Blueprint Sells Another Oklahoma Seniors Housing Community
A national Seattle-based developer/investor and a Seattle-based operator, sold an assisted living and memory care community in Tulsa, Oklahoma. The community opened in late 2017 and has over 110 units. Like so many communities that opened around that time, its lease-up and performance were hindered going into, and through, the pandemic. However, in the previous 12 months before the transaction, the community showed signs of resurgence and there was positive cash flow. The seller chose to divest to reprioritize capital given the lack of scale in Oklahoma and proximity to its development pipeline. The buyer was a growing regional operator that partnered with an institutional investor. Alex... Read More »
M&T Realty Capital Corp. Announces H1:23 Financing Activity
M&T Realty Capital Corporation (M&T), a wholly-owned subsidiary of M&T Bank, announced that their Seniors Housing Team closed a total of $434.7 million in loans during the first six months of 2023. The loans were for senior living properties, health and rehabilitation centers and retirement communities in the South, Southwest and Northwest of the United States. Despite the issues in the capital markets, M&T financed 18 properties in eight states across the entire acuity spectrum, from standalone independent living to skilled nursing. Properties also varied in size, from as small as 15 units and to as large as 371 units. And there was variety in the types of loans that were... Read More »
Seniors Housing and Care M&A Activity Rebounds Above 100 Deals in Q2:23
The number of publicly announced seniors housing and care acquisitions in the second quarter of 2023 rose to 110 deals, based on new acquisition data from LevinPro LTC. This represents an 11% increase from the 99 transactions disclosed in the first quarter of 2023, but a 25% decline from the 147 deals in Q2:22. In addition, the $1.29 billion spent on Q2:23 transactions fell by 4% from the $1.345 billion spent on Q1:23 transactions and by 63% from the $3.5 billion spent in the year-ago second quarter, based on disclosed prices. “Despite spiking capital costs and liquidity issues in the debt markets, buyers and sellers closed more transactions in the second quarter” stated Ben Swett, Editor... Read More »
Home Health & Hospice M&A Activity Increases 20% in Q2:23
Merger and acquisition activity in the Home Health & Hospice (HH&H) sector increased by 20% in Q2:23, according to data captured in LevinPro LTC’s sister platform, LevinPro HC. Despite this growth, the second quarter of 2023 also had a 14% decrease in activity compared with Q2:22, when 28 HH&H acquisitions were announced. The most active subsector in the HH&H space was home health with 12 deals, followed by home hospice and palliative care and durable medical equipment/respiratory home care each with five deals and multi-service with two deals. Additionally, private equity firms and/or their portfolio companies represented 33% of the buyers in the HH&H M&A market... Read More »
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 »Schedule a demo
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