Minneapolis-Area Community Trades, Again
The Inland Real Estate Group of Companies, an Illinois-based commercial real estate investment group, bought a seniors housing community located in Edina, Minnesota, from an entity affiliated with Prudential Financial. Built in 2013, the community is The Waters of Edina, which comprises 139 independent living, assisted living and memory care units with amenities including an indoor pool and a theater. Inland bought the community for $41.7 million, or just over $300,000 per unit, with The Waters remaining as the operator. The Prudential entity previously purchased the community in 2016 for at least $51 million, according to a state filing. In 2017, Prudential also purchased another Waters... Read More »
CFG Closes HUD Deal in Arizona
Capital Funding Group closed a $10.3 million HUD refinance of an existing bridge loan, also executed by CFG, for a nationally recognized borrower. The refinancing supported a 94-bed skilled nursing facility in Arizona. Tommy Dillion of CFG originated the transaction. This financing follows the company’s recent announcement of a $3.32 million bridge-to-HUD mezzanine loan which supported a dividend recapitalization for a well-known sponsor of a 120-bed skilled nursing facility in Florida. Read More »
Skilled Nursing M&A in 2023 and Beyond
On October 19, 2023, The SeniorCare Investor’s Ben Swett moderated a panel of skilled nursing experts from the lending, brokerage, and operating worlds to discuss why the SNF M&A market peaked in 2022, why the sector is struggling more now, and what they would do as SNF investors in 2024. Subscribers can view the entire webinar here. Read More »
Mom & Pop Exits Seniors Housing Business
A Mom & Pop owner/operator enlisted the assistance of Senior Living Investment Brokerage to handle the sale of a seniors housing community that had never achieved stability. This community represented the seller’s sole seniors housing asset, marking their departure from the sector as they enter retirement. Built in 2010, this assisted living/memory care community comprises 55 units and 88 beds in Menifee, California. It was under 60% occupied and was losing nearly $350,000 on $2.94 million of 2022 revenues. The buyer was an owner/operator based in Los Angeles, California, that intends to self-manage the community. Their strategy includes making limited cosmetic updates and refocusing... Read More »
Cambridge Realty Capital Closes HUD Loan
Cambridge Realty Capital provided a $29.2 million first mortgage loan to refinance a seniors housing community in Sarasota, Florida. Cambridge utilized the HUD Section 232/223(f) program and Cambridge’s early rate lock program to secure this fully amortized 35-year loan for the owner, a Florida limited liability company. The community was Aravilla Sarasota, formerly known as Autumn of Sarasota, which was renovated/rebranded in 2018 and has 120 units. No other details were disclosed. Read More »
Two Class-A AL/MC Communities Change Hands
Blueprint was brought on to facilitate the sale of two Class-A assisted living/memory care communities in the Philadelphia, Pennsylvania, MSA. The seller was a national developer/investor divesting to de-lever and accelerate the wind-down of the maturing fund holding the communities. One of the communities opened in 2016 and is relatively smaller compared to the other, which opened in 2020. The older community had never fully stabilized, however, it maintained a modest in-place cash flow and showed positive momentum. Meanwhile, the newer community had never recovered from its COVID-driven lease-up challenges but, even at lower occupancies, showed margin potential. They are located... Read More »
Montgomery Selling in Memphis
On the eve of the NIC Conference in Chicago, Andrew Montgomery of Montgomery Intermediary Group facilitated the sale of an assisted living community in Memphis, Tennessee. Built in 1997 with 85 units, the community was bought out of bankruptcy in 2010 by the current owner/seller. It was operational as an assisted living community until October 2022, when ownership decided to shut it down after some tenant difficulties. The property sold vacant, and we would guess given the vintage and the lack of census, the per-unit price could not have surpassed $50,000 per unit. A private investor bought the asset, utilizing an existing lending relationship to obtain bridge debt for the deal. The buyer... Read More »
CCRC Sells out West
Evans Senior Investments successfully sold a CCRC on the West Coast, closing the deal within 35 days of executing the contract. Few details were disclosed, but the community consists of approximately 150 units, with assisted living and memory care making up about 75% of the units and skilled nursing comprising the remainder. The campus was built around 2000, with a renovation completed last year. The winning bidder emerged from four groups, for an undisclosed price. Read More »
CFG Arranges Mezzanine Loan
Capital Funding Group closed mezzanine financing for a nationally recognized owner of a 120-bed skilled nursing facility in Florida. The $3.32 million loan supported a dividend recapitalization for the borrower. Capital Funding Group Vice President Andrew Jones originated the transaction for the company. The financing follows CFG’s recent closing of a $13.84 million mezzanine loan, which supported the refinancing of 11 skilled nursing facilities and one assisted living community in the Northwest. Read More »
SLIB Facilitates Sale of Two NY Seniors Housing Communities
Two assisted living communities in New York with licenses designed to provide higher level care in an AL setting, rather than in a skilled nursing facility, sold with the help of Dave Balow of Senior Living Investment Brokerage. Balow was brought on by a private owner to facilitate the sale (and their exit from seniors housing ownership in order to focus on other ventures within the industry). The two communities, The Cambridge Assisted Living and The Mansion at South Union, are located within a mile of each other in Cambridge, New York. The Cambridge has an enhanced care license, which is all private pay, while The Mansion is an ALP community (Assisted Living Program), which is a... Read More »Schedule a demo
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