Bascom’s First Seniors Housing Acquisition of 2024
The Bascom Group, a private equity firm specializing in value-add multifamily, commercial and non-performing loans, real estate-related investments and operating companies, acquired a seniors housing community in Boulder City, Nevada, to expand its portfolio. This marks its fifth acquisition of 2024, but first in seniors housing, following the purchase of three multifamily communities and one student housing community. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage handled the transaction. Built in 1999, Homestead at Boulder City is an assisted living community with 72 units on 6.39 acres that comprises 55,305 square feet. The... Read More »
Forbright Bank Closes Three Bridge Loans
Forbright Bank’s Healthcare Lending team closed three new bridge loans in the first quarter of 2024 to help finance the acquisition of two assisted living communities and two skilled nursing facilities in the Southeast and Midwest. In total, the properties comprised around 500 beds and ranged in age from a few years to 15 years old. Renovations are also planned across the locations. In these transactions, Forbright closed more than $50 million of bridge and bridge-to-HUD financing for several well established owner/operators. Read More »
Medistar Divests to Ignite in Texas
Blueprint was enlisted by a private investor/developer, Medistar, to divest its value-add, senior care campus in Katy, Texas. Built in 2018, the campus features 70 skilled nursing beds and 78 assisted living units (with 34 beds). The campus maintained a steady lease-up trajectory that was halted due to the pandemic. With a minimal amount of dually-certified beds, it struggled to turn a profit. Occupancy throughout the marketing process varied, however, by closing it was around 40%, and the campus was losing money. Multiple interested parties proposed stepping in as interim managers to attempt to turn the campus around and prepare for disposition. An operator was selected to execute a... Read More »
60 Seconds with Swett: The Battle of the Brokers
This Thursday, April 18th at 1pm ET, The SeniorCare Investor will be hosting its first ever Quarterly Investor Call, a virtual event available to our readers that will bring together the latest M&A and valuation data from our platform LevinPro LTC, relevant deal case studies and a robust Q&A period with our audience. Editor-at-large Steve Monroe and I will be joined by three active brokers, Ryan Maconachy of Newmark, Matt Alley of SLIB and Alex Florea of Blueprint, to discuss the current dealmaking environment, everything from the transaction process to buyer and seller dynamics, to pricing and, of course, to financing all sorts of deals. So, if you are thinking about buying,... Read More »
Discussing HUD’s New Guidelines with Tim Eberhardt of CFG
The SeniorCare Investor Managing Editor Ben Swett sat down with Tim Eberhardt, the Chief Lending Officer for Bridge and HUD Loans at Capital Funding Group, to discuss HUD’s new guidelines for Portfolio Corporate Credit Reviews, and how this could affect borrowers in 2024. Read More »
Harrison Street Divests Seniors Housing Portfolio
Meridian Capital Group’s senior housing and healthcare team was enlisted by Harrison Street in the divestment of a three-property seniors housing portfolio in Wisconsin and North Dakota. The communities comprise 146 independent living, 139 assisted living and 143 memory care units. New Perspective Senior Living, the in-place operator, will continue to manage the communities. Ari Adlerstein, Josh Simpson and Jesse Rauch handled the transaction. The Meridian team has closed $735 million in financing year-to-date in 2024, on top of the over $5 billion in transaction volume in 2023. Read More »
Clearwater Living Acquires Class A Community in Texas
Clearwater Living, a real estate and property management company that owns, operates and develops high-quality seniors housing communities, acquired a Class-A seniors housing community in Houston, Texas. This is Clearwater’s first Texas acquisition. The company has eleven other communities across California, Nevada and Arizona, with additional properties currently under development. Built in 2022 through a partnership between Hines (based in Houston) and Watermark Retirement Communities (based in Arizona), The Watermark at Houston Heights comprises 220 total units and will be rebranded as Clearwater at The Heights. Out of the 220 units, 201 are independent and assisted living units and 19... Read More »
Private Equity M&A Declines in Q1:24, According to Acquisition Data from LevinProHC
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Not-For-Profit Nets High Value for Tennessee SNF
Blueprint was enlisted by a not-for-profit joint venture, The Trousdale Foundation and its management company based in Cleveland, Tennessee, Trousdale Living Communities, Inc., in its divestment of a Tennessee skilled nursing facility. Built in 1982, the facility comprises 81 beds on four acres approximately 10 miles south of Sweetwater Hospital. It is the only licensed provider in the city, and generated positive cash flow as a result of census growth and a recent Medicaid rate increase. The facility never reached the marketing stage, as Blueprint presented options to the seller, which ultimately selected a New York-based provider that was looking to expand in Tennessee. The... Read More »
ESI Handles California CCRC Portfolio Acquisition
Evans Senior Investments facilitated the sale of two senior living communities in Texas on behalf of a regional owner/operator. ESI targeted seniors housing investors and secured multiple offers before a local owner/operator was selected as the ultimate buyer. Evans also announced that it represented the seller in CareTrust REIT, Inc.’s acquisition of three California CCRCs that, combined, feature 475 skilled nursing, assisted living and memory care beds/units. The total purchase price was around $60 million, or $126,900 per bed/unit. The communities are in Los Angeles, Orange and San Diego counties. The incoming operator for these three communities is Southern California-based... Read More »Schedule a demo
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