60 Seconds With Swett: M&A Market Limps to Record Annual Total
We’re in a new year but a number of brokers and lenders may wish we were still in 2022. That is because many of them really made hay when the sun was shining (that sun being the lower interest rates of the first half of the year) and propelled us to a record M&A year, by some margin. After the previous record of 455 transactions in 2021, we have so far tallied 527 deals announced in 2022, a 16% increase year over year. We expect a few more 2022 deals to trickle in, but we did not experience the normal end-of-December rush of closings, except from a couple of brokerages. In fact, only 36 deals were made public during the month. That’s a solid number to end 2022 and similar to the... Read More »
Transitions Healthcare Acquires Pennsylvania SNF
Transitions Healthcare, an owner and operator of five skilled nursing facilities in Maryland and Pennsylvania, has announced the acquisition of a SNF in Duncannon, Pennsylvania, near Harrisburg. Originally built in 1902, Kinkora Pythian Home comprises 60 beds, including some personal care and independent living units, and sits on seven acres. The facility will be renamed Transitions Healthcare of Allen’s Cove. The seller of the facility is Knights of Pythias, a fraternal organization founded in Washington, D.C. In 2008, the facility opened an independent living/personal care wing that features private, semi-private, studio and one-bedroom units. All previous employees were offered... Read More »
SLIB Facilitates Texas Transaction
Senior Living Investment Brokerage has announced the sale of an assisted living community in San Antonio, Texas. Built in 1982, NewForest Estates comprises 234 units (206 IL and 28 AL) and sits on 6.5 acres. Prior to the pandemic the community was successfully posting a 90% occupancy rate, but at the time of transaction occupancy fell to just 67%. The seller was a national owner/operator looking to divest this community as it was their only asset in Texas. The buyer was a regional owner which partnered with a Texas-based operator looking to expand their seniors housing portfolio. Jeff Binder and Matthew Alley of Senior Living Investment Brokerage handled the transaction. Read More »
VIUM Capital Closes $2.1 Billion in 2022 Transaction Volume
VIUM Capital closed out its 2022 with $2.1 billion in transaction volume across 70 deals, setting another annual record for the company that launched in early 2020. The transactions comprised bridge loans and permanent debt secured for 186 separate properties in 22 states. Helping to propel the firm’s productive year was its joint venture with Merchants Capital to launch a healthcare debt fund and its acquisition of Armstrong Mortgage Company to become a stand-alone HUD/GNMA approved lender/servicer. Some of the recent activity included three loans closed for senior care facilities in three states. There was an $18.1 million bridge-to-HUD loan to support the acquisition of a skilled... Read More »
SLIB Sells Three Assisted Living Communities
Senior Living Investment Brokerage has announced the sale of three assisted living communities with memory care across three separate states. The first transaction occurred with the sale of Parsons House Frisco, in Frisco, Texas. Built in 2001 and renovated in 2007, this assisted living community comprises 64 units and sits on four acres just north of Dallas. The seller is a regional Texas owner/operator that wanted to sell a non-core asset, while the buyer is a family office located in the Western US. Ridgeline Management Company will act as the operator. Matthew Alley and Jason Punzel of Senior Living Investment Brokerage handled the transaction. Next for Mr. Punzel, Vince Viverito, and... Read More »
Recover-Care Acquires Two More Kansas SNFs
Nick Cacciabando and Jeff Binder of Senior Living Investment Brokerage announced the sale of two skilled nursing facilities in the state of Kansas, representing a group of local investors in the transaction. In fact, this was SLIB’s fifth and final sale for one of the investors, who is retiring from the business. Blue Valley Senior Living of Blue Rapids and Cambridge Place Senior Care of Marysville comprise a total of 115 beds and sold for a combined purchase price of $4.1 million or $31,700 per bed. The 78-bed Cambridge Place, which was built in the early 1990s, also offered assisted living services in 24 beds. Blue Valley was built in stages in 1972 and 1988 and features 37 dually... Read More »
Winterpast Capital Partners Acquires Assisted Living Community in Texas
Cushman & Wakefield sold an assisted living community in Richardson, Texas (Dallas MSA). Built in 1999 and renovated in 2018, Appletree Court comprises 112 assisted living units and sits on two acres just 15 miles north of Dallas. The seller was Franklin Park Senior Living, which owns five communities around San Antonio. At the time of sale occupancy was at 90% and believed to be fully recovered from the pandemic. Appletree Court was acquired by Winterpast Capital Partners, a seniors housing investor with a captive operator platform called Vitality Senior Living. Marcus Investments also partnered with Winterpast Capital Partners on the investment. Winterpast plans to convert a portion... Read More »
SLIB Handles Missouri Independent Living Deal
Jeff Binder of Senior Living Investment Brokerage sold a small entrance-fee independent living community in the St. Louis suburb of Webster Groves, Missouri. He represented a long-time seniors housing developer based in the area who was looking to retire. Featuring just 33 units, Pacific Place Senior Living was built in stages in 1987, 1996 and 1998 within restaurants and shops in downtown Webster Groves. All but five of the units had an entrance fee, with those five being rentals, and the community was fully occupied. It also boasted a 45% operating margin, even when not including the additional revenue derived from turning a unit over with a new, substantially higher entrance fee. A... Read More »
Greystone Secures Fannie Mae Loan for LCS Community
On the same day that Tyler Armstrong of Greystone arranged a bank loan for LCS to refinance a 169-unit senior living community in Waco, Texas, he also secured a $40.387 Fannie Mae refinance for another LCS-owned community in League City, Texas (Houston MSA). Built in 2018 by LCS Development, The Delaney at South Shore features 204 units and nearly 205,000 square feet of independent living, assisted living and memory care. Mr. Armstrong structured a fixed-rate, non-recourse loan with a 10-year term, 30-year amortization and five years of interest only. Read More »
Passco Companies and Trustwell Living Add Tennessee Community
Passco Companies, a California-based commercial real estate company, acquired a newly built independent living community in Knoxville, Tennessee, and will bring in Trustwell Living to operate it going forward. Opened in 2020 with 145 units, the community is already 98% leased with a waitlist. That means someone did their homework on local demand. The three-story community features one- and two-bedroom units, with a fitness center, game room, theater, activities area, greenhouse, dog park, putting green, pickleball court, library and indoor pool. It was formerly known as Prime West Knoxville but will be rebranded as Trustwell Living of West Knoxville. Cushman & Wakefield’s Senior... Read More »Schedule a demo
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