Assured Hospice Acquisition and Home Health M&A Trends – A Conversation with Alex Veach of Agenda Health
Agenda Health, a healthcare-focused M&A advisory firm based in Austin, Texas, advised Assured Hospice in its acquisition by Agape Care Group, a portfolio company of private equity firm Ridgemont Equity Partners. Agenda Health’s mission is to deliver consistent results with a faith-based, Christ-centered focus. Agape originally announced the deal in late June, but we were able to speak with Alex Veach, Director of Transactions Services at Agenda Health, to get an inside look into the Assured Hospice acquisition, as well as the home health M&A market as a whole. Based in Cartersville, Georgia, Assured Hospice provides physical, emotional and spiritual... Read More »
Tutera Grows with 10 More Managed Communities
Tutera Senior Living & Health Care expanded its footprint by more than 20% with the addition of 10 assisted living/memory care communities in three states to its management portfolio. The company is even actively seeking further expansions throughout the Midwest, but some time to incorporate these communities into its portfolio may be needed. With the deal complete, Tutera is also onboarding approximately 350 more employees. Totaling 443 units of assisted living and memory care, the communities are located in Iowa (5), Nebraska (4) and Kansas (1). These were former Enlivant-operated properties. Since its founding in 1983, Tutera has owned or managed 320 communities in 17 states... Read More »
Blueprint Seals the Deal in San Diego
A San Diego-based developer/operator looking to focus its resources on its newly developed portfolio of seniors housing communities throughout Orange and San Diego Counties divested its 83-unit assisted living community in Long Beach, California. Built in 1970, the community was recently renovated in 2019 and 2021 and features 170 licensed beds of memory care. Jacob Gehl and Scott Frazier of Blueprint Healthcare Real Estate Advisors conducted a targeted marketing campaign for the property and received multiple competing offers within 30 days of launch. The eventual buyer was a Los Angeles-based, high-net-worth family who intends to convert the building into an affordable senior living... Read More »
Walker & Dunlop Secures HUD Acquisition Loan
Walker & Dunlop (W&D) arranged HUD acquisition loans for three Caring Alternatives assisted living communities located in the greater Milwaukee area. Kevin Giusti and Daniel Barone led the W&D finance team that secured the $16 million acquisition loan on behalf of the sponsor, an experienced developer, and HUD. 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... Read More »
Blueprint Closes Value-Add Deal in Ohio
A public REIT strategically divested a senior care campus in Ohio with the help of Michael Segal, Connor Doherty, Ben Firestone and Ryan Kelly of Blueprint Healthcare Real Estate Advisors. Set on a hill above the Village of Mariemont in Cincinnati, a National Historic Landmark, St. Theresa Care Center was originally built as an acute care hospital in the mid-1920s and was later expanded in the late 1950s. The building was ultimately converted to its current use, also featuring units available for independent living residents, however the independent living and assisted living floors were most recently underutilized. It is licensed for 92 assisted living and 99 skilled nursing beds.... Read More »
Omega Healthcare Investors Receives Large Term Loan
Omega Healthcare Investors received a new two-year, $400 million senior unsecured term loan to help replenish the $350 million of the company’s cash used to repay its August 1 bond maturity. Maturing on August 8, 2025, with two one-year extension options, the loan includes an accordion feature that permits Omega to expand its borrowing capacity to an aggregate of up to $500 million. In addition to the balance sheet cash provided by the term loan, the REIT still maintains its entire $1.45 billion revolving credit facility and over $700 million remaining under its ATM equity shelf program available to fund future investments and repay debt maturities, including $400 million in debt due in... Read More »
Greystone Goes Green with Latest HUD Financing
Utilizing HUD’s new green seniors housing program that can cut closing costs by 75 basis points and reduce the borrower’s interest rate by almost 50 basis points. Greystone provided a $16.8 million loan to refinance a 102-unit supportive living facility in Rolling Meadows, Illinois. The financing was originated by Adam Lipkin and Michael Zukerman of Greystone, with Brent Connell of Geneva Capital acting as correspondent on the transaction. Plum Creek at Rolling Meadows is a three-story facility on 1.46 acres, which was constructed in 1986 as a hotel and converted to supportive living in 2006. The supportive living program in Illinois is an alternative to skilled nursing care for low-income... Read More »
New Active Adult Community in The Works
America Walks, an Ohio-based multifamily development firm, is developing Encore at Tradition, an active adult community located in Tradition (a master-planned community within Port St. Lucie), Florida. This is being done with the help of a $95 million mortgage loan originated from Madison Realty Capital, a real estate private equity firm managing $11 billion in assets. Encore at Tradition will be comprised of 303 single-story, ranch-style villa units across 60 buildings and two multifamily buildings, connected by a 24,000-square foot clubhouse and amenity deck. Resort-style amenities will be offered, including a salon, sauna, walking/biking trails, golf simulator, sport courts and a... Read More »
60 Seconds with Swett: The Medicare Advantage Tipping Point
We attended the Zimmet Conference dubbed “Roaring Reimbursement” last week at Mohegan Sun in Connecticut, and as always, the program was highly informative on the skilled nursing reimbursement and regulatory environment. The tidbit that really stuck in our minds, which was probably the intention of Marc Zimmet in his opening remarks, was that we had reached a tipping point of Medicare Advantage enrollment overtaking traditional fee-for-service Medicare enrollment, surpassing 50% as a percentage of total beneficiaries. Not only that, but despite the total number of beneficiaries increasing, the absolute number of traditional Medicare beneficiaries is declining. This will lead to fewer SNF... Read More »
Progress For Sonida Senior Living
Just like for almost everyone else, Sonida Senior Living had some good news to report for the second quarter as well as some areas that did not improve as much as maybe expected. But progress is being made to achieve stabilized occupancy, cash flow and operating margins. Even though weighted average occupancy increased by 120 basis points from the year-ago quarter to 83.9%, it declined by 10 basis points from the first quarter this year. For the sector, the second quarter has rarely been a good one for census, but other companies have been reporting increases for both the first and second quarters. The 8% rate increases have caused some move outs for financial reasons, but the increases... Read More »Schedule a demo
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