60 Seconds with Swett: 2025 Set for Healthcare M&A Growth
The word from the JP Morgan Healthcare Conference, which kicked off in San Francisco this week, is that M&A activity in the biopharma/life sciences space will likely grow in 2025 after a relative downturn in 2024. A more business-friendly administration in D.C. combined with an enormous amount of dry powder set to do deals, including some bigger billion-dollar-plus ones too. Indeed, our own M&A data from LevinPro HC, which tracks all the healthcare services and tech deals, showed the 2024 total decline to just under 2,000 deals for the year, a 10% decrease from 2023’s activity and a 19% decrease from 2022’s. Dollar volume also dropped below $200 billion in total disclosed purchase... Read More »
SVN Senior Living Advisors Hires Mark Myers
SVN Senior Living Advisors kicked off its 2025 with a new hire and is primed for a busy year. Industry veteran Mark Myers made the move from Walker & Dunlop to join SVN SLA’s existing team of Tony Yousif, Torey Riso, Don Husi, John Klement, Joshua Salzman, Aaron Thompson, Jacob Bennema, Fabio Riso, Shelly Bird and Michael Watson. Myers will join as a Managing Director and Member of the Executive Committee. He helped facilitate and close a 76-facility portfolio bankruptcy sale and another three-facility portfolio deal within the past 30 days before joining the firm, so he’ll look to continue that activity in 2025. The hire comes after a building year for SVN SLA, which also refined its... Read More »
Brookdale’s December 2024 Occupancy Drops
As we are now in full swing of the flu (and COVID) season, it is normal to expect that occupancy levels nationwide would decline slightly even though the seniors housing industry continues on its operational upswing. This is exactly what happened at Brookdale Senior Living. Consolidated weighted average occupancy in December declined sequentially by 20 basis points to 79.3%. This compares with 79.2% in September. In slightly better news, occupancy at the end of December was 80.5%, up 10 basis points from November, but still down 30 basis points from October and matching September’s level. However, Brookdale has now posted five straight months of month-end census above 80%, and barring any... Read More »
Ten Seniors Housing Communities Change Hands in Michigan
Meiser Commercial Real Estate was engaged by DeShano Companies, a development company that specializes in apartments and entered the assisted living industry in 2016, in its divestment of ten seniors housing communities that it built in Michigan. Madison Meiser and Bill Meiser handled each of the ten, separate transactions. This was a roughly 20-month closing process. First, in April 2023, an assisted living community in Coleman sold for $1.65 million, or $83,000 per unit. It was built in 2017 and features 20 units. The community was losing money at the time of sale, and was 70% occupied. It was sold through a land contract. Next, in June 2023, a 20-unit assisted living/memory care... Read More »
Joint Venture Secures Refinancing
CBRE arranged a refinancing of a six-property seniors housing portfolio on behalf of a joint venture between Monarch Alternative Capital LP and REDICO. American House Senior Living Communities, an affiliate of REDICO, will continue to manage the portfolio. Aron Will and Adam Mincberg originated a $154.5 million loan, marking CBRE’s second financing of this portfolio within a three-year time span. Marathon Asset Management, a New York-based lender focused on creative capital solutions, provided the loan. The portfolio comprises six purpose-built communities encompassing 817 total units (409 independent living, 306 assisted living and 102 memory care) in performing Florida markets... Read More »
Washington D.C. Area Community Secures Construction Financing
BWE arranged financing for The Reserve at Falls Church, a 215-unit senior living community in the West Falls mixed-use neighborhood. Ryan Stoll and Taylor Mokris facilitated the construction financing for this project, which is being financed by a syndication of commercial banks including Live Oak Bank and Huntington Bank. The loan features a five-year initial term with 48 months of interest-only payments. The Reserve will offer independent living, assisted living and memory care across 15 stories. It’s being developed by NexCore Group and its seniors housing operator, Experience Senior Living. NexCore partnered with an affiliate of Nuveen Real Estate to capitalize the project. This marks... Read More »
Seniors Housing Portfolio Secures Refinancing
Greystone arranged a $33.7 million debt placement to refinance a portfolio of seniors housing communities in the Pacific Northwest. David Young handled the transaction, working with banks, credit unions and unlevered, A/B tranched, and back-levered debt funds. The transaction is on behalf of a regional owner of affordable-focused seniors housing communities. The portfolio comprises four properties across two states. Each community also has a Medicaid contract to serve assisted living and memory care residents. The financing was provided by a debt fund meeting the borrower’s expectations on proceeds. Read More »
Kentucky and Tennessee SNFs Secure Financing
MONTICELLOAM announced the closing of a $22 million senior secured working capital facility, complementing the firm’s recent $400 million bridge financing for 29 Southeastern skilled nursing facilities. The working capital facility has a three-year initial term and will cover the day-to-day operating expenses of over 2,900 skilled nursing beds across Kentucky and Tennessee. The transaction was closed on behalf of a returning client. This $22 million transaction contributed to a record year for the firm in 2024, with the highest volume of asset-based loan originations in the firm’s history. Read More »
Sonida Acquires in Ohio
Cushman & Wakefield facilitated the sale of a seniors housing community in Cincinnati, Ohio. Built in 2022, Airy Hills at North Bend Crossing features 50 assisted living and 32 memory care units. However, the community was never opened due to foreclosure on the construction borrower. In 2019, Northmarq secured $18.2 million of construction debt from a regional bank, with a three-year, interest-only loan. In addition, the project received $5.5 million of PACE equity and another $5.3 million of equity to round out the capital stack. It did not help that the community sits adjacent to the 121-unit Wellington at North Bend Crossing Community that was developed by the same entity. Sonida... Read More »
Strawberry Fields Acquires Missouri Portfolio
Justin Knapp and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap were engaged in the sale of a portfolio featuring eight dually-certified facilities across northern Missouri. Licensed for skilled nursing and operating as behavioral health centers, the portfolio includes a total of 1,111 beds spanning from Kansas City to St. Louis. The properties were acquired by Strawberry Fields REIT for $87.5 million, or $79,000 per bed. The facilities are currently leased under a master lease agreement to a group of third-party tenants. Under that master lease, the tenant currently pays annual rent on a triple net basis. Strawberry Fields utilized current working capital and funds... Read More »Schedule a demo
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