• Community First Solutions Acquires Again in Ohio

    Ziegler was engaged by Marquee Capital, the real estate company affiliated with Marcus Investments, LLC, the Marcus’ family office, in the sale of its seniors housing community in Mason, Ohio. Built in 2020, BrightStar Senior Living of Mason sits on 3.2 acres with 41 assisted living and memory care units. The community was well occupied at 90%,... Read More »
  • Joint Venture Acquires Nashville Active Adult Community

    An active adult community in Germantown, Tennessee, found a new owner thanks to the team at Newmark. Built in 2020, Avenida Watermarq is a 161-unit, Class-A active adult community in an affluent suburb of Nashville. There are one- and two-bedroom options averaging 919 square feet per unit. Occupancy was 87%. Inspired Real Estate Partners and GEM... Read More »
  • Institutional Owner Divests Ohio Facility

    Evans Senior Investments arranged the sale of a skilled nursing facility in Ohio on behalf of an institutional owner looking to exit the market. The facility comprises 88 beds and 20 independent living units, which served as a referral source for the nursing home. The buyer was a regional owner/operator that is actively expanding in Ohio. This is... Read More »
  • Strawberry Fields Completes Missouri SNF Portfolio Acquisition

    Strawberry Fields REIT, Inc. announced that it completed the acquisition of nine skilled nursing facilities comprising 686 beds in Missouri for $59 million, or $86,000 per bed. The REIT completed the acquisition using cash on hand and the issuance of approximately $2.0 million in OP Units of Strawberry Fields REIT LP to the seller. Eight of the... Read More »
  • Macquarie Asset Management Launches Health Wave Partners

    Macquarie Asset Management, which has over 35 years of experience in the real estate sector and a current network of 15 specialist operator investments globally, announced the launch of Health Wave Partners, a seniors housing platform aimed at targeting investments in modern seniors housing assets alongside established operators. The platform... Read More »
Plains Commercial Announces Oklahoma Transaction

Plains Commercial Announces Oklahoma Transaction

Plains Commercial Real Estate sold Monroe Manor in Jay, Oklahoma. Built in the 1960s and expanded in the early 1990s, the skilled nursing facility is licensed for 98 beds. Its Oklahoma-based operator was looking to exit the industry and retire.   The buyer ended up being an Illinois-based owner/operator that had previously operated in Oklahoma but was looking to re-enter the state. Before the CON transfer, the buyer and seller agreed to have the buyer operate the facility before the transaction closed. The sale also involved a unique HUD deed restriction which required collaboration between the parties in order to complete the transaction. Daniel Morris of Plains Commercial... Read More »
Link Senior Development Building Albuquerque Community

Link Senior Development Building Albuquerque Community

A luxury senior living community is going up in Albuquerque, New Mexico, with the help of construction financing secured by JLL Capital Markets. Alanna Ellis led JLL’s Debt Advisory team on the transaction. Link Senior Development is building the three-story community to include 144 units of independent living, assisted living and memory care, along with a host of amenities. It is situated on 6.5 acres adjacent to a new ambulatory urgent care center and an MOB. Link received a $51.8 million loan to fund the project. Assuming more conservative leverage on the transaction, the construction cost could be between $550,000 and $600,000 per unit. Read More »
Ziegler’s Construction Financing in Minnesota

Ziegler’s Construction Financing in Minnesota

Ziegler announced the closing of $47 million in construction financing for a new senior living community in Corcoran, Minnesota (Minneapolis MSA). Saint Therese of Corcoran, LLC, and its sponsor, Saint Therese, will comprise 99 independent living units, 34 assisted living units and 20 memory care units and sits on a 13-acre site. The financing comprises $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Campus-wide amenities will include restaurant-style dining, outpatient therapy and wellness areas, as well as indoor and outdoor social gathering spaces. Organized in 1965 as a single-site nursing home in New Hope, Minnesota,... Read More »
Omega Healthcare Investors Working through It

Omega Healthcare Investors Working through It

Omega Healthcare Investors just provided an operator update, and the REIT will be working through some lingering problems for at least another year, if not longer. Perhaps the biggest problem remains Maplewood Senior Living, a Connecticut-based provider of assisted living and memory care services that is located about 10 miles from our Connecticut HQ. We tried to reach out to the founder several years ago, trying to be “neighborly,” but our efforts were ignored. Maybe they could have received some good advice. The company’s initial developments were on Connecticut’s Gold Coast, in the high-income neighborhoods of Fairfield County. Now, these areas are known to be high-barrier-to-entry... Read More »
Beverly Hills SNF Sells

