Ziegler Arranges $35.25 Million In Acquisition Financing
Hill Valley Healthcare acquired a rental CCRC located in Farmville, Virginia, and the $35.25 million in acquisition financing was arranged by Christopher Utz, Managing Director of Ziegler. The Woodland has 60 independent living units, 85 assisted living units and 120 skilled nursing beds. The financing comes to $133,000 per unit/bed. Based in Flushing, New York, Hill Valley Healthcare has been active on the acquisition front, having acquired three senior care facilities in Virginia in 2021, and a three-property portfolio of two SNFs and one assisted living community in 2019. This current acquisition expands their presence in the Virginia market to 10 properties and 20 overall, with other... Read More »
Senior Care Realty Handles Owner Exit in Wisconsin
Bob Richards of Senior Care Realty arranged an owner’s exit from the seniors housing business with the sale of his last assisted living community in Wisconsin. Located in Kenosha, the community was originally built in 1925 but was kept up over the years. It features 86 private units and mostly drew from a lower acuity, veteran population. Occupancy was strong at 96%, and the owner was able to control expenses extremely well, as the community operated at a 46% margin pre-pandemic (and stayed close to there through the pandemic) on around $2.38 million of revenues. The private individual seller originally entered the senior care business in 2012 with a three-community portfolio... Read More »
Integral Senior Living Assumes New Management Contracts
Integral Senior Living announced that effective May 1 it has assumed the management of four assisted living and memory care communities in Utah (3) and Nevada (1). Under the Escalante brand, they are owned by MedCore Partners, a Dallas-based real estate firm that is dedicated entirely to serving the health care industry. The properties are not new and were previously managed by Elegance. In-house capabilities include brokerage advisory services, development, construction management, finance and investments, and health care research and analytics. In 2016, MedCore launched its senior living division with the objective of developing full-service senior living communities in strategic... Read More »
San Luis Obispo County Community Sells
Sherman & Roylance announced the sale of a small assisted living/memory care community poised for growth in San Luis Obispo County, California. Totaling 33 units, the community has a strong historical revenue base and was fully stabilized. As such, there was a shovel-ready project with a Major Use Permit, pre-approved plans and entitlements for a new 52-unit community on a 2.56-acre lot. After a healthy bidding process, a private owner/operator offering the best combination of price, terms and execution probability was selected. And in the end, Sherman & Roylance was involved in every step of the transaction, from the buyer’s due diligence to the transition between the... Read More »
D.A. Davidson Adds Senior Living Experts
D.A. Davidson Companies, an employee-owned financial services firm, made clear its intentions in the seniors housing industry with the announcement that it added four senior living-focused individuals to its Fixed Income Capital Markets Group. Previously leading the Senior Living practice at Piper Sandler, the team includes Richard (Rick) Lohr as managing director and head of Senior Living and Structured Housing, Amy Hayman and Romy McCarthy as managing directors and Ogieva Guobadia, CFA joins as senior vice president. Together, they have experience closing over 250 financings representing in excess of $10 billion for senior living and structured housing clients. Their clients have... Read More »
60 Seconds with Swett: Occupancy Optimism in the Seniors Housing Market
When we did our analysis of NIC MAP census data in late 2020, we discovered that from 2009 to 2020, there was only one year when the assisted living sector did not report a Q1 decline in average occupancy. That was in 2012, when census stayed flat. Not only that, every year after 2012 reported a Q2 decline as well. All this showed us that the road to recovery for the seniors housing market would be long following the pandemic, and much longer than most optimistic predictions at the time. Last year’s first quarter continued the trend, as the industry bottomed out and most public providers hit their lows too. Although, vaccines had only just started being distributed to seniors, and there... Read More »
Christian Care Communities & Services Files for Bankruptcy
Christian Care Communities & Services (CCC&S), a not-for-profit, faith-based organization that operates three CCRCs in the Dallas, Texas area, filed for Chapter 11 bankruptcy following several years of operational and financial difficulties. In addition, there is already a stalking horse bidder lined up for a bankruptcy sale of the three Dallas communities and the company’s assets. North Texas Benevolent Holdings, LLC, an affiliate of McFarlin Group, agreed to a price of $44.25 million, or $58,200 per unit, with a sale expected later in the third quarter. In addition, North Texas Benevolent Holdings announced that it plans to lease the communities to affiliates of the... Read More »
MassHousing Refinances Senior Apartments Portfolio
Providence Realty Investment LLC refinanced a portfolio of affordable senior apartment communities with a $206 million loan provided by MassHousing. Totaling 931 units in Massachusetts, the portfolio consists of seven affordable senior apartment communities and three non-senior affordable housing communities. Wingate Management manages all 10 properties, which feature mostly Section 8 HAP contract units. Rockport Mortgage Corporation served as the lending partner for the transaction, and MassHousing provided the MAP/Ginnie Mae loan to the owner through HUD. The financing also helped Providence Realty preserve and extend the affordability of the properties. MassHousing was certainly... Read More »
Sonida Reports Healthy Occupancy Bump in Q1
Sonida Senior Living (formerly Capital Senior Living) came out with its first quarter earnings, just a month after it provided its delayed fourth quarter results. At that time, Sonida had reported some progress after it raised $154.8 million through a major recapitalization in late 2021, including reporting sequential occupancy growth from 82.0% in January to 82.2% in February and 82.6% in March. That equated to a 60-basis point increase for a quarter that always declines. Now, looking at the weighted average occupancy for its same-store portfolio, the first quarter of 2022 came in at 82.3%, which represents a 100-basis point increase from the previous quarter and is 680 basis points... Read More »
Trustwell Living Makes First Acquisition
Trustwell Living, founded by Larry Cohen, the former CEO of Capital Senior Living, just announced its first acquisition. The senior living community is located in Springfield, Illinois and has 67 units comprised of 55 licensed assisted living units and 12 independent living units. While there are no memory care units, they will be in the future plans for the community. The community was built in 2005 with about 70,000 square feet, so it is large for a primarily assisted living community with just over 1,000 square feet per unit. The apartment units are bigger than average, and there are two large atriums. While it shows well, Trustwell does plan to start some capital improvements to... Read More »Schedule a demo
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