Fairview/Sanford Health Merger Called Off
The merger between Fairview Health Services and Sanford Health was called off after Sanford announced on July 27 that it was discontinuing the process. The transaction would have led to the combination of two of the largest not-for-profit senior living operators in the country, Evangelical Lutheran Good Samaritan Society (whose parent organization is Sanford) and Ebenezer (which is a subsidiary of Fairview). Sanford owns more than 200 Good Samaritan locations, and Minnesota-based Fairview has more than 90 senior living locations managed by Ebenezer. The combined entity would have owned 58 hospitals, as well. Announced in late 2022, the merger was expected to be completed in March 2023,... Read More »
Newmark Hires Capital Markets Veteran
Nearly two months after Newmark lost David Fasano and Ross Sanders to Berkadia, the firm is building its team with the hire of capital markets debt and structured finance veteran Bill Fishel as executive vice chairman. Fishel will specialize in raising debt and equity capital for institutional-grade assets and developments across North America, with a focus on structured finance. He will report to Chad Lavender, president of capital markets for North America at Newmark. In his 14-year career, Fishel has executed over $15 billion in financing for a wide range of asset classes, including retail, office, multifamily, industrial, hospitality, single tenant, land and data center properties. He... Read More »
Alta Senior Living Expands in South Florida
Alta Senior Living acquired Palm Beach Memory Care, a newly built memory care community located in North Palm Beach. Around 20% of its 60 units were already pre-leased when the community opened. Dan Baker of JLL arranged the sale, but no other details were disclosed. Alta’s portfolio is spread across the country, with locations in Colorado, California, Minnesota and Florida. Its regional headquarters is located near the new Palm Beach community and two other South Florida communities in Tequesta and Margate. Read More »
Haven Senior Investments Handles Two Deals
Haven Senior Investments announced the sale of two assisted living communities in Texas and Missouri. The faith-based advisory and brokerage firm handled the transactions on behalf of two long-standing family owners. First was the sale of a 33-unit/64-bed assisted living community in northwestern Missouri, near Kansas City. Its local owner/operator decided to retire and sell the community to a private equity company headquartered in New York. This acquisition marks the buyer’s second foray into Missouri, after the company purchased another property in the region in June. Robin Gestal, Haven’s Chief Operating Officer, and her team handled the transaction