Berkadia’s Recent Sales and Financing Activity
Berkadia was engaged by a publicly traded REIT in its divestment of an 85-unit assisted living/memory care community in Alpharetta, Georgia. The property, part of a three-property portfolio, was purchased by a regional owner/operator. The first two properties in the portfolio closed in May and comprise 146 assisted living/memory care units in Atlanta and Marietta, Georgia. The buyer was also a regional owner/operator. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers handled both transactions. Berkadia has completed over $1.7 billion in sales and financings across 49 transactions in the first half of the year. That impressive volume has continued into the second half of the year,... Read More »
Case Studies & Conversation at the 2nd Quarterly Investor Call
The second edition of the Quarterly Investor Call, hosted by The SeniorCare Investor, scheduled for July 24th, is coming at a pivotal time in the seniors housing and care industry as the M&A market is on track to set a record for transaction activity in any given year, and by a healthy margin. It may shock some of you that we are witnessing the busiest M&A period in the history of the industry. It may be shocking because the effective federal funds rate is above 5% and the 10-year Treasury rate has been hovering above 4% for much of the previous year. Also shocking because of the many roadblocks to transactions in place today, from extended due diligence to financing difficulties... Read More »
Delaware SNF Secures Refinancing
Capital Funding Group closed a $23.6 million bridge-to-HUD loan, which supported the refinancing of an existing bridge loan executed by CFG. The deal supported a 169-bed skilled nursing facility in Delaware. CFG closed the deal June 27, 2024, on behalf of a nationally recognized borrower. Andrew Jones originated the transaction. This financing follows CFG’s closing of a HUD financing package totaling $42 million. CFG closed the deals on June 5, 2024, on behalf of a nationally recognized borrower. The package included three loans supporting the refinancing of existing bridge loans for three skilled nursing facilities: a $9.8 million HUD loan to support an 80-bed facility in Idaho, a $21.6... Read More »
60 Seconds with Steve Monroe: Purposeful Living?
My friend Bob Kramer likes to go on stage and talk about how seniors housing is about to get disrupted in a major way, and that if you don’t change, you will be “disrupted” out of business. Pretty harsh words, but he is most likely talking about the top 10% of the market, the market that most everyone likes to target. His point is that people are living longer and in better health, and he calls it purposeful longevity as opposed to accidental longevity of the past. They want to contribute to their community as opposed to simply take from it. As part of that, Bob believes seniors housing communities need to provide a sense of purpose to their residents, adding life to their years, not years... Read More »
Fannie Mae Divests Community in Illinois
Fannie Mae divested an assisted living/memory care community in a receivership sale run by Blueprint and Gray Reed, legal counsel for the receiver. Rock Run Place Assisted Living in Joliet, Illinois, was sold on behalf of Michael F. Flanagan, the court-appointed receiver for the community. Based on an internet search, the community was previously operated by Trustwell, and by Enlivant beforehand, so we believe this asset was part of the portfolio that TPG Real Estate handed the keys over to Fannie Mae in 2023. Court documents also show a propco associated with TPG. Built in the late-1990s, Rock Run was jointly sold alongside a memory care facility on the same property, sold by a... Read More »
Four West Virginia SNFs Up For Sale
Skilled nursing facilities do not pop up for sale in West Virginia often, but the state’s Department of Health Facilities (DHF) announced the planned divestiture and license transfer of four state-owned facilities and engaged Lument Securities to handle the transaction. The facilities include Jackie Withrow Hospital in Beckley (199 beds), John Manchin Sr. Health Care Center in Fairmont (41 dually certified beds), Hopemont Hospital in Terra Alta (98 beds), and Lakin Hospital in West Columbia (114 beds). They were built and/or were converted to skilled nursing care in the 1970s and 1980s. These were struggling operations, as evidenced by multiple efforts in the West Virginia House of... Read More »
Pacific Northwest Owner/Operator Acquires in Washington
JLL Capital Markets arranged the sale of a senior living community in Vancouver, Washington (Portland MSA). Built in 1989 and expanded in 1994, Van Mall Retirement comprises 191 independent and assisted living units available in one- and two-bedroom layouts. Jay Wagner, Rick Swartz, Aaron Rosenzweig, Alanna Ellis, Dan Baker and Dean Ferris handled the transaction. JLL represented the seller, Lytle Enterprises, and procured the buyer, a regional Pacific Northwest owner/operator. JLL also procured acquisition financing from a regional bank on behalf of the buyer. The purchase price was $28 million, or $146,600 per unit. Read More »
Public REIT Purchases Class-A Community in Pennsylvania
Walker & Dunlop announced the sale of a Class-A seniors housing community in Bucks County, Pennsylvania. Built in 2022, the community comprises 146 units of independent living, assisted living and memory care 30 miles north of Philadelphia. It was stabilized at the time of sale. The buyer was a public healthcare REIT, but no other details were disclosed. Joshua Jandris, Mark Myers and Brett Gardner handled the transaction. Read More »
Two Struggling SNFs Trade in Indiana
Evans Senior Investments successfully arranged the sale of two struggling skilled nursing facilities that were family-owned and operated in Northern Indiana. This was not an ordinary transaction process, as both facilities had to receive newly issued Medicare and Medicaid billing numbers given pre-existing issues with the prior hospital partnership. This created a significant regulatory hurdle, and Evans worked with both parties to receive newly issued billing numbers before closing. The family owner exited the industry with the sale. One facility, named Pilgrim Manor, is located in the town of Plymouth. Featuring 78 beds, including 40 private rooms, it was built in 1969 and received a... Read More »
Ziegler Prices Bonds for North Carolina CCRC
Ziegler announced the pricing of Carolina Meadows, Inc.’s Series 2024 bonds. Carolina Meadows is a North Carolina not-for-profit that was incorporated in 1983 to develop, own and manage a CCRC in Chatham County, North Carolina, just south of Chapel Hill. The community comprises 476 independent living units, 78 assisted living units (with 95 beds in operation) and 79 skilled nursing units (with 86 beds in operation). It is the 20th largest not-for-profit single-site CCRC in the United States, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to develop, own and operate a replacement skilled nursing facility that will total approximately 122,000 square feet. The... Read More »Schedule a demo
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