Allaire Healthcare Acquires PA CCRC
A majority-skilled nursing CCRC in Coal Township, Pennsylvania, was sold by a private PA-based owner divesting his last owned building. Toby Siefert of Senior Living Investment Brokerage handled the transaction, which saw Allaire Healthcare, a New Jersey-based owner/operator with a strong presence in eastern Pennsylvania, emerge as the buyer. Built in the 1970s, Mountain View featured 271 skilled nursing beds and eight independent living units, enough to qualify for a CCRC license. It was occupied in the 60s and operated at a significant loss. The offering was originally marketed in the winter of 2022 but took multiple years to structure the HUD TPA, CCRC licensure, and working with two... Read More »
Florida Trio Trades to AEW
A seniors housing portfolio that includes Watercrest Buena Vista, Watercrest Spanish Springs and Watercrest Winter Park in Florida sold to AEW Capital Management. The three communities total 416 units in The Villages and Winter Park. JLL’s Seniors Housing Capital Markets team represented the seller, Titan Development, in the transaction, which saw AEW retain the current operator, Watercrest Senior Living, as the third-party operator. JLL is also handling the acquisition financing on two of the assets for the buyer, which will close in January 2025. Completed in 2018, Watercrest Buena Vista offers 224 units in a three-story, Class-A building, including 118 independent living, 74 assisted... Read More »
Joint Venture Secures Construction Financing
Live Oak Bank announced a couple of construction loans closed on behalf of seniors housing borrowers. First, in December, Live Oak Bank provided a $40 million senior loan in partnership with a $39.6 million CPACE loan provided by Nuveen Green Capital for a joint venture between Harbert Senior Housing Fund II and Harbert South Bay Partners. The loan provides financing for the ground-up construction of a 140-unit Class A assisted living and memory care community in California and features a five-year term with 42 months of interest-only payments. We also learned that Live Oak Bank led, jointly arranged with Huntington National Bank, and closed a construction loan for a joint venture... Read More »
Struggling SNF Sells in Michigan
Evans Senior Investments arranged the sale of the Villages of Lapeer, a skilled nursing facility in Lapeer, Michigan, approximately 50 miles northwest of Detroit. It was built in 1959, comprises 87 beds, and sits on 5.6 acres. Like many SNFs, the Villages of Lapeer faced operational and compliance challenges during the pandemic, which impacted census and overall performance. The seller was an independent owner/operator seeking to transition out of the skilled nursing industry. Recognizing the seller’s need to exit, ESI expedited the process by bringing in a regional ownership group active in Michigan, which executed the deal within four months from start to finish. Read More »
Northland Networks Arranges Two Acquisition Loans
Northland Networks, a member of the First National of Nebraska family, ended 2024 on a high note, closing two acquisition financings for skilled nursing clients in the last several months. One was for a 59-bed skilled nursing facility in rural southern Kentucky that was built in the late-1970s by the same family that is now selling it. The facility could improve its operations, and that will be the task of a Northeast-based real estate investment firm to turn around with an operating partner. Seth Kahn of Northland arranged an acquisition loan with a bank, structuring it with a five-year term, one year of interest only, an attractive interest rate and at 80% loan-to-value. ... Read More »
CareCore Health Acquires in Ohio
Forest Healthcare Properties facilitated the sale of a 106-bed skilled nursing facility in Auglaize County, Ohio, that was built in 1984 and was 85% occupied. The seller was a real estate investment firm looking to exit the state, and the buyer was CareCore Health, which has nine other healthcare properties in Ohio and was looking to expand. Multiple offers were received. Forest additionally helped facilitate a transaction involving a Kentucky skilled nursing portfolio. The portfolio features over 1,000 beds, and the facilities were well-positioned with strong in-place cash flow in this off-market transaction. Both parties involved were large companies, one with a footprint in the... Read More »
Naples Senior Living Community Secures Refinancing
BWE arranged a $76 million refinance on behalf of a joint venture between Harbert Management Company and Senior Resource Group for The Carlisle Naples, a Class-A senior living community in Naples, Florida. Ryan Stoll and Taylor Mokris facilitated the financing. Built in 1998, The Carlisle features 257 independent living and 93 assisted living units on more than 18 acres and is operated by SRG. After acquiring the community in September 2021 for $101.5 million, or $290,000 per unit, when it was just 68% occupied, the joint venture completed an extensive capital improvement plan during the pandemic, driving both occupancy and rates post-renovation. The community is in a prime Naples location... Read More »
Montgomery Intermediary Group Closes First Loan
A few months after Montgomery Intermediary Group announced it was adding a healthcare real estate debt placement vertical alongside its investment sales platform, Jeremy Warren (the man hired to develop the new vertical) closed the group’s first loan. He successfully sourced and closed a refinance for a portfolio of three assisted living communities in Kansas. Built more than 20 years ago, the communities each feature between 20 and 30 units with a mostly Medicaid waiver census. Occupancy was nearly full at three of the locations, with very strong operating margins. The portfolio also benefited from a recent Medicaid waiver rate increase. There were three other similar communities that... Read More »
Welltower’s Executive Promotions
Welltower announced several executive promotions to start off the new year. First, John Burkart has been appointed Vice Chairman & Chief Operating Officer after previously serving as Executive Vice President – Chief Operating Officer. Prior to joining Welltower in 2021, Burkart spent 25 years at Essex Property Trust, most recently serving as Senior Executive Vice President and Chief Operating Officer. Burkart holds a BS in Finance from San Jose State University and an MBA in Real Estate from Golden Gate University. Next, Nikhil Chaudhri was appointed Co-President & Chief Investment Officer after previously serving as Executive Vice President – Chief Investment Officer.... Read More »
VIUM’s Recent Financings
As part of its record-breaking 2024, VIUM Capital closed three HUD 232/223f refinancing transactions totaling approximately $70 million for Texas-based Priority Management Group. The HUD loans paid off existing bridge debt and owner’s notes from acquisitions that occurred three years ago. Priority Management Group is a senior living owner/operator in Texas and Louisiana, and is a long-time client. The transaction was led by Scott Blount of VIUM. Additionally, in November, VIUM closed a $21 million bridge loan ($17 million initial and a $4 million earnout) for a 134-bed SNF in North Carolina. The recapitalization was used to pay off existing debt and a shareholder note, and to provide... Read More »Schedule a demo
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