CCRC Sells out West
Evans Senior Investments successfully sold a CCRC on the West Coast, closing the deal within 35 days of executing the contract. Few details were disclosed, but the community consists of approximately 150 units, with assisted living and memory care making up about 75% of the units and skilled nursing comprising the remainder. The campus was built around 2000, with a renovation completed last year. The winning bidder emerged from four groups, for an undisclosed price. Read More »
CFG Arranges Mezzanine Loan
Capital Funding Group closed mezzanine financing for a nationally recognized owner of a 120-bed skilled nursing facility in Florida. The $3.32 million loan supported a dividend recapitalization for the borrower. Capital Funding Group Vice President Andrew Jones originated the transaction for the company. The financing follows CFG’s recent closing of a $13.84 million mezzanine loan, which supported the refinancing of 11 skilled nursing facilities and one assisted living community in the Northwest. Read More »
SLIB Facilitates Sale of Two NY Seniors Housing Communities
Two assisted living communities in New York with licenses designed to provide higher level care in an AL setting, rather than in a skilled nursing facility, sold with the help of Dave Balow of Senior Living Investment Brokerage. Balow was brought on by a private owner to facilitate the sale (and their exit from seniors housing ownership in order to focus on other ventures within the industry). The two communities, The Cambridge Assisted Living and The Mansion at South Union, are located within a mile of each other in Cambridge, New York. The Cambridge has an enhanced care license, which is all private pay, while The Mansion is an ALP community (Assisted Living Program), which is a... Read More »
60 Seconds with Swett: Skilled Nursing M&A in 2023 and Beyond
Skilled nursing investors, operators and dealmakers have been on quite the rollercoaster the last several years, with COVID initially threatening the life of the industry quickly shifting to an exuberant M&A market that saw buyers clamor for facilities of all qualities, and paying up for them too. Now, higher capital costs have tempered some of that excitement, and the industry faces a new threat: the minimum staffing mandate. It is safe to say, the party is over, but M&A volume has not fallen off a cliff either. Neither have values. So, how are dealmakers evaluating this new market we are in, and how will investment strategies, the lending environment or valuations change? Join us... Read More »
AgeWell Solvere Living Acquires Sonata Senior Living
Two senior living operators based in Florida have affiliated, resulting in a portfolio of 34 communities in seven states, and an additional four communities that will open in the near-future. AgeWell Solvere Living acquired Sonata Senior Living, assuming ownership of the operating companies that manage Sonata’s 14 communities starting November 1. This development followed the merger of Solvere Living and AgeWell Living in January, which formed the new entity known as AgeWell Solvere. The newly-acquired communities will continue to operate under Sonata’s branding, and many of these communities currently operate below occupancy stabilization levels. AgeWell Solvere plans to integrate its own... Read More »
Plains Commercial Handles Anaheim Deal
Plains Commercial sold Family Choice Senior Living, a 30-bed residential care (assisted living) community in Anaheim, California. Daniel Morris of Plains was engaged by the private investor seller to do a direct transaction, as they were exiting the seniors housing space. The community had undergone an extensive renovation in the last few years, after which the seller executed a long-term lease with a local seniors housing operator. The buyer is a local investor with existing seniors housing investments that was looking to expand its portfolio as a landlord. The community sold at an attractive cap rate, which helped the parties to be able to navigate the current lending... Read More »
SLIB Hits 50 Deals for 2023
A regional owner/operator bought a 94-unit personal care community in Georgia. Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage handled the transaction, which saw offers from multiple local and regional buyers as part of the competitive process. The ultimate acquirer plans to make significant capital improvements to the community. The deal is SLIB’s 50th of the year, so far. The 50 deals included 70 properties in 26 states. Most of the deals that have closed (82%) have involved seniors housing communities, with the remainder featuring skilled nursing facilities, or majority-SNF deals. Anecdotally, we have heard that SNF deals have (generally) been easier to get... Read More »
Marcus & Millichap Sells in Minnesota
Two not-for-profit organizations traded a couple of seniors housing communities in New Ulm, Minnesota (about 90 miles southwest of Minneapolis), with Ray Giannini of Marcus & Millichap handling the transaction. The two properties, Ridgeway on German and Ridgeway on 23rd, feature 116 assisted living and memory care units, which were 75% occupied at closing. They were built between 1998 and 2004 and were well maintained. The seller, Housing Alternatives Development Corp., sold the communities to Vista Prairie Communities for $8.955 million, or $77,000 per unit. The deal brings Vista Prairie’s holdings to 10 assisted living and memory care communities in Minnesota, Iowa and Ohio that it... Read More »
Blueprint Sells Two Midwest Assisted Living Communities
Blueprint was brought on by a repeat institutional client to facilitate the sale of two seniors housing communities. One of the communities is located in Iowa and the other in Kansas, both of which were designed and constructed for assisted living in the mid- to late-90s. Amy Sitzman, Giancarlo Riso and Kory Buzin of Blueprint handled this transaction. These communities were presented as part of two large portfolios that collectively included 23 seniors housing communities spanning the Southeast, Midwest and Mid-Atlantic regions. Multiple competitive offers were received, with a regional owner/operator emerging as the buyer. This was not the first transaction Blueprint has executed... Read More »
An Active Adult Deal in the Southeast
The active adult M&A market has slowed considerably in 2023, as interest rates rose above the typical cap rates for the asset class, but Berkadia just closed a sale for a community in Charlotte, North Carolina. Cody Tremper, Mike Garbers, David Fasano and Ross Sanders led the transaction on behalf of the seller, Evergreen Residential. The deal closed on October 2. The property opened in fall 2020 and leased up quickly. It helps that the property is located in one of Charlotte’s exclusive master-planned communities near an array of shopping and entertainment opportunities. Community outdoor amenities include a resort-style pool with sun deck, dual manicured courtyards, outdoor grilling... Read More »Schedule a demo
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