• 12 Oaks Senior Living Appoints New CFO

    12 Oaks Senior Living appointed Elliott Westerman as CFO, effective immediately. Westerman has more than two decades of leadership experience across senior living, healthcare, and real estate sectors. As CFO, Westerman will oversee all aspects of financial management, including financial planning and analysis, capital structure strategy,... Read More »
  • Ensign/Standard Bearer Adds Two Facilities

    The Ensign Group acquired a couple of skilled nursing facilities through its real estate subsidiary Standard Bearer Healthcare REIT. The first purchase was for Duncanville Healthcare and Rehabilitation Center, a 124-bed SNF in Duncanville, Texas, which will be operated by a third-party operator subject to a long-term, triple-net lease. Ensign... Read More »
  • HTG Closes Two Separate SNF Transactions

    Healthcare Transactions Group (HTG) recently closed two transactions in Missouri and Maryland. The Show Me State deal involved Baptist Home of Independence, an 118-bed skilled nursing facility and 20-bed Residential Care Facility in the town of Independence. Built in 1977, the campus received a major renovation in 2021 and was 65% occupied. ... Read More »
  • VIUM’s New H1 Record

    VIUM Capital completed the first half of 2025 with an impressive $780 million in transaction par value. That volume was closed across 32 transactions, 51 separate properties and 14 states, comprising both bridge and permanent debt. It represents the strongest first half of the year in the company’s history. Part of that activity was more than... Read More »
  • Kiser Group Launches Seniors Housing Division

    Kiser Group, a leading multifamily brokerage firm, has announced the launch of its new Seniors Housing Division with the addition of industry veteran Mark Myers as Partner. This strategic expansion reflects the firm’s commitment to meeting the evolving needs of investors and operators in the growing senior living sector. With more than 30 years... Read More »
Evans Facilitates CareTrust REIT’s Georgia Acquisition

Evans Facilitates CareTrust REIT’s Georgia Acquisition

An older skilled nursing facility that recently underwent a major renovation sold to CareTrust REIT in a deal valued at $12 million, or $81,000 per bed. Located about 40 miles south of Atlanta, Georgia, in the town of Spalding, the 148-bed facility was originally built in 1968 and was recently put on the special focus facility list. A recent renovation modernized the amenities, which added to the facility’s appeal and helped boost occupancy. At the time of marketing, it was around 95% occupied, and according to CareTrust’s press release, the facility is expected to generate first-year annual cash rent of $1.17 million.    A regional owner/operator hired Evans Senior Investments to... Read More »
Blueprint Sells South Florida AL Community

Blueprint Sells South Florida AL Community

Blueprint Healthcare Real Estate Advisors sold a 54-unit assisted living community located in between Boca Raton and Fort Lauderdale, Florida. Brooks Blackmon and Lauren Nagle were engaged by a regional owner/operator to run a confidential marketing process of the property, which was positioned as an opportunity for an incoming investor with regional expertise to bolster their Florida footprint, implement a strong business plan, and capitalize on economies of scale.    A local-owner operator emerged from two other offers to buy the community for an undisclosed price. Read More »
BWE Refinances Newly Built AL/MC Community

BWE Refinances Newly Built AL/MC Community

Bellwether Enterprise Real Estate Capital (BWE), a national mortgage banking company, closed the refinance of a newly-built assisted living/memory care community in Levittown, New York. Taylor Mokris and Ryan Stoll of BWE originated the $26.66 million loan through a regional bank on behalf of the borrower, a regional developer and owner of seniors and affordable housing.   Opened in November 2020, Village Green features both assisted living and memory care options. It was around 80% occupied at the time of the transaction. With the time to refinance approaching, the BWE Seniors Housing and Care team ran a competitive process to source multiple bank quotes on behalf of their client.... Read More »
Sabra Health Care REIT’s First Quarter

Sabra Health Care REIT’s First Quarter

The big news in Sabra Health Care REIT’s first quarter report was that effective May 1, they are completely out of the 49% joint venture with the Enlivant portfolio that encompasses 154 assisted living communities. The J/V had been in default on the portfolio’s debt, and since there was no recourse to Sabra, it was time to cut the cord.    Sabra’s investment had been written down to zero a while ago, so there was no financial impact with the decision. The J/V agreement contained a provision that allowed either partner to walk after a certain period of time. While we understood the original rationale to make this investment to diversify from its skilled nursing portfolio, the price... Read More »
Ziegler’s Advanced Pricing Saved Millions

