Oxford Finance Provides $124 Million Acquisition Loan
Oxford Finance announced the closing of a $124.7 million senior credit facility for the acquisition of four Autumn Lake Healthcare skilled nursing facilities. Located in Burtonsville, Sykesville, Rising Sun and Manchester, the four facilities comprise a total of 520 licensed beds and sold for a combined $142.5 million, or $276,200 per bed. Gideon Orion of Walker & Dunlop handled the sale. Autumn Lake Healthcare maintains a network of independently owned and operated nursing homes and rehabilitative care centers across Connecticut, New Jersey, Maryland, West Virginia, and Wisconsin. The seller, Axis Health, sold two other facilities on the Eastern Shore of Maryland to Key Health... Read More »
Bourne Financial Group’s Arizona Acquisition
Florida-based private equity investor Bourne Financial Group acquired a large senior living community in Mesa, Arizona. Built in 1978 and significantly renovated from 2013 to 2017, Bella Vista features 188 units of independent living and assisted living. It was previously owned by a joint venture between two real estate investment firms: Wexford Real Estate Investors and Beztak Companies. They were represented by Cushman & Wakefield in the transaction. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Sam Dylag and Jack Griffin worked on the deal. Going forward, Bourne Financial Group will manage the community with its in-house operator, Park Avenue Lifestyle. The property was considered to... Read More »
Oxford Capital Group and Fortress Investment Group Acquire Washington State Portfolio
Chicago-based real estate investor Oxford Capital Group, in a joint venture with funds managed by affiliates of Fortress Investment Group, announced the acquisition of three seniors housing properties in Sequim, Washington. Previously owned by an independent family operator, The Sherwood Portfolio comprises 256 units. New ownership will invest over $8 million in building renovations and an expansion of the portfolio’s assisted living and memory care offerings. Oxford’s senior housing management affiliate, Oxford Living US LLC, will manage the properties. Read More »
Tryko Partners Acquires Pennsylvania SNF
Blueprint Healthcare Real Estate Advisors sold a skilled nursing facility in West Chester, Pennsylvania, on behalf of a joint venture partnership seller. West Chester Rehabilitation and Healthcare Center comprises 180 beds and 102,000 square feet on 14 acres just north of Wilmington, Delaware, and west of Philadelphia. New ownership will take advantage of the state’s July 2022 announcement to significantly increase Medicaid reimbursement. The increase is effective starting in 2023 and will include $500 million to long-term care facilities, the largest such increase during a single Pennsylvania budget cycle. According to Levin Pro LTC, this is Tryko Partners’ third skilled nursing... Read More »
Asland and Others Acquire Affordable Seniors Housing
Asland Capital Partners, Fairstead, iimpact Capital, and Nuveen Real Estate partnered together on the acquisition of Woodbridge Manor, an affordable 165-unit senior apartment community in Irvine, California. Built from 1981 to 2003 with a substantial renovation in 2006, the community had been owned by Innovative Housing Opportunities since its opening. The acquisition marks Asland’s first California acquisition and its second in the seniors housing market. For Fairstead, this acquisition grows its portfolio in California to nearly 1,000 units. Financing was provided by Lument through the Freddie Mac CME program. Marcus & Millichap’s Affordable Housing Advisors served as the seller’s... Read More »
Elevation Financial Group Makes Sixth Acquisition of 2022
Blueprint Healthcare Real Estate Advisors announced the sale of an independent living community in Indianapolis, Indiana. A publicly traded REIT engaged Blueprint to sell the 148-unit community, which was built in 1985 and renovated in the 1990s. Operations were decent, but the buyer, Elevation Financial Group, plans to convert the community into middle market senior apartments. Ryan Kelly, Brooks Blackmon, Connor Doherty of Blueprint worked on the deal. This is not the first time Elevation has invested in a similar conversion project. According to Levin Pro LTC, earlier this year the company acquired Easley Place, a 222-unit CCRC in South Carolina, and converted it into middle market... Read More »
Sherman & Roylance Arranges South Carolina Sale
Jack Osteen of Sherman & Roylance closed his first senior care transaction in the state of South Carolina, selling a rural assisted living community on behalf of a single-asset owner exiting the business. Originally built in 1955 and receiving some substantial upgrades after ownership bought the property nearly 10 years ago, the community features 44 beds in 15 units, with eight semi-private units and seven four-bed wards, with each room containing a bathroom. It served a mostly Medicaid population, and occupancy was typically at 100%, with a waiting list. The community also produced around $90,000 of revenue per month, at a 20% EBITDA margin. New ownership, a private operator, will... Read More »
The FY2022 HUD Rankings
The golden age of HUD LEAN lending is over, for now, as transaction and dollar volume in the agency’s fiscal year 2022 fell by 32% and 35%, respectively, from their FY2021 firm commitments. FY2021 was the peak, with $4.88 billion in firm commitments across 426 transactions, up from $4.08 billion and 335 transactions, respectively, in FY2020. But now, dollar volume dropped to $3.3 billion across 279 transactions in FY2022, which represents the lowest dollar volume since FY2016 ($2.84 billion) and lowest transaction total in recent memory. And this most recent fiscal year includes nearly two full quarters when interest rates were still near zero. We know that interest rates are still low,... Read More »
60 Seconds with Steve Monroe: Change Is In The Air
I have to admit, I was a bit surprised about the announcement that Brian Jurutka is leaving National Investment Center for Seniors Housing and Care (NIC). I think he was surprised as well. I thought I had a pretty good relationship with him, he was always open and always promptly responded if I had any questions. I also thought he did a good job leading NIC through the COVID crisis when its major revenue stream, the conferences, were forced to go virtual. And in one case, moving the conference to another city at the last minute where it was hoped the warmer climate would help attendance. All without breaking into a sweat. I will miss him. And Brian, if you want to stay in seniors housing,... Read More »
Erickson Senior Living Opens Phase I of $500 Million Development
A new independent living community, Avery Point by Erickson Senior Living, is set to open after two years of construction. Erickson Senior Living developed the community and will operate it going forward. Eventually, the IL portion will be part of a massive 1,400-unit CCRC on 94 acres in Goochland, Virginia (Richmond MSA). Construction started in 2019 with Phase I consisting of 216 independent living apartments in one- and two-bedroom configurations. Erickson announced that Phase I is already filled to capacity and they are expecting the Phase II developments to be sold out as well. Moseley Architects is the architect for the $500-million-dollar development project, which should come out... Read More »Schedule a demo
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