Brookdale Senior Living Occupancy Sends Mixed Signals
Perhaps when Brookdale Senior Living can better focus on a smaller number of properties when its lease for 120 communities with Ventas ends at the end of next year, they will be able to push occupancy on the remaining portfolio. The company’s size will shrink by nearly 20% if the full lease termination goes through as disclosed last week, and we have to imagine that the Ventas properties require a lot of management time. Meanwhile, the company reported November’s occupancy, and while there was some good news, census levels still disappointed us at this point in the recovery from the pandemic. Investors, however, differed from our assessment, sending the share price up by 7.5% before ending... Read More »
CareTrust Acquires Large Midwest Portfolio
CareTrust REIT, Inc. acquired a 46-facility, 3,820-bed/unit senior care portfolio in the Midwest for a total investment amount of approximately $97 million (inclusive of transaction costs), or $25,000 per bed/unit. Seven of the 46 facilities are skilled nursing and assisted living campuses and an additional seven are assisted living communities. The transaction also commences a new relationship with a skilled nursing investor and operator. In connection with the acquisition, the company entered into a triple-net master lease with a large skilled nursing investor and operator that will sublease the portfolio to several licensed subtenant operators. The new master lease has an initial... Read More »
Phorcys Divests to Healthcare REIT in Georgia
Phorcys Capital Partners, an asset manager focused on distressed debt and equity investments in assets that were financed by municipal bonds, recently divested a seniors housing community in Greensboro, Georgia, after a little more than one year of ownership. Built in 2017, The Glen at Lake Oconee Village comprises 28 independent living, 68 assisted living and 18 memory care units. It was operated by SRI Management, and the community was sold to a leading healthcare REIT in November. Phorcys purchased this asset in August 2023 for $26.45 million, or $232,000 per unit. The community was performing better than when initially acquired, running close to fully occupied at the time of... Read More »
Public REIT Buys Two Indiana Assets
A publicly traded REIT bought two high-quality seniors housing communities in Indiana markets. Berkadia’s Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers closed the transaction on behalf of the seller, a private equity firm. Traditions Management operates both communities and will continue to manage the properties moving forward. Built in 2014 by Leo Brown Group, Traditions at Reagan Park is located in Avon, Indiana, with 125 independent living, assisted living and memory care units, including 30 independent living villas built in 2016 and 2019. Also built in 2014, Traditions at Solana is located in Indianapolis, Indiana, with 117 IL, AL and MC units, including 24 IL villas added... Read More »
Ziegler Handles CCRC Sale to Nonprofit
Not-for-profit organizations have generally been net-sellers in recent years, struggling with expenses in a post-pandemic and post-inflation environment, but one organization is adding a new CCRC to its portfolio. Saint Therese is a Minneapolis, Minnesota-based, Catholic not-for-profit that has over 50 years of experience and five other communities in Minnesota (4) and Michigan. Its latest addition was St. Mary of the Woods, a 179-bed/unit CCRC in Avon, Ohio. The campus was originally acquired out of bankruptcy in 2012 from Atrium Centers, a 100% employee-owned provider of senior care services with over 2,000 beds in Ohio, Michigan, Kentucky and Wisconsin. Atrium completed several... Read More »
BMO Provides ReNew REIT Financing
BMO’s Healthcare Real Estate Finance group closed on a $57.8 million credit facility to a joint venture between ReNew REIT and Heritage Senior Living for the recapitalization of existing debt on Keystone Villa at Douglassville, a Class-A seniors housing community in Douglassville, Pennsylvania. BWE’s Ryan Stoll and Taylor Mokris secured the loan featuring a non-recourse structure prepayment flexibility, a competitive rate and full term of interest-only payments. The transaction represents a new lending relationship for the borrower. Originally built in 2011 as a 125-unit assisted living/memory care community before a 123-unit independent living building was added in 2015, the... Read More »
Leadership Change at LTC Properties
After more than 17 years at the helm of LTC Properties, Wendy Simpson is stepping down as CEO and will become Executive Chairman. Replacing her at the top will be two seasoned LTC executives. Current co-Presidents Clint Malin and Pam Kessler will be co-CEOs of the REIT. They already have a close working relationship so the transition should be smooth. Pam joined LTC in 2000 and became CFO in 2007. Clint joined the company in 2004 as Chief Investment Officer. Cece Chikhale has been promoted to CFO after serving as Controller and Treasurer since 2007, and Chief Accounting Officer since 2020. She joined the company in 2002. This is a seasoned management team if we have ever seen one, and a... Read More »
Ventas Purchases Three-Property Senior Living Portfolio
Berkadia announced the sale of three seniors housing communities offering assisted living and memory care services in the Chicago and Milwaukee MSAs. Berkadia Seniors Housing & Healthcare, led by Managing Directors Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers, closed the 306-unit transaction on behalf of the seller, a joint venture between Dallas-based Caddis Partners and a private equity real estate fund. The properties were purchased by Ventas. The Class-A portfolio transaction closed with just six weeks between LOI execution and closing. Built in 2018, Heartis of Orland Park is approximately 25 miles southwest of downtown Chicago and comprises 96 AL/MC units. It is the... Read More »
Joint Venture Acquires in Michigan
Silver Wave Capital and Persimmon Ventures announced their second joint venture acquisition, buying a 102-unit assisted living/memory care community in Auburn Hills, Michigan. Earlier this year, the joint venture had acquired an AL/MC community in Naples, Florida, to mark their first purchase together, and they plan on more in the next year. The Class-A Michigan asset was built in 2018 by First & Main and features 58 AL and 44 MC units. However, the Auburn Hills market was overdeveloped for seniors housing services, and we understand that the property never reached stabilization. It was previously owned by Hudson Advisors, an affiliate of Lone Star Funds that purchased the community as... Read More »
Vierra Communities Acquires in Maryland
Healthcare Transactions Group, Inc. arranged and facilitated the sale of St. Elizabeth Rehabilitation and Nursing Center, a 162-bed, five-star skilled nursing facility in Baltimore, Maryland. Associated Catholic Charities of Baltimore had previously owned and operated St. Elizabeth, which has a more than 75-year history of serving the Baltimore community, formerly as Jenkins Memorial Nursing Home. The current facility was built in 1992 on Catholic Charities’ flagship 26-acre campus in southwest Baltimore, adjacent to St. Agnes Hospital. The units and dining areas model a non-institutional Green House design. Going forward, the facility will continue to share the campus with the other... Read More »Schedule a demo
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