Joint Venture Acquires in North Carolina
Blueprint facilitated the sale of a seniors housing asset in the Charlotte, North Carolina MSA. The community was constructed in the late-1990s and comprises 54 assisted living and memory care units. While it was performing and set in a prominent location, the community was not stable at the time of sale. Both national and regional buyers were approached, and the seller received four credible offers within 30 days of launch. The winning bidder ended up being a newly formed joint venture between a Midwest-based investment group and a Carolinas-based operator. Kyle Hallion, Amy Sitzman and Giancarlo Riso handled the transaction. Read More »
CFG Secures HUD Loan For Pennsylvania SNF
Capital Funding Group closed a $9.5 million HUD loan to refinance an existing bridge loan also executed by CFG. The refinancing supported a 173-bed skilled nursing facility in Pennsylvania owned by a nationally recognized borrower. Capital Funding Group’s Craig Casagrande and Andrew Jones originated the transaction. The financing follows the company’s recent closing of a $7.2 million HUD loan, which supported the refinancing of a 162-bed skilled nursing facility in Kentucky. Read More »
Industry Veterans Purchase in New Jersey
A senior living operator led by a couple of industry veterans, Scott Burman and Lorne Schecter, purchased an assisted living community in West Orange, New Jersey. The former Canterbury Village features 44 units and 53 beds but closed its doors in mid-2023. It had been previously operated by an affiliate of the not-for-profit Heath Village of Hackettstown, New Jersey, but ownership had transferred to Provident Bank by the time of the sale. George Bingham of Sherman & Roylance represented Provident in the deal and played a key role in facilitating the deed-in-lieu transfer to the bank. The buyer plans to invest in significant renovations, modernizing the space while continuing to operate... Read More »
Financing Secured for Seniors Housing Expansion
Conifer Realty, LLC, a national, full-service real estate company specializing in the development, construction, management, and ownership of high-quality, affordable housing communities, and Community Preservation Partners (CPP), a mission-driven affordable housing preservation developer, announced the planned renovation of Andrews Terrace in New York. The 526-apartment building complex is located on Rochester’s waterfront and exclusively caters to seniors and disabled residents (and their families). This is the second joint community investment for Conifer and CPP in Rochester, following Keeler Park, which was purchased in October 2022. Built in 1975, Andrews Terrace consists of two 19-... Read More »
SLIB Carries On 2024 Activity
Maintaining its blistering pace at the start of 2024, Senior Living Investment Brokerage completed several more transactions for senior care clients across the country. First, Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson represented a family owner looking to exit the seniors housing industry with the sale of their 77-unit assisted living/memory care community in San Bernardino, California. Built in 2003, the community has 97 licensed beds and 88 operational beds. It was 85% occupied. CareTrust REIT announced that it and a third-party regional healthcare real estate investor entered into a joint venture arrangement under which CTRE provided a combined common equity... Read More »
VIUM Capital Finishes Successful 2023
In what was an especially difficult year for the lending environment, VIUM Capital made 2023 its second-most productive year in the firm’s history, with over $915 million in closings across 39 transactions. The financings consisted of bridge and permanent debt (both taxable and tax-exempt) that funded 106 separate properties in 19 states. VIUM also completed a $1.1 billion securitization of its bridge healthcare book, and the firm plans to complete another securitization. Its HUD business should lay the foundation of a successful 2024, as well. VIUM has a large book of bridge loans that become eligible for a HUD or Ginnie Mae exit. Those closings, combined with its usual bridge loan... Read More »
Marcus & Millichap Facilitates Texas AL/SNF Portfolio Sale
Before the year closed out, Nick Stahler, Mike Mooney and Austin Diamond of The Knapp-Stahler Group at Marcus & Millichap closed a nine-facility, 1,000+ bed assisted living and skilled nursing portfolio in the greater Dallas, Texas MSA. Adding to the portfolio’s appeal was its assumable, attractive, non-recourse HUD financing at below-market interest rates. So, The Knapp-Stahler Group produced multiple offers for the seller, a national private equity owner/developer, which ultimately selected a New York-based skilled nursing investment firm as the buyer. The buyer was selected for its substantial financial liquidity and tenure in the seniors housing industry. The process... Read More »
Wisconsin Senior Care Portfolio Changes Hands
Blueprint was enlisted in the divestment of eight senior care campuses concentrated in and around Eau Claire, Wisconsin. Five of the eight campuses are within an 11-mile radius, and all are within one hour from one another. The seller was Wisconsin-based owner/operator Dove Healthcare. Featuring mostly five-star communities, the portfolio comprises 304 licensed SNF beds, 104 RCAC units and 118 CBRF beds, for a total of 526 units/beds. The portfolio benefited from significant statewide Medicaid reimbursement rate enhancements in Wisconsin, which were effective July 1. Additionally, since October 1st, 2022, rate increases across all portfolio private pay RCAC/CBRF residents ranged from 8% to... Read More »
60 Seconds with Swett: Healthcare M&A Totals
We know that seniors housing and care dealmakers pushed M&A activity to its second-highest total ever in 2023, with around 490 transactions, and counting. But what about the whole healthcare industry, which our sister publication LevinPro HC tracks? For the year, the 12 other healthcare sectors we cover, from Behavioral Health and Home Health to Hospitals and Physician Medical Groups, a total of 2,154 transactions were publicly announced, a 12% decline from the 2,443 transactions disclosed in 2022, which was a record-high. It also fell 4% short of 2021’s total, but historically, anything above 2,000 is on another level. After all, 2019 only reached around 1,400 deals. All sectors... Read More »
LTC Properties Completes Brookdale Portfolio Restructuring
Even though it took a year, the 35 assisted living communities that had been leased by LTC Properties to Brookdale Senior Living have now found homes, with some being new. The leases were set to expire at the end of 2023, and in early 2023 discussions began in earnest. It appeared that Brookdale did not want to renew at the then existing lease rate, at least not for all 35, so it looked like they were going to walk. What is often forgotten in these negotiations is how much overhead these portfolios cover, especially when concentrated in areas where the tenant already has many other properties. After looking like Brookdale was putting them in the rearview mirror, they came back to the table... Read More »Schedule a demo
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