AEW Capital Management Acquires in Florida
JLL Capital Markets handled the sale and financing for Wellington Bay, a 283-unit seniors housing community in Wellington, Florida. JLL’s Seniors Housing Capital Markets team procured the buyer, AEW Capital Management, and secured the three-year acquisition loan through Capital One on behalf of the buyer. Built in 2019, the Class-A Wellington Bay comprises a well-performing 159-unit independent living community and The Lisbet Health Center, which offers 124 assisted living and memory care units. The 45-acre and 749,488-square-foot lakeside campus also offers the ability to expand the IL by an additional 177 units. According to South Florida Business Journal, the seller was Wellington Bay... Read More »
Cardinal Senior Living Buys High-Quality Ohio Assets
Blueprint was engaged by Gables Management Company, an owner/operator/developer, in its divestment of two newer vintage, Class-A communities in the Akron and Columbus MSAs. Built in 2017 and 2021 respectively, the communities total 198 independent living, assisted living and memory care units. Demonstrating strong performance, the communities achieved over 98% occupancy, low-30% operating margins and market leading reputations for quality and care. Blueprint procured six offers from REITs, private equity and owner/operators. The ultimate buyer was Cardinal Senior Living based in Grand Rapids, Michigan. Alex Florea, Connor Doherty and Ryan Kelly handled the transaction. Given the... Read More »
Joint Venture Secures Refinancing
First Citizens Bank announced that its Healthcare Finance business has refinanced The Bristal at Wayne, a 158-bed seniors housing community in Wayne, New Jersey. The borrower is a joint venture affiliate of Chicago-based Harrison Street and B2K Development. The same joint venture served as the community’s original developer, with Ultimate Care Assisted Living as the operator. The community was completed in 2019 at an approximate cost of $50 million, or $315,000 per unit. Read More »
New Jersey SNFs Secure Financing
MONTICELLOAM announced the closing of $39 million in total bridge and working capital financing for two New Jersey skilled nursing facilities. The sponsorship group, a repeat MONTICELLOAM client with extensive experience in the skilled nursing industry, will use the $38 million floating-rate senior bridge loan to consolidate previous loans and reduce its cost of capital. The $1 million working capital facility will be used by the sponsorship to cover the day-to-day needs of over 300 skilled nursing beds. MONTICELLOAM closed the transaction in 45 days. Read More »
60 Seconds with Swett: Rising Treasuries and Senior Care M&A
Momentum in the M&A market has continued into 2025, and there is general optimism that the new Administration that descended on Washington this week will be good for the business environment. Although there is some uncertainty around what, if any, tariffs are enacted and whether their effect on prices would potentially be blunted by falling energy costs and efficiency efforts, assuming “drill baby drill” and “DOGE” have a near-immediate effect. And we don’t know about the scale of the deportations and its impact on wages. However, if M&A activity started to take off last year due to the expectation of lower interest rates, then what effect will the 10-Year Treasury rate shooting... Read More »
PruittHealth Secures Financing in Georgia
Jay Healy and Andrew Lanzaro of Berkadia closed a $9.1 million bridge-to-HUD loan on behalf of PruittHealth to facilitate the acquisition of a skilled nursing facility. The 18-month, interest-only bridge loan represented 76.5% of the value and is prepayable at any time, putting its value at around $11.9 million, or $180,000 per bed. Berkadia anticipates closing the subsequent HUD refinance in the third quarter of this year. Built in 1966 and renovated in 2019, Southern Pines Nursing Center comprises 66 beds in Warner Robins, Georgia, and occupancy at the time of closing was 90%. It will be rebranded as PruittHealth – Warner Robins. This acquisition was made in conjunction with... Read More »
MorningStar Welcomes New President/CIO
MorningStar Senior Living announced a new President and Chief Investment Officer, Jamie Ranzan. Ranzan brings 20 years of experience in real estate development, acquisitions and operations across multiple property types, including senior living. Ranzan began her career at Ernst & Young as an auditor in the real estate group of its Orange County office. From there she joined KBS Realty Advisors in Newport Beach where she was responsible for a $1.8 billion portfolio with assets across the U.S. Her next role was CFO/BP of Corporate Finance for MBK Senior Living, responsible for acquisitions, dispositions, accounting, finance, insurance, tax and compliance. Razan relocated to... Read More »
Seniors Housing Occupancy Hits New Post-Pandemic High
NIC released its latest seniors housing occupancy update for the 31 NIC Map Primary Markets, and fourth quarter 2024 census has hit another post-pandemic occupancy high. Overall seniors housing occupancy rose to 87.2%, up 70 basis points from 86.5% in the third quarter. Separated out by property type, majority-independent living properties were 88.6% occupied in Q4, and majority-assisted living properties were 85.7% occupied. While the Primary markets averaged 87.2%, the 99 Primary and Secondary markets combined averaged 87.7% and the remaining 41 markets to round out the 140 total markets that NIC tracks averaged 88.5%. Overall, occupancy was 87.8% for all 140 markets. The last time... Read More »
Alternative-Use Buyer Acquires Standalone Memory Care Community
Before the year ended, BWE closed on the sale of a standalone memory care community in Suwanee, Georgia. Built in 2013, Peachtree Villa at Suwanee comprises 42-units on three acres. At the time of the sale, the property was not in operation. The buyer will renovate the property for an alternative use. Charley Bissell handled the transaction, which was facilitated through a CREXI auction. This closing marks the seventh memory care community sold by Bissell over the past 24 months on behalf of a Midwest-based alternative investment firm. Previous transactions included properties in Flower Mound, San Antonio and Missouri City, Texas, as well as in Stockbridge and Alpharetta, Georgia,... Read More »
Samaritas Exits Senior Care Industry
Blueprint executed the final sale facilitating Samaritas’ exit from the senior care industry. Following 50 years of providing senior care services, the company has a renewed focus on child and family services, behavioral health, refugee services and affordable housing. Built in 1964 with an expansion completed in the 1970s, and a full renovation and rehab addition in 2012, Samaritas Senior Living Cadillac comprises 107 skilled nursing beds and 24 memory care beds in Cadillac, Michigan. The senior care facility features 31 private rooms and 50 semi-private rooms, and is less than one mile from the Munson Healthcare Cadillac Hospital. Historically, the facility generated stabilized... Read More »Schedule a demo
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