Meridian Reports First Quarter Transaction Volume
The first quarter is in the books, and Meridian Capital Group’s Senior Housing and Healthcare platform, led by Ari Adlerstein and Josh Simpson, closed $575 million in transaction volume in the first three months of the year, following more than $5 billion closed by the platform in 2023. Most recently, the team sold six skilled nursing facilities comprising 517 beds in Indiana for $37.5 million, or $72,500 per bed, and arranged $34.8 million in financing from a finance company along with an $8.5 million A/R line for the acquisition. They also arranged $29.5 million in financing from a commercial bank to refinance a New Jersey property totaling 85 assisted living and 34 memory care... Read More »
60 Seconds with Stephen Monroe: What History Can Tell Us
As many of you know, I like history. And I like looking back in time at our industry. That is how in October 2020 we concluded that we would not get back to pre-pandemic occupancy levels until 2024 to 2025. It was an analysis no one wanted to hear, but the smart ones removed their rose-tinted glasses. In this month’s issue of The SeniorCare Investor, we will take a 10-year lookback at the three largest owners of seniors housing assets: Welltower, Ventas and Brookdale Senior Living. If you had to guess, when do you think occupancy peaked before the pandemic? How about operating margins? How far are they from getting back to “normal?” While progress has been made, what is keeping them from... Read More »
Interview with Bryan Lockard of JLL Value and Risk Advisory
Ben Swett, Managing Editor of The SeniorCare Investor, sat down with Bryan Lockard of JLL Value and Risk Advisory to discuss JLL’s 2024 Seniors Housing and Care Investor Survey and Trends, which you can download here. Read More »Wow…Sonida Senior Living
The last company in our sector, Sonida Senior Living, finally reported fourth quarter and full-year 2023 earnings, and while pretty good, that was not even the story. The story started four weeks ago. In February, the company announced a series of capital transactions which reduced their debt, raised some equity, and provided liquidity to take the company on to the next stage. It must have taken a few weeks to sink in, or at least to get investors thinking about the future of the company instead of thinking about survivability. And a year ago, there was a question as to how long the company would stay afloat. In January, the share price averaged between $8 and $9, increasing to a range of... Read More »
Marcus & Millichap Arranges SNF Leases
After purchasing four senior care campuses in a large portfolio deal, a seniors housing owner/operator turned to Marcus & Millichap to find new tenants for the skilled nursing portions of each newly acquired campus. Each building was losing close to $1 million annually and had struggled with occupancy and expenses. While the portfolio purchase was in escrow, the buyer, which solely focused on seniors housing operations, engaged Rob Reis and Nick Stahler of Marcus & Millichap to create a market for each nursing home portion. Despite the negative cash flow, M&M targeted aggressive lease rates and sourced three separate tenants, all regional SNF operators based in... Read More »
LSS Absorbs Diakon
Two large not-for-profits announced that they were combining to create the 12th largest not-for-profit senior living organization in the country. Lutheran Senior Services, based in St. Louis, Missouri, signed an agreement to bring Diakon Senior Living operations and four CCRCs under its umbrella. Both organizations were described by Adam Marles, LSS President and CEO, as financially healthy, not-for-profit organizations that are coming together strategically in the interest of better serving seniors. That has been a common theme among not-for-profits since the pandemic, as they have often required scale to survive in a lower-occupancy and lower-margin environment. But not all have been as... Read More »
SNF Under Receivership Is Acquired in Kansas
Marcus & Millichap was brought on by a limited liability company in the sale of a skilled nursing facility in Topeka, Kansas, that was under receivership. The facility, Providence Living Center, comprises 78 beds across 24,000 square feet and focuses on senior residents with mental health needs. Rod Llanos and Colby Haugness handled the transaction, receiving multiple offers. Ultimately, a qualified buyer with experience in caring for this resident type was selected to acquire the facility. No other details were disclosed. Read More »
SLR Provides Financing for SNF
SLR Healthcare ABL announced that it secured financing for a 160-bed skilled nursing facility. The asset-based revolving line of credit amounted to $4.0 million, and this was the only debt for the borrower, which leases the facility from a related property company that has a mortgage with a bank. The borrower is a Nevada-based operator of skilled nursing, post-operative care and specialized programs including orthopedic rehab, ventilator care and wound management. Proceeds of the loan were used to refinance existing debt and provide working capital to support growth initiatives such as continuing to leverage the facility’s strong respiratory and other specialty programs as... Read More »
Chicagoland Portfolio Finds New Owner
A value-add senior care portfolio in Chicagoland traded with the help of Blueprint’s Ryan Kelly, Connor Doherty, Alex Florea, Lauren Nagle and Brooks Blackmon. The team worked on behalf of a national developer/investor, which had engaged Blueprint to create an exit strategy for more than a dozen geographically disparate, older-vintage communities that had been purchased in a sizable portfolio transaction before the pandemic. The Chicagoland portfolio featured three senior care campuses with a mix of 290 assisted living/memory care units and around 40 Medicare-only skilled nursing units. The assets opened between 1994 and 2000 and were geographically clustered in affluent Chicago suburbs.... Read More »
Publicly Traded REIT Divests in Illinois
Berkadia was engaged in the divestment of an assisted living and memory care community in Barrington, Illinois. The Berkadia Seniors Housing Team, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, closed the transaction on behalf of a publicly traded REIT. The buyer was a regional owner/operator. But no other details were disclosed. Read More »Schedule a demo
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