VIUM Capital Finishes Successful 2023
In what was an especially difficult year for the lending environment, VIUM Capital made 2023 its second-most productive year in the firm’s history, with over $915 million in closings across 39 transactions. The financings consisted of bridge and permanent debt (both taxable and tax-exempt) that funded 106 separate properties in 19 states. VIUM also completed a $1.1 billion securitization of its bridge healthcare book, and the firm plans to complete another securitization. Its HUD business should lay the foundation of a successful 2024, as well. VIUM has a large book of bridge loans that become eligible for a HUD or Ginnie Mae exit. Those closings, combined with its usual bridge loan... Read More »
Marcus & Millichap Facilitates Texas AL/SNF Portfolio Sale
Before the year closed out, Nick Stahler, Mike Mooney and Austin Diamond of The Knapp-Stahler Group at Marcus & Millichap closed a nine-facility, 1,000+ bed assisted living and skilled nursing portfolio in the greater Dallas, Texas MSA. Adding to the portfolio’s appeal was its assumable, attractive, non-recourse HUD financing at below-market interest rates. So, The Knapp-Stahler Group produced multiple offers for the seller, a national private equity owner/developer, which ultimately selected a New York-based skilled nursing investment firm as the buyer. The buyer was selected for its substantial financial liquidity and tenure in the seniors housing industry. The process... Read More »
Wisconsin Senior Care Portfolio Changes Hands
Blueprint was enlisted in the divestment of eight senior care campuses concentrated in and around Eau Claire, Wisconsin. Five of the eight campuses are within an 11-mile radius, and all are within one hour from one another. The seller was Wisconsin-based owner/operator Dove Healthcare. Featuring mostly five-star communities, the portfolio comprises 304 licensed SNF beds, 104 RCAC units and 118 CBRF beds, for a total of 526 units/beds. The portfolio benefited from significant statewide Medicaid reimbursement rate enhancements in Wisconsin, which were effective July 1. Additionally, since October 1st, 2022, rate increases across all portfolio private pay RCAC/CBRF residents ranged from 8% to... Read More »
60 Seconds with Swett: Healthcare M&A Totals
We know that seniors housing and care dealmakers pushed M&A activity to its second-highest total ever in 2023, with around 490 transactions, and counting. But what about the whole healthcare industry, which our sister publication LevinPro HC tracks? For the year, the 12 other healthcare sectors we cover, from Behavioral Health and Home Health to Hospitals and Physician Medical Groups, a total of 2,154 transactions were publicly announced, a 12% decline from the 2,443 transactions disclosed in 2022, which was a record-high. It also fell 4% short of 2021’s total, but historically, anything above 2,000 is on another level. After all, 2019 only reached around 1,400 deals. All sectors... Read More »
LTC Properties Completes Brookdale Portfolio Restructuring
Even though it took a year, the 35 assisted living communities that had been leased by LTC Properties to Brookdale Senior Living have now found homes, with some being new. The leases were set to expire at the end of 2023, and in early 2023 discussions began in earnest. It appeared that Brookdale did not want to renew at the then existing lease rate, at least not for all 35, so it looked like they were going to walk. What is often forgotten in these negotiations is how much overhead these portfolios cover, especially when concentrated in areas where the tenant already has many other properties. After looking like Brookdale was putting them in the rearview mirror, they came back to the table... Read More »
SLIB Sells Senior Care Campus in Iowa
As a local, Masonic not-for-profit exited its senior care campus in Bettendorf, Iowa, a Florida-based private owner stepped in to take over ownership. The buyer has additional communities in Iowa, so the deal is part of an effort to strategically grow in the eastern part of the state. Ryan Saul and Nick Cacciabando of Senior Living Investment Brokerage handled the transaction. Iowa Masonic Health Facilities & Masonic Village is located in the Quad Cities area, near the Illinois border on the Mississippi River. It consists of a 79-bed skilled nursing facility that was originally built in the early 1900s and 40 independent living villas. Built in the late-1980s, the villas come in one-... Read More »
Virginia CCRC Finances Expansion
Ziegler announced the closing of Williamsburg Landing’s $76.91 million Series 2024A, 2024B and 2024C bonds (together, the Series 2024 Bonds). Williamsburg Landing is a CCRC on 138.56 acres in Williamsburg, Virginia. The campus was originally built in 1982 and now comprises 317 independent living units, 73 assisted living units, 36 memory care units and 58 skilled nursing beds. It is accredited by the Commission on Accreditation of Rehabilitation Facilities (CARF), with its most reaccreditation in 2019. In 2018, the campus acquired 15.3 acres of undeveloped land adjacent to the existing campus, on which they will develop an expansion known as Anchor Cove that will feature 27 terrace homes,... Read More »
Not-For-Profit Divests in Ohio
Blueprint closed the sale of a CCRC in Beachwood, Ohio, on behalf of the not-for-profit seller, as it was facing challenges due to increased healthcare staffing and a shift in competitive landscapes. Menorah Park totals 594 licensed skilled nursing beds, 288 assisted living and memory care units, and 193 independent living units. The community was founded in 1906, moved to its current location in 1968, and expanded since then. The 355-bed Menorah Park Nursing Home was built in stages between 1968 and 2015, which was followed by a 193-unit independent living community called R.H. Myers Apartments added in 1978. Stone Gardens & Helen’s Place (118 assisted living/memory care units)... Read More »
Encore Acquires Largest Campus in Illinois
Newly launched Continuum Advisors, founded by David Kliewer and Jay Jordan, sprinted to the end of the year with several closings in the last week of December. First, Continuum arranged the sale of the largest senior living campus in Illinois. Friendship Village of Schaumburg was built in phases from the late-1970s to 2007 and features 512 independent living apartments, 28 IL garden homes, 85 assisted living units, 24 memory care units and 169 skilled nursing beds, or 818 units and beds, total. It sits on over 60 acres in the affluent Chicago suburb of Schaumburg, about 30 miles northwest of downtown. In 2017, Friendship Village refinanced its debt and funded campus renovations through a... Read More »
SLIB Handles Two REIT Divestments
Senior Living Investment Brokerage’s Brad Clousing and Dan Geraghty closed a couple of portfolio sales at the end of 2023 on behalf of a publicly traded REIT. The larger deal consisted of four assisted living communities and 173 total units in Florida. They are located in Spring Hill, Fort Myers, Niceville and Tallahassee. The portfolio generated interest from multiple parties, but Opal Senior Living ended up as the buyer, for an undisclosed price. Clousing and Geraghty also sold a portfolio of three assisted living communities with 128 total units in South Carolina to Mainstay Senior Living. According to an announcement from Mainstay, the acquired communities have been renamed to Ansley... Read More »Schedule a demo
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