Ziegler’s Construction Financing in Minnesota
Ziegler announced the closing of $47 million in construction financing for a new senior living community in Corcoran, Minnesota (Minneapolis MSA). Saint Therese of Corcoran, LLC, and its sponsor, Saint Therese, will comprise 99 independent living units, 34 assisted living units and 20 memory care units and sits on a 13-acre site. The financing comprises $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Campus-wide amenities will include restaurant-style dining, outpatient therapy and wellness areas, as well as indoor and outdoor social gathering spaces. Organized in 1965 as a single-site nursing home in New Hope, Minnesota,... Read More »
Omega Healthcare Investors Working through It
Omega Healthcare Investors just provided an operator update, and the REIT will be working through some lingering problems for at least another year, if not longer. Perhaps the biggest problem remains Maplewood Senior Living, a Connecticut-based provider of assisted living and memory care services that is located about 10 miles from our Connecticut HQ. We tried to reach out to the founder several years ago, trying to be “neighborly,” but our efforts were ignored. Maybe they could have received some good advice. The company’s initial developments were on Connecticut’s Gold Coast, in the high-income neighborhoods of Fairfield County. Now, these areas are known to be high-barrier-to-entry... Read More »
Beverly Hills SNF Sells
Blueprint Healthcare Real Estate Advisors announced the sale of a skilled nursing facility in Los Angeles, California. Built in 1997, The Rehabilitation Centre of Beverly Hills comprises 150 Medicare beds and is located near the prestigious hospital of Cedars-Sinai Medical Center. It also received many referrals from the hospital. There was an active bidding process, and a Los Angeles-based family office ultimately sold the asset to a private, high-net-worth owner/operator based in Los Angeles. The seller also negotiated a short-term lease for the facility until it identified an exchange property. Jacob Gehl, Humair Sabir and Scott Frazier of Blueprint Healthcare Real Estate Advisors... Read More »
CBRE Does Double Duty on Two Transactions
The CBRE National Senior Housing Investment Properties team completed the sale of two Class-A communities in the last couple of weeks of December. Not only that, CBRE’s Debt & Structured Finance team helped finance both transactions. First, CBRE’s John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented Harrison Street and Bridgewood Property Company in the joint venture’s sale of The Village at River Oaks in Houston, Texas. Opened in 2017, the mid-rise community features 198 units of independent living, assisted living and memory care. CBRE had been involved with the property since arranging development financing for it in 2015. In August 2019, the firm then refinanced that... Read More »
Strawberry Fields REIT Buys Kentucky SNF
South Bend, Indiana-based Strawberry Fields REIT announced it has acquired a skilled nursing facility in Jackson, Kentucky. Built in 1971 and renovated in 2021, the Nim Henson Geriatric Center comprises 120 beds and sits on just under three acres in eastern Kentucky. It is the only SNF in Breathitt County and offers a range of services. In addition, it is situated close to the Kentucky River Medical Center, a small regional acute hospital. As part of the transaction, the facility was added to the Landmark master lease, joining a network of other Landmark SNFs and LTACHs operated by A&M Healthcare Investments in Kentucky, Texas, Oklahoma, Illinois, and Michigan. A&M has been a... Read More »
60 Seconds With Swett: Healthcare M&A Activity Broke a Record in 2022, Too
Last week, we confirmed that long-term care M&A activity hit a record in 2022, but what about for the healthcare market as a whole? Across all other healthcare sectors, from home health and hospitals to physician groups and biotech, our sister site LevinPro HC tracked nearly 2,400 deals in 2022, or 2,392 to be exact at this moment, but we expect that number to creep up in the coming days and weeks. That does not even include the over-500 long-term care deals, and represents an 8% increase over the previous record of 2,214 deals in 2021. For many investors, the long-term demographics, strong governmental support and attractive yields in the healthcare industry are too good to pass up,... Read More »
Brookdale Senior Living Reports December Occupancy
Sometimes no news is good news. After two straight months of declines, Brookdale SeniorLiving reported that December’s month-end occupancy remained flat with November at 78.1%.That can be considered good news since we are in the beginning of what could be a terrible fluand COVID season. In addition, weighted average occupancy remained flat from November to December at 77.0%,after dropping by 20 basis points in November. If they can hold the line for the next threemonths, the company could start to see some improvement in the second quarter. Weightedaverage occupancy peaked in October at 77.2%, while month-end occupancy peaked inSeptember at 78.4%. So far this year, after a dismal 2022,... Read More »
Two End-of-Year Deals from Blueprint
Blueprint Healthcare Real Estate Advisors announced a couple other late-2022 transactions in the Midwest. The first deal featured an active adult community in the Dayton, Ohio MSA selling to a private equity investor and operator that is looking to expand through an aggressive acquisition strategy. Built in the mid-2000s, the 40-unit community was nearly 100% occupied. It was previously owned by a regional owner/operator that had sold two nearby skilled nursing facilities at the end of 2021, one of which was adjacent to the active adult community. The same PE buyer had acquired those SNFs, and adding this community, plus a 12,000-square-foot office building and a 5.7-acre parcel, made... Read More »
SLIB Announces 150th Texas Transaction
To kick off 2023, Matthew Alley and Ryan Saul of Senior Living Investment Brokerage sold a 132-bed skilled nursing facility in Sherman, Texas, marking the 150th building that Mr. Alley and SLIB have sold in the Lone Star State across more than 16 years. They represented a private partnership based in Dallas in the deal. While a large share of SNFs were built 40 or more years ago, this facility was built in 2006. It currently operates with 115 beds and is 63% occupied. On a trailing-six-month basis, the facility was generating more than $60,000 in EBITDAR on $6.87 million of revenues. Any positive cash flow in the SNF sector should generate interest from buyers, and a Fort Worth-based... Read More »
Grandbridge Handles High-End CCRC Sale in Naples
A high-end CCRC in Naples, Florida in financial distress sold to Life Care Services in a deal handled by Grandbridge Real Estate Capital’s Senior Housing Investment Sales team led by Dave Kliewer and Jay Jordan. Opened in 2015 on 39 acres in the Lely Resort master-planned community of Naples, the community offers 47 independent living cottages, 128 IL units, 42 assisted living units, 37 memory care units and 44 skilled nursing units, with plenty of amenities. Entrance fees average around $950,000, which would certainly put the community on the high end of the Naples area. However, the community was in default on around $136.32 million of Series 2013 and 2015 bonds (as of June 1, 2022) plus... Read More »Schedule a demo
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