BHI Senior Living Secures Financing
Ziegler announced the closing of BHI Senior Living’s $32.0 million Series 2024AB bank loans. BHI is a faith-based not-for-profit organization that owns and operates 10 CCRCs across Indiana, Ohio and Michigan. The Series 2024AB bonds marks BHI’s eighth financing with Ziegler since 2000. BHI will finance two phases of new construction at Hoosier Village in Zionsville, Indiana. Hoosier intends to construct 20 independent living townhomes with 3,200 square feet each in two phases beginning spring 2024 and another in spring 2025 for a total of 40 units. BHI currently has a waitlist with over 400 households seeking an independent living unit in the community. Ziegler conducted a full bank search... Read More »
60 Seconds with Steve Monroe: What if Boomers Are Not the Disruptors?
How many times have you heard that the boomers will be major disruptors of the seniors housing sector, causing providers to rethink, and change, how they provide their care and services? Too many times? I admit, I have been guilty of this as well. But I have been thinking about this concept (I know, a scary thought), and now I have some doubts. What do seniors housing providers do? They provide housing, care, meals, and an environment for socialization, among other services, all in a safe setting. Since I am in the middle of the pack of boomers, I don’t see those services changing much. Tweaked? Of course. But the basics should always be there. Boomers are going to be very demanding, or so... Read More »
Public REIT Divests Two Georgia AL/MC Communities
Berkadia was engaged in the sale of two assisted living and memory care communities in the Atlanta, Georgia MSA. The communities are located in Atlanta and Marietta and total 146 units. The seller was a publicly traded REIT. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders handled the transaction. No additional details were disclosed. Read More »
Missouri-Based Provider Acquires SNF Portfolio (with HUD debt)
Blueprint was engaged by Birchwood Healthcare Partners, a Chicago-based private investor and owner/operator, in its sale of its eastern Oklahoma skilled nursing portfolio. The regionally clustered portfolio comprises seven facilities that total 561 beds. It benefited from the recent Medicaid rate increases and steady census rebounds. There was attractive assumable HUD debt on select facilities, and improved performance tracking towards historical highs. The marketing process resulted in multiple competing offers and rounds of bidding. Birchwood selected a familiar Missouri-based provider as the ultimate buyer. There were bifurcated closings upon final HUD approval for the loan... Read More »
CFG Secures Bridge-to-HUD Loan for Massachusetts SNF
Capital Funding Group announced the closing of a bridge-to-HUD loan totaling $9.75 million on behalf of a nationally recognized borrower. The loan supports the refinancing of a 123-bed skilled nursing facility in Massachusetts. Tim Eberhardt, Craig Casagrande and Ava Julio handled the transaction. This financing follows CFG’s announcement of the closing of a $36.2 million bridge-to-HUD loan that supported the refinancing of five skilled nursing facilities in North Carolina. The facilities total 522 beds. CFG refinanced an existing loan to include two additional underleveraged facilities on behalf of a nationally recognized borrower. Read More »
Joint Venture Acquires AL Community in Colorado
Ziegler was engaged by Bethesda Senior Living in its sale of a stabilized, well-performing assisted living community in Grand Junction, Colorado. Bethesda is divesting this non-core asset to focus on the growth of its mission. Cornerstone Management purchased the community in conjunction with a private real estate fund. Eric Johnson handled the transaction, noting that the largest hurdle to getting it closed was location, as the community sits outside the primary markets, which limited the buyer pool. Read More »
60 Seconds with Swett: M&A Activity Heats Up in May
We have said this before, but the seniors housing and care M&A market is on pace to record its best-ever year in terms of transaction activity, and by some margin. Already by this point in May, we are closing in on 250 transactions for the year, so far, which puts us on track for more than 600 publicly announced deals when we close out 2024. The split between skilled nursing and seniors housing activity followed historical norms, at 42% of the deals being for SNFs. And over $2.5 billion of transaction volume has been publicly disclosed, not including scores of deals with confidential prices, including large portfolios. How could volume be so high despite a challenging lending and... Read More »
National REIT Re-Tenants Vacant Oklahoma Seniors Housing Asset
Blueprint’s behavioral healthcare team advised a national REIT to re-tenant a vacant seniors housing asset in the Tulsa, Oklahoma MSA. The existing asset was vacant at the time of engagement and identified as a great candidate for a behavioral healthcare provider due to strong demand and referral networks for inpatient substance abuse and mental health care within the market. So, Blueprint identified and negotiated lease and credit terms with behavioral healthcare-focused operators. Ultimately, a large regional substance abuse and inpatient mental healthcare operator was selected based on lease terms and execution capability. In addition to identifying appealing lease terms, credit... Read More »
Atlas Healthcare Makes CCRC Purchase in Massachusetts
Evans Senior Investments was engaged by an independent owner/operator in its divestment of a CCRC in Shrewsbury, Massachusetts. Shrewsbury Campus is made up of three components: Southgate at Shrewsbury (senior living), Shrewsbury Nursing & Rehabilitation (skilled nursing) and Shrewsbury Medical Center (medical office buildings). ESI ran a competitive and confidential marketing process, engaging with a select group of prospective buyers. The Atlas Healthcare Group was ultimately selected as the buyer, for an undisclosed price. Built between 1969 and 1986, Southgate and Shrewsbury Nursing total 171 independent living units, 60 assisted living units and 99 skilled nursing beds. The IL and... Read More »
HutsonWood at Spring Hill Secures Funding
Ziegler announced the closing of HutsonWood at Spring Hill, Inc.’s Series 2024 revenue bond anticipation notes. The notes are comprised of $14.67 million of Series 2024A tax-exempt notes sold publicly to institutional investors and $3.0 million of Series 2024B subordinate taxable notes purchased by an affiliate of the borrower. HutsonWood (dba Belle Springs), is a Tennessee not-for-profit organization that will use the proceeds of the notes to acquire approximately 20 acres of land and to finance certain pre-construction development costs related to an expansion and repositioning of an existing skilled nursing and assisted living community located in Spring Hill, Tennessee. Emerald Spring... Read More »Schedule a demo
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