• Community First Solutions Acquires Again in Ohio

    Ziegler was engaged by Marquee Capital, the real estate company affiliated with Marcus Investments, LLC, the Marcus’ family office, in the sale of its seniors housing community in Mason, Ohio. Built in 2020, BrightStar Senior Living of Mason sits on 3.2 acres with 41 assisted living and memory care units. The community was well occupied at 90%,... Read More »
  • Joint Venture Acquires Nashville Active Adult Community

    An active adult community in Germantown, Tennessee, found a new owner thanks to the team at Newmark. Built in 2020, Avenida Watermarq is a 161-unit, Class-A active adult community in an affluent suburb of Nashville. There are one- and two-bedroom options averaging 919 square feet per unit. Occupancy was 87%. Inspired Real Estate Partners and GEM... Read More »
  • Institutional Owner Divests Ohio Facility

    Evans Senior Investments arranged the sale of a skilled nursing facility in Ohio on behalf of an institutional owner looking to exit the market. The facility comprises 88 beds and 20 independent living units, which served as a referral source for the nursing home. The buyer was a regional owner/operator that is actively expanding in Ohio. This is... Read More »
  • Strawberry Fields Completes Missouri SNF Portfolio Acquisition

    Strawberry Fields REIT, Inc. announced that it completed the acquisition of nine skilled nursing facilities comprising 686 beds in Missouri for $59 million, or $86,000 per bed. The REIT completed the acquisition using cash on hand and the issuance of approximately $2.0 million in OP Units of Strawberry Fields REIT LP to the seller. Eight of the... Read More »
  • Macquarie Asset Management Launches Health Wave Partners

    Macquarie Asset Management, which has over 35 years of experience in the real estate sector and a current network of 15 specialist operator investments globally, announced the launch of Health Wave Partners, a seniors housing platform aimed at targeting investments in modern seniors housing assets alongside established operators. The platform... Read More »

Struggling Florida SNF Sells

Evans Senior Investments has handled the sale of a large 200+ bed skilled nursing facility in Volusia County, Florida. Built in the 1960s, the facility features semiprivate rooms and three-bed wards. Occupancy rates averaged 73% before the pandemic. However, at the time of the sale, the facility was losing money while occupancy dipped to 41%. The seller was a regional owner/operator who was looking to get rid of the struggling geographic outlier from its portfolio. An East Coast owner/operator, adding to their skilled nursing facility portfolio, ended up as the buyer.  Read More »

Carnegie Capital Secures Construction Loan for Texas Community

A single-asset owner in Texas refinanced the construction debt on its assisted living/memory care community with the help of JD Stettin of Carnegie Capital. Built five years ago, the 90-unit community in Houston went through operator changes before the pandemic, and then dealt with occupancy troubles during the pandemic. So, it was at last on the tail end of lease-up with census reaching 80% when ownership decided to refinance its existing construction loan before maturity.  A $10.5 million refinance enabled the borrower to also replenish its interest reserves and pay off over $500,000 of tax liens. The loan came with a seven-year term, fixed interest rate at 4.75% and one year of interest... Read More »

CareTrust REIT Planning a Behavioral Health Conversion

Blueprint Healthcare Real Estate Advisors has successfully advised its publicly traded REIT client, CareTrust REIT, on the sale of a 120-unit assisted living and memory care community in the Baltimore, Maryland area. Built in 1999, the community had struggled from an operational standpoint.  The team of Amy Sitzman, Giancarlo Riso, Kory Buzin, and Steve Thomes was originally hired to run a sales process in the community but later advised CareTrust REIT to structure a new lease with a multistate behavioral health operator. Then, that multistate behavioral health operator will convert the community into an addiction recovery center.  This acquisition marks the publicly traded REIT’s first... Read More »

JLL Handles SNF Texas Transaction

JLL Capital Markets has closed the sale of Methodist Transitional Care, a 100-bed/ 66-unit skilled nursing facility in Desoto, Texas. Equipped with advanced technology, the facility has the ability to offer intravenous therapy, physical therapy, speech therapy, occupational therapy, wound care, pulmonary care and many other treatments and services. Madison Marquette sold this asset with 13 years remaining on the lease. Based on first-year rent, the cap rate is 6.8%. This deal also includes two five-year renewal options.  The buyer of the amenity-filled facility is real estate development firm Location Finders International. Such amenities include a large state-of-the-art therapy gym,... Read More »