Beverly Hills SNF Sells

Blueprint Healthcare Real Estate Advisors announced the sale of a skilled nursing facility in Los Angeles, California. Built in 1997, The Rehabilitation Centre of Beverly Hills comprises 150 Medicare beds and is located near the prestigious hospital of Cedars-Sinai Medical Center. It also received many referrals from the hospital. There was an active bidding process, and a Los Angeles-based family office ultimately sold the asset to a private, high-net-worth owner/operator based in Los Angeles. The seller also negotiated a short-term lease for the facility until it identified an exchange property. Jacob Gehl, Humair Sabir and Scott Frazier of Blueprint Healthcare Real Estate Advisors... Read More »
CBRE Does Double Duty on Two Transactions

CBRE Does Double Duty on Two Transactions

The CBRE National Senior Housing Investment Properties team completed the sale of two Class-A communities in the last couple of weeks of December. Not only that, CBRE’s Debt & Structured Finance team helped finance both transactions. First, CBRE’s John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented Harrison Street and Bridgewood Property Company in the joint venture’s sale of The Village at River Oaks in Houston, Texas. Opened in 2017, the mid-rise community features 198 units of independent living, assisted living and memory care. CBRE had been involved with the property since arranging development financing for it in 2015. In August 2019, the firm then refinanced that... Read More »
Strawberry Fields REIT Buys Kentucky SNF

Strawberry Fields REIT Buys Kentucky SNF

South Bend, Indiana-based Strawberry Fields REIT announced it has acquired a skilled nursing facility in Jackson, Kentucky. Built in 1971 and renovated in 2021, the Nim Henson Geriatric Center comprises 120 beds and sits on just under three acres in eastern Kentucky. It is the only SNF in Breathitt County and offers a range of services. In addition, it is situated close to the Kentucky River Medical Center, a small regional acute hospital. As part of the transaction, the facility was added to the Landmark master lease, joining a network of other Landmark SNFs and LTACHs operated by A&M Healthcare Investments in Kentucky, Texas, Oklahoma, Illinois, and Michigan. A&M has been a... Read More »
60 Seconds With Swett: Healthcare M&A Activity Broke a Record in 2022, Too

60 Seconds With Swett: Healthcare M&A Activity Broke a Record in 2022, Too

Last week, we confirmed that long-term care M&A activity hit a record in 2022, but what about for the healthcare market as a whole? Across all other healthcare sectors, from home health and hospitals to physician groups and biotech, our sister site LevinPro HC tracked nearly 2,400 deals in 2022, or 2,392 to be exact at this moment, but we expect that number to creep up in the coming days and weeks. That does not even include the over-500 long-term care deals, and represents an 8% increase over the previous record of 2,214 deals in 2021. For many investors, the long-term demographics, strong governmental support and attractive yields in the healthcare industry are too good to pass up,... Read More »
Brookdale Senior Living Reports December Occupancy

Brookdale Senior Living Reports December Occupancy

Sometimes no news is good news. After two straight months of declines, Brookdale SeniorLiving reported that December’s month-end occupancy remained flat with November at 78.1%.That can be considered good news since we are in the beginning of what could be a terrible fluand COVID season. In addition, weighted average occupancy remained flat from November to December at 77.0%,after dropping by 20 basis points in November. If they can hold the line for the next threemonths, the company could start to see some improvement in the second quarter. Weightedaverage occupancy peaked in October at 77.2%, while month-end occupancy peaked inSeptember at 78.4%. So far this year, after a dismal 2022,... Read More »
Two End-of-Year Deals from Blueprint

Two End-of-Year Deals from Blueprint

Blueprint Healthcare Real Estate Advisors announced a couple other late-2022 transactions in the Midwest. The first deal featured an active adult community in the Dayton, Ohio MSA selling to a private equity investor and operator that is looking to expand through an aggressive acquisition strategy. Built in the mid-2000s, the 40-unit community was nearly 100% occupied. It was previously owned by a regional owner/operator that had sold two nearby skilled nursing facilities at the end of 2021, one of which was adjacent to the active adult community. The same PE buyer had acquired those SNFs, and adding this community, plus a 12,000-square-foot office building and a 5.7-acre parcel, made... Read More »
SLIB Announces 150th Texas Transaction

SLIB Announces 150th Texas Transaction

To kick off 2023, Matthew Alley and Ryan Saul of Senior Living Investment Brokerage sold a 132-bed skilled nursing facility in Sherman, Texas, marking the 150th building that Mr. Alley and SLIB have sold in the Lone Star State across more than 16 years. They represented a private partnership based in Dallas in the deal. While a large share of SNFs were built 40 or more years ago, this facility was built in 2006. It currently operates with 115 beds and is 63% occupied. On a trailing-six-month basis, the facility was generating more than $60,000 in EBITDAR on $6.87 million of revenues. Any positive cash flow in the SNF sector should generate interest from buyers, and a Fort Worth-based... Read More »