Trustwell Living Doubles In Size
After launching in early 2021, Trustwell Living has added an additional 24 communities with 1,126 units to its growing portfolio. These 24 properties are located in eight states and bring Trustwell’s total portfolio to 45 communities with more than 2,300 units in 14 states. For now. This will be a lot of work for the company, since it just transitioned 16 communities with 762 units in three states (Florida, Illinois and Ohio) last June. Prior to that, Trustwell had just five communities under management. Good thing they had the corporate infrastructure in place. In the current agreement, they started transitioning 12 communities at the end of June, six more in September and the final six... Read More »
SLIB Handles PE Group Seniors Housing Divestment
Senior Living Investment Brokerage was brought on by a private equity group to facilitate the sale of two seniors housing communities in Utah. Vince Viverito and Jason Punzel of SLIB handled this transaction. The seller is divesting to focus on its core assets. The joint venture buyers, a Utah-based private equity group partnering with a Utah-based operator that is expanding its existing presence in the state, intend to invest in capex and marketing to renovate the communities and enhance their performance. Both built in 2001, these two communities collectively comprise 140 assisted living and memory care units with a total of 144 beds. One community spans 35,334 square feet across 1.56... Read More »
60 Seconds with Monroe: Finding A Solution For LTC Funding
My friend Stephen Moses, president of the Center for Long-Term Care Reform, has been a consistent and persistent advocate for reforming the Medicaid system and getting Americans out of the Medicaid-dependency mindset. He just published, with the Paragon Health Institute, the follow-on to his paper “Long-Term Care: The Problem.” Available now is “Long-Term Care: The Solution.” While I was hoping for something completely new and creative, I can’t disagree with his recommendations, which include 1) stop the ability to purchase Medicaid-exempt assets, 2) eliminate the home equity exemption, 3) ban Medicaid Asset Protection Trusts, 4) disallow Medicaid compliant annuities, and 5) increase the... Read More »
Brookdale Occupancy Continues to Grow
As we have mentioned time and again, the seniors housing industry needs Brookdale Senior Living to succeed. While census continues to increase, the pace needs to increase as well before we head into the flu season this winter, which usually sees a drop in census. Many providers were spared this seasonal decline in census last year, as the industry’s recovery was stronger than the flu season. But Brookdale lost 90 basis points of census in the first quarter this year. September’s weighted average occupancy increased 60 basis points from August, to 78.2%. Month-end occupancy in September increased by 40 basis points from August, to 79.7%, inching closer to that psychological 80% level. But... Read More »
Breathing Room Gets Bigger for Sonida Senior Living
Three months ago, Sonida Senior Living announced a comprehensive loan forbearance agreement with Fannie Mae covering 37 mortgaged communities. Part two occurred last week, which was the signing of loan modifications for these loans. It appears that the terms from three months ago remained in place. All maturities under the 37 loans have been extended to December 2026 or later. Principal payments have been deferred for three years or waived until maturity, resulting in $33 million in deferred payments. A near-term interest rate reduction for all 37 loans will result in $6.1 million in cash interest rate savings from June 2023 to May 2024. As part of the agreement, Sonida paid down $5... Read More »
NY Assisted Living Community Refinances Construction Debt
Live Oak Bank closed a $29 million loan in September for Waltham, Massachusetts-based Benchmark Senior Living to refinance a 101-unit assisted living/memory care community in Smithtown, New York. With 130 licensed beds and 88,500 square feet, the three-story community is called Whisper Woods of Smithtown. Its development cost was estimated at $25 million, or $248,000 per unit. The financing replaced the original construction debt for the community, which was built by Benchmark and was stabilized at the time of closing. Read More »Tlc Care Center Linked to Merger or Acquisition in LevinPro Database
Tlc Care Center has been linked to a merger or acquisition in the LevinPro M&A deal database. The Medicare-licensed facility is a private skilled nursing facility situated at 1500 W Warm Springs Rd in Henderson, Nevada. LevinPro, which tracks M&A activity across more than a dozen healthcare sectors from hospitals and home health to medical real estate and biopharma, profiled the transaction involving Tlc Care Center in its deal database, which is available to subscribers here. LevinPro has tracked thousands of deals in the skilled nursing facility sector throughout its history. To see the underlying deal data, or for information on subscription options, go to... Read More »Timberridge Nursing and Rehabilitation Center Linked to Healthcare M&A in LevinPro Database
Timberridge Nursing And Rehabilitation Center has been linked to a merger or acquisition in the LevinPro M&A deal database. The Medicare-licensed facility is a private skilled nursing facility situated at 9848 SW 110th St in Ocala, FL. It was incorporated on May 30, 2019. LevinPro, which tracks M&A activity across more than a dozen healthcare sectors from hospitals and home health to medical real estate and biopharma, profiled the transaction involving Timberridge Nursing And Rehabilitation Center in its deal database, which is available to subscribers here. LevinPro has tracked thousands of deals in the skilled nursing facility sector throughout its history. To see the underlying... Read More »Edgewood Place At The Village At Brookwood Cited in LevinPro Database
Edgewood Place At The Village At Brookwood has been linked to a merger or acquisition in the LevinPro M&A deal database. The Medicare-licensed facility is a not for profit skilled nursing facility situated at 1820 Brookwood Avenue in Burlington, North Carolina. It was incorporated on January 1, 2001. LevinPro, which tracks M&A activity across more than a dozen healthcare sectors from hospitals and home health to medical real estate and biopharma, profiled the transaction involving Edgewood Place At The Village At Brookwood in its deal database, which is available to subscribers here. LevinPro has tracked thousands of deals in the skilled nursing facility sector throughout its... Read More »The Terrace At Mt. Ogden Featured in LevinPro M&A Database
The Terrace At Mt. Ogden has been linked to a merger or acquisition in the LevinPro M&A deal database. The Medicare-licensed facility is a not for profit skilled nursing facility located at 400 East 5350 South in Ogden, Utah. It was incorporated on August 1, 1966. LevinPro, which tracks M&A activity across more than a dozen healthcare sectors from hospitals and home health to medical real estate and biopharma, profiled the transaction involving The Terrace At Mt. Ogden in its deal database, which is available to subscribers here. LevinPro has tracked thousands of deals in the skilled nursing facility sector throughout its history. To see the underlying deal data, or for information... Read More »Schedule a demo
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