Helios Arranges Country Place Corporate Credit Facility
Helios Healthcare Advisors helped arrange a corporate credit facility secured by a portfolio of assisted living/memory care communities across four locations in Alabama on behalf of Country Place Senior Living, a portfolio company of a Hong Kong-based alternative investment manager. Helios secured the facility through a regional lender based in Atlanta, Georgia, for general corporate purposes and to complete renovations on a portfolio of five assisted living and memory care communities that Country Place acquired in Texas this year. The facility was secured on the four Alabama assets, which were stabilized and had no property-level debt, thereby helping Country Place to access the... Read More »
The People’s Republic of New York At It Again
The saga of The Harborside on New York’s Long Island has been more than a decade in the making. Opened in 2010 and originally known as Amsterdam of Harborside, a not-for-profit entity, it has now filed for bankruptcy protection three times (2014, 2021 and 2023). Nothing like a little financial uncertainty to drive census, which is at about 50%. There are about 330 IL and AL units. Nearly 10 months ago, the bankruptcy court approved the sale to Iowa-based Life Care Services (LCS), partly because they agreed to keep it open, pay down the entrance fees to people who had moved or to their estates, and invest some capital. From media reports, it appears the residents wanted LCS to buy it, as... Read More »
Jaybird Senior Living Enters Texas
Evans Senior Investments arranged the sale of a seniors housing community in the Dallas-Fort Worth, Texas MSA. Built in 2013, Sonoma House Assisted Living comprises 33 assisted living units and 63 memory care units across seven cottages in Carrollton, Texas. At the start of marketing, the community was 82% occupied and generating positive net operating income. ESI identified multiple value-add opportunities, such as an opportunity to increase rental rates and reduce operational costs with a regional or national owner, as well as the potential to expand the community by adding 16 additional units through future development. The result was six competitive bids, with the ultimate buyer being... Read More »
Acquirer Expands Through Lease-to-Purchase in Ohio
Blueprint was engaged by an established owner seeking a desire to divest its skilled nursing facility in Ohio. Originally constructed in 1920 as the original site of McKinley High School, the facility was converted to skilled nursing in 1984. The facility suffered from low Medicaid reimbursement rates, and it was struggling from an occupancy standpoint. Connor Doherty and Ryan Kelly handled this transaction, structuring an off-market lease with a purchase option with an acquirer seeking to expand its presence in northeast Ohio. The structure protected ownership’s downside while granting the incoming operator, and eventual purchaser, operational runway to access debt by stabilizing... Read More »
Long-Time Senior Living Owner Acquires in Indiana
Berkadia facilitated the sale of a seniors housing community in the Indianapolis, Indiana MSA. The seller was S-K Fishers, LLC, an entity managed by the principals of SRC, LLC. While the ultimate buyer was a long-time owner of senior living campuses that was selected due to its proposed pricing and deal structure. Built in 2014, Meadow Brook Senior Living features 92 units of assisted living and memory care in Fishers, Indiana. It is a well-maintained asset with high-quality construction, finishes and furnishings. The community also averaged 95% occupancy over the past year. Cody Tremper, Dave Fasano, Ross Sanders and Mike Garbers handled the transaction. It was a competitive marketing... Read More »
Two Seniors Housing Communities Secure Acquisition Financing
CBRE arranged acquisition financing for two seniors housing communities in Houston, Texas, on behalf of Bridgewood Property Company. The Aspenwood Company, Bridgewood’s wholly owned management platform, will continue to manage the communities. Aron Will and Michael Cregan originated the $25 million, three-year floating rate loan with full-term interest only via a regional bank. Built in 2015, The Village of the Heights sits on 1.75 acres and comprises 103 assisted living and memory care units. Built in 2013, The Village of Meyerland features 125 assisted living and memory care units on 3.11 acres. Read More »
Saint Therese Expands in Ohio
Saint Therese announced it will acquire a seniors housing community in the Cleveland, Ohio MSA, with the transition of ownership expected to occur December 1. This announcement comes after Saint Therese divested a seniors housing community in Minnesota earlier this year. This is also the second acquisition for Saint Therese in two years and its second in the region, following the purchase of a seniors housing community in Michigan last year. Built in 2005 by another Catholic not-for-profit, St. Mary of the Woods is a 179-unit CCRC with 81 independent living units, 49 assisted living units and 50 skilled nursing beds. The five-star campus sits on 25 acres with six acres zoned for... Read More »
60 Seconds with Swett: Borrowing, Lending and Buying Solutions
Many borrowers and lenders have found themselves in precarious positions in the last couple of years, as interest rates and capital costs soared faster than their census and cash flow could have. Billions of dollars of loans are also maturing in the next couple of years, with many plans for operational turnarounds, cash outs, permanent refinances or M&A exits going awry. On the other hand, the M&A market offers the opportunity of a generation to acquire seniors housing communities (and some skilled nursing facilities) at a very attractive basis, with providers, investors and lenders wanting to take advantage. So, for our October 23rd Third Quarter Investor Call, sponsored by... Read More »
Greystone & VIUM Capital Top HUD Rankings
The HUD LEAN rankings for HUD’s fiscal year 2024 ended September 30 are out, and the program saw 220 loans close, totaling nearly $3.2 billion for a nearly 10% increase over FY2023’s total volume. Closings only accelerated in the second half of HUD’s fiscal year, and the next 12 months could see another increase in activity. Topping the charts, both in terms of deals and dollar volume, was Greystone, with 52 deals and $708.3 million of volume. Greystone led the way in FY2023, too, with 39 deals and nearly $700 million of volume, and in FY2022 with 35 deals. VIUM Capital ranked in the second spot in both categories, with 34 deals and $344.8 million of volume. This is a return to the second... Read More »
Public REIT Purchases DE Class-A Community
JLL was engaged by a private equity firm in the sale of its Class-A seniors housing community in Wilmington, Delaware. Harbor Retirement Associates will continue to manage the community for the buyer, a publicly traded REIT. Built in 2018, HarborChase of Wilmington is one of the newest seniors housing communities in the state and is the newest community in its primary market by a substantial margin. It features 64 assisted living units in one- and two-bedroom layouts and 32 memory care units (they are some of the largest units in the market). The community achieves market-leading rents and occupancy and is 100% private pay. The JLL Senior Housing Capital Markets team was led by Jay... Read More »Schedule a demo
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