60 Seconds With Swett: Healthcare M&A Market Losing Steam, Too
Our sister platform LevinPro HC tracks the M&A market across 12 other healthcare sectors, from hospitals and home health to physician medical groups and MOBs, with our deal database also going back to the early 1990s. And the trend in dealmaking that we are seeing in senior care appears to mirror the rest of the healthcare industry. Like in the seniors housing and care market, we have already broken the annual record for healthcare transactions, and there is still one month to go. As of this filming, we have tracked over 2,230 publicly announced transactions, surpassing the 2,209 transactions from all of 2021, which was the previous annual record high. A private equity rush into buying... Read More »BWE Closes $62 Million To Finance Five Seniors Housing Communities
Bellwether Enterprise Real Estate Capital LLC (BWE) announced it has closed $62 million in loans to finance five seniors housing communities in the Carolinas and New York. The properties consist of three assisted living and memory care communities in the Greenville, South Carolina market, one assisted living/memory care community around Charlotte, North Carolina, and a 150-unit affordable senior housing development in Kenmore, New York. The South Carolina communities were Fairview Park Senior Living of Simpsonville, Oakview Park of Greenville and Spring Park of Travelers Rest, and all received a $42.6 million Fannie Mae loan originated on behalf of the borrower, Atlas Senior Living.... Read More »
Evans Senior Investments Handles Indiana SNF Sale
Evans Senior Investments announced it has handled the sale of a skilled nursing facility in Osgood, Indiana (Cincinnati MSA). Built in 1981, Manderley Health Care Center comprises 71 beds and sold for $4.15 million or $58,500 per bed. The seller of the facility was an independent owner/operator. At the time of marketing, it was 58% occupied and not producing positive cash flow. At one point, occupancy dipped below 45%, however the owners of the facility were able to bring occupancy up to 59% at the time of sale. The buyer was an East Coast owner/operator expanding its presence in the state of Indiana. Evans Senior Investments handled the transaction. Read More »
The Ensign Group Buys Two SNFs in Colorado
The Ensign Group has acquired the operations of two skilled nursing facilities in the greater Denver, Colorado area. Brighton Care Center in Brighton comprises 108 beds and sits less than 15 miles away from the other facility, Malley Transitional Care Center, a 162-bed skilled nursing facility in Northglenn. They will be subject to a long-term triple-net lease, and Endura Healthcare LLC, Ensign’s Colorado-based subsidiary, will take over operations. This Colorado acquisition brings Ensign’s growing portfolio to 271 healthcare operations across 13 states. According to Levin Pro LTC, last month, The Ensign Group and its captive REIT Standard Bearer Healthcare REIT also acquired Prisma... Read More »
Meridian Capital Group Closes $1 Billion in November Transactions
M&A and financing activity may be declining in the face of rising capital costs, but Meridian Capital Group’s Senior Housing and Healthcare Team closed more than $1 billion in transaction volume in November for a combination of 47 facilities in nine states. The transactions were negotiated by Meridian’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson. One of the team’s largest closings was the sale of 12 assets in Pennsylvania and Virginia totaling 1,302 skilled nursing and 44 assisted living beds, for which they also arranged acquisition financing on behalf of the various buyers. Additionally, the team arranged the $102.5 million sale of seven skilled... Read More »
Public REIT Acquires North Carolina Senior Care Portfolio
A publicly traded REIT and its operating partner Saber Healthcare acquired a portfolio of five skilled nursing facilities and one assisted living community in North Carolina for an undisclosed price. The REIT emerged from a competitive bidding process that saw 16 total offers and was ultimately selected due to its likelihood of closing and of not renegotiating on price. Indeed the price, although not disclosed, did not change from the initial bid submitted at the end of August. That is impressive, and kudos to Brandon and Ben Bohland of Senwell Senior Investment Advisors for facilitating the transaction. Featuring 691 licensed beds, including 100 beds (in 77 units) at the private pay... Read More »
Euson Lindsay Health Acquires Indiana Skilled Nursing Facility
Already the owner and operator of a skilled nursing facility northwest of Indianapolis, Euson Lindsay Health LLC announced it has acquired another SNF in the Indianapolis area. The target, The Green House Cottages of Carmel, comprises 72 beds across six buildings and also includes short-term rehabilitation, memory care and long-term care. It has been in operation since 2016 and provides skilled nursing care in a “home-like” setting. With this acquisition, Euson Lindsay Health is now considered the largest owner and operator of the skilled nursing “small home concept” in Indiana, with two locations under the Restoracy brand. Read More »
JLL Capital Markets Closes Major Refinance
JLL Capital Markets arranged a $175 million refinancing for a six-property seniors housing portfolio totaling 821 units across the Southeast. Featuring a mix of independent living, assisted living and memory care units, five of the properties were recently built and the sixth, a second phase to its adjacent sister property, is currently under construction. The high-quality communities feature plentiful amenities, including fitness centers, dining rooms, lounge areas, bars, putting greens, outdoor patios, walking paths and more. No other details on the transaction were disclosed, but the JLL Capital Markets Debt Advisory team representing the borrower was led by Managing Director Allison... Read More »
CBRE Handles Active Adult Sale
CBRE National Senior Housing sold an active adult community in Tomball, Texas (Houston MSA). Built in 2014, Laurel at Vintage Park comprises 120 one and two bedroom units and sits on 5.48 acres. Amenities include a two-story clubhouse with a full kitchen, fitness center, community family rooms with kitchens, along with other amenities for the residents. The seller of the community was Coastal Ridge, a vertically integrated real estate investment, property management, and development firm. John Sweeny, Aron Will, Scott Bray, and Garrett Sacco, and CBRE’s Houston Multifamily team consisting of Clint Duncan, Matthew Phillips, Jock Naponic, and Nolan Mainguy, represented the... Read More »
Ziegler Arranges Bond Financing for North Carolina CCRC Expansion
Ziegler closed a large bond financing for The Forest at Duke, a not-for-profit CCRC in Durham, North Carolina. The campus, located on approximately 47 acres just south of Duke University, received $95.57 million in funding, split between a $66.07 million Series 2022A1 long-term bond and a $29.5 million Series 2022A2 intermediate-term bond. Both are draw-down, bank-held bonds issued through the North Carolina Medical Care Commission, with the A1 piece featuring a 15-year commitment and accreting swap and the A2 piece being repaid with initial entrance fees from an expansion project. First opened to residents in 1992, the CCRC currently serves over 360 residents across 154 apartments, 81... Read More »Schedule a demo
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