Strawberry Fields REIT Announces SNF Acquisition
Strawberry Fields REIT acquired a skilled nursing facility with 100 beds near Oklahoma City, Oklahoma, utilizing cash from its balance sheet. The facility is leased to an existing third-party operator that entered into a master lease for this facility, as well as for another facility that Strawberry Fields acquired in December 2024 (a skilled nursing facility featuring 100 beds in Oklahoma). The lease includes annual base rents of $500,000 with 3% annual rent increases and an initial term of 10 years with two options of five-year extensions. The deal was revealed in the REIT’s first quarter earnings report, along with the closing of its purchase of six senior care facilities in... Read More »
Family Office Acquires Two Communities
Berkadia was engaged by a national owner/operator in its divestment of two seniors housing communities on Florida’s east coast. The communities are in Port St. Lucie and Port Orange with 171 assisted living and memory care units. The buyer was a central Florida-based family office. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders handled the transaction. The deal follows Berkadia’s other recent Florida closing, which was handled on behalf of a national owner/operator. The property was Abbey Delray, a 505-unit CCRC originally built in 1979 in Delray Beach that features 327 independent living units, 48 assisted living units, 30 memory care units and 100 skilled nursing beds on 25.66... Read More »
Kentucky SNF Sees Active Bidding Environment
Kyle Hallion and Ben Firestone of Blueprint were engaged to sell a 54-bed skilled nursing facility located 45 minutes northwest of the Lexington, Kentucky MSA, and successfully closed the deal on May 1, approximately 30 days prior to contractual closing. The facility offered a track record of strong occupancy with clear revenue upside via CMI improvement and expense controls through operational efficiencies. Kentucky also completed Medicaid rebasing in July 2024 that made the state more attractive to incoming owners. So, following the rebasing, Blueprint targeted regionally focused investors and generated seven written LOIs. The winning bidder, a New York-based owner/operator with a... Read More »
ESI Closes Record-Setting SNF Sale in North Carolina
A skilled nursing sale in North Carolina set a new pricing record in the state, with Evans Senior Investments handling the deal. ESI was engaged by an independent owner/operator to divest Smithfield Manor, a 160-bed skilled nursing facility in Smithfield, North Carolina (about 25 miles southeast of Raleigh). At the time of marketing, the 1975-vintage property was performing well, with occupancy above 80%. However, it offered a number of expense and revenue optimization opportunities for a strong regional operator to significantly improve performance. Through a competitive three-week marketing process, ESI attracted strong interest, ultimately securing a buyer aligned with the... Read More »
Growth-Oriented Buyer Acquires AL/MC Portfolio in Competitive Market
Blueprint handled the divestment of an assisted living and memory care portfolio dubbed Project Viking. The portfolio includes multiple well-located communities of newer vintage in Minnesota. Connor Doherty and Ryan Kelly handled the transaction. The opportunity presented the ability to acquire substantial scale in a state known for its highly regulated and competitive seniors housing environment, plus a recent increased to its Elderly Waiver Medicaid rate reimbursements. It drew significant interest from a range of national and regional buyers, and after a competitive process, the portfolio was acquired by a buyer focused on growth and long-term value creation within the upper... Read More »
Joint Venture Secures Refinancing for Class-A Seniors Housing Community
CBRE National Senior Housing handled two refinancings in separate transactions. First, CBRE arranged a refinance of Bruceville Point on behalf of a joint venture between Tenfold Senior Living and AEW Capital Management. Tenfold manages and operates the community. Aron Will and Tim Root originated a three-year floating-rate loan with full-term interest only through a regional bank. Bruceville Point is a 137-unit, Class-A seniors housing community in Elk Grove, California. It offers independent living, assisted living and memory care. The common areas include three dining venues (including a bistro), club room, living room, movie theater, fulltime staffed fitness studio, art studio,... Read More »
CFG Deploys Capital Across Four Transactions
Capital Funding Group financed more than $53 million across four transactions from mid- to late-March. The transactions supported three skilled nursing facilities and four assisted living and memory care communities throughout South Carolina and Georgia. They were completed on behalf of nationally recognized borrowers, one of which is a returning client. The first transaction was a $13 million bridge-to-HUD loan for the acquisition of four assisted living and memory care communities with 219 beds in Georgia. James Zabel originated the transaction. CFG next provided a $12.4 million HUD loan for the refinancing of a 176-bed SNF in Inman, executing the permanent, low-interest rate,... Read More »
North Carolina CCRC Secures Bond Financing for Expansion
Ziegler announced the pricing of Twin Lakes Community’s $35.31 Series 2025A and 2025B bonds. Twin Lakes Community operates a not-for-profit, fee-for-service CCRC on 215 acres in Burlington, North Carolina. Since opening in 1983, Twin Lakes has grown to include 482 independent living, 36 assisted living, 32 memory care and 104 health care units. Having recently completed construction and fill-up of Stockton Phase 1, a 48-unit IL apartment building, Twin Lakes is now preparing to launch Phase 2 of the Stockton project. This next phase will include an additional 36 IL apartments, ranging from 1,046 to 1,939 square feet. At the time of pricing, 100% of the new units were pre-sold with a 10%... Read More »
Brookdale Occupancy Hits 81%
Brookdale Senior Living reported its first quarter earnings results, and it appears to be building on the momentum started at the end of 2024. In addition, month-end occupancy in April topped 81.0%, marking the ninth straight month with ending occupancy above 80.0%. While it is great the company is making progress, there is still a lot more work to do. After declining in the second half of 2024, the seniors housing operating margin increased to 28.4% in the first quarter. This represents a 130-basis point increase from the year-ago quarter, but a whopping 290-basis point increase sequentially. Meanwhile, RevPOR increased by 3.0% year over year and 4.6% sequentially, contributing to... Read More »
Development Underway for New Fairfield County CCRC
A new CCRC is under construction in our backyard in Stamford, Connecticut (figurative backyard from our headquarters in New Canaan). Mozaic Senior Life (formerly Jewish Senior Services) is building Mozaic Concierge Living, a CCRC that will offer 168 independent living units, along with assisted living, memory care and skilled nursing. The project has been years in the making and is the product of a coordinated effort between Mozaic, development consultant Greenbrier and investment banking firm HJ Sims (another Fairfield County firm). Greenbrier has supported the development from early site evaluation and financial modeling through sales strategy and design. They will also take on a... Read More »Schedule a demo
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