Public REIT Divests 12-Asset Wisconsin Seniors Housing Portfolio
Blueprint was engaged by a public REIT in the divestment of a seniors housing portfolio in Wisconsin. The portfolio, clustered in the Milwaukee and the Green Bay MSAs, consists of 12 communities across nine campuses totaling 279 units of assisted living and memory care. Although underperforming at the time of marketing, the portfolio was historically well-occupied and cash-flowing. In a targeted and off-market process, Blueprint identified Adava Care, an entrepreneurial owner/operator with an existing footprint in the Milwaukee MSA, as the buyer. Adava is eager to grow its portfolio and capitalize on the economies of scale this portfolio offers. Kyle Hallion, Lauren Nagle and Brooks... Read More »
Joint Venture Secures Construction Financing for Seniors Housing Community
CBRE arranged construction financing on behalf of a joint venture between a seniors housing owner/operator and an institutional investor for a seniors housing community in the Washington, D.C. MSA. The community will consist of independent living, assisted living and memory care. Aron Will and Adam Mincberg secured the construction loan through a syndication of two national banks. Read More »
Not-For-Profit Divests Senior Care Facility in Wisconsin
Ziegler announced its involvement in the divestment of a senior care facility. The facility comprises 80+ skilled nursing and assisted living beds in Washburn County, Wisconsin. The seller was a 501(c)(3) not-for-profit organization serving elderly and disabled people across the Upper Midwest. The buyer was a local owner/operator. Nick Glaisner handled the transaction. No additional details were disclosed. Read More »
CFG Secures Bridge-to-HUD Loan for Maryland Facility
Capital Funding Group announced the closing of a bridge-to-HUD loan totaling $20.0 million on behalf of a nationally recognized borrower. The loan supported the refinancing of a 125-bed skilled nursing facility in Maryland. This financing follows CFG’s closing of a $65.0 million bridge loan to support the refinancing of a nine-facility senior care portfolio in Ohio on behalf of a nationally recognized borrower. The portfolio includes one independent living community, one assisted living community and seven skilled nursing facilities totaling 709 beds. Read More »
Brookdale Making Progress, but Is It Enough?
Brookdale Senior Living reported its best EBITDA performance in several years, nearly topping $100 million, RevPOR continues to grow (5.8% sequentially), and second quarter guidance for adjusted EBITDA is now between $93 million and $98 million. On the labor front, they had a solid 70% retention rate for Executive Directors for the trailing 12-month period. But…the company continues to struggle on the occupancy front. Second quarter weighted average occupancy was just 77.9%, down 50 basis points from the fourth quarter but up 160 basis points year over year. On a consolidated basis, weighted average occupancy in April, 77.9%, was a hair higher than in August of last year, and... Read More »
Regional Owner/Operator Divests Facility, Exiting Sector
Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage were engaged by a regional owner/operator in its divestment of a senior care facility. The seller is looking to consolidate its portfolio and exit the skilled nursing industry. The buyer is a regional-based owner adding to its portfolio throughout the state, Arkansas. Built in 1990, Indian Rock Village comprises 121 skilled nursing, assisted living and independent living beds/units. There are 28 independent living units, 38 assisted living units and 55 skilled nursing beds. The facility is well-maintained and in excellent condition. It overlooks Geers Gerry Lake and spans 83,825 square feet in Fairfield Bay,... Read More »
BMO Provides $140.6 Million in Bridge Financing
BMO Healthcare Real Estate provided $70.6 million in bridge financing to a joint venture of New Perspective Senior Living, Boldt Capital and Fengate Asset Management, for the recapitalization of two Class-A seniors housing communities. The communities total 290 units in Franklin and Waukesha, Wisconsin. Loan proceeds include capital allocated for future capital improvements and value enhancement. In a separate transaction, BMO provided $70.0 million in bridge financing to the same joint venture for the recapitalization of three Class-A seniors housing communities. The communities total 435 units and are in suburban Milwaukee, Wisconsin (two communities), and West Fargo, North Dakota. Loan... Read More »
Newer-Vintage Facility in New Mexico Changes Hands
Blueprint was brought on to facilitate the sale of an inpatient transitional care facility, Las Cruces Post Acute and Rehab. Built in 2017, the facility features 50 beds and is in Las Cruces, New Mexico. It’s located within two miles of three short-term acute care hospitals that offer quality Medicare referral opportunities. Trailing EBITDAR was approaching $745,000 at the time of marketing. Amy Sitzman and Giancarlo Riso handled the transaction. Multiple offers were received, with Blueprint ultimately advising the client to move forward with an owner/operator representing strong execution certainty. Blueprint had transacted with the buyer previously in New Mexico. The deal closed about... Read More »
Public REIT Divests in Northern Louisiana
Helios Healthcare Advisors facilitated the purchase of two assisted living communities in Northern Louisiana on behalf of an independent investment group based in Texas and Louisiana. Savannah Court of Bastrop and Savannah Court of Minden were owned by a public REIT and operated by a regional provider under a triple-net lease. Built in the late 1990’s, both communities had a historical average occupancy of 90% and maintained positive cash flow. Helios effectuated a cooperative operations transfer for the new tenant. A mortgage loan was secured through Texana Bank to fund the purchase, at 85% loan-to-cost and an interest rate of 7.5%, under a 25-year amortization. The transaction... Read More »
60 Seconds with Steve Monroe: REITs and PE Will Be Attacked Again
The Chapter 11 filing by Steward Health Care was not a surprise to anyone in the healthcare world. Its former PE owner, Cerberus Capital, will be attacked because they made a significant profit when they finally exited their 2010 investment 10 years later. No one wants to remember that they bought six failing hospitals in Massachusetts and rejuvenated them. Without that purchase, there was a good chance they would have been shuttered. Medical Properties Trust will be attacked because its leases ended up being too expensive, even though it helped Steward grow, took an equity interest in the company and provided new capital. Everything seemed to be going swimmingly, and then COVID hit, and... Read More »Schedule a demo
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