Cambridge Realty Capital Closes HUD Loan
Cambridge Realty Capital provided a $29.2 million first mortgage loan to refinance a seniors housing community in Sarasota, Florida. Cambridge utilized the HUD Section 232/223(f) program and Cambridge’s early rate lock program to secure this fully amortized 35-year loan for the owner, a Florida limited liability company. The community was Aravilla Sarasota, formerly known as Autumn of Sarasota, which was renovated/rebranded in 2018 and has 120 units. No other details were disclosed. Read More »
Two Class-A AL/MC Communities Change Hands
Blueprint was brought on to facilitate the sale of two Class-A assisted living/memory care communities in the Philadelphia, Pennsylvania, MSA. The seller was a national developer/investor divesting to de-lever and accelerate the wind-down of the maturing fund holding the communities. One of the communities opened in 2016 and is relatively smaller compared to the other, which opened in 2020. The older community had never fully stabilized, however, it maintained a modest in-place cash flow and showed positive momentum. Meanwhile, the newer community had never recovered from its COVID-driven lease-up challenges but, even at lower occupancies, showed margin potential. They are located... Read More »
Montgomery Selling in Memphis
On the eve of the NIC Conference in Chicago, Andrew Montgomery of Montgomery Intermediary Group facilitated the sale of an assisted living community in Memphis, Tennessee. Built in 1997 with 85 units, the community was bought out of bankruptcy in 2010 by the current owner/seller. It was operational as an assisted living community until October 2022, when ownership decided to shut it down after some tenant difficulties. The property sold vacant, and we would guess given the vintage and the lack of census, the per-unit price could not have surpassed $50,000 per unit. A private investor bought the asset, utilizing an existing lending relationship to obtain bridge debt for the deal. The buyer... Read More »
CCRC Sells out West
Evans Senior Investments successfully sold a CCRC on the West Coast, closing the deal within 35 days of executing the contract. Few details were disclosed, but the community consists of approximately 150 units, with assisted living and memory care making up about 75% of the units and skilled nursing comprising the remainder. The campus was built around 2000, with a renovation completed last year. The winning bidder emerged from four groups, for an undisclosed price. Read More »
CFG Arranges Mezzanine Loan
Capital Funding Group closed mezzanine financing for a nationally recognized owner of a 120-bed skilled nursing facility in Florida. The $3.32 million loan supported a dividend recapitalization for the borrower. Capital Funding Group Vice President Andrew Jones originated the transaction for the company. The financing follows CFG’s recent closing of a $13.84 million mezzanine loan, which supported the refinancing of 11 skilled nursing facilities and one assisted living community in the Northwest. Read More »
SLIB Facilitates Sale of Two NY Seniors Housing Communities
Two assisted living communities in New York with licenses designed to provide higher level care in an AL setting, rather than in a skilled nursing facility, sold with the help of Dave Balow of Senior Living Investment Brokerage. Balow was brought on by a private owner to facilitate the sale (and their exit from seniors housing ownership in order to focus on other ventures within the industry). The two communities, The Cambridge Assisted Living and The Mansion at South Union, are located within a mile of each other in Cambridge, New York. The Cambridge has an enhanced care license, which is all private pay, while The Mansion is an ALP community (Assisted Living Program), which is a... Read More »
60 Seconds with Swett: Skilled Nursing M&A in 2023 and Beyond
Skilled nursing investors, operators and dealmakers have been on quite the rollercoaster the last several years, with COVID initially threatening the life of the industry quickly shifting to an exuberant M&A market that saw buyers clamor for facilities of all qualities, and paying up for them too. Now, higher capital costs have tempered some of that excitement, and the industry faces a new threat: the minimum staffing mandate. It is safe to say, the party is over, but M&A volume has not fallen off a cliff either. Neither have values. So, how are dealmakers evaluating this new market we are in, and how will investment strategies, the lending environment or valuations change? Join us... Read More »
AgeWell Solvere Living Acquires Sonata Senior Living
Two senior living operators based in Florida have affiliated, resulting in a portfolio of 34 communities in seven states, and an additional four communities that will open in the near-future. AgeWell Solvere Living acquired Sonata Senior Living, assuming ownership of the operating companies that manage Sonata’s 14 communities starting November 1. This development followed the merger of Solvere Living and AgeWell Living in January, which formed the new entity known as AgeWell Solvere. The newly-acquired communities will continue to operate under Sonata’s branding, and many of these communities currently operate below occupancy stabilization levels. AgeWell Solvere plans to integrate its own... Read More »
Plains Commercial Handles Anaheim Deal
Plains Commercial sold Family Choice Senior Living, a 30-bed residential care (assisted living) community in Anaheim, California. Daniel Morris of Plains was engaged by the private investor seller to do a direct transaction, as they were exiting the seniors housing space. The community had undergone an extensive renovation in the last few years, after which the seller executed a long-term lease with a local seniors housing operator. The buyer is a local investor with existing seniors housing investments that was looking to expand its portfolio as a landlord. The community sold at an attractive cap rate, which helped the parties to be able to navigate the current lending... Read More »
SLIB Hits 50 Deals for 2023
A regional owner/operator bought a 94-unit personal care community in Georgia. Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage handled the transaction, which saw offers from multiple local and regional buyers as part of the competitive process. The ultimate acquirer plans to make significant capital improvements to the community. The deal is SLIB’s 50th of the year, so far. The 50 deals included 70 properties in 26 states. Most of the deals that have closed (82%) have involved seniors housing communities, with the remainder featuring skilled nursing facilities, or majority-SNF deals. Anecdotally, we have heard that SNF deals have (generally) been easier to get... Read More »Schedule a demo
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