Front Porch and Covia Merge
Two California not-for-profits with senior living operations across several states merged effective April 1. Front Porch and Covia announced that the merger, which started in 2021, creates a consolidated organization with 19 senior living and 32 affordable housing communities serving approximately 7,500 residents. Other programs and services will connect more than 10,000 participants throughout the country. The deal offers significant financial benefits for both organizations. In August, Fitch and S&P affirmed Front Porch’s ratings of “A” and “A-”, respectively, with both agencies assigning a “stable outlook” to the combined organization’s $305 million public debt refinancing that... Read More »
Lument Announces HUD Deal
Lument announced the closing of an $18.9 million HUD refinance for The Guilford House, a 96-bed assisted living and skilled nursing facility in Guilford, Connecticut. The transaction refinances a blended-rate loan from 2019 provided by Lument to fund an expansion of AL units and services. Aaron Becker, head of seniors housing and healthcare production for Lument, led the transaction. The Guilford House is an individually owned and operated facility managed by the Moffie family, a repeat Lument client with decades of experience in the senior living industry. The Moffies acquired the facility in 2002, when the original building was an obsolete 60-bed SNF that required significant... Read More »
60 Seconds with Swett: Managed Care Continues To Eye Home Health
We don’t need to tell you that the pandemic enabled healthcare to be delivered in the home at historic rates, as patients could see doctors on Zoom, medications could be delivered, and home health aides could provide other care and services. Anything to avoid the dreaded hospital or nursing home while COVID was raging. Coming back from the Spring NIC in Dallas, where we saw abundant optimism (and some caution from a few of you), one may not think this will be a huge threat. But UnitedHealth Group’s potential acquisition of home health provider LHC Group for a reported $5.4 billion reminds us that the penetration rate for in-facility senior care services is always on the verge of falling.... Read More »
Grandbridge Arranges CCRC Recap
Grandbridge Real Estate Capital’s Tampa-based Senior Housing Investment Sales team arranged the recapitalization of a large senior living campus in Jackson, Michigan. Located about 35 miles west of Ann Arbor, the 20-acre campus includes 32 cottages, 181 independent living units, 46 assisted living units, 23 memory care units and 36 skilled nursing units. It was built in stages in 1972, 1977 and 2002. Its SNF holds a five-star rating from CMS, and the community offers both entrance fee and rental plans. Not-for-profit owner Vista’s partner, Kauhale Health, operated the campus. The Grandbridge team led by Jay Jordan and Dave Kliewer was brought in to market the community for an outright sale... Read More »
Northmarq Secures JV Equity and Debt for Construction Projects
Northmarq has secured $50 million in joint venture equity for a four-property seniors housing development pipeline in Minnesota and Colorado. The equity was procured on behalf of the developer, Minneapolis-based United Properties, and its private equity group JV partner. The four communities include Amira Bloomington, a 133-unit active adult community in Bloomington, MN, Amira Minnetonka, a 186-unit active adult community in Minnetonka, MN, Amira Roseville, a 95-unit active adult community in Roseville, MN, and Amira Choice Arvada, a 120-unit independent living, assisted living and memory care community in Arvada, Colorado. All four properties are in various stages of construction and... Read More »
Atlas Senior Living Adds to Atlanta Portfolio
Atlas Senior Living added three operations to its growing portfolio of now 35 properties. The three communities are located in the greater Atlanta, Georgia area, and all provide assisted living and memory care services. They include Legacy Ridge at Brookstone in Kennesaw, Legacy Ridge at Peachtree in Peachtree City, and Legacy Ridge at Sandy Plains in Marietta. The deal brings Atlas’ Georgia holdings to 10 properties. Heritage Senior Living previously operated the locations but will be replaced effective April 1. Read More »
Who Says New Construction Is Dead?
We all have heard how construction costs have soared, rendering some new developments to be too expensive, at least for now. They just won’t pencil out at current cost levels, and you can only push unit rates just so far. Bucking this trend is Carlson Management, a California-based provider and developer. The company has developed five ground-up seniors housing communities to date, totaling 518 units in California, and has four other communities under construction or pre-construction with another 368 units. It also purchased two small communities in 2018. To help continue with its growth, Carlson launched an equity joint venture with RSF Partners to pursue its growth objectives. To kick... Read More »
Local Georgia Teaching Hospital Acquires SNF
As investor interest and bidding wars have grown in the skilled nursing industry in the last year, some unusual buyers have emerged to help spur that activity. In a recent Georgia SNF sale, Colquitt Regional Medical Center, a local community-based teaching hospital, submitted the most compelling offer for a 59-bed skilled nursing facility in the town of Moultrie. Blueprint Healthcare Real Estate Advisors’ Michael Segal and Ben Firestone were engaged by the New York-based investment firm seller following the operator’s recent bankruptcy filing. Upon completing the transaction in early March, the buyer plans to make substantial upgrades to the facility’s patient rooms, common areas, and... Read More »
Ziegler Facilitates Campus Expansion in Wisconsin
Ziegler closed bond financing for Cedar Crest, Inc. to expand its 274-unit CCRC campus in Janesville, Wisconsin, and to refund outstanding debt. The financing is comprised of $57.46 million of Series 2022A fixed rate revenue bonds issued through the Wisconsin Health and Educational Facilities Authority and $30 million of bank debt directly purchased by BMO Harris Bank. Proceeds of the debt will pay off the outstanding Series 2013 bonds and also fund a debt service reserve fund, fund interest on the bonds and pay certain costs of issuance. The expansion project will add a new 24-unit independent living building and a replacement 76-unit assisted living building on the campus. In addition,... Read More »
Multifamily Investor Enters Active Adult Arena
Castle Lanterra, a New York-based national real estate investment firm which had $750 million in transaction volume during 2021, acquired Diamond Oaks Village, a 160-unit active adult community in Bonita Springs, for its first acquisition in the seniors housing space. Built in 2017 by the United Group of Companies, the gated community offers one- and two-bedroom units averaging 1,036 square feet. Unit amenities include open-floor concept living spaces, full kitchens with granite counters, in-unit washers and dryers and screened-in private balconies. Community amenities include a covered parking garage, fitness center, outdoor pool and spa, dog park, putting green and bistro, bar and a... Read More »Schedule a demo
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