Not-For-Profit Purchases Minnesota Seniors Housing Community
A not-for-profit senior living operator based in Minnesota expanded its presence in the state through the acquisition of a seniors housing community in St. Paul that was operating near breakeven at the time of marketing. The Wellington Senior Living, a 120-unit independent living and assisted living community built in 1985, occupies 1.68 acres and encompasses 124,468 square feet. Jason Punzel and Jake Anderson of Senior Living Investment Brokerage handled this transaction. The seller was StuartCo Property Management, a multifamily owner/developer that opened the community in the 1990s and is now shifting its focus to its market-rate portfolio. According to Finance & Commerce, the... Read More »
Meridian Capital Group Ends Summer with a Bang
Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed more than $800 million in transaction volume in August and September 2023 across both investment sales and financings. The highlight was the team’s arranging of acquisition financing from a REIT and finance company for the purchase of EmpRes Healthcare and 28 facilities comprising 2,629 skilled nursing beds and 88 assisted living units in Nevada, Washington, Wyoming, Oregon, Montana, and South Dakota. They also sold a 104-bed assisted living community in Florida for $24.2 million and two assisted living communities comprising 202 beds in California for $22.5 million. On the... Read More »
Blueprint Sells Class-A AL/MC Community
Blueprint Healthcare Real Estate Advisors was brought on by Anthology Senior Living, the senior living arm of developer CA Ventures, and their institutional joint venture partners to facilitate the sale of Anthology of Mason, a Class-A seniors housing community in Mason, Ohio. The community witnessed significant growth in 2023 in terms of rental rates and care revenue, along with a strong occupancy rate, all of which contributed to margin expansion throughout the marketing process. Anthology of Mason, constructed in 2017, comprises 68 assisted living and 33 memory care units. Adjacent to the community is a parcel of land available for potential expansion. Anthology decided to divest the... Read More »
Monarch Advisors Closes Construction Financing
Alec Blanc of Monarch Advisors hit a rich vein of activity, closing several transactions at the end of September. The largest was a construction loan closed for the development of a new 105-unit/113-bed, skilled nursing, assisted living and memory care building in Lancaster, Ohio. The sponsor, located in Louisville, engaged Monarch to source $19.9 million of debt, equal to approximately 70% of the cost of the project. That puts the cost of the project at around $250,000 per bed or $270,000 per unit. Monarch secured a construction/mini-perm loan commitment from a local bank with a three-year construction phase, interest only at SOFR+2.75% and a two-year permanent phase fixed at the... Read More »
60 Seconds with Swett: 2023 Deal Volume at 2019 Levels
Dealmakers have a lot to be frustrated with in the M&A market right now, with valuations low, deal processes taking longer than ever, scarcity in the debt markets and other headwinds making their impact. But despite it all, deal volume was actually historically healthy in the third quarter of 2023. There were 115 publicly announced transactions in the quarter. That is down from the 120 deals made public in Q2:23 and the 140 from last year’s third quarter. But the average deals per quarter for 2023 at 115 is equal to the average deals per quarter in 2019, a time of cheap and abundant capital and before anyone knew what COVID-19 was. Plus, on an annualized basis, Q3’s total would... Read More »
Seniors Housing Community Sells in Seattle
A shuttered Cogir community in Seattle, Washington, sold to a local private real estate company with the help of Kidder Mathews’ Simon and Anderson team, which included Dylan Simon, Matt Laird and JD Fuller. The property was on Welltower’s most recent published property list. Formerly known as Cogir of Northgate, the 121-unit community is located about 15 minutes north of downtown Seattle. Built in 1962, it previously offered independent living and assisted living services but closed and was sold 100% vacant with no historical operations. The marketing campaign yielded 45 tours and 19 offers, and the deal closed just 22 days from contract signing. The purchase price came to $19... Read More »
TJM Properties Re-enters Senior Living Sector
In 2013, Clearwater, Florida-based TJM Properties sold 15 of its 19 senior living communities to Fortress Investment Group/Holiday Retirement for $220 million, effectively exiting the sector to focus on the hotel industry and its remaining senior living communities. However, TJM has recently re-invested in the sector through the acquisition of five separate senior living communities in Florida in 2023. Interestly, these five communities were part of the 15-community portfolio that the company had previously divested. TJM initiated its return to the sector in February with the purchase of Bayside Terrace, a 162-bed senior living community in Pinellas Park, Florida. The acquisition was... Read More »
Regional Operator Acquires California Assisted Living Community
In a delicate transaction, JCH Senior Housing Investment Brokerage facilitated the transfer of ownership of a seniors housing community from a local owner/operator to a regional seniors housing group. Tragically, during this transaction process, the licensee passed away. The team worked to quickly secure the issuance of a provisional license, with the aim of attracting an operator to carry on the licensee’s legacy. The community comprises 25 assisted living units on the central coast of California. The buyer identified a greater demand for a healthcare alternate-use property within the local community, which prompted the seller to relocate residents to other seniors housing properties.... Read More »
Original Owner Divests California Community
Developed in 1971, and under the same ownership since then, Bonnie Brae Terrace in Belmont, California, traded hands. Bonnie Brae is a 164-unit affordable seniors housing community, with 60 units covered by a project-based Section 8 contract. The buyer was The BLVD Group, a multifamily investment and development firm focused on providing market rate, middle income and affordable housing. It has acquired, redeveloped and preserved more than 6,000 units in 17 states. BLVD will conduct significant property improvements, with plans to add additional amenities and transform over 25,000 square feet of common area. Read More »
Blueprint Facilitates Pacific Northwest Portfolio Sale
Stabilized seniors housing deals have been few and far between in the last year, but Dan Mahoney, Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors hit the transaction trail to Oregon to sell five well performing assets on behalf of the seller. The portfolio, which consists of 468 units of independent living, assisted living and memory care, was concentrated in mostly tertiary markets in Oregon, with one located near Portland. Built in the late-1980s and early-1990s, the portfolio received modest updates over the last 10 years. However, the portfolio was very profitable, generating approximately $4.8 million in EBITDAR in 2022, which translates to more than... Read More »Schedule a demo
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