Not-For-Profit Divests to Another Not-For-Profit
National Church Residences acquired a 99-year ground lease interest on an affordable seniors housing community in Atlanta, Georgia. This acquisition expands NCR’s affordable seniors housing portfolio to 17 communities in the Atlanta metro area, making it the second largest affordable seniors housing owner in the city. Built in 1979, Cathedral Towers comprises 195 units and will be rebranded as Parish Grove. NCR plans to begin making modest improvements to the community. The seller, Episcopal Cathedral of St. Philip, operated the community for 45 years and will use the proceeds from the transaction to create a fund dedicated to improving access to and the affordability of housing and the... Read More »
Equity Consultants Acquires California Active Adult Asset
Coldwell Banker Commercial West was engaged by a local mom & pop in the divestment of an active adult community in Huntington Park, California. The community is under a building covenant that mandates it be used as 55+ housing with 20% of units rented to low-income seniors until 2038. Built in 1989 with renovations done on 50 of the units in 2005, Seville Gardens Apartment Community comprises 225 units, sits on 1.09 acres and stands four stories tall. Occupancy was hovering around 65%. The community was not stabilized at the time of sale and rents were 25% to 30% below market value. It was making around $675,000 at the time of the sale. Tom Papoulias of Coldwell handled the... Read More »
Private Equity Firm Divests SNF in Pennsylvania
Blueprint was engaged by a nationally recognized institutional private equity firm in its divestment of a skilled nursing facility in Philadelphia, Pennsylvania. Built in the early 2000s with significant renovations in 2022, the facility is certified by CMS for Medicare only. Following the completion of renovation, census continuously climbed towards stabilization. The incumbent operator was a seniors housing-focused manager also providing lower acuity senior care services on the adjacent campus. Michael Segal, Jacob Gehl, Dillon Rudy and Daniel Waldhorn handled the transaction, targeting East Coast investors and skilled nursing-focused owners/operators with existing footprints in... Read More »
Grace Management Expands Management Portfolio
Grace Management announced the addition of three seniors housing communities to its management portfolio. The communities include The Pointe at Meridian, Snow Canyon Retirement Community, and Cave Creek Assisted Living. Each will continue to be owned by Gold Stream Retirement Communities. Built in 2022, The Pointe is in Meridian, Idaho, and features 60 independent living, 30 assisted living and 10 memory care units. Occupancy is currently hovering around 90%. Snow Canyon is in Santa Clara, Utah, and is set to open in Fall 2024. It will offer 59 independent living, 43 assisted living and 15 memory care units. Cave Creek is in Cave Creek, Arizona, and is scheduled to open late 2024.... Read More »
Christian Horizons is Restructuring
Midwest Christian Villages, dba Christian Horizons, and its related companies filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Christian Horizons is one of the nation’s largest not-for-profit, faith-based organizations delivering skilled nursing, assisted and supportive living, independent living, and pharmacy services to seniors in Illinois, Iowa, Indiana and Missouri. The organization will continue to operate as usual throughout the restructuring process. Its investment bank has been and continues to solicit and receive bids from going concern buyers in a marketing process. A series of events has put significant pressure on the... Read More »
Berkadia’s Recent Sales and Financing Activity
Berkadia was engaged by a publicly traded REIT in its divestment of an 85-unit assisted living/memory care community in Alpharetta, Georgia. The property, part of a three-property portfolio, was purchased by a regional owner/operator. The first two properties in the portfolio closed in May and comprise 146 assisted living/memory care units in Atlanta and Marietta, Georgia. The buyer was also a regional owner/operator. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers handled both transactions. Berkadia has completed over $1.7 billion in sales and financings across 49 transactions in the first half of the year. That impressive volume has continued into the second half of the year,... Read More »
Case Studies & Conversation at the 2nd Quarterly Investor Call
The second edition of the Quarterly Investor Call, hosted by The SeniorCare Investor, scheduled for July 24th, is coming at a pivotal time in the seniors housing and care industry as the M&A market is on track to set a record for transaction activity in any given year, and by a healthy margin. It may shock some of you that we are witnessing the busiest M&A period in the history of the industry. It may be shocking because the effective federal funds rate is above 5% and the 10-year Treasury rate has been hovering above 4% for much of the previous year. Also shocking because of the many roadblocks to transactions in place today, from extended due diligence to financing difficulties... Read More »
Delaware SNF Secures Refinancing
Capital Funding Group closed a $23.6 million bridge-to-HUD loan, which supported the refinancing of an existing bridge loan executed by CFG. The deal supported a 169-bed skilled nursing facility in Delaware. CFG closed the deal June 27, 2024, on behalf of a nationally recognized borrower. Andrew Jones originated the transaction. This financing follows CFG’s closing of a HUD financing package totaling $42 million. CFG closed the deals on June 5, 2024, on behalf of a nationally recognized borrower. The package included three loans supporting the refinancing of existing bridge loans for three skilled nursing facilities: a $9.8 million HUD loan to support an 80-bed facility in Idaho, a $21.6... Read More »
60 Seconds with Steve Monroe: Purposeful Living?
My friend Bob Kramer likes to go on stage and talk about how seniors housing is about to get disrupted in a major way, and that if you don’t change, you will be “disrupted” out of business. Pretty harsh words, but he is most likely talking about the top 10% of the market, the market that most everyone likes to target. His point is that people are living longer and in better health, and he calls it purposeful longevity as opposed to accidental longevity of the past. They want to contribute to their community as opposed to simply take from it. As part of that, Bob believes seniors housing communities need to provide a sense of purpose to their residents, adding life to their years, not years... Read More »
Fannie Mae Divests Community in Illinois
Fannie Mae divested an assisted living/memory care community in a receivership sale run by Blueprint and Gray Reed, legal counsel for the receiver. Rock Run Place Assisted Living in Joliet, Illinois, was sold on behalf of Michael F. Flanagan, the court-appointed receiver for the community. Based on an internet search, the community was previously operated by Trustwell, and by Enlivant beforehand, so we believe this asset was part of the portfolio that TPG Real Estate handed the keys over to Fannie Mae in 2023. Court documents also show a propco associated with TPG. Built in the late-1990s, Rock Run was jointly sold alongside a memory care facility on the same property, sold by a... Read More »Schedule a demo
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