Berkadia Announces Three Hires
There was some big news out of Berkadia, which announced the addition of Managing Directors Austin Sacco, Cody Tremper and Mike Garbers to its Seniors Housing & Healthcare team. Tremper and Garbers will report to SVP and Co-Head of Investment Sales and Production Mike Miner, and Sacco will report to SVP and Head of FHA and Seniors Housing Finance Steve Ervin. The trio bring a combined 48 years in the seniors housing industry with experience across a variety of asset classes. Coming from JLL, Garbers has over 20 years of experience in the seniors housing industry and has been involved in developing, acquiring and selling over $8 billion in seniors housing properties throughout the... Read More »
Good News For Ventas, and Seniors Housing
Ventas just released its fourth quarter earnings as well as full-year 2022, and its seniors housing portfolio is looking up. Year-over-year same-community performance improved in all categories. Average occupancy increased by 140 basis points to 82.5%. While this is not a great increase for a 12-month period given the lows they were coming from, we’ll take it. Same-community cash net operating income increased year over year by 19.1% to $150.5 million, and the operating margin expanded by 220 basis points to 24.5%. Now, this is not even close to the old days, but a nice pickup. We believe, however, that these numbers include the various government payments which are going away, so the... Read More »
Blaze Capital Continues Acquiring Active Adult
Blaze Capital Partners continues to expand its presence with another active adult addition to its growing portfolio. Built in 2020, Sage Stone Oak comprises 150 units in San Antonio, Texas. One- and two-bedroom unit options range in size from 829 to 1,172 square feet. Each unit features an open-concept design, walk-in closets, granite countertops, in-unit washers and dryers, and private terraces or balconies. Greystar Real Estate Partners operates the community. The property experienced strong lease-up and is cash-flow positive, expected to attain an operating margin of nearly 60% upon full stabilization. Levin Pro LTC has been tracking Blaze Capital Partners since the firm first entered... Read More »
Affordable Housing Sells in Illinois
Affordable Housing Investment Brokerage Inc. announced the sale of an affordable seniors housing community in Rockford, Illinois. Built in 1979, Valkommen Plaza comprises 171 units and stands nine stories tall just south of the Wisconsin border. The property has recently received a number of upgrades, including a roof replacement, new elevators, a new transformer and central air handlers. A number of unit kitchens and baths have also been updated. A private investor sold the community to Envolve Communities for $21.1 million, or $123,000 per unit. Affordable Housing Investment Brokerage’s Kyle Shoemaker represented both parties in the transaction. Read More »
Bellwether Arranges $47 Million in Refinancing
Bellwether Enterprise Real Estate Capital LLC arranged two separate refinancings totaling over $47 million for two assisted living and memory care communities. First for BWE was a $28.8 million loan to refinance an assisted living and memory care community in the Chicago metropolitan area on behalf of a private equity firm with a focus on seniors housing. Next for BWE was the arrangement of an $18.6 million loan to refinance an assisted living and memory care community in San Jose, California, on behalf of affiliates of Westmont Living. Ryan Stoll and Taylor Mokris of Bellwether originated the loans through regional banks on behalf of the borrowers. Read More »
60 Seconds with Steve Monroe: Why the SNF Investment Market Is Strong
The annual eCAP Summit in Florida has come to an end, and with more than 1,500 attendees, let’s just say there is a lot of interest from investors. The mood, however, was a bit more subdued than last year, according to our editor who attended. But does the investment interest make sense when the American Health Care Association continues to claim that if things don’t change, 52% of nursing home operators may not make it past this year? And 55% of AHCA’s members responding to a survey say they are operating at a loss. The problem is that no one identifies what a “loss” is. If a “net loss,” then it is after all capital costs and non-cash depreciation expense. But why the loss? And why buy... Read More »
SLIB Facilitates Sale in Montana
As Montanans were looking up at the skies last week, as the team at Senior Living Investment Brokerage had their noses to the grindstone, selling an assisted living community in Billings. Built in 2015, Lasting Legacy Assisted Living comprises 32 units and sits on 16 acres. The seller of the community was a mom-and-pop operation with this being their sole senior living asset. Emerging as the buyer of the community was a Montana-based not-for-profit, which purchased the community for $3.3 million, or $103,000 per unit. As of September 2022, the community was around 88% occupied, generating revenues of $1.22 million and EBITDAR of $288,000. That puts the cap rate for the transaction at 8.7%.... Read More »
Active Adult Acquisition in Utah
Orion Real Estate Partners announced the acquisition of an active adult community in Utah. Built in 1997, Lakeside Village comprises 144 units and stands two stories tall in the greater Salt Lake City area. The seven-acre property consists of multiple amenities including a clubhouse, community pond, resident garden and outdoor swimming pool and spa. But, the property will undergo renovations to improve its amenities and unit interiors. Orion will utilize Salt Lake City-based property management company AMC to manage the community and secured a fixed rate loan from CBRE’s San Diego Capital Markets team through Fannie Mae to finance the acquisition. Orion partnered with Denver-based... Read More »
Oxford Finance 2022 Activity Recap
Oxford Finance LLC announced that its Healthcare Real Estate Group closed a record-level of originations in 2022. In total, Oxford provided over $867 million of capital commitments. The group closed a total of 14 transactions, with credit facilities ranging from $9 million to over $124 million. The healthcare real estate team at Oxford closed the following transactions in 2022: Ohio Acquisition: A $80.75 million term loan and an $8.5 million revolving line of credit to finance the acquisition of four senior care campuses comprising skilled nursing, assisted living, and independent living units for an experienced Midwestern operator. Florida Acquisition: $115.5 million term loan and $9.0... Read More »
Ensign Shines Bright, Again And Again
Oops, they did it again. Late last week, The Ensign Group reported its fourth quarter and full-year earnings for 2022, and the company continues to outshine its competitors. While we realize the entire senior care business is on the rebound from the depths of the pandemic, some like Ensign seem to be beating the odds. The company achieved record operating results for the fourth quarter and for the full year, and it has had eight consecutive quarters of occupancy increases. Same-facility occupancy was at 77.8% in the fourth quarter, not far behind its pre-COVID level of 80.1%. To their credit, they do take over a lot of nursing homes with underperforming operations and relatively low... Read More »Schedule a demo
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