Berkadia and Poppy Bank Close Portfolio Financings
Berkadia announced it worked with Poppy Bank to close 12 different loans totaling over $329.7 million of bridge debt in April, May and June. The 12 properties include a portfolio of six, a three-pack and three individual properties. Together, the assets comprise 1,597 units. Chris Cain and Steve Ervin secured the financing. Read More »
60 Seconds with Steve Monroe: Mad as Hell
We are halfway through the year, and I am already angry. Angry at what, you may ask? All the interference from government, both elected officials and the bureaucrats. From people who think they understand how seniors housing should work. From the unions. From the anti-PE firm groups. I always say, do a few 12-hour shifts, or move in for a few days, and then tell me what you think. It is not easy, and most people are doing the best they can. Regardless, I am mad as Hell and getting tired of it all. Except, and not to sound hypocritical, but I had to smile when I read about the investigations into A Place for Mom, a service that I always had my suspicions about. A service that many... Read More »
Focus Healthcare Partners Set for Growth, Again
A familiar buyer is set to be very busy in the next year of seniors housing M&A activity, as Focus Healthcare Partners has closed on its Focus Senior Housing Fund II LP and raised approximately $370 million in capital commitments for it. The closed-end, commingled discretionary real estate fund will target private pay seniors housing assets across active adult, independent living, assisted living and memory care, but no stand-alone memory care. Campuses with a full continuum of care would be the most attractive, too. The fund is 20% larger than its predecessor vehicle, which raised $312 million in 2017 from seven institutional investors. Fund II, by contrast, drew from 15 different... Read More »
Inspired Healthcare Acquires Class-A Community in Texas
Berkadia facilitated the sale of a Class-A seniors housing community in New Braunfels, Texas. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders handled the transaction on behalf of Biloxi, Mississippi-based LifeCare Properties, a wholly owned subsidiary of Comvest Properties. The buyer was Scottsdale, Arizona-based Inspired Healthcare Capital. Built in 2021, The Blake at New Braunfels features 71 assisted living and 41 memory care units. The community has maintained consistently high occupancy and strong NOI. It is also just one block from the Resolute Baptist Hospital, which offers a full range of services as well as emergency care and a Level II NICU. Inspired is creating a new... Read More »
CFG Originates HUD Financing Package
Capital Funding Group announced the closing of a $42 million HUD financing package on behalf of a nationally recognized borrower. The package included three loans supporting the refinance 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 million HUD loan to support a 101-bed facility in Washington and a $10.6 million HUD loan to support a 108-bed facility in Washington. Tim Eberhardt and Ava Julio handled this transaction. This financing follows CFG’s recent announcement of the closing of a bridge-to-HUD loan totaling $9.75 million on behalf of a nationally recognized borrower. The loan supported the... Read More »
Dwight Capital Finances SNF Portfolio Deal
Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, financed a $142 million bridge acquisition loan for a portfolio of 10 skilled nursing facilities in prime Southeast urban markets in Georgia (Atlanta), Tennessee (Memphis), Alabama (Mobile) and Louisiana (Shreveport). The properties include Bell Minor Home, Cambridge Post Acute Care Center, Nurse Care of Buckhead, Riverside Health Care Center, Rockdale Healthcare Center, Westminster Commons, Millington Healthcare Center, Parkway Health and Rehabilitation Center, Kensington Health and Rehabilitation, and Highland Place Rehabilitation and Nursing. Altogether, the facilities total 1,371 beds. Adam Offman handled this transaction... Read More »
Mom & Pop Divests SNF to Publicly Traded Company in Iowa
Senior Care Realty was brought on by a mom & pop in their divestment of a skilled nursing facility in northwest Iowa. The seller had owned the facility for over 50 years, and was the second owner since the facility’s inception. They had plans to retire, leading to the decision to divest. Built in the 1960s with renovations since then, the skilled nursing facility is in Spencer, Iowa, and comprises more than 80 beds. Occupancy was hovering around 75% at the time of the sale, as a wing was closed during the pandemic and was not yet re-opened. The buyer was a publicly traded company, and the purchase price was $3.55 million, or around $44,000 per bed. Mark Van Den Broeke handled the... Read More »
Berkadia Handles Southeast REIT Divestment
Berkadia Seniors Housing & Healthcare facilitated the sale of three assisted living and memory care communities. Of the three, two are in South Carolina and the other is in Virginia. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders handled both transactions. The two communities in South Carolina total 156 units. They are in the Columbia and Myrtle Beach MSA’s. The seller was a publicly traded REIT. The buyer was a regional owner/operator. The community in Virginia features 77 units and is located 10 miles southwest of downtown Richmond. The seller was also a publicly traded REIT, and the buyer was a private equity group. Commonwealth Senior Living will operate the... Read More »
Bakerson Companies Looking to Grow Seniors Housing Holdings
A private real estate investment firm that is “playing offense right now” in the seniors housing M&A market announced its latest acquisition of a 172-unit community in Rock Hill, South Carolina (Charlotte, NC MSA). La Jolla, California-based Bakerson Companies was launched in 2021 by Pablo Linero, who brings investment experience from HP Investors, Brookfield Properties and Frontera Real Estate Investments. Backed by Latin American family office capital, the company is searching for scale in the seniors housing industry. The latest deal featured Chandler Place in Rock Hill. Built in 1995 and 2002, this seniors housing campus includes independent living (majority), assisted living... Read More »
Beth Mace New Director at Brookdale
Brookdale Senior Living recently held its annual meeting of shareholders, and Beth Mace was voted in as a new member of its Board of Directors. Not only that, but she received more votes than any other nominee (157,658,156), and fewer “against” votes than any other nominee. As readers know, we have complained that for many years Brookdale’s board has lacked any outside directors with any real knowledge of the seniors housing business, and now they have one. Beth recently retired as the head of research at NIC, and had been responsible for providing financial data to the industry to try to help investors and lenders understand certain dynamics, and how those dynamics... Read More »Schedule a demo
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