Brighton Care Group Acquires in Oregon
Brighton Care Group, a growing family-owned operator of senior care facilities run by Roddy and Michael Radnia, is on the M&A move, having just acquired Markham House in Portland, Oregon. Built in 1995, the 54-unit assisted living community was previously owned and operated by Leisure Care and was in need of a turnaround. However, occupancy gains have already been made, with Brighton taking census from 66% to 80% in the last month (and still climbing). In addition, the Radnia’s have made other improvements, including simplifying processes, updating marketing plans for more local and grassroots lead generation, implementing new technology, updating the exterior and widening... Read More »
Meridian Capital Group Kicks Off 2024
Starting off 2024 on a positive note, Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $375 million in transaction volume for 23 seniors housing and healthcare facilities in the first two months of the year. This activity follows more than $5 billion closed by the platform in 2023. The highlight was the closing of $260 million in debt from a commercial bank for the refinance of 12 skilled nursing facilities totaling 1,512 beds in the Northeast and $78.3 million in acquisition financing from a finance company and mezzanine lender for eight skilled nursing facilities comprising 705 beds in Minnesota. Meridian also arranged $13... Read More »
JLL Refinances Construction Debt on Minnesota Community
JLL Capital Markets arranged financing for Elk River Senior Living, a community built in 2018 comprising 108 units of independent living, assisted living and memory care in Elk River, Minnesota. The refinancing, facilitated through HUD, amounts to $18.7 million, or $173,000 per unit. Jeff Lepley and Alex Sheaffer worked to secure the financing. This financing consolidated five different debt obligations that were associated with the construction of the project. Hearth Development built the community and was the borrower. Marquis Senior Communities operates it. Read More »
National Developer/Investor Divests in Florida
Blueprint was engaged by a national developer/investor in its divestment of a value-add, but newer vintage, Class-A seniors housing community in Lake Worth Beach, Florida. As part of a broader portfolio review, the ownership group decided to divest to de-lever and conserve liquidity within the fund that held this community. Built in 2019, this community comprises more than 110 assisted living and memory care units. While the community never stabilized, it did experience positive lease-up momentum in 2022 and early 2023 and was around breakeven at marketing launch. Alex Florea, Kyle Hallion, Brooks Blackmon and Kory Buzin handled the transaction. Blueprint targeted operators and investors... Read More »
Recovery Continues at Sabra Health Care REIT
After all the earnings reports for the fourth quarter 2023, we think it is safe to say the industry really has moved on from the pandemic. Not that the lasting effects have disappeared, as they may be with us for the rest of the decade, but most everyone seems to be getting back to “normal,” although at a different pace for each one. Sabra Health Care REIT is one of those that can safely be said to be on the safe side of the pandemic. With its fourth quarter earnings, it put out earnings guidance for 2024 for the first time since 2020. Like everyone else, Sabra and its tenants still have a way to go, but most everything is moving in the right direction. What we like is that the lease... Read More »
Georgia Seniors Housing Community Trades
Blueprint was brought on in the divestment of a purpose-built seniors housing community in Kennesaw, Georgia. The community was built in 1999 and comprises 37 assisted living and memory care units. We suspect this is another former Enlivant property. Kyle Hallion, Amy Sitzman and Giancarlo Riso marketed the opportunity alongside 16+ seniors housing communities spread throughout the Southeast, Midwest and Mid-Atlantic, targeting individual, regional and portfolio-specific buyers. The ultimate buyer was a repeat client of Blueprint’s with a demonstrated history of execution certainty. That always helps these days. The transaction closed on time at the originally agreed-upon purchase... Read More »
Cushman & Wakefield Hires Jason Skalko
After its entire seniors housing team left for JLL earlier in 2023, Cushman & Wakefield has started to rebuild, announcing the hire of Jason Skalko as Managing Director. Skalko comes from JLL and will be based in the firm’s Tampa office to specialize in senior living and care investment sales throughout the United States. A graduate of the University of Florida, Skalko holds a bachelor’s degree in building construction and a master’s degree in business management. Skalko has been in real estate since 2010 with a deep understanding of capital markets and experience in investment advisory, debt and equity placement, market analysis, valuation and due diligence across the U.S. He... Read More »
60 Seconds with Swett: Memory Care Still Commands a Premium
We are just a couple of days away from publishing the 29th Edition of The Senior Care Acquisition Report, which is available to all LevinPro LTC and LTC News subscribers as part of their subscriptions, and the impact of the capital markets upheaval on valuations affected nearly all property types in 2023. Still, a few historical norms remained. For instance, as they usually do, buyers placed a premium on memory care, whether standalone or as a portion of an assisted living community, over traditional AL properties in 2023, averaging $168,700 per unit versus $95,700 per unit, respectively. Both are down from their 2022 averages, according to the Report. Yes, these communities with memory... Read More »
Nice Surprise For Diversified Healthcare Trust Shareholders
Readers know that Diversified Healthcare Trust has struggled in the past year or more, and even had a “going concern” issue where they were not sure if they would make it through the end of 2023, or so they told shareholders. The share price tanked, and management told investors if they did not agree to the merger with Office Properties Trust (controlled by the same people as DHC), that there was a good likelihood they would default on the debt that was coming due later in the year. A few shareholders took a stand against management, the institutional shareholder proxy services panned the merger as well, and the merger was canceled. The debt was refinanced, the share price took off and all... Read More »
Publicly Traded REIT Divests Stand-Alone Memory Care Community
Nick Stahler, Justin Knapp and Chad Mundy of the Knapp-Stahler Group at Marcus & Millichap were engaged by a publicly traded REIT in its divestment of a stand-alone memory care community in the Bay Area of California. Built in 1945 and renovated in 2009, the community comprises 22 units and underwent several management changes in the last few years, struggling to maintain profitability. After a confidential marketing process, the team procured several offers from local and regional owner/operators. There were two rounds of bidding, with the winning bidder selected due to its existing operations in the submarket and its capital stack. The purchase price was $4.5 million, or $204,500 per... Read More »Schedule a demo
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