Sonida Senior Living Keeps Pushing Census
We have been impressed by Sonida Senior Living management’s ability to get out of its census, cash flow and balance sheet difficulties over the past year. After some acquisitions this year, the company now operates 93 senior living communities, most of them owned. In the third quarter, same-community occupancy for 61 communities increased by 210 basis points year over year to 87.0%. That is well ahead of many other operators, as well as higher than the NIC MAP census averages. They are well on their way to hitting the elusive goal of 90% occupancy. Speaking of 90% occupancy, management believes that when they reach it for their same-community portfolio, the NOI margin for these... Read More »
Invesque Divests to Logos Living Capital
Logos Living Capital acquired a seven-property seniors housing portfolio from Invesque. The communities were previously managed by Commonwealth Senior Living, and going forward they will be managed by Viva Senior Living, which exclusively manages Logos’ seniors housing assets. The portfolio includes three communities in Maryland (Viva at Bel Air, Viva at Cockeysville and Viva at Hagerstown), three in Virginia (Viva at Stafford, Viva at Fredericksburg and Viva at Berryville) and one in Tennessee (Viva at Oak Ridge). Logos is a long-term believer in the assets, with the goal being to own them for as long as possible and to look at different financing sources over time. The portfolio... Read More »
1019 Senior Living Grows in Indiana
1019 Senior Living, an owner/operator that was founded in 2021 by James and Heather Kesler, acquired two seniors housing communities in Indiana. Both were properties previously operated by Bickford Senior Living. Of course there are always hurdles that come with closing a deal, however this transaction, which Blueprint handled, was very smooth. 1019 Belle’s Place of Crawfordsville is a standalone memory care community with 28 units in Crawfordsville. 1019 Belle’s Place of Wabash also comprises 28 assisted living/memory care units, and is in Wabash. Both were built in 2008. The purchase price was not disclosed, however, it was noted that it was a “very good deal.” One of the... Read More »
Ciena Healthcare Divests to Euson Lindsay Health
Connor Doherty and Ryan Kelly of Blueprint facilitated the sale of a senior care community in Goshen, Indiana. The seller, Ciena Healthcare, recognized the need for strategic repositioning, engaging Blueprint in the divestment. Built in 2018 and constructed under the Green House Project, an organization that focuses on non-institutional eldercare environments, The Laurels of Goshen features four homes with 12 residents per home (48 seniors housing beds) and 28 dually licensed Medicare and Medicaid skilled nursing beds. Blueprint approached one group with interest, Euson Lindsay Health, and they were ultimately selected as the buyer, rebranding the community as The Restoracy Goshen.... Read More »
Owner/Operator Purchases in South Carolina
Jack Osteen of Sherman & Roylance facilitated the sale of two skilled nursing facilities comprising 252 total beds in South Carolina. The facilities were previously marketed by a different brokerage firm in 2021. Built around 1980 and renovated in 1998, one of the facilities is in Florence and comprises 132 beds with an occupancy rate of over 75%. Built in 2008, the second facility is in Cheraw and features 120 beds with an occupancy rate of over 90%. The seller was a mom & pop with a 50-year history in South Carolina’s nursing care sector. The buyer is a leading operator with a growing presence in the Western United States. The deal was financed through private international... Read More »
CA Seniors Housing Community Secures Refinancing
Northwest Visalia Senior Housing LLC obtained a $29.5 million loan for the refinancing of Quail Park at Shannon Ranch, which comprises 120 units of independent living, assisted living and memory care in Visalia, California. Northmarq secured the 10-year loan, with the first five years being interest-only, through Poppy Bank of California. The funds were utilized to pay off a bridge loan that Northmarq also arranged back in 2021. The principal of Living Care Lifestyles, the Kaweah Health System of Visalia and multiple local investors comprise the ownership group of Quail Park. Living Care also manages the community. Managing Director Stuart Oswald led Northmarq’s Seattle Debt and... Read More »
Behavioral Health Buyer Takes Over Georgia Community
Bull Realty, a commercial regional real estate company, was engaged by Gryphon Senior Living in its divestment of a seniors housing community in Dacula, Georgia. Built in 2011, Hope Memory Care Community features 64 memory care units across 37,432 square feet on 3.44 acres. Gryphon originally bought the community a few years back for around $9.5 million, or $148,000 per unit. The community struggled with occupancy, despite good demographics. After Bull Realty was brought on to market the property, the bank sold the note. A potential CON sale was explored but did not pan out. When the note holder had control of the property, a separate potential buyer was brought in. The noteholder... Read More »
Joint Venture Divests to Private Owner/Operator
Blueprint was engaged by a joint venture between two national investors in the divestment of its seniors housing community in Pickerington, Ohio, that was acquired as part of a larger transaction. The buyer, which intends to reposition the asset as affordable seniors housing, was a well-capitalized private owner/operator seeking to expand and increase operational leverage in the Midwest. Built in 2009, the community comprises 86 assisted living and memory care units in a growing, but supply-constrained, suburb of Columbus. The community’s occupancy challenges post-COVID, in combination with its outlier geography and care mix, made it a non-core component of the broader transaction... Read More »
60 Seconds with Steve Monroe: The Election And Senior Care
So, the 2024 election results are in, and many people were surprised, many shocked, some cried and some cheered, and many who did not vote wished they had. But wherever you are on the political spectrum, if you invest in seniors housing and care, the outlook for you may be better with the election outcome. I say that because Mr. Trump is more pro-business and pro-real estate than Ms. Harris, and the Biden/Harris administration was set to make some changes in staffing and PE investing which our sector was not too happy about. The proposed nursing home staffing mandate will most likely go out the window, and pressure on private equity investing in seniors housing may be put on the backburner... Read More »
Minnesota AL/MC Community Changes Hands
An assisted living/memory care community in rural southern Minnesota found a new owner with the help of Ray Giannini of Marcus & Millichap. Built in 2017, Bridgwater at Janesville features 24 units. It featured a 90% waiver census and was fully occupied at the time of closing, generating strong cash flow, as well. The undisclosed buyer paid $4.2 million, or $175,000 per unit, for the asset. Read More »Schedule a demo
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