Grand Living Sheds South Dakota Seniors Housing Community
Newmark announced the closing of a seniors housing community in Sioux Falls, South Dakota. The community, Grand Living at Lake Lorraine, was built in 2017 and comprises 156 independent living, assisted living and memory care units across 201,000 square feet. The seller, Grand Living, owns/operates several other seniors housing communities in Iowa, Florida and Texas, with additional developments actively in the works. The buyer was an undisclosed investor/operator that plans to rebrand the community with a new name, but is interested in rehiring the in-place team to facilitate a smooth transition. Read More »
Real Estate Developer Acquires Five California Seniors Housing Communities
California-based real estate developer Standard Communities acquired five affordable seniors housing communities and one affordable multi-family community, Villa San Dimas, in Los Angeles County for $122 million, or $300,000 per unit. Standard intends to renovate the communities with planned costs exceeding $8 million. The company will also extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts. Standard partnered with Pacific Southwest Development Corporation, a California-based not-for-profit affordable housing developer and residential service provider, on the deal. The seniors housing communities within this portfolio deal are... Read More »
Spotlight on Senior Care M&A
The senior care industry has taken a lot of punches in the last couple of decades but is still poised to see enormous growth in the 2020s. How has M&A activity changed, how have property valuations shifted, and how have buyer and seller strategies changed as a result of several recent shocks to the industry? Check out the special report to see the latest proprietary M&A stats and market analysis Read More »
60 Seconds with Swett: New NORC Study Great for Senior Care PR
The seniors housing and care market is fighting an often uphill battle to fix its public perception, and providers got a significant tool in their marketing arsenal when NORC at the University of Chicago released a study on how frailty levels among seniors ultimately decline after their moving into seniors housing or skilled nursing properties. NIC funded the study through a grant, and it will certainly be highlighted heavily throughout the upcoming Fall conference, and for good reason. In a review of Medicare claims of residents from more than 14,000 senior living properties and using a frailty index developed by Harvard University that measures rates of chronic conditions, acute... Read More »
Staffing Regs May Cost 60% More Than CMS Suggested
Following up on CMS’s initial estimate that the Minimum Staffing Mandate would cost around $4 billion for skilled nursing facilities (and $40.6 billion over the first 10 years), CliftonLarsonAllen (CLA) released a competing study that put that cost nearly 60% higher, at around $6.8 billion. The American Health Care Association/National Center for Assisted Living’s President and CEO Mark Parkinson quickly responded to the results (in advance of them being released), saying, “What CLA’s analysis confirms is that this proposed rule is deeply flawed, and the Biden Administration has woefully underestimated the feasibility and cost of this unfunded mandate.” The proposed rule from CMS mandates... Read More »
Financing Package Secured for New D.C. Development
A new affordable seniors housing development is going up in Washington, D.C. with the help of financing provided by a variety of capital sources. Urban Atlantic Development is building the 93-unit community, which is located on the campus of the 60-bed Lisner-Louise-Dickson-Hurt Home, one of the oldest skilled nursing facilities in the District that is scheduled to be renovated in the next year. The project received $69 million of financing through DC Department of Housing and Community Development’s Housing Production Trust Fund, federal and state low-income housing tax credits, and District of Columbia Housing Finance Administration bonds, including equity provided by Boston... Read More »
Diversified Healthcare Trust Still Has Problems
One thing that we still don’t understand about Diversified Healthcare Trust is why they seem to like making comparisons to 2019, whether year-to-date comparisons or, in the case of August 2023, comparing to August 2019. Are they trying to make shareholders feel bad, or are they trying to shame their providers, primarily Five Star/Aleris? Very, very few companies have come close to meeting 2019’s results, and when they do it is with census, not NOI or margins. For the month of August 2023, total SHOP occupancy was 79.3%, up 30 basis points from July and up 240 basis points since January. These increases seem similar to the industry at large. Net operating income declined slightly in August,... Read More »
A Community For The Future?
Back in June, newly formed Senior Living Transformation Company (SLTC), in a joint venture with Omega Healthcare Investors, purchased a 114-unit senior living community in Brentwood, Tennessee for about $11 million, or $96,500 per unit. They consider that to be a distressed price for the roughly 25-year-old building, and they plan to invest a few million dollars into the property over the next several years. SLTC is led by Arnie Whitman, Chip Gabriel, Corey Bennett and Joelle Poe. But the acquisition is not the real story. The community, to be called Senior Living Transformation Center, will be an incubator of sorts to try to create an environment that will be the future of seniors... Read More »
Confluent & MorningStar Team Up on Development
Confluent Senior Living and MorningStar Senior Living entered into an exclusive negotiating agreement with the City of Tustin, California, to lead the development of MorningStar at Tustin Legacy. The Orange County community will feature 145 independent living, 60 assisted living and 28 memory care units. There will be several four- or five-story buildings, surrounded by 29 single-story independent living cottages. The community is being built on the former Marine Corps Air Station in Tustin, and is located within the 1,600-acre planned community of Tustin Legacy. Confluent and MorningStar expect to break ground on the project in the first half of 2025 through a public-private partnership... Read More »
H2C Securities Refinances Quality Life Services
H2C Securities Inc., a healthcare-focused strategic advisory and investment banking firm, served as the exclusive advisor to Quality Life Services in obtaining a bridge loan to refinance the debt associated with the company’s portfolio of 10 skilled nursing and senior living properties. Quality Life Services’ existing lenders were reducing their exposure to the long-term care sector, requiring the company to refinance its outstanding debt. Working with H2C to evaluate a range of options, the company ultimately elected to execute a bridge-to-HUD loan for the properties, allowing it to retain control and prepare to secure lower cost long-term financing via HUD in the future. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
