REIT Divests to Local Owner
Senior Living Investment Brokerage facilitated the sale of a seniors housing community in Taylorsville, Utah on behalf of a REIT. The REIT was divesting to focus on its core markets within its portfolio. Vince Viverito and Brad Clousing handled the transaction. Built in 1975 and renovated in 1995 and 1996, Truewood Taylorsville features 106 assisted living units and 112 beds, sitting on four acres across 68,970 square feet. It is uniquely positioned in the market to offer affordable living for seniors. The buyer is a private owner growing its portfolio in the state. It intends to expand the Medicaid New Choices Waiver program at Truewood and leverage some of its operator’s local... Read More »
New Tenant Secured for Mass SNF
A state-of-the-art rehabilitation and skilled nursing facility in Danvers, Massachusetts (Boston MSA) secured a new operator and lease arrangement. The developer/landlord and existing tenant engaged Blueprint’s Michael Segal, Ben Firestone, Daniel Waldhorn and Steve Thomes to run a strategic marketing process, which yielded three lease proposals. A growing East Coast-based operator that had recently expanded into Massachusetts with its first acquisition earlier this year was eventually chosen as the new operator/tenant. Located across the street from Beverly Hospital at Danvers and within close proximity to several other referral sources in a densely populated suburb, the facility was... Read More »
Ohio Senior Care Community Secures Refinancing
Capital Funding Group announced the closing of a $12.5 million bridge-to-HUD loan, which supported the refinancing of an existing bridge loan. The deal supported a 175-bed skilled nursing and assisted living community in Ohio. Craig Casagrande handled the transaction, which closed July 18, 2024. Read More »
Regional Owner/Operator Divests Senior Living Portfolio
Evans Senior Investments arranged the sale of a senior living portfolio in the Southwest. The portfolio features five properties, comprising a majority of skilled nursing beds with seniors housing units. The transaction was carried out on behalf of a regional owner/operator. Ultimately, the current manager of the properties and another operator agreed to merge their operations and acquire the portfolio. The real estate assets were purchased as part of the deal. Read More »
60 Seconds with Steve Monroe: Where Do Valuations Stand in 2024?
It seems that despite the record levels of M&A activity we are witnessing in the seniors housing and care market, there are still scores of buyers and lenders still ready to pounce on the growth opportunity but have not done so yet. They are just waiting for something, either an interest rate cut (or two), more competitive term sheets from capital providers, certain operating metrics in their respective markets, or just some reasonable assurance that the senior care industry and the capital markets will not implode in the near term. When these buyers return to the M&A market, they will need to know where pricing is for different kinds of deals, what lending options they may... Read More »
City of San Francisco Acquires AL/MC Community
It took a lot of creativity and nearly two and a half years for an assisted living/memory care community in San Francisco to find a new owner, that new owner being the City of San Francisco. Rob Reis of Marcus & Millichap handled the transaction, representing the national owner/operator seller in the process. Reis cast a wide net, including municipalities, before procuring the City as the best buyer option. Comprising two buildings, including an older Victorian structure dating back to before the 1906 earthquake but that was converted to assisted living in 1997, the community also features a purpose-built structure completed in 2005. Together, they comprise 52 units and 79 beds,... Read More »
Berkadia Refinances Intergenerational Living Community
Berkadia refinanced a unique, intergenerational living community called The Pillars of Prospect Park. The 283-unit seniors housing community in Minneapolis, Minnesota is owned by Harrison Street and Oppidan. To refinance an existing construction loan, Managing Directors Austin Sacco and Steve Muth of Berkadia secured bridge financing through a national bank, with a three-year term, three years of interest only and an attractive spread. Built in 2020, the property is situated near downtown Minneapolis, the University of Minnesota Medical Center, and Midland Hills Country Club. It features an intergenerational living model which includes senior living, student living, and a children’s... Read More »
Dawson Holdings Purchases in California
Marcus & Millichap arranged the sale of a 44-unit affordable seniors housing community, Olivetree Senior Citizen Apartments, in Olivehurst, California. Aaron Moayed and Isaak Heitzeberg handled the transaction. There were multiple competitive bids, with the transaction closing after zero days on the market. The seller was a government agency and the buyer was Dawson Holdings, Inc. DHI secured a 9% tax credit allocation through the acquisition-rehabilitation tax credits program. The seller, in turn, received a premium on the property due to the cash-flow restrictions associated with the USDA RD 515 program. According to ConnectCRE, the purchase price was $3.27 million, or $74,200... Read More »
Sonida Announces Nine-Figure Acquisition
On the heels of its second quarter earnings announcement, Sonida Senior Living revealed it’s making a new nine-figure acquisition in the Southeast. The deal involves eight assisted living/memory care communities owned by Batson-Cook Construction (a development/construction company based in Georgia) and Principal Senior Living Group, and operated under Principal’s Benton House brand. They total 555 units, split between 383 assisted living and 172 memory care units, and averaged five years old, as opposed to the 19-years-old average for properties in the surrounding 10 miles of each asset. Five of the assets are located in Florida (Jacksonville, Orlando and Daytona Beach MSAs), while three... Read More »
CBRE Closes Three Bank Financings
The dog days of summer have brought a slew of bank financings from CBRE this August. First was a refinance for The Springs at Lancaster Village, which is owned by a joint venture between The Springs Living and Amstad Farms Land Company. Built in 1983 with expansions in the 1990s, the community has 115 independent living and 74 assisted living units, with an array of amenities. It was acquired by The Springs Living in 2020 for $31.5 million, or $165,800 per unit, with Amstad, a long-standing friend and family relationship of Springs, providing the original capital for the deal. Amstad is not your typical seniors housing investor, being one of the largest potato producers in the Pacific... Read More »Schedule a demo
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