Ziegler’s Advanced Pricing Saved Millions

Not many borrowers are refinancing their debt in today’s high-interest rate environment, but if you made the decision to forward price in January of 2022, you were in a great position. That is what Ziegler did for Presbyterian Retirement Communities, which is part of Westminster Communities of Florida, the largest operator of CCRCs in Florida and the 11th largest not-for-profit in the country. Ziegler forward priced $142.6 million of tax-exempt bonds in January 2022 for delivery in May 2023. The bonds have a weighted average maturity of 17 years and an overall yield to maturity of 3.35%. It is doubtful they could achieve any rate close to that today. The total savings on the refinance will... Read More »
SLIB Handles Two REIT Divestments

SLIB Handles Two REIT Divestments

A REIT divested a couple of assisted living/memory care communities in Iowa with the help of Ryan Saul, Vince Viverito, Jason Punzel and Nick Cacciabando of Senior Living Investment Brokerage. Built in the late-2000s, the communities combined for 96 units. They were located in Ottumwa and Fort Madison, both in southeastern Iowa. Their REIT owner wished to liquidate capital for other investments, so an Iowa-based owner/operator stepped in to buy the communities for an undisclosed amount. They plan to invest heavily in remodeling the community and improving overall performance.  Punzel and Viverito were then joined by Brad Goodsell and Jake Anderson to work on behalf of another REIT to sell... Read More »
Welltower’s Seniors Housing Portfolio Improves

Welltower’s Seniors Housing Portfolio Improves

Welltower’s seniors housing operating portfolio (SHOP) continued on its road to recovery in the first quarter of 2023, a quarter that historically has always had a difficult time. Same-community SHOP net operating income surged an impressive 23.4% year over year, as well as by 6% sequentially. This was helped by COVID going into remission and a mild flu season. Same-community SHOP occupancy (746 communities) increased by 240 basis points year over year, and by 10 basis points sequentially, to 79.4%. The year-over-year increase was less than what we expected, and we have to believe that Welltower management is still concerned about the overall level of occupancy at this point in the... Read More »
The Volatile Insurance Market

The Volatile Insurance Market

As the M&A market declined in activity from the heights of early-2022, we kept hearing that every deal was much harder to close and experienced more delays than in recent memory. The capital markets had a major impact on that, understandably, but another wrench thrown in many buyers’ M&A plans was the volatile (and pricey) insurance market for both the property’s real estate and operating business.  There are plenty of reasons to explain the increase in insurance costs in the last year. First, rates had been dropping for about 15 years until around 2018/19 due to providers wanting to build scale, even if it meant taking losses to get there. Then, as Chip Stuart of HUB... Read More »
Sabra Health Care REIT’s First Quarter

Omega Healthcare Investors’ Shares Surge

The good news seems to keep on coming. Omega Healthcare Investors released its first quarter 2023 results, and while the past was still problematic, the future is looking brighter. The REIT is the largest owner of skilled nursing facilities in the country, and its customers were particularly hard hit in the pandemic. It appears, however, that most of the restructurings and asset sales are behind them, even though there are a few significant ones ongoing. The positive attitude and look to the future sent the share price surging by nearly 10%. The recently announced rent and interest deferrals, and changes, include LaVie, Maplewood Senior Living, Agemo (which has resumed its $6.4 million... Read More »
Carnegie Capital Secures Bank Refinance

Carnegie Capital Secures Bank Refinance

A regional owner/operator borrower engaged JD Stettin of Carnegie Capital to source a loan to pay off its maturing bridge acquisition debt on a portfolio of four skilled nursing facilities with 309 beds in southern Oklahoma. The current owner had been operating the assets for a number of years before exercising on a purchase option to buy them over two years ago. A HUD takeout was part of the plan, but the portfolio needed more time to stabilize. Portfolio-wide EBITDAR was near break-even prior to debt service, and state approval of the new Medicaid reimbursement rates wasn’t issued prior to closing the new loan. Carnegie sourced multiple term sheets from banks, credit unions,... Read More »
Upscale Seniors Housing in the News

Upscale Seniors Housing in the News

As the recovery from the pandemic seems to be slowing (or stabilizing), we have always said that the more upscale communities would have a better go of it than the more middle market ones. Location seems to be more important than age, as well.  We toured a large community in Stamford, Connecticut that opened last year, and another smaller one in Darien, Connecticut that opened more than 25 years ago. The former is operated by Epoch Senior Living and the latter by Atria Senior Living. We actually went to the Atria property for the open house 25 years ago when CareMatrix (Abe Gosman) built it. Both communities were very nice and doing very well but could not have been more different,... Read More »