Mom & Pop Exits SNF Business in Iowa
A mom & pop sold their only skilled nursing facility in Anita, Iowa (between Omaha, Nebraska and Des Moines, Iowa), after 10 years of ownership. Featuring 46 licensed beds, the facility was built in 1965 with an addition in 1971. It was 82% occupied based on 44 effective beds, but ownership was able to operate efficiently and very profitably at an above-average margin while keeping staffing agency expenses out of the facility. Being their only facility, ownership could also focus on creating a positive culture that helps with staff retention and quality of care. An East Coast partnership that plans to lease the facility to a growing Midwest operator based in Missouri emerged as the... Read More »
Healthpeak Properties Open to Sale of CCRC Portfolio
Healthpeak Properties already made a near-complete exit of the seniors housing market after divesting about $4 billion of its seniors housing communities in 2020 and 2021, but the CEO Scott Brinker commented that a full-exit could be on the table with the sale of its remaining 15 CCRCs. In his opening comment, Mr. Brinker said “Our capital allocation priorities are focused on life science and medical office. So we’ll be opportunistic about our CCRC position.” That prompted a question from Stephen Sakwa from Evercore ISI: “…does that mean that you could potentially exit CCRCs over time if the pricing was right?” To which, Mr. Brinker responded, “Yes, I think you heard exactly... Read More »
AlerisLife Sees Healthy Occupancy Boost in Q3
AlerisLife announced its third quarter earnings results, and the good news was that its owned portfolio including 20 senior living properties saw a 290-basis point increase in quarter-end occupancy from 75.5% in Q2:22 to 78.4% Q3:22. Its managed portfolio of 120 senior living properties increased a more modest 160 basis points to 77.0% over the same period, but both figures are healthy increases. Operators need to make the most of third quarter occupancy gains before winter weather and the flu season hamper their efforts, so this is good news for Aleris. But average occupancy still falls below 80%, so there is a long way to go. The company reported a net loss for the third quarter of 2022... Read More »
Cogir Acquires Cadence Living to Form Top-25 Operator
Cogir Management (Cogir), the United States-based subsidiary of Montreal-based real estate company Cogir Services, has acquired Scottsdale, Arizona-based Cadence Living, creating a combined company that operates 60 seniors housing communities and almost 8,000 units across nine states. That qualifies the new company for ASHA’s top-25 list of operators in the country based on units, placing it near Merrill Gardens and Sonida Senior Living on the rankings. Cogir bought out Cadence Living’s shareholders, but further terms were not disclosed. Cogir CEO David Eskenazy remains CEO of the new company, while Cadence co-founders Rob Leinbach and Eric Gruber will transition to senior vice... Read More »
Blaze Capital Partners Enters Active Adult Market
Multifamily investor Blaze Capital Partners purchased the 149-unit Hardy Springs active adult community in Dallas, Georgia, marking the first acquisition in the active adult sector for Blaze. With this acquisition Blaze will now own six properties within the state of Georgia. Hardy Springs is a cottage-style, rental community with 53 buildings on 31 acres. It was completed in May 2022, and the interiors of the one- and two-bedroom units feature granite countertops, stainless-steel appliances and front and rear porches with exterior lighting. Community amenities include a personal training studio, pickleball and bocce ball courts, a fishing pond with dock, fitness center and a dog... Read More »
Buvermo Acquires Myrtle Beach 55+ Apartment Community
Bethesda, Maryland-based Buvermo Investments, a commercial real estate investment company, announced the acquisition of Inspire Coastal Grand, an active adult community in Myrtle Beach, South Carolina. The property will be renamed The Grove at Coastal Grand and stands four stories tall while comprising 194 units. The community offers residents one-, two- and three-bedroom floor plans with private balconies and patios. Within close proximity to the beach, the community sits on nine acres and features a resort-style pool, fitness center, yoga studio, creative arts room, theater room, billiards room, dog park, outdoor courtyards, pickleball and bocce ball courts. First National Bank provided... Read More »
CCRC Expanding to Second Campus in Arizona
A long-time CCRC client of Ziegler’s is embarking on an expansion project with revenue bonds underwritten by the specialty investment bank. La Posada was incorporated in 1996 to acquire the CCRC known as La Posada at Park Centre in Green Valley, Arizona. Originally built in 1987, Park Centre has since grown to include 490 independent living units, 51 free-standing homes and 135 assisted living units. However, ownership wished to expand to a second location in Oro Valley, Arizona (Tucson MSA), with a plan to build the community in phases. The first phase started in October 2022 and will include 166 independent living units with campus common areas. Phase II will commence after stabilization... Read More »
Meridian Closes Over $900 Million of Acquisition Loans and Refinances
We know that closing M&A transactions and financings has gotten much more difficult in the last couple of months, but Meridian Capital Group’s Senior Housing and Healthcare team announced $913 million in transaction volume over the past two months, bringing their year-to-date total to nearly $4 billion in 2022. Ari Adlerstein and Josh Simpson negotiated the deals. The highlight had to be a $319.2 million acquisition loan along with $31 million in A/R financing from a commercial bank, finance company, and mezzanine lender for 18 skilled nursing facilities comprised of 2,185 beds in Florida. But the team also closed a $120.4 million loan from a commercial bank along with a $7 million A/R... Read More »
LTC Properties Reports Q3 Earnings
LTC Properties reported its third quarter earnings, and in addition to a healthy loan originations strategy, the company made some M&A moves in the quarter. Most notably, the REIT contributed $61.7 million into a joint venture that purchased three skilled nursing facilities located in Florida for $75.8 million, or $253,500 per bed, and leased the properties to affiliates of PruittHealth, Inc. under a 10-year master lease, with two five-year renewal options. Additionally, the master lease provided PruittHealth with a purchase option exercisable at the beginning of the fourth year through the end of the fifth year. LTC expects to receive net income from this investment of approximately... Read More »
Cambridge Closes Iowa HUD Loan
Cambridge Realty Capital Companies provided a $10.4 million HUD loan to refinance Oakview Nursing and Rehabilitation and Ridgeview Assisted Living, a senior care campus also known as The Views of Burlington. Located in Burlington, Iowa, just across the Mississippi River from Illinois and just north of the Missouri border, Oakview is a 60-bed skilled nursing facility and Ridgeview is a 42-bed AL community. The campus’s Iowa-based limited liability company owner received a fully amortized, 35-year loan. It is the third loan closed in 2022 with commercial mortgage broker Denny Howell of Howell Investment Finance. Read More »Schedule a demo
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