Live Oak Bank Lands Long Island Loan
Live Oak Bank closed a $27.2 million refinance for an 89-unit assisted living/memory care community in Woodbury, New York (Long Island). The community is stabilized and operated by Benchmark Senior Living. Benchmark Senior Living and its joint venture partner, Iron Point Partners, LLC, developed the community in fall 2019. Chad Borst, the Senior Loan Officer at Live Oak Bank, arranged the loan. Read More »
SLIB Sells Southeast Trio
Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage facilitated the sale of three seniors housing communities in two separate transactions. First, SLIB was brought on by a publicly traded REIT to sell Avonlea Assisted Living in Tupelo, Mississippi. Avonlea comprises 68 assisted living units and was built in 1999 before being remodeled in 2005. A Tupelo-based owner/operator emerged as the buyer and intends to conduct renovations and make significant upgrades to improve occupancy, revenue and overall bottom-line performance. Next, Geraghty and Clousing marketed (and sold) two assisted living/memory care communities that sit approximately 50 miles apart in Jefferson and... Read More »
60 Seconds with Swett: CCRCs Still Ahead on Occupancy
Ziegler recently came out with its analysis of the latest NIC MAP occupancy statistics for CCRCs, or LPCs, and the sector continues to outperform the separate seniors housing and care sectors. For independent living units, the average occupancy for CCRCs was 90.5% compared with 84.2% for IL units not within a CCRC. In the assisted living sector, AL units within CCRCs were on average 87.5% occupied, versus 83.1% outside of CCRCs. Memory care averaged 86.5% occupancy within CCRCs and 83.4% outside of them, and skilled nursing beds were 83.6% and 82.2% occupied, respectively, although CCRCs have been shedding their SNF beds over the last several years and the beds remaining would... Read More »
Ziegler Sells Struggling CCRC in Alabama
Diversicare Healthcare Services purchased a large, independent, not-for-profit CCRC in Homewood, Alabama (east of Birmingham) in a deal handled by Nick Glaisner and Jake Sexton of Ziegler. Called St. Martins of the Pines (SMP), the community had been in significant financial distress, losing nearly $2 million in EBITDA on approximately $13.5 million in revenues. Occupancy was understandably low, as well, across all acuity types. Founded in 1955, the campus features a four-story independent living community with 97 units, a two-story assisted living/memory care community with 40 AL and 51 MC units, and a skilled nursing campus in a greenhouse “cottages” style (which replaced an older... Read More »
Not-For-Profit Divests in Wisconsin
Marcus & Millichap facilitated the divestment of Colfax Health and Rehabilitation Center in Wisconsin on behalf of a local not-for-profit seller. Built in 2013, the facility originally featured 28 skilled nursing beds, 26 assisted living beds and 12 RCAC units within a 52,000-square-foot space, all comprising private rooms. The community underwent a strategic transformation. Post-conversion, the assisted living component expanded by an additional 28 beds, resulting in a total of 66 assisted living and RCAC units. The skilled nursing beds were phased out, with the corresponding license transitioned to a CBRF license. Operating at a substantial loss, with revenues hovering around $1.5... Read More »
New Development Is Not Dead
New development is not dead, as Chelsea Senior Living and global real estate developer Trammell Crow Company teamed up to open a brand-new assisted living/memory care community in Fair Lawn, New Jersey. In this current environment, most agree that the only developments that work are high-end communities in high-barrier-to-entry markets where intense competition and pressures on staffing costs are less. Most lenders certainly agree with that, too, and The Chelsea at Fair Lawn is located in an affluent suburb of New York City. Not only that, it is the borough’s first assisted living/memory care community. The three-story community opened in September 2023 with 67 units. Residents can... Read More »
Moravian Manor Communities and Morningstar Living Affiliate
Moravian Manor Communities and Morningstar Living finalized their affiliation and will now operate under the umbrella of Unitas Communities. The two faith-based, not-for-profit organizations each operate two CCRCs in Pennsylvania, with Moravian operating two communities in Lititz and Morningstar operating two in the Nazareth area. There was already a loose connection between the organizations before a formal affiliation was established. Under the agreement, both will retain separate corporate identities with separate financial and legal operations. However, they will share services and resources, and J. David Swartley, president and CEO of Moravian, becomes president and CEO of... Read More »
Two Doctors Acquire MC Community
Haven Senior Investments, a faith-based advisory and brokerage firm, sold a long-standing, family-owned memory care community in eastern Kansas. The high-end community features 48 units and 48 beds across four buildings, serving the Lawrence area west of Kansas City. The first building opened in 2012, followed by the remaining three in 2017, 2019 and 2022, respectively. The local owner/operator that developed the community is exiting the industry with the sale in order to retire and wished the community to go to a buyer with similar values. Haven sourced the buyer, MD Memory Care LLC, which is headed by a medical doctor and IT duo, Dr. Chaitanya Musham and Sri Vallak, both of whom were... Read More »
Cambridge Secures HUD Refinancing Loan
Cambridge Realty Capital provided a $2.1 million HUD loan to refinance Wells Point Lodge, a 60-bed seniors housing community in the northern Austin suburb of Pflugerville, Texas. Anthony Marino of Cambridge originated the 35-year loan through HUD’s 232/223(f) program. The borrower was an undisclosed, Texas-based limited liability company. Cambridge also utilized the early rate lock program, which allowed the owner to avoid the recent run-up in interest rates. Read More »
Blueprint Handles Virginia AL/MC Divestment
The owner of two assisted living/memory care communities in central Virginia engaged Blueprint to sell the assets. The deal closed with a buyer seeking to scale a regional management platform paying an undisclosed price. Located about 75 miles apart, one in a densely populated, affluent market and the other in a tertiary submarket, the communities totaled 128 units. They were not stabilized assets. A targeted marketing campaign resulted in multiple offers before the seller chose the eventual buyer due to their incentive to expand into the geographies, their “vigorous” pursuit of the deal, and a demonstrated commitment from their local banking and equity investment partners. Kory Buzin,... Read More »Schedule a demo
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