BWE Secures Financing For Four Seniors/Affordable Housing Communities
BWE announced the closing of four financings totaling over $26 million to refinance, build and preserve four seniors and affordable housing properties in California, Massachusetts, Ohio and Florida. First, Max Sauerman originated a loan on behalf of Goldrich and Kest, two privately owned, family-run real estate companies, for Palm Court Senior Independent Living. The community was built in 1991 and is in Culver City, California. Next, Taylor Mokris and Ryan Stoll originated a five-year, $13.15 million fixed-rate, non-recourse Freddie Mac loan on behalf of an institutional owner for acquisition financing. The loan has a five-year term. Operated by Benchmark Senior Living, Branches of... Read More »
Colliers Closes Tampa Deal
Ken and Damien Carreiro of Colliers International closed out 2023 with a closing in Tampa, Florida. The pair sold Family Extended Care Of Central Tampa, a 57-unit assisted living community that was built in 1967 and completely renovated in 2005. The community was 80% occupied, but financials were not disclosed. Best Care Senior Living, an operator of seven seniors housing communities in Florida, emerged as the buyer. They paid $6.5 million, or $114,000 per unit, for the community. The seller provided financing with 20% down. Read More »
Ensign Expands Management Portfolio
The Ensign Group acquired the operations of two separate skilled nursing facilities to kick off its year. First, Ensign acquired the operations of Hearthstone Health and Rehabilitation, a 125-bed skilled nursing facility in Sparks, Nevada. The acquisition is subject to a long-term, triple-net lease. Next, Ensign announced that its affiliate acquired the operations of TriState Health and Rehabilitation Center, a 116-bed skilled nursing facility in Harrogate, Tennessee, also subject to a long-term, triple-net lease. This is Ensign’s first SNF in the Volunteer State, and its Tennessee-based subsidiary, Rocky Top Healthcare LLC, will take over operations. These acquisitions bring... Read More »
JLL Capital Markets Finances Minnesota Acquisition
JLL Capital Markets arranged acquisition financing for three seniors housing communities in the greater Minneapolis-St. Paul MSA. The borrower, represented by JLL, was an affiliate of The Inland Real Estate Group of Companies. The Waters Senior Living will continue to manage the communities for Inland, and this transaction expands their relationship to four communities together. The portfolio comprises The Waters of Edina, The Waters of Plymouth and The Waters on 50th. Built in the past 10 years and demonstrating strong operations, they consist of 321 units total, with 223 dedicated to independent living/assisted living and 98 to memory care. The JLL Senior Housing Capital Markets team was... Read More »
60 Seconds with Swett: 2023 M&A Totals Higher Than Expected
Happy New Year everyone, and we think most are very happy to put 2023 behind them. It was a difficult year for dealmakers, having to adapt to quickly changing capital markets, sometimes fickle lenders, buyers and sellers, and lower overall inventory of facilities to sell or finance. It would be hard to imagine a more challenging year, barring some catastrophe yet unknown to us. Sorry for putting that out there. And yet, believe it or not, seniors housing and care M&A transaction totals in 2023 only failed to surpass 2022’s total of 556 deals, which blew the previous record out of the water. We recorded 489 publicly announced deals in 2023, which is still a preliminary number that... Read More »
2023 U.S. Deal Activity Nears 450 Transactions
The preliminary numbers are in, and the 2023 senior care M&A market ended up healthier than most would have predicted at the start of the year. U.S. transaction volume, based on deals that have been publicly announced but not necessarily closed (although most deals are completed by the time they are disclosed to us), reached 441 deals in 2023. That is 15% down from 2022’s domestic volume of 517 transactions, but it surpasses 2021’s deal volume of 427 transactions by 3%. Given the pullback in liquidity, the rapidly changing capital costs, economic uncertainty and collapse in cash flow at communities across the industry, a more precipitous drop in M&A volume could have been... Read More »
Meridian Capital Group Reports End-of-Year Activity
To close its 2023, Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed nearly $250 million in transaction volume for 20 senior housing and healthcare facilities in five states over the last month. Most notably, the team closed a bank syndicate loan totaling $155 million to refinance 15 facilities comprised of 1,935 skilled nursing beds and 46 assisted living units in Michigan and Ohio. Five banks participated in the syndicate. Meridian also arranged $41 million in financing from a commercial bank along with a $5 million A/R line to refinance a 120-bed skilled nursing facility in New Jersey. They closed $23.9 million in financing... Read More »
CIBC Finances a Virginia SNF Portfolio
As the sole lender, CIBC Bank USA provided a Virginia owner/operator with a $67.0 million mortgage facility on a portfolio of nursing homes. The portfolio has been operated by the buyer since 2021 and the financing was related to a purchase option. The skilled nursing facilities, which comprise 480 beds, have an effective age of 20 years. Historical occupancy for the facilities has been approximately 85%, and the EBITDAR margin was approximately 15%. A $4.0 million line of credit was also provided. The financing was handled by Matthew Tyler and Neal Netzel of CIBC. Read More »
Brookdale Improves Capital Position
As with several companies still trying to regain their financial footing after the pandemic, investors were worried about Brookdale Senior Living’s looming debt maturities. Worry no more, at least for the next few years. The company recently obtained a $180 million loan under its Master Credit Facility Agreement of 2017. The Fannie Mae financing was done with Jones Lang LaSalle Multifamily, LLC. It bears interest at a fixed rate of 5.97% and matures in 2031. Cash on hand and the proceeds of the new debt were used to repay $260 million of debt due in 2024. In addition, the company amended its revolving credit agreement with Capital One, which provides for an expanded commitment of up... Read More »
Ohio-Based Investment Group Acquires in Louisiana
A seniors housing community was sold in the Louisiana capital. Sunrise at Siegen is an assisted living and memory care community in Baton Rouge. It comprises 100 units spread across a two-story building. The buyer was an Ohio-based investment group. According to Business Report, the purchase price was $29 million, or $290,000 per unit. But no other details were disclosed. Read More »Schedule a demo
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