Berkadia Secures $48 Million in HUD Refinancings
Berkadia announced the closing of $49.4 million in 232/223f HUD refinancings across five transactions in four states. The loans carried an average loan-to-cost of 75% and an average term of 33 years. Four of the loans refinanced bridge loans closed from Berkadia’s proprietary balance sheet. Steven Muth and Rafael Nobo originated a $15.95 million 232/223f HUD loan on a 73-unit seniors housing community in Northern Virginia for a Mid-Atlantic-based owner/operator. The community featured primarily assisted living and memory care services, with some independent living units. Occupancy was 94% at the time of closing. The 35-year fixed rate loan represented 77% LTC and retired a Berkadia bridge... Read More »
Investor Divests to Investor in Tennessee
Working on behalf of a national developer/investor, Blueprint closed the sale of another older vintage seniors housing community as part of a larger divestment of over a dozen geographically disparate communities. The assets were purchased in a sizable portfolio transaction before the pandemic, but operational headwinds forced a portfolio re-prioritization and de-levering effort. The seller also wanted to preserve liquidity. Kyle Hallion and Alex Florea most recently sold a 48-unit assisted living community in a southeast suburb of Memphis, Tennessee. Built in 1997, the community featured 70 licensed beds, and like the other assets, its performance struggled after the pandemic. Blueprint... Read More »
Berkadia Closes Transaction Trio
The Berkadia team consisting of Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders closed out the first quarter with three transactions arranged on behalf of a publicly traded REIT. The largest property sold was a 104-unit assisted living/memory care community in Florence, Kentucky. Located about 10 miles southeast of Cincinnati, Ohio, the community was built in 2007 and was not performing at the time of the sale, with the Cincinnati Business Courier reporting that occupancy recently improved from under 50% to 60%. It appears to be Inspirations of Florence, which was previously operated by Grace Management. Multiple sources identified the buyer as a partnership between a... Read More »
Plains Closes Two Separate Transactions in OK and AR
Plains Commercial is starting off the second quarter strong, closing two separate seniors housing transactions in Oklahoma and Arkansas. The two communities are Glade Avenue Assisted Living (OK) and Magnolia Assisted Living (AR). Daniel Morris handled both transactions. Glade Avenue is in Bethany with 110 assisted living and memory care units spread across two adjacent buildings that were built in 1990 and 1996. The community was approximately 70% occupied at the time of sale with both private pay and Medicaid residents, and it was cash flow negative at the time of sale. That offers the buyer, a Northeast-based private investment group that will operate the community, significant upside... Read More »
Private REIT Divests Non-Core AL/MC Community
Blueprint was engaged by a private REIT in the divestment of its non-core seniors housing community in Wyoming, Michigan. The REIT focuses primarily on private pay seniors housing communities throughout the United States, and was a repeat client of Blueprint’s. Michael Segal, Daniel Waldhorn, Brooks Blackmon and Lauren Nagle handled the transaction. Built in 2015, Commonwealth Senior Living at North Byron is an assisted living/memory care community with 102 units that sits on a two-acre parcel adjacent to the University of Michigan-West Hospital campus. It was developed by Granger Group originally as First & Main at Metro Health Village. Multiple competitive offers were received... Read More »
Marcus & Millichap Closes Medicaid AL Deal
After 20 years of ownership, the operator of a small Medicaid assisted living community in Colorado decided to sell, with the help of Rob Reis of Marcus & Millichap. Over the past several years, the owner had maintained consistently strong occupancy and net income. Plus, as a result of his management style, he experienced low staff turnover. The community was built in the 1960s but recently replaced the roof and was in good shape structurally. The buyer was a local investor with an operating partner, which will run the building at a higher census by bringing unused beds back online. The transaction closed at the agreed-upon price, which was not disclosed. Read More »Three Crowns Park Featured in LevinPro Deal Database
Three Crowns Park has been linked to a merger or acquisition in the LevinPro M&A deal database. The Medicare-licensed facility is a not-for-profit skilled nursing facility situated at 2323 Mcdaniel Ave in Evanston, IL. It was incorporated on March 24, 1978. LevinPro, which tracks M&A activity across more than a dozen healthcare sectors from hospitals and home health to medical real estate and biopharma, profiled the transaction involving Three Crowns Park in its deal database, which is available to subscribers here. LevinPro has tracked thousands of deals in the skilled nursing facility sector throughout its history. To see the underlying deal data, or for information on... Read More »
SLIB Sprints to Start Q2
Senior Living Investment Brokerage was out of the gates fast at the start of the second quarter, closing a slew of transactions in the first two days of April. The first announcement involved a 90-bed skilled nursing facility in Meriden, Connecticut, being sold by a not-for-profit organization. Miller Memorial Community was built in 1975 and also features 19 active adult cottage-style apartments. The campus operated at a heavy loss during the marketing process, losing more than $1.5 million a year of EBITDAR on $7.63 million of revenues. Plus, occupancy for the SNF fell from 66% during marketing to around 50% by closing. The cottages were around 50% occupied too, and were in need of... Read More »
VIUM Capital Raises Its HUD Activity
Fresh off celebrating its four-year anniversary on April 1, VIUM Capital announced its first quarter transaction activity, which included 14 debt financings closed for 31 total properties. In total, the firm arranged $337 million in total financing during the quarter. Located across nine states from North Carolina to Oregon, 16 of the properties were seniors housing communities, two were rental CCRCs and 13 were skilled nursing facilities. VIUM closed nine HUD 232/223f refinancings, taking out VIUM bridge debt in all but one of the transactions. That marked the first quarter that VIUM’s HUD closings exceeded their bridge loan closings, and we know there are many more bridge loans... Read More »
CareTrust Acquires Three California CCRCs For $60 Million
CareTrust REIT, Inc. announced that it purchased three CCRCs in Los Angeles, Orange and San Diego counties. Together, the communities comprise 475 assisted living, skilled nursing and memory care beds/units. The incoming operator for each is Bayshire Senior Communities, an existing CareTrust tenant based in Southern California. The investments were funded using cash on hand and came to around $60 million, or $126,900 per bed/unit. Torrey Pines Senior Living is in San Diego, California, and was acquired for a total investment amount of approximately $32.3 million, inclusive of transaction costs. Annual cash rent for the first year is about $2.6 million, increasing to around $3.0 million in... Read More »Schedule a demo
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