Struggling Community Sells in Georgia
Blueprint facilitated the sale of a seniors housing community in the Atlanta, Georgia MSA, on behalf of an institutional real estate and development firm. Built in 1996, the assisted living/memory care community comprises 61 units in Buford. It appears to be a former Brookdale Senior Living-operated community that was since managed by Charter Senior Living. Alex Florea and Kyle Hallion handled the transaction, which presented as a value-add opportunity in a desirable market. Initial occupancy was 73% and it was operating at a negative margin. It does not help that this area northeast of Atlanta was significantly overdeveloped in the mid-2010s, and that this asset, at nearly 30 years old,... Read More »
Vencap and Inspirit Secure Bridge-to-HUD Refinance
CBRE closed a bridge-to-HUD refinance for two seniors housing communities on behalf of a joint venture between Venue Capital LLC and Inspirit Senior Living. Both communities are in Ohio: The Gardens at Cuyahoga Falls features 130 units and 152 beds of assisted living and memory care in Cuyahoga Falls, and The Gardens at Liberty Park comprises 115 AL/MC units with 132 beds in Streetsboro. Aron Will, Joshua Hausfeld, Adam Mincberg and John Turner originated the bridge-to-HUD loan via CBRE’s proprietary bridge lending platform to pay off the existing loans and fund further capital improvements. The bridge loan will enable the joint venture to complete renovations to increase operational... Read More »
Owner/Operator Receives Financing for SNF Portfolio
CIBC Bank USA provided an Iowa owner/operator with $21.0 million in senior secured credit facilities, including an $18.0 million mortgage facility for the refinance of existing indebtedness on three skilled nursing facilities. The performance of the portfolio, which includes 235+ beds, has trended positively over the last year, and generated an EBITDAR margin of 12%. A $3 million revolving line of credit was also provided. Sam Dendrinos and Jeff Groenewold handled the transaction for CIBC Bank USA. Read More »
Ventas Restructures More Leases
In this post-COVID world, Ventas continues to modify existing leases with major tenants with an eye to the future. First was Brookdale Senior Living several years ago, and now it is with its original tenant going back more than 25 years, Kindred. Ventas owns 23 long-term acute care hospitals that are leased to Kindred for annual cash rent of $109 million. Starting in May 2025, the annual cash rent will be reduced by 27% to $80 million, with annual escalators of 2.75%. The lease maturity date was extended from April 2025 to April 30, 2030. In addition, as part of the transaction, Ventas has received warrants for 9.9% of the common equity of Kindred’s parent, ScionHealth, exercisable... Read More »
Joint Venture Acquires in Pennsylvania
A national investor partnered with Legend Senior Living to acquire a seniors housing community in Bucks County, Pennsylvania, after Legend had turned around operations at the location since taking over in March 2023. Opened in 2020, the community was built by a national developer/investor to include more than 100 units of assisted living and memory care. Despite an attractive physical plant, the community faced lease-up challenges after opening during the pandemic, and subsequent regulatory challenges throughout 2022 drove an operator transition, with Legend coming into that role. Looking at Legend’s Pennsylvania properties, this appears to be The Province of Southampton, or formerly The... Read More »
Focus Healthcare Partners On Acquisition Streak
One of the more active buyers of high-quality seniors housing assets announced a couple more acquisitions in the last month. Focus Healthcare Partners has so far acquired $200 million in assets this year to date, and has an approximately $100 million pipeline set to close before year end. First, in August, Focus bought The Summit of Blue Ash in Blue Ash, Ohio (Cincinnati MSA), from an institutional investor. Opened in 2022, the community featured 200 units of independent living (107 units), assisted living (61 units) and memory care (32 units). It was previously operated by Anthology Senior Living but reported occupancy in the low-50s at the time of closing. Evolve Senior Living will... Read More »
Owner/Operator Grows in the Southeast
Senior Living Investment Brokerage facilitated the sale of a personal care community in a highly desirable market in Forsyth County, Georgia. SLIB was engaged to solicit bids on behalf of the court-appointed receiver, GGG Partners. Built in 1997, Country Gardens Lanier features 41 assisted living units in Cumming. The community comprises 22,945 square feet and is situated on 1.85 acres. Occupancy was 71% at the time of closing, and it was operating just above breakeven. The buyer is a regional owner/operator that operates another asset within the county, which can help with expense efficiencies. The buyer purchased the community because it is looking to expand its growing footprint... Read More »
60 Seconds with Swett: The Surprising Price of Aging at Home
Despite the enormous opportunity that demographics offer the seniors housing industry in the next decade, the affordability factor may prove to seriously sink demand for the product. That makes it that much more important for the industry to provide more middle- and lower-market options but also to demonstrate its value to the consumer. Demonstrating its value relative to alternatives such as…living at home…could prove effective too, which is why ASHA just released a new Special Issue Brief called The Surprising Price of Staying in a House: Cost Comparisons Often Favor Senior Living. The title gives it away. Prepared by Dan Bernstein, formerly of Stifel and Capital One, and available for... Read More »
CIBC & Locust Point Fund Illinois Portfolio Deal
CIBC Bank USA announced a couple of closings for both seniors housing and skilled nursing properties in the Midwest. First, along with Locust Point Capital, the bank provided $30 million in acquisition financing and a $2 million working capital revolving line of credit for a 244-unit, six property, seniors housing portfolio in southern Illinois. Historical performance trended positively over the last year, as the facilities improved census and operating leverage. Going forward, occupancy and operating margins are expected to further improve under the management of a growing senior living operator based in Chicago. Fritz Kieckhefer and Kyle Doran handled the transaction for CIBC Bank USA... Read More »
Ziegler Closes Bonds for PA CCRC
Ziegler announced the closing of Garden Spot Village’s $67.27 million Series 2024 Tax-Exempt Fixed Rate bonds. The obligated group consists of Garden Spot Village and its subsidiary, GSV, LLC, and Garden Spot’s parent organization is the not-for-profit Garden Spot Communities. Garden Spot Village is a CCRC with 621 independent living homes consisting of 306 apartments and 315 cottage-style homes, 65 personal care units, 40 memory support units and 75 skilled nursing beds across 220 acres in New Holland, Pennsylvania. GSV also owns and leases Center for Health, an ambulatory health care building that sits at the entrance to the campus. WellSpan Health leases the Center, providing a... Read More »Schedule a demo
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