American Healthcare REIT Expands Cogir Relationship
American Healthcare REIT, which went public earlier this year, and Cogir Management USA expanded their relationship to 14 communities with AHR’s latest acquisition of four communities in Washington State. AHR acquired Mallard Landing in Battle Ground, Orchard Pointe in Port Orchard, Blossom Valley in Wenatchee and Blossom Creek in Wenatchee. Combined, the communities offer 207 units of assisted living and memory care. With this acquisition, Cogir now operates communities in Washington, California, Utah and North Carolina for AHR. Cogir, which acquired Cadence Living in late 2022, also now manages 22 communities in Washington and 84 communities across the United States. Read More »
Eads Announces Four Deals in Four States
It was a productive summer for Eads Investment Brokerage, which closed four deals across four states and nine properties. There was a mix of seniors housing and skilled nursing assets, as well as seller types. The first deal, a June closing, featured Johnson Christian Village, a senior living community 25 miles south of Bloomington, Indiana. An out-of-state, faith-based not-for-profit sold the property to a local investor that has experience in managing Indiana Medicaid waiver programs. Around the same time, Eads also sold a recently renovated skilled nursing facility in Des Moines, Iowa. The out-of-state operator was divesting the property in order to focus on its core markets, but... Read More »
SLIB Sells in NY and KY
Senior Living Investment Brokerage announced the closing of two separate seniors housing transactions in New York and Kentucky. First, Patrick Burke and Dave Balow facilitated the sale of an adult home and Assisted Living Program (ALP) community in upstate New York. The community, built in 1999 and renovated in 2019, comprises 60 units and 120 beds in an attractive sub-market in western New York. It benefits from the ability to attract private pay residents in the area, as well as those with Medicaid as the payor for the ALP beds. There is room for improvement operationally, as occupancy was at 65.7% at the time of closing and the community was just under breakeven. The seller was a... Read More »
W&D’s Busy First Half of the Year
Walker & Dunlop has had a good first half of the year, having closed 17 transactions. These transactions involved 28 assets spread across California, Colorado, Idaho, Florida, Kentucky, Michigan, Minnesota, Ohio, Pennsylvania and Washington. The assets comprise 2,955 units and total transaction volume YTD is $599 million, with the average transaction size $35.23 million and the total under agreement $361 million. In July, W&D facilitated the sale of a seniors housing community in Huntingdon Valley, Pennsylvania, on behalf of a regional developer that has developed approximately 15 seniors housing buildings in the Philadelphia MSA. Built in 2022, Crescent Fields at... Read More »
Berkadia’s Recent Activity
Berkadia has had a busy few months, filled with financing transactions and an investment sales closing. First, Jay Healy was engaged by three separate sponsors to finance four loans that total $66 million. At the end of June, Healy closed a $20 million bridge-to-HUD loan to refinance a maturing construction loan for PruittHealth. The three-year loan, structured in partnership with a publicly traded REIT, is interest only and prepayable at any time. The property is a 90-bed skilled nursing facility in North Tampa, Florida. PruittHealth developed the community in 2022 and has operated it since. In July, Healy closed a $12.3 million bridge-to-HUD loan for a Fort Worth, Texas-based... Read More »
CFG Closes Construction Loan
Capital Funding Group and Erickson Senior Living announced the closing of a $185 million construction loan to support the first phase of construction for The Grandview, a CCRC under development in Bethesda, Maryland. Phase I of this project, known as the West Village, will feature two 14-story buildings with a total of 501 independent living units. CFG closed the financing on August 16. The Grandview, once completed, will be a seven-building senior living campus where residents will benefit from an integrated health and wellness model, including a concierge-level primary care practice and access to a full continuum of care. Developed and managed by Erickson, the community will feature... Read More »
60 Seconds with Swett: Senior Care M&A: Ready to Explode?
The industry seems to be on the brink of a breakout M&A period, which is an astonishing thing to say when we are already in the midst of a record-breaking period of transaction activity. The promise of an interest rate cut, even a 25-basis point cut, could usher a number of buyers off the sidelines, and if a few lower cap rate deals get announced, then a few more owners of high-quality communities could be tempted off the sidelines too. On our webinar last week covering the mid-year update of our M&A and valuation statistics, our panelists seemed to believe that a number of large deals were looming, which could help break the logjam of mostly small deals closing in the... Read More »
IPA Runs Receivership Deal in Arizona
Nick Stahler and Hap Knowles of Institutional Property Advisors, a Marcus & Millichap company, announced their role in the sale of MorningStar at Arcadia, representing both the buyer and seller in the transaction. Built in 2016, the Phoenix, Arizona-area community features 108 units and 125 beds of independent living, assisted living and memory care. Operations were strong, with occupancy above 85% and a margin around 28%. The previous Colorado-based operator had run a tight ship and maintained consistent revenue levels throughout a receivership sales process. Stahler and Knowles had been first hired to run a traditional marketing capital, and they secured multiple competitive offers... Read More »
SLIB Sells SNFs to Strawberry Fields REIT
Senior Living Investment Brokerage’s Matthew Alley closed another transaction in Texas on behalf of an owner/operator based in the Lone Star State. The deal featured two skilled nursing facilities in the towns of Hondo and Kerrville. Community Care Center of Hondo was built in 1967 with 75 beds. It was 79% occupied. While Waterside Nursing & Rehabilitation in Kerrville was built in 1968 with 179 beds. It was 51% occupied. Combined, they generated $2.08 million of EBITDAR on $13.55 million of revenues, for a healthy 15% margin. The facilities are also enrolled in QIPP which provides for additional revenue not already in the financials. Strawberry Fields REIT paid $15.25 million, or... Read More »
New Private REIT Acquires Texas Asset
A stabilized seniors housing community sold in Texas, to a newly launched private REIT buyer that focuses on seniors housing investments. Amy Sitzman and Giancarlo Riso of Blueprint represented the seller, which exited the industry with the sale. The 48-unit assisted living/memory care community was well located in the Dallas suburb of McKinney. Originally built in 1993, prior ownership ensured that the community’s physical plant remained competitive with an extensive $2.2 million renovation. At the time of marketing, the community also featured strong in-place occupancy of 98% and recently pushed through a healthy rate increase. Blueprint positioned the deal as an opportunity to... Read More »Schedule a demo
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