Montgomery Intermediary Group Closes First Loan
A few months after Montgomery Intermediary Group announced it was adding a healthcare real estate debt placement vertical alongside its investment sales platform, Jeremy Warren (the man hired to develop the new vertical) closed the group’s first loan. He successfully sourced and closed a refinance for a portfolio of three assisted living communities in Kansas. Built more than 20 years ago, the communities each feature between 20 and 30 units with a mostly Medicaid waiver census. Occupancy was nearly full at three of the locations, with very strong operating margins. The portfolio also benefited from a recent Medicaid waiver rate increase. There were three other similar communities that... Read More »
Welltower’s Executive Promotions
Welltower announced several executive promotions to start off the new year. First, John Burkart has been appointed Vice Chairman & Chief Operating Officer after previously serving as Executive Vice President – Chief Operating Officer. Prior to joining Welltower in 2021, Burkart spent 25 years at Essex Property Trust, most recently serving as Senior Executive Vice President and Chief Operating Officer. Burkart holds a BS in Finance from San Jose State University and an MBA in Real Estate from Golden Gate University. Next, Nikhil Chaudhri was appointed Co-President & Chief Investment Officer after previously serving as Executive Vice President – Chief Investment Officer.... Read More »
VIUM’s Recent Financings
As part of its record-breaking 2024, VIUM Capital closed three HUD 232/223f refinancing transactions totaling approximately $70 million for Texas-based Priority Management Group. The HUD loans paid off existing bridge debt and owner’s notes from acquisitions that occurred three years ago. Priority Management Group is a senior living owner/operator in Texas and Louisiana, and is a long-time client. The transaction was led by Scott Blount of VIUM. Additionally, in November, VIUM closed a $21 million bridge loan ($17 million initial and a $4 million earnout) for a 134-bed SNF in North Carolina. The recapitalization was used to pay off existing debt and a shareholder note, and to provide... Read More »
Regional Owner/Operator Acquires in Washington
Jason Punzel of Senior Living Investment Brokerage facilitated the sale of Moran Vista Senior Living in Spokane, Washington. Built in 1997 and expanded and renovated in 2008, it is situated on approximately 4.76 acres and comprises 131 (30 independent living, 86 assisted living and 15 memory care) units. Occupancy was 88% at the time of sale. The seller was a Pacific Northwest owner divesting to focus on core assets within its portfolio, and the buyer is a regional owner/operator with approximately 20 communities in Washington and Arizona. The community sold for $22.5 million, or $172,000 per unit, at a 3.06x GIM. Read More »
Ensign Expands in Tennessee and Alabama
The Ensign Group, Inc. acquired the operations of nine skilled nursing facilities in Tennessee and Alabama: Meadowbrook Healthcare and Rehabilitation Center (83 beds in Pulaski, TN), Wellpark Health and Rehabilitation (30 beds in Knoxville, TN), Legacy Park Health and Rehabilitation (176 beds in Knoxville), VanAyer Senior Living and Rehabilitation (91 beds in Martin, TN), Union City Health and Rehabilitation (115 beds in Union City, TN), Decatur County Healthcare (125 beds in Parsons, TN), Savannah Nursing and Rehabilitation (120 beds in Savannah, TN), Westwood Nursing and Rehabilitation (90 beds in Decaturville, TN) and The Health Center at Research Park (91 beds in Huntsville, AL). ... Read More »
VIUM Capital’s Record 2024
VIUM Capital recorded its highest revenue producing year in the firm’s young history, closing 56 transactions totaling nearly $900 million in par in 2024. The financings varied from bridge to permanent debt (both taxable and tax-exempt) and funded 82 separate properties in more than a dozen states across the country. Of the financings, 37 were HUD/GNMA loans through HUD’s 232/223(f) program, totaling over $450 million of par. VIUM finished the 2024 fiscal year as the #2 ranked HUD healthcare lender in the country in both total volume and number of transactions closed. The year also witnessed VIUM’s HUD/GNMA servicing book surpassing $1 billion, securing multiple HUD Corporate Credit... Read More »
Public REIT Divests to Regional Owner/Operator
Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage were engaged to confidentially sell a senior living community in Maitland, Florida. The community comprises Savannah Court, which offers 102 units of assisted living, and Savannah Cove, which comprises 39 beds and 24 units of skilled nursing care. The seller was a publicly traded REIT, and the buyer was a regional owner/operator with strong experience in both SNF and AL assets. The buyer intends to conduct a robust physical plant upgrade immediately. This is a strong and attractive submarket within the Orlando MSA and the building improvements should be well-received. Read More »
Strawberry Fields Acquires in Kansas
Strawberry Fields REIT entered into a purchase and sale agreement with an unaffiliated seller for six senior care properties in Kansas. The purchase price is $24 million, or $68,000 per bed, payable at closing. The six properties include five skilled nursing facilities and one assisted living community, totaling 354 beds. They will be leased to Advena Living for an initial 10-year period, plus two five-year tenant options on a triple-net basis. Additionally, the lease will increase Strawberry Fields’ annual rents by $2.4 million and is subject to 3% annual increases. Strawberry Fields plans to purchase the properties utilizing its current working capital, and anticipates closing the... Read More »
Regional Midwest Management Company Acquires in Missouri
Senior Care Realty was engaged by a mom & pop in their divestment of a seniors housing community in the Kansas City, Missouri MSA. This was their only long-term care property and they are selling to enter retirement. Built in 1995 in several stages by the seller, with the last phase in 2008, the community comprises 69 independent living and assisted living units. The community was fully occupied at the time of sale with a waitlist, and is 100% private pay. It generated close to $2.1 million in income in 2024, running at a 36% margin. Sounds like a great operation. A regional Midwest management company, which is expanding to multiple states, bought the community and will look to... Read More »
CIBC’s Recent Activity
CIBC Bank USA provided a $16 million acquisition financing term loan and a $2 million working capital revolving line or credit for a portfolio of skilled nursing facilities in Vermont. Historical performance trended positively over the last year, as the facilities improved census and operating leverage. Fritz Kieckhefer and Kyle Doran handled the transaction for CIBC. Additionally, Kieckhefer and Doran of CIBC provided an Illinois owner/operator with a $5.2 million term to finance the owner’s recent acquisition of two skilled nursing facilities in central Illinois. The tenant had taken over operations in the middle of 2024 from a small local operator, and has since improved performance... Read More »Schedule a demo
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