BWE Adds Seniors Housing Investment Sales Group
There’s a new seniors housing and care investment sales group in town. BWE Investment Sales, LLC (BWEIS), the investment sales organization that works closely with BWE, a national commercial and multifamily mortgage banking company, announced today the launched its new seniors housing platform, dubbed BWEIS Seniors. It will be headed by Charles Bissell, most recently a Managing Director with JLL’s Capital Markets Group and a veteran seniors housing leader with over 30 years of experience in the industry. The BWEIS Seniors team will partner with the BWE seniors housing debt and structured finance team to offer a full suite of capital markets solutions to their best-in-class clients across... Read More »
Monarch Advisors Releases Two More Closings
Alec Blanc of Monarch Advisors arranged a new loan to fund a partnership buyout for an Indiana CCRC with a total of 197 skilled nursing beds and independent living units. The borrowers, two of four partners, engaged Monarch to source $17.0 million of senior debt for the transaction. Monarch was successful at securing a bridge-to-HUD commitment from a national bank lender. The two-year interest-only loan, priced at SOFR plus 2.85%, fully funded the repurchase of the membership interests of the exiting partners, with the remaining partners rolling over their equity. In addition to the repurchase, proceeds will be used to fund up to $1.3 million of capital expenditures plus closing costs.... Read More »
SLIB Creates Active Bidding Environment for Indiana Campus
Ryan Saul of Senior Living Investment Brokerage generated an active, and aggressive bidding environment for a senior care campus in Mulberry, Indiana. The property, which includes 159 skilled nursing beds and 38 independent living units, was built between 1976 and 1997. Occupancy was 80% across the SNF beds, and the IL units were full. The operating margin was very strong, at 22% on more than $14.5 million in revenues. There is also 82+ acres of adjacent farmland and an adjacent vacant building that was included in the sale. A private partnership of four individuals, with two of them looking to retire, was the seller. Ultimately, the other two partners bought out the retiring ones, which... Read More »
Bloom Senior Living Blooming Again
We have often wondered, and have often been asked, how do buyers decide to buy a community (or two) that is losing money with very low occupancy? How do you have the confidence to go into that market, lose money for several months, maybe several hundred thousand dollars or more, and know that you can increase census from 30% or 40%, which is crucial to get cash flow positive again, and maybe up to 90%? The answer is, 1) you have to know the market, 2) you have to understand why you were able to do the same thing a few years ago, and 3) you have to be able to roll up your sleeves, get your hands dirty, and focus on operations. Some companies can do this, but not enough of them. Let’s just... Read More »
Not-For-Profit Purchases Minnesota Seniors Housing Community
A not-for-profit senior living operator based in Minnesota expanded its presence in the state through the acquisition of a seniors housing community in St. Paul that was operating near breakeven at the time of marketing. The Wellington Senior Living, a 120-unit independent living and assisted living community built in 1985, occupies 1.68 acres and encompasses 124,468 square feet. Jason Punzel and Jake Anderson of Senior Living Investment Brokerage handled this transaction. The seller was StuartCo Property Management, a multifamily owner/developer that opened the community in the 1990s and is now shifting its focus to its market-rate portfolio. According to Finance & Commerce, the... Read More »
Meridian Capital Group Ends Summer with a Bang
Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed more than $800 million in transaction volume in August and September 2023 across both investment sales and financings. The highlight was the team’s arranging of acquisition financing from a REIT and finance company for the purchase of EmpRes Healthcare and 28 facilities comprising 2,629 skilled nursing beds and 88 assisted living units in Nevada, Washington, Wyoming, Oregon, Montana, and South Dakota. They also sold a 104-bed assisted living community in Florida for $24.2 million and two assisted living communities comprising 202 beds in California for $22.5 million. On the... Read More »
Blueprint Sells Class-A AL/MC Community
Blueprint Healthcare Real Estate Advisors was brought on by Anthology Senior Living, the senior living arm of developer CA Ventures, and their institutional joint venture partners to facilitate the sale of Anthology of Mason, a Class-A seniors housing community in Mason, Ohio. The community witnessed significant growth in 2023 in terms of rental rates and care revenue, along with a strong occupancy rate, all of which contributed to margin expansion throughout the marketing process. Anthology of Mason, constructed in 2017, comprises 68 assisted living and 33 memory care units. Adjacent to the community is a parcel of land available for potential expansion. Anthology decided to divest the... Read More »
Monarch Advisors Closes Construction Financing
Alec Blanc of Monarch Advisors hit a rich vein of activity, closing several transactions at the end of September. The largest was a construction loan closed for the development of a new 105-unit/113-bed, skilled nursing, assisted living and memory care building in Lancaster, Ohio. The sponsor, located in Louisville, engaged Monarch to source $19.9 million of debt, equal to approximately 70% of the cost of the project. That puts the cost of the project at around $250,000 per bed or $270,000 per unit. Monarch secured a construction/mini-perm loan commitment from a local bank with a three-year construction phase, interest only at SOFR+2.75% and a two-year permanent phase fixed at the... Read More »
60 Seconds with Swett: 2023 Deal Volume at 2019 Levels
Dealmakers have a lot to be frustrated with in the M&A market right now, with valuations low, deal processes taking longer than ever, scarcity in the debt markets and other headwinds making their impact. But despite it all, deal volume was actually historically healthy in the third quarter of 2023. There were 115 publicly announced transactions in the quarter. That is down from the 120 deals made public in Q2:23 and the 140 from last year’s third quarter. But the average deals per quarter for 2023 at 115 is equal to the average deals per quarter in 2019, a time of cheap and abundant capital and before anyone knew what COVID-19 was. Plus, on an annualized basis, Q3’s total would... Read More »
Seniors Housing Community Sells in Seattle
A shuttered Cogir community in Seattle, Washington, sold to a local private real estate company with the help of Kidder Mathews’ Simon and Anderson team, which included Dylan Simon, Matt Laird and JD Fuller. The property was on Welltower’s most recent published property list. Formerly known as Cogir of Northgate, the 121-unit community is located about 15 minutes north of downtown Seattle. Built in 1962, it previously offered independent living and assisted living services but closed and was sold 100% vacant with no historical operations. The marketing campaign yielded 45 tours and 19 offers, and the deal closed just 22 days from contract signing. The purchase price came to $19... Read More »Schedule a demo
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