Chartwell Divests Two More Long-Term Care Facilities
Chartwell Retirement Residences completed the sale of two long-term care facilities in British Columbia to AgeCare Health Services and a fund managed by Axium Infrastructure Inc. The deal included Malaspina Care Residence in Nanaimo (Vancouver Island) and Carlton Care Residence in Burnaby (outside of Vancouver), which total 264 long-term care beds. The value of the transaction came to C$112 million, or about US$81.9 million (US$310,000 per bed). In addition, the buyers assumed property specific debt of approximately C$26 million, with the balance paid in cash, approximately C$16 million of which was used to repay the remaining mortgage debt on the British Columbia properties. Chartwell... Read More »
Senior Housing Development Breaks Ground in California
A major seniors housing community is going forward in Orcutt, California, with an eye toward inter-generational living. Having just received approval from the Santa Barbara County Planning Commission, Ranch at Orcutt will comprise a 103-unit assisted living/memory care building, 48 independent living apartments, one single-story duplex and four two-story fourplex IL units. To combat ongoing labor concerns within the senior care industry, this development will include 20 employee dwelling units that could also be used as workforce housing. The 9.5-acre campus will also comprise a day care center for up to 36 children at a given time. The community is hoping to establish close relationships... Read More »
Brookdale Occupancy Stumbles
Last month’s capital raise caused Brookdale Senior Living’s shares to plunge 40%, and now November occupancy is on a downward path as well. Perhaps that is why they needed the new capital, and we are just barely in the flu season. Weighted average occupancy dropped by 20 basis points in November to 77.0%, and month-end census fell by a smaller 10 basis points to 78.1%. But month-end occupancy has now dropped two months in a row. These are small declines, but symptomatic of problems. The company needs some help. It has been offered in terms of refreshing the Board, but to no avail…. Perhaps it is time that Brookdale finally hires Second Act Financial Services to help its customers move... Read More »
Welltower Controversy?
Back when Welltower announced its agreement to let health system ProMedica Senior Care off the hook with its leases for 147 nursing facilities, leases that were drowning in red ink for ProMedica, we joked about it because, 1) we had just written that not-for-profit ProMedica’s board could not let the red ink flow for much longer, and 2) the new joint venture partner called Integra was not one of the commonly known “Integras” in senior living or health care, and there are many of them. But we did discover the relationship between Welltower’s Integra and an entity called Perigrove, which claimed to be an institutional investor with years and billions of dollars of investments under its belt.... Read More »
HTG Sells Henderson, Texas SNF
San Antonio, Texas-based ML Healthcare purchased a 125-bed skilled nursing facility in the town of Henderson, about 20 miles west of the Texas-Louisiana border. Built in 2008, the facility is laid out in a hub-and-spoke design on one story. It was 73% occupied and brought in approximately $7 million of revenues. This was the last facility of a family owner/operator that had sold its six other nursing facilities in Texas over the last few years. They retired following the closing, and the purchase price was not disclosed. Mark Davis of Healthcare Transactions Group handled the transaction. Read More »Blueprint Arranges Two SNF Transactions
After selling two other vacant Mainstreet-built transitional care facilities in Amarillo and Temple, Texas, earlier this year, Blueprint Healthcare Real Estate Advisors’ Amy Sitzman and Giancarlo Riso sold the third and final property of the group. Located in Beaumont, the partially-built facility has 70 units but was never completed before being foreclosed upon. Like the other Mainstreet facilities. Ms. Sitzman and Mr. Riso positioned the asset as a state-of-the-art building that could be acquired at an attractive basis. A Texas-based real estate investor emerged from a competitive bidding process, paying $8.7 million, or $124,000 per unit. They will lease the facility to an East... Read More »Ziegler Finances Chicagoland CCRC Expansion
Ziegler closed two series of revenue bonds for Plymouth Place, an Illinois not-for-profit that owns and operates a CCRC in La Grange Park, Illinois. Incorporated in 1939 on about 18.6 acres, the campus includes 182 independent living units, 52 assisted living units, 26 memory care units and 82 skilled nursing beds. Ownership wished to expand by building 59 new independent living units within one two-story building, two three-story buildings, one four-story building and related common areas, parking and equipment. The units are expected to open in early 2024. A connector building with additional common areas will also be built, along with outdoor amenities like a yoga lawn, bocce ball and... Read More »
60 Seconds With Swett: Healthcare M&A Market Losing Steam, Too
Our sister platform LevinPro HC tracks the M&A market across 12 other healthcare sectors, from hospitals and home health to physician medical groups and MOBs, with our deal database also going back to the early 1990s. And the trend in dealmaking that we are seeing in senior care appears to mirror the rest of the healthcare industry. Like in the seniors housing and care market, we have already broken the annual record for healthcare transactions, and there is still one month to go. As of this filming, we have tracked over 2,230 publicly announced transactions, surpassing the 2,209 transactions from all of 2021, which was the previous annual record high. A private equity rush into buying... Read More »BWE Closes $62 Million To Finance Five Seniors Housing Communities
Bellwether Enterprise Real Estate Capital LLC (BWE) announced it has closed $62 million in loans to finance five seniors housing communities in the Carolinas and New York. The properties consist of three assisted living and memory care communities in the Greenville, South Carolina market, one assisted living/memory care community around Charlotte, North Carolina, and a 150-unit affordable senior housing development in Kenmore, New York. The South Carolina communities were Fairview Park Senior Living of Simpsonville, Oakview Park of Greenville and Spring Park of Travelers Rest, and all received a $42.6 million Fannie Mae loan originated on behalf of the borrower, Atlas Senior Living.... Read More »
Evans Senior Investments Handles Indiana SNF Sale
Evans Senior Investments announced it has handled the sale of a skilled nursing facility in Osgood, Indiana (Cincinnati MSA). Built in 1981, Manderley Health Care Center comprises 71 beds and sold for $4.15 million or $58,500 per bed. The seller of the facility was an independent owner/operator. At the time of marketing, it was 58% occupied and not producing positive cash flow. At one point, occupancy dipped below 45%, however the owners of the facility were able to bring occupancy up to 59% at the time of sale. The buyer was an East Coast owner/operator expanding its presence in the state of Indiana. Evans Senior Investments handled the transaction. Read More »Schedule a demo
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