with 817 units (409 independent living, 306 assisted living and 102 memory care). Five were built between 2015 and 2018 in strong Florida markets. REDICO has been invested in the... Read More »
Pegasus Senior Living’s Leadership Changes
Pegasus Senior Living announced several leadership changes that it believes will position the organization for continued growth in 2025 and beyond. Industry veteran Chris Hollister, Pegasus Chair and CEO, will maintain his role with a refined focus on revenue growth and new business development. Rich Williams will continue his role as COO overseeing operational, clinical and sales teams. However, he is now also Co-President with Wade Mullis, who will additionally continue as Chief Administrative & Investment Officer to lead accounting, financial planning, IT, facilities, risk management and investment functions. Daniel Leaf, the Senior Vice President of Business Development will... Read More »
Blueprint Handles Detroit Transaction
Blueprint announced its role in the sale of a Class-A seniors housing community in an affluent suburb of Detroit. We learned of the deal in December, when Silver Wave Capital, Persimmon Ventures and Synergy Senior Management announced that the buying group acquired Avalon at Auburn Hills. Built in 2018, the community features 58 assisted living and 44 memory care units. The Auburn Hills market was overdeveloped for seniors housing services, and we understand that the property never reached stabilization, with occupancy below 50%. It was previously owned by Hudson Advisors, an affiliate of Lone Star Funds that purchased the community as part of the five-property Great Lakes Portfolio in... Read More »
CIBC Provides SNFs Financing
CIBC Bank USA provided a $67 million term loan to finance the acquisition of five skilled nursing facilities and the refinance of 21 skilled nursing and assisted living facilities located throughout Wisconsin. CIBC also provided an aggregate $21 million of working capital via multiple revolving lines of credit to 53 skilled nursing/assisted living facilities primarily located in Wisconsin. The borrowing group had recently received substantial reimbursement support from the state. Peter Kane and Michael Velazquez handled the transaction for CIBC Bank USA. Read More »
Local Operator Secures Acquisition Financing
JLL Capital Markets arranged $39.98 million in acquisition financing for a portfolio of three seniors housing communities totaling 344 units in Eugene and Springfield, Oregon, on behalf of a local operator. JLL secured the three-year, floating-rate financing from a regional bank. The JLL Seniors Housing Capital Markets team representing the borrower was led by Senior Director Alanna Ellis and Associate Alex Sheaffer. The portfolio comprises Evergreen Senior Living, Timber Pointe and Woodside Senior Living, which together offer 43 independent living, 245 assisted living and 56 memory care units. All of the properties were built between 1996 and 2006 and were fully renovated in... Read More »60 Seconds with Swett: 2025 Set for Healthcare M&A Growth
The word from the JP Morgan Healthcare Conference, which kicked off in San Francisco this week, is that M&A activity in the biopharma/life sciences space will likely grow in 2025 after a relative downturn in 2024. A more business-friendly administration in D.C. combined with an enormous amount of dry powder set to do deals, including some bigger billion-dollar-plus ones too. Indeed, our own M&A data from LevinPro HC, which tracks all the healthcare services and tech deals, showed the 2024 total decline to just under 2,000 deals for the year, a 10% decrease from 2023’s activity and a 19% decrease from 2022’s. Dollar volume also dropped below $200 billion in total disclosed purchase... Read More »
SVN Senior Living Advisors Hires Mark Myers
SVN Senior Living Advisors kicked off its 2025 with a new hire and is primed for a busy year. Industry veteran Mark Myers made the move from Walker & Dunlop to join SVN SLA’s existing team of Tony Yousif, Torey Riso, Don Husi, John Klement, Joshua Salzman, Aaron Thompson, Jacob Bennema, Fabio Riso, Shelly Bird and Michael Watson. Myers will join as a Managing Director and Member of the Executive Committee. He helped facilitate and close a 76-facility portfolio bankruptcy sale and another three-facility portfolio deal within the past 30 days before joining the firm, so he’ll look to continue that activity in 2025. The hire comes after a building year for SVN SLA, which also refined its... Read More »
Brookdale’s December 2024 Occupancy Drops
As we are now in full swing of the flu (and COVID) season, it is normal to expect that occupancy levels nationwide would decline slightly even though the seniors housing industry continues on its operational upswing. This is exactly what happened at Brookdale Senior Living. Consolidated weighted average occupancy in December declined sequentially by 20 basis points to 79.3%. This compares with 79.2% in September. In slightly better news, occupancy at the end of December was 80.5%, up 10 basis points from November, but still down 30 basis points from October and matching September’s level. However, Brookdale has now posted five straight months of month-end census above 80%, and barring any... Read More »
Ten Seniors Housing Communities Change Hands in Michigan
Meiser Commercial Real Estate was engaged by DeShano Companies, a development company that specializes in apartments and entered the assisted living industry in 2016, in its divestment of ten seniors housing communities that it built in Michigan. Madison Meiser and Bill Meiser handled each of the ten, separate transactions. This was a roughly 20-month closing process. First, in April 2023, an assisted living community in Coleman sold for $1.65 million, or $83,000 per unit. It was built in 2017 and features 20 units. The community was losing money at the time of sale, and was 70% occupied. It was sold through a land contract. Next, in June 2023, a 20-unit assisted living/memory care... Read More »
Joint Venture Secures Refinancing
CBRE arranged a refinancing of a six-property seniors housing portfolio on behalf of a joint venture between Monarch Alternative Capital LP and REDICO. American House Senior Living Communities, an affiliate of REDICO, will continue to manage the portfolio. Aron Will and Adam Mincberg originated a $154.5 million loan, marking CBRE’s second financing of this portfolio within a three-year time span. Marathon Asset Management, a New York-based lender focused on creative capital solutions, provided the loan. The portfolio comprises six purpose-built communities encompassing 817 total units (409 independent living, 306 assisted living and 102 memory care) in performing Florida markets... Read More »Schedule a demo
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