Walker & Dunlop Provides Memory Care Refinancing
Kevin Giusti and Daniel Barone of Walker & Dunlop arranged a $15.2 million loan for the refinancing of a memory care community in Beaverton, Oregon. The community was Waterhouse Ridge Memory Care, which comprises 68 memory care beds in 52 units and over 36,000 square feet. The community specializes in caring for Alzheimer’s and dementia patients and is currently 88% occupied. Loan proceeds were utilized to refinance existing debt and provide cash to the borrower, Onelift Senior Living, which developed, owns and operates the community. After two years, the loan will be refinanced under the HUD’s 232 Program. Read More »
Two Florida Not-for-Profits Affiliate
Florida Presbyterian Homes has agreed to affiliate with Westminster Communities of Florida, the largest not-for-profit senior care provider in the Sunshine State. The arrangement adds the 11th CCRC to Westminster’s portfolio while improving the financial stability of the standalone CCRC Florida Presbyterian Homes (FPH). State approval is still needed for the affiliation. Once the affiliation is complete, Westminster Communities of Florida will operate the FPH community in Lakeland and will be responsible for governance of the organization, its assets and liabilities going forward. FPH has nearly 700 residents across independent living, assisted living and skilled nursing units. Its... Read More »
In-Place Operator Buys Virginia Senior Care Portfolio
Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors facilitated the sale of a five-facility senior care portfolio, representing a public REIT in the process. These skilled nursing facilities and seniors housing communities were built in the early 1990s and are located throughout central and western Virginia. They have between 57 to 89 licensed beds each, totaling 326 beds. Most of the facilities/communities were four- and five-star rated with relatively stable census and cash flow. The buyer was the in-place operator. Blueprint emphasized Virginia’s Medicaid reimbursement increases in its marketing process to showcase the underlying performance trends and... Read More »
Meridian Ends Summer with $465 Million in Volume
Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $465 million in transaction volume in August to round out the summer of 2023. The largest deal saw the team arrange acquisition financing from a REIT and finance company for 28 facilities comprising 2,629 skilled nursing beds and 88 assisted living units in Nevada, Washington, Wyoming, Oregon, Montana, and South Dakota. They also closed several additional acquisition loans, including $30 million in financing from a commercial bank for five facilities consisting of 470 skilled nursing beds and 92 assisted living units in Indiana; $6.2 million in financing from a commercial... Read More »
1031 Exchange Buyer Acquires in Florida
Gold Choice Palm Coast, an assisted living/memory care community on six and a half acres in Palm Coast, Florida, found a new owner in a 1031 exchange. The 50-unit community was purchased by a 1031 fund looking for newer assets with strong in-place yield. The seller was a Florida-based owner/operator that recently developed the community. Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage handled this transaction, which saw regional and national buyers make purchase offers. This deal plus the pair’s recent sale of The Canopy at Harper Lake total more than $20 million. Read More »
SLIB Facilitates Acquisition of a Florida AL/MC Community
Bradley Clousing and Dan Geraghty of Senior Living Investment Brokerage facilitated the sale of The Canopy at Harper Lake, an assisted living/memory care community in Lake City, Florida. Built in 2019, the community comprises 72 beds across 44 assisted living and 20 memory care units on just under six acres. It was stabilized with all private pay residents, high occupancy and strong margins. The seller was a Florida-based developer and investment group. There was a national, yet confidential market with multiple offers from regional and national buyers. The prevailing buyer was a 1031 fund targeting newer assets with strong in-place cash flow. This deal combined with SLIB’s recent... Read More »
CFG Closes HUD Loan for SNF Refinancing
Capital Funding Group (CFG) closed a $15.49 million HUD loan for the refinance of an existing bridge loan, executed by CFG, on a 118-bed skilled nursing facility in Arizona on behalf of a nationally recognized borrower. The company also refinanced additional debt associated with a facility remodel that the borrower completed prior to submitting to HUD. Tommy Dillon of CFG originated the transaction. This financing follows CFG’s recent closing of a $7.2 million HUD loan for the refinance of an existing bridge loan, also executed by CFG. Read More »
60 Seconds with Monroe: Is Joe Biden That Tone Deaf?
We already reported on the new proposed staffing requirements for nursing homes, coming at a time when most everyone in senior living is still struggling with finding enough staff, and paying for them. Coincident with the release of the proposed rules, USA Today published an opinion piece by President Biden. Now, if anyone thinks he actually wrote it, I have a bridge to sell you. My guess is that he did not even read it. This was a staff piece. Perhaps from Joe’s basement? I will say one thing, he has been consistent in his criticism of private equity in the nursing home business, but he still gets his facts and names wrong. Not many “private equity” firms have been buying up nursing homes... Read More »
Two Acquisitions by The Ensign Group
The operations of Ashley River Healthcare and The Reserve Healthcare and Rehabilitation transferred hands in South Carolina’s Lowcountry. Ashley River Healthcare is a 125-bed skilled nursing facility in Charleston, South Carolina, and The Reserve Healthcare and Rehabilitation is a 135-bed SNF in Hanahan, South Carolina. The acquisition is subject to a long-term, triple net lease. The buyer was The Ensign Group, which has a portfolio that now consists of 295 healthcare operations in 13 states, 26 of which include senior living operations. Hopewell Healthcare LLC, Ensign’s South Carolina-based subsidiary, took over management of the facilities. Ensign is actively seeking acquisition... Read More »
Forbright Bank Finances Senior Care Acquisition
Forbright Bank, a nationwide full-service bank, closed $26.5 million in financing for the acquisition of a Maryland skilled nursing and assisted living campus by a regional operator. The deal marked the seventh successful transaction between Forbright Bank and the borrower. The senior mortgage will finance the acquisition and renovation of the facility, including the addition of a new skilled nursing wing. Forbright also provided a $2.5 million line of credit to support the facility’s working capital needs. When fully stabilized, the bank intends to provide the borrower with a permanent HUD mortgage. The facility features both skilled nursing and assisted living beds and is located in a... Read More »Schedule a demo
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