Bakerson Companies Looking to Grow Seniors Housing Holdings
A private real estate investment firm that is “playing offense right now” in the seniors housing M&A market announced its latest acquisition of a 172-unit community in Rock Hill, South Carolina (Charlotte, NC MSA). La Jolla, California-based Bakerson Companies was launched in 2021 by Pablo Linero, who brings investment experience from HP Investors, Brookfield Properties and Frontera Real Estate Investments. Backed by Latin American family office capital, the company is searching for scale in the seniors housing industry. The latest deal featured Chandler Place in Rock Hill. Built in 1995 and 2002, this seniors housing campus includes independent living (majority), assisted living... Read More »
Beth Mace New Director at Brookdale
Brookdale Senior Living recently held its annual meeting of shareholders, and Beth Mace was voted in as a new member of its Board of Directors. Not only that, but she received more votes than any other nominee (157,658,156), and fewer “against” votes than any other nominee. As readers know, we have complained that for many years Brookdale’s board has lacked any outside directors with any real knowledge of the seniors housing business, and now they have one. Beth recently retired as the head of research at NIC, and had been responsible for providing financial data to the industry to try to help investors and lenders understand certain dynamics, and how those dynamics... Read More »
National SNF Portfolio Secures Refinancing
IDB Bank served as the administrative agent on a $201.5 million bridge-to-HUD loan to refinance existing debt for a national portfolio of 21 skilled nursing facilities in North Carolina, Michigan, Georgia and Texas. The facilities comprise 2,500 beds, have decent occupancy and are performing well. Facility ages varied, and there were multiple operators across the portfolio. As administrative agent, IDB will hold $100 million of the debt, and the syndicated deal involved two additional banks. The term length is three years, with no extension options. The goal is to take it to HUD within the next three years. Michael Palermo, John Bertolozzi and Thierry Decembre handled the... Read More »
National Church Residences Expands Ohio Portfolio
National Church Residences expanded its Ohio portfolio through the acquisition of two affordable seniors housing communities. Both properties were purchased from Maple Knoll Communities and are in Cincinnati, Ohio. With these recent acquisitions, National Church Residences has 112 affordable seniors housing communities and 8,364 apartments across Ohio. Corbly Trace features 44 units and Mount View Terrace comprises 50 units. Originally built in the 1990s, both communities will receive immediate repairs. Ruscilli Construction, based in Dublin, Ohio, is the general contractor and Columbus-based Berardi Partners is the architect for the planned renovations. Read More »
New Perspective Accelerates Growth Mode
New Perspective Senior Living, a fast-growing senior living company with 40 communities across eight states, secured more than $200 million in bridge debt, preferred equity and common equity with its partners, BMO Commercial Real Estate, Fengate and Boldt, to facilitate the acquisition and financing of six seniors housing communities with over 800 combined units. The joint venture has established a programmatic relationship to pursue $500 million in future acquisitions and developments. One of the seniors housing communities is situated in West Fargo, North Dakota. Four others are in Wisconsin, encompassing the areas of Sun Prairie, Brown Deer, Franklin and Waukesha. The sixth community is... Read More »
Helios Handles (and Helps Finance) Alabama Deal
Helios Healthcare Advisors was engaged by a Mississippi-based regional owner/operator in its sale of an assisted living and memory care community in Alabama. The seller, Veritas InCare, was divesting to exit the industry. The selected buyer was a local owner/operator. Andrew Wittenauer, Mario Santiago and Bill Janis of Helios handled the transaction. Despite the community’s strong performance, dislocation in the debt markets and low liquidity impacted the buyer’s ability to utilize its existing lending relationships to fund the purchase. So, Helios structured a financing package with a regional lender that recapitalized the buyer’s existing community to unlock equity, while simultaneously... Read More »
Joint Venture Buyer Purchases Vermont Senior Living Portfolio
CBRE arranged the sale of a portfolio of three seniors housing communities in Vermont. The three communities, The Residence at Shelburne Bay, The Residence at Quarry Hill and The Residence at Otter Creek, comprise 423 units of independent living, assisted living and memory care. The seller, a joint venture between Virtus Real Estate Capital and LCB Senior Living, was represented by the CBRE National Senior Housing Investment Sales team led by John Sweeny, Aron Will and Garrett Sacco. The buyer was a joint venture between an undisclosed REIT and LCB, which will continue to operate the portfolio. Read More »
Investment Firm Acquires in Minnesota
JLL Capital Markets arranged the sale and financing, secured through Freddie Mac, for a Section 8, affordable seniors housing community in Stillwater, Minnesota. Rivertown Commons features 96 units across seven stories with 55,800 total square feet. JLL worked on behalf of the seller, Dominium Management, and procured the buyer, a mission-first investment firm that specializes in affordable and workforce housing. The buyer intends to invest additional capital to refresh the units and common areas in addition to extending the existing affordability restrictions. The JLL Investment Sales and Advisory team was led by Managing Director Josh Talberg and Senior Managing Director Doug Childers.... Read More »
Foundry Commercial Adds New Hire
Foundry Commercial announced the addition of John Reinsma as Deal Principal for its Healthcare business within the Development & Investments platform. In his role, Reinsma, who has spent nearly 20 years in the senior living industry, will lead the development and acquisition strategies and investment initiatives for Foundry’s senior living platform, which encompasses 57 senior living communities with more than 3,700 units nationwide. Foundry Commercial’s senior living platform specializes in the development, acquisition and asset management of seniors housing communities throughout the country. Having entered the senior living sector in 2020, it has positioned its platform to... Read More »
PGIM Acquiring Signature Senior Lifestyle
In its first seniors housing acquisition since 2022, according to publicly disclosed deals in LevinPro LTC, PGIM Real Estate is acquiring the real estate and operations of Signature Senior Lifestyle, an owner/operator/developer of seniors housing in the United Kingdom, subject to finalization. The acquisition was made on behalf of PGIM’s European value-add strategy, in partnership with Elevation Advisors LLP to source, structure and execute the transaction and asset manage the portfolio. The transaction is expected to close by the end of H1 2024. The Signature portfolio consists of 13 senior living communities, comprising 10 operating properties and three consented development projects in... Read More »Schedule a demo
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