60 Seconds With Swett: Judging the Mood of Next Week’s NIC Conference
Next week is NIC’s Fall Conference in Washington, D.C., and we are curious to see just how inflation, rising interest rates and general economic uncertainty will affect the mood of the many dealmakers in attendance. We are on track to break a record for total transactions announced in a year, and only an especially slow fourth quarter would prevent that from happening. Given how much capital is out there for higher yielding assets (compared to multifamily that is), and the fact that rates are still historically low for now, we think we’ll break that record. There will just be a little more conservatism in most buyer’s bids and from their lending partners, which is not a bad thing. The... Read More »Spotlight on Senior Care M&A
The seniors housing and care industry has witnessed incredible growth so far in the 21st century, surviving the Great Recession and the COVID-19 pandemic among other bumps along the way. Despite the headwinds, investors continue to pour money into the space in search of higher returns and to capitalize on demographic trends. But post-pandemic, where did valuations settle across the senior care sectors and why? Check out the just-published special report, Spotlight on Senior Care M&A to see the latest M&A stats and market analysis. Read More »SRS Brokers SNF Deal in Florida
SRS Real Estate Partners handled the sale of a 75-bed skilled nursing facility in Fort Myers, Florida. An entity doing business as Plantation Medical Center SNU LLC sold the property to a private 1031 investment firm based in New York City for a purchase price of $46.7 million, or $622,000 per bed. Patrick Nutt and William Wamble of SRS’ National Net Lease Group represented the seller in the off-market transaction, and Jason Maier of Stan Johnson Co. represented the buyer. Built in 2018, the property sits on five acres next to Gulf Coast Medical Center, and the facility is occupied by Lee Memorial Health System’s Gulf Coast Medical Center Skilled Nursing Unit. Lee Memorial Health System... Read More »Ziegler Announces Slew of Financings
Ziegler announced multiple finacings, first arranging two bridge loan financings totaling $17.3 million for the acquisition and repositioning of two separate assisted living and memory care campuses in Cotswold, North Carolina and Vinings, Georgia. The communities comprise 201 units and were acquired by Charter Senior Living and its equity partner Berengaria Development. Both communities will each undergo significant repositioning. The two acquisitions represent the third and fourth repositioning for the Charter and Berengaria relationship. Next, the Chicago-based investment bank announced a pair of bridge loans closing a $25.8 million financing to fund the acquisition of a portfolio... Read More »Knapp-Stahler Group Announces Arizona Transaction
Nick Stahler and Hap Knowles of The Knapp-Stahler Group followed up on the firm’s busy end of August with the closing of a behavioral health/skilled nursing facility sale in Arizona. Built in 1966, the 144-bed facility sold for $17.2 million, or around $120,000 per bed, to a local owner/operator with an established presence in Arizona. The seller was a nationwide real estate partnership. At the time of sale, the 100% Medicaid facility served only behavioral health patients, reporting a 36% operating margin on $12.6 million of revenues with just 72% occupancy. Read More »Five HUD Loans Secured by NewPoint
NewPoint Real Estate Capital closed five HUD loans totaling over $83 million. The loans include a $29 million refinance of a recently acquired 140-bed SNF for an experienced borrower in New York. The facility was built in the early 1970s and underwent a major renovation shortly after the acquisition. NewPoint also refinanced $51 million in conventional debt for three supportive living facilities in Illinois. Those facilities have a combined 360 beds. Two of the facilities were built in the early 2000s, while the third was constructed six years ago. NewPoint finished its activity with a $3.5 million refinance for a 95-bed SNF in Missouri. Read More »CBRE Handles Active Adult Deal
CBRE National Senior Housing announced the sale of Residences at Merrillville Lakes, a 356-unit, five-story active adult community located in Merrillville Lakes, Indiana (Chicago MSA). Built in 2009, the community sits on 20 acres and features a resort-style pool, large private theater room, a health and fitness center, and library, among other amenities. The seller of the community was an entity controlled by the principals of Chicago-based companies Oculus Development, LLC and UIRC, Inc. CBRE’s Indianapolis/Louisville Multifamily team members Steve LaMotte, Jr. and Dane Wilson, with senior housing team members John Sweeny, Aron Will, Garrett Sacco and Scott Bray, represented the seller... Read More »Knapp-Stahler Group Closes Two Michigan Deals
The Knapp-Stahler Group of Marcus & Millichap ended the month of August with a couple of transactions. First, the team brokered the sale of a 52-unit assisted living community located in Allegan County, Michigan. Built in 2017, the property was around 80% occupied and operated at a 22% margin on $2.54 million of revenues. A regional owner/operator sold the community to another regional investor for $9.2 million, or $176,900 per unit, at a 6.1% cap rate. The team also sold two assisted living communities totaling 74 units in Saginaw County, Michigan. The first community was built in 1970 and was converted from a school to an assisted living community in 2008 with additions put on in... Read More »Meridian Capital Group Closes Slew of Transactions
Meridian Capital Group’s Senior Housing and Healthcare team closed $580 million in transaction volume over the course of the summer, bringing their year-to-date total to nearly $3 billion in 2022. These transactions were negotiated by Meridian’s Senior Housing and Healthcare platform, led by Ari Adlerstein and Josh Simpson. The recent transactions include a $115.2 million acquisition loan from a commercial bank in addition to a $15 million A/R line for 10 SNFs with 1,112 beds in California, a $69 million loan from a commercial bank in addition to a $2 million A/R line for the acquisition of one facility and the refinance of two facilities totaling 468 skilled nursing beds in New Jersey,... Read More »Cushman & Wakefield Recapitalizes Walnut Creek Community
Cushman & Wakefield announced that they have arranged the recapitalization of Byron Park in Walnut Creek, California on behalf of a joint venture between Kisco Senior Living and an institutional investor. The senior living community comprises 187 units of independent and assisted living and sits on three acres in the greater San Francisco area. It will continue to be managed by Kisco Senior Living, who will maintain operations under the new ownership by an institutional real estate owner. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard handled the transaction. Earlier this month, Kisco Senior Living, in a joint venture with Welltower,... Read More »Schedule a demo
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