REIT Divests in Cleveland MSA
A public REIT and its operating partner strategically divested an 88-unit assisted living and memory care community in the Cleveland, Ohio MSA, with Blueprint Healthcare Real Estate Advisors handling the transaction. The community, originally built in 1998, was positioned as a value-add opportunity for buyers to capitalize on the local market’s strong demand fundamentals and focus on lower acuity residents. A targeted marketing process procured interest from a variety of Ohio-based groups, many of which were eager to utilize the Ohio Assisted Living Medicaid Waiver Program. Blueprint sourced a well-capitalized private owner/operator seeking to grow its scale within the Cleveland market.... Read More »
Ziegler Sells The Village at Marymount
Ziegler, a specialty investment bank, served as exclusive sell-side financial advisor in the sale of The Village at Marymount, a 246-bed/unit senior living and skilled nursing campus in Garfield Heights, Ohio. Built in 1952, Marymount is a faith-based, not-for-profit CCRC established by the Sisters of St. Joseph of the Third Order of St. Francis. Given the challenging economic times and the headwinds plaguing the skilled nursing industry, Ziegler identified a pool of qualified buyers that could manage a campus and absorb interim operational losses until the transaction was consummated. The acquiring party purchased the property and took over operations on June 30, 2023. The buyer was... Read More »
Healthcare M&A Volume Jumps in Q2:23, According to Acquisition Data from LevinPro HC
Healthcare merger and acquisition activity increased nearly 10% in the second quarter of 2023, hitting 696 deals, according to new acquisition data from LevinPro LTC’s sister platform, LevinPro HC. Activity in the second quarter was 8% higher than in the first quarter, when 646 transactions were announced. However, it is a drop of 7% compared with activity in the second quarter of 2022, when 748 deals were announced. Activity in sectors such as Physician Medical Groups and Other Services drove much of the volume, with 148 and 136 deals, respectively. Demand for healthcare real estate, such as medical office buildings and properties, has driven high deal volume in the Other Services for the... Read More »
Performing Properties Sell in Upper Midwest
Ray Giannini of Marcus & Millichap handled the sale of three assisted living/memory care communities in Wisconsin. Dubbed the Caring Alternatives Portfolio, the communities are located in affluent markets in Oak Creek and Muskego. There were 13 two-bedroom and 62 one-bedroom units, all with private bathrooms. The communities were relatively new construction, having been built in 2009, 2011 and 2018. Operations were strong, with 100% occupancy at closing, with a 91% private pay census across the 75 units. With that kind of census, the communities also boasted excellent cash flow. The trio sold for $18 million, or $240,000 per unit. Read More »
Walker & Dunlop Arrange Refinance for Illinois SNF
Walker & Dunlop arranged a $30.9 million HUD refinance for Clark Manor, a skilled nursing facility in Chicago, Illinois. The facility provides short-term, post-hospital rehabilitation as well as full-time physical, occupational and speech therapists for residents. There is also a secure dementia and Alzheimer’s floor. Joshua Rosen and Brad Annis of Walker & Dunlop led the origination team on the transaction. Read More »
HUD Forecloses on Two California Senior Apartment Communities
The Santa Clara County Housing Authority purchased two senior apartment communities in East San Jose, California, both through foreclosure. Included in the deal were Jardine Paloma Blanca, a 43-unit affordable senior apartment community, and Girasol Housing, which has 59 units. HUD foreclosed on both properties. For the Jardines Paloma Blanca community, the previous owner, an affiliate of Macsa Housing Corp., had unpaid debt including the original principal, late fees, interest and penalties totaling $10.5 million. The Housing Authority paid $2.65 million, or $61,600 per unit, for the property, according to documents filed with the County Recorder’s Office. For Girasol Housing, the... Read More »
Another Seniors Housing Conversion to Behavioral Health
Two Texas seniors housing communities found new owners, and a new calling as behavioral health facilities. The communities, totaling 120 units, are located in San Antonio and Dallas and were being divested by an undisclosed seller. Blueprint Healthcare Real Estate Advisors was brought on to sell the assets. With a Behavioral Healthcare group as well as its seniors housing and skilled nursing platform, Blueprint was able to underwrite both assets as seniors housing and as behavioral health conversion candidates. Ultimately, one regional and one national behavioral health provider were selected as acquirers, with both planning to make capital improvements and apply for new licensing. On... Read More »
Has There Been Any Progress on Labor?
What has changed with labor in the senior care industry over the last two years? Back in October 2021, LevinPro LTC hosted a webinar discussing the senior care industry’s staffing shortages with CEO of Dwyer Workforce Development, Barb Clapp, and Steve LaForte of Cascadia Healthcare. Those interested in watching Finding It, Retention & Coping with Higher Wages can find the replay link here. Two years later, with the same panelists, Managing Editor Ben Swett hosted Has There Been Any Progress on Labor?, detailing the industry’s path towards labor stabilization, what has gone right, and what still needs to be done. Clapp and LaForte discuss how staffing issues have altered since 2021,... Read More »
Webinar: Has There Been Any Progress on Labor?
On July 19, 2023, Managing Editor Ben Swett hosted Has There Been Any Progress on Labor?, detailing the senior care industry’s path towards labor stabilization, what has gone right, and what still needs to be done. The panelists were Barb Clapp of Dwyer Workforce Development and Steve LaForte of Cascadia Healthcare. Read More »
BWE Arranges Agency Financing
BWE, a national commercial and multifamily mortgage banking company, arranged a series of agency financings for affordable housing properties, including one reserved for seniors. Battery Park Senior Apartments, located in Asheville, North Carolina, with 113 one-bedroom units, nine two-bedroom units and four commercial spaces, received a $17.641 million Freddie Mac immediate tax-exempt loan and a $2.359 million gap loan. The borrower was National Church Residences. As part of the recapitalization of the property, an allocation of new 4% Low Income Housing Tax Credits was secured through the North Carolina Federal Tax Reform Allocation Committee (via NCHFA). All units are designated for... Read More »Schedule a demo
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