VIUM’s End-of-Summer Surge
VIUM Capital is closing out its summer with a bang, announcing 15 transactions totaling more than $180 million in volume in July and August, alone. The majority of those closings were HUD 232/223f transactions that paid off bridge loans originally originated by VIUM over the last few years. In 2024 to date, VIUM has closed over $500 million of debt transactions, with more to come in the remaining months of the year. It is also worth noting that in less than five years since its launch, VIUM has now funded over 200 senior debt transactions in the seniors housing and healthcare real estate sector, totaling over 400 properties in more than 30 states. It is forecast to surpass $5 billion of... Read More »
PSJB Secures Bond Financing in Washington
Ziegler announced the closing of the Parkshore Juanita Bay (PSJB) $62.42 million Series 2024 bonds through the Washington State Housing Finance Commission. Ziegler pressed the max yield below 6% despite an aggressive five-year par call feature. PSJB constructed The Gardens at Juanita Bay, an assisted living community in the Juanita Bay neighborhood on the shores of Lake Washington, in 1977. And in December 2018, PSJB affiliated with Presbyterian Retirement Communities Northwest dba Transforming Age. In 2021, management announced plans to develop and convert the existing The Gardens at Juanita Bay into a new 50-unit independent living community to be named Parkshore Juanita Bay. The... Read More »
Chartwell Makes Three Acquisitions in British Columbia
Chartwell Retirement Residences entered into definitive agreements for acquisitions of three modern retirement residences on Vancouver Island. Together, the communities total 384 units. The aggregate purchase price is US$168.4 million. Built in 2023, Vista Retirement Residence stands 11 stories tall and comprises 104 independent supporting living and 48 memory care units in Victoria. The community is currently 28% occupied. The gross purchase price is US$77 million, or US$506,600 per unit, of which US$6.8 million will be held in escrow to support sellers’ obligation under a 24-month NOI guarantee. Built in 2018, Nanaimo Memory Care features 77 memory care units in Nanaimo with... Read More »
National Real Estate Investment Platform Acquires in Florida
Originally part of a larger 16-property portfolio that was being marketed for sale, a 60-unit assisted living community in central Florida sold to a real estate investor buyer. Amy Sitzman, Giancarlo Riso and Kyle Hallion of Blueprint handled the transaction. Built around 25 years ago, the asset was positioned as an appealing value-add opportunity that also boasted a history of strong performance. Occupancy was about 50% at the time of marketing. Its Orlando MSA location is within a densely populated, attractive seniors market in central Florida. Marketing the single asset as opposed to the whole portfolio also grew the potential buyer pool that could afford (and finance) such a deal. The... Read More »
BlackRock Purchases in Massachusetts
Berkadia facilitated the sale of a seniors housing community in the Boston, Massachusetts MSA. The seller was Wood Partners, which developed the community. The buyer was an entity linked to BlackRock Realty Advisors. Built in 2022, Alta Oxbow is a recently stabilized seniors housing community in Wayland with 218 units across three buildings in Wayland, Massachusetts. The community includes 55 units designated as affordable, and 66 units restricted to people over age 55. Within the 55 affordable units, 17 will be restricted apartments for those over the age of 55. The community has an 86% renewal trend and 12% year-to-date rent increases. Chris Phaneuf and Adam Dunn handled the... Read More »
Georgia MC Community Converting to Behavioral Health
BWE Investment Sales handled the divestment of a seniors housing community in the Atlanta, Georgia MSA. Built in 2017, The Crossings at Webb Bridge Road is in Alpharetta and comprises 50 memory care units. The community sits on a 3.4-acre plot. It was owned by a Midwest-based alternative investment firm. At the time of the deal, the community was not in operation, and the new owner will renovate the property and convert it for behavioral health use. Details surrounding the seller, buyer and purchase price were not disclosed. The transaction was handled by Charley Bissell, Senior Vice President for BWE Investment Sales. This closing marks the sixth community sold by Bissell over the past 18... Read More »
Mid-Year Update: Senior Care M&A Valuations (Sponsored by HealthTrust)
The SeniorCare Investor presented the latest M&A and valuation statistics derived from its proprietary database, updated for the last four-quarter period, in its latest webinar, Mid-Year Update: Senior Care M&A Valuations. Panelists Colleen Blumenthal, MAI Chief Operating Officer of HealthTrust, Joel Mendes, Managing Director, JLL, Seniors Housing Capital Markets, and Josh Simpson, Managing Director of Meridian Capital Group, discussed current trends in the market, potential pitfalls to avoid in the dealmaking process and 2025 M&A strategies with moderator Ben Swett, Managing Editor of The SeniorCare Investor. Read More »
Chicago Pacific Founders & Grand Park Capital Secure Refinance
JLL Capital Markets secured $115 million in bridge financing for a seniors housing portfolio on behalf of Chicago Pacific Founders and Grand Park Capital. The refinance consists of a three-year, non-recourse loan, secured through Ally Bank to take out existing debt. The financing markets responded favorably to the strength of the ownership and asset-level performance, and the loan closed as proposed and on schedule. The four-asset Town Village Portfolio is primarily comprised of independent living and totals 852 units across Alabama, Tennessee, Oklahoma and Michigan. Built between 2000 and 2002 and having undergone renovations by the sponsors since, the assets are strategically... Read More »
Northland Networks Funds Arkansas Acquisition
Northland Networks, which was acquired by First National of Nebraska in 2023, has closed a number of transactions so far this year, most recently arranging two acquisition loans for CCRCs in Arkansas. Both previously owned and operated by Evangelical Lutheran Good Samaritan Society, the assets were part of the not-for-profit’s exit from 15 states and consolidation of its services to the Midwest. The CCRCs are located in Hot Springs Village and Mountain Home, Arkansas, and attract higher income seniors in their respective areas. Hot Springs Village was built between 1986 and 2006 and features a combination of 90 independent living units (including six two-unit buildings and a 78-unit... Read More »
July Sparked a Surge at Senior Care Realty
Chad Wegner of Senior Care Realty experienced a busy July, closing four separate transactions involving several seniors housing assets. First, Wegner facilitated the sale of an assisted living portfolio comprising three communities. The seller was a mom & pop with an existing footprint in the state. Built in the last 20 years and all having been updated more recently, the communities each feature eight beds in Madison, Wisconsin. The residents are high-acuity, and it is mostly private pay. NOI was strong, with the seller running close to a 35% margin, putting the cap rate at around 12% to 13%. The buyer, an existing in-state owner/operator looking to expand, paid $4.3 million,... Read More »Schedule a demo
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