A Webinar Wrap-Up on 2023 M&A Valuations
The SeniorCare Investor recently hosted a webinar titled “2023 M&A Valuations and 2024 Predictions” with moderator Ben Swett, Managing Editor of SCI, Managing Director of Senior Living Investment Brokerage Bradley Clousing, Senior Managing Director and Head of Healthcare Services of Oxford Finance Tracy Maziek, and Principal of Scribner Capital James Scribner. After a chaotic and difficult year, in this webinar, the panelists dissected what exactly happened in 2023, how values changed and what motivated buyer and seller decisions. The webinar kicked off with a review of many statistics available in the soon-to-be-published Senior Care Acquisition Report, starting with how M&A... Read More »
United Methodist Retirement Homes Secures Funding
Ziegler announced the pricing of a bond series closed for The United Methodist Retirement Homes, totaling $67.18 million in Series 2024A and 2024B bonds. The United Methodist Retirement Homes is a North Carolina not-for-profit that owns and operates three CCRCs in the Tarheel State. The three communities consist of a total of 690 independent living units, 28 memory care units, 112 assisted living units and 194 skilled nursing units, which ranks UMRH as the third largest not-for-profit senior living operator in North Carolina. Since 2000, UMRH has been managed by Life Care Services, the third largest operator of senior living communities in the nation. UMRH, with the assistance of LCS... Read More »
JLL Secures Acquisition Financing for Two AL/MC Communities
JLL Capital Markets arranged acquisition financing for two assisted living and memory care communities in Iowa on behalf of affiliates of Jaybird Senior Living. Both communities were managed by Jaybird prior to the acquisition. The communities, Vintage Hills of Indianola and Country Meadow Place, total 118 units combined. Vintage Hills comprises 62 units in Indianola, Iowa, and Country Meadow Place is in Mason City, Iowa, with 56 units. Jeff Lepley and Alex Sheaffer of JLL handled the transaction, securing two loans totaling $17.87 million, or $151,000 per unit, representing around 81% of the total purchase price, putting the purchase price above $22.0 million, or $186,000 per... Read More »
2023 M&A Valuations and 2024 Predictions
Senior care owners, operators, brokers and lenders had to adapt to a rapidly changing lending and M&A landscape in 2023, but what new hurdles (or opportunities) will 2024 bring? Join The SeniorCare Investor and a panel of experts to get a sneak peek of the 2023 M&A valuation statistics and a preview of what is to come in the market. Read More »
National Health Investors Rocks The New Year
Bucking the seasonality trend of January and first quarter blues, two of National Health Investors’ large seniors housing tenants posted increases in occupancy in January. Census at Senior Living Communities increased by 20 basis points in January to reach 83.3%. Meanwhile, Bickford Senior Living posted a 70-basis point sequential increase to 85.3%, matching the highest level it has seen in the past few years. The small SHOP portfolio of 15 communities was where the real growth occurred. January’s 30-basis point sequential increase to 84.7% was nice, but it was also 930 basis points higher than in January 2023. The fourth quarter saw a 420 basis-point sequential increase in occupancy and a... Read More »
Blueprint Facilitates Palmetto Portfolio Purchase
Blueprint facilitated the sale of five seniors housing communities in multiple cities throughout South Carolina on behalf of a court-appointed receiver and at the direction of the lender. Built in the late-1990s, these five communities comprise 334 assisted living and memory care units. Brooks Blackmon, Ryan Chase and Lauren Nagle handled the transaction and procured multiple offers from a series of owner/operators along the East Coast. The ultimate buyer of this regional cluster of assets with value-add upside was Spring Oak, a family office based in New Jersey. Read More »
Kansas AL/MC Community Changes Hands
Blueprint was engaged in the divestment of a seniors housing community in Abilene, Kansas. Blueprint previously worked with the seller in a separate 2023 transaction involving a similar Kansas asset. Abilene Place Senior Living was built in the early 1990s and was well maintained by current ownership, including a recent $400,000 capex investment. The community comprises 58 assisted living and memory care units across one story. We presume this was a former Enlivant property. Amy Sitzman, Giancarlo Riso and Kory Buzin handled the transaction. Blueprint procured multiple offers from active buyers for this sale, with a Kansas-based owner/operator that demonstrated a strong certainty of... Read More »
Blue Moon Capital Partners Sells Asset to Public REIT
JLL Capital Markets arranged the sale of a seniors housing community within the Boston MSA. JLL represented the seller, Blue Moon Capital Partners, and procured the buyer, a public REIT. LCB Senior Living, the in-place operator, will continue to manage the community. Built in 2017, The Residence at Orchard Grove has 80 independent living, assisted living and memory care units in Shrewsbury, Massachusetts. The building comprises three stories and totals 75,000 gross square feet. Jay Wagner, Aaron Rosenzweig, Rick Swartz and Jim Dooley of JLL handled the transaction. Read More »
Planned Seniors Housing Development Receives Construction Funding
Lument closed a $27 million debt placement to assist Mission Senior Living with the construction of a seniors housing community. Mission Senior Living is an owner/operator of senior living communities in the western U.S. with six communities totaling 639 units under management. Located in Durango, Colorado, the community will be known as Mesa Verde Estates. It will total 124 units/129 beds of assisted living and memory care with the unit-breakdown being 92 assisted living units and 32 memory care units. The property will be situated on five acres and span 105,000 square feet across two stories. The financing structure included a $20.9 million USDA guaranteed loan provided... Read More »
Still Slow Go For Brookdale
Brookdale Senior Living is like an aircraft carrier. It takes a long time to change direction, and the current may change while making the attempt. Brookdale is the largest senior living company in the world, and while that fact can have its advantages (data collection, purchasing power, ancillary services, etc.), it can also work against you. In a recent study by NIC MAP of its data, they found that nearly one in three communities operated by “very large” companies have occupancy below 80%. We assume Brookdale is included in those statistics. Brookdale’s portfolio continues to lag behind the overall market with census improvement, and it remains under 80%. Consolidated occupancy in... Read More »Schedule a demo
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