Family Owner/Operator Exits the SNF Business

Branford Hills Healthcare Center, a 190-bed skilled nursing facility in Branford, Connecticut, is no longer in the hands of the Shelton family, who ran operations since its construction in 1980. The facility sits on over 10 acres in Branford, Connecticut just a few miles outside of New Haven. It was expanded in 1991 and reported strong occupancy before the pandemic in excess of 94%, with revenues over $20 million. However, despite its close proximity to Yale New Haven Hospital and other referral sources in the county, the facility struggled during the pandemic. The Shelton family got the facility on the right track operationally leading up to the sale, which represents their exit from the... Read More »

Assisted Living Community Sells in Florida

Vitality Living Lady Lake, an 89-unit assisted living/memory care community in Lady Lake, Florida, has been sold just outside of the senior haven, The Villages. Built in 2010, the 89-unit community comprises 69 assisted living units along with 20 memory care units on over 9 acres. Occupancy stood around 72% in 2021. The seller was a Northeast-based real estate private equity firm which initially purchased the community as part of a larger portfolio.  However, this asset was an operational outlier from the rest of the portfolio. So, the seller hired Senior Living Investment Brokerage to find a buyer, which ended up being an unidentified regional owner/operator looking to add to their... Read More »

Bender Companies Invests in Active Adult

Chicago-based investment firm Bender Companies has spent $20.5 million, or $118,500 per unit, in Burbank Manor, a 173-unit active adult complex in Burbank, Illinois. Built in 1985, the apartments sit on 6 acres in the suburbs of Chicago. The property is well maintained and offers its residents a variety of amenities including secured outside entries, balconies, in-unit washers and dryers, and on-site parking with 300 tenant spaces.  The buyer is a company that shares a Chicago address with Bender. Burbank Manor previously sold in 2021 for $14.6 million, or $84,400 per unit. That means the seller, Advantage Management, sold the complex for 40% more than their original purchase price. Given... Read More »

Brookdale Continues To Grow Census

Brookdale Senior Living continues to see census growth, posting its best second quarter sequential weighted average occupancy growth in more than 10 years. And remember, the second quarter has not been the industry’s friend for the past decade or so, so this is a great set up for the rest of the year. Weighted average occupancy in June was 75.2%, up 60 basis points from May and up 400 basis points from June in 2021. Before we pop the corks, occupancy in the mid 70 percent range is still quite low, and a far cry from Brookdale’s 84.5% in the fourth quarter of 2019, or 89.0% in the fourth quarter of 2013. But it is a step in the right direction. It is just that we need to see a lot of these... Read More »

60 Seconds with Swett: Healthcare M&A Activity Drops

The second quarter saw senior care M&A sustain its very high level, but deal activity across the other 12 healthcare sectors that we track on our LevinPro HC platform experienced a 9% drop in dealmaking from 622 publicly announced deals in the first quarter of 2022 to 568 in Q2. Compared to Q4:21, the quarterly deal total has also dropped by over 10%. We cover a number of healthcare sectors from hospitals and home health to eHealth and Biotech, and the most popular sector of late (by far) has been Physician Medical Groups. Last quarter, we recorded 142 PMG deals, 54% of which were made by a private equity buyer. Compare that to 5% of the 135 long-term care deals announced in the second... Read More »

Greystone Refinances Carrington at Lincolnwood

Greystone arranged a $116 million bank refinance of Carrington at Lincolnwood, a large seniors housing community in the Lincolnwood suburb of Chicago. The community comprises a total of 383 units, split between 251 independent living units, 88 assisted living units and 44 memory care units. It was co-developed by South Bay Partners and Chicago’s Bluhm family. Greystone’s Cary Tremper and Matt Miller secured the refinancing for Dallas-based Harbert South Bay, the result of a December 2021 merger between Harbert Management Corp. and South Bay Partners.  Read More »

Ziegler Closes Bond Financing for Eliza Jennings 

Investment bank Ziegler has officially closed $24.405 million of bond financing for Ohio-based Eliza Jennings, a not-for-profit organization that currently owns and operates three senior living campuses in the state. The campuses comprise 75 independent living apartments and villas, 89 assisted living units and 216 skilled nursing beds. The first campus is The Renaissance, in Olmsted Falls, consisting of 314 units of senior living. Its second community  Devon Oaks, located in Westlake, is a 66-unit assisted living community. Lastly, the third campus is The Eliza Jennings Home, a skilled nursing facility operating 126 beds in the city of Cleveland.  The Series 2022A bonds are... Read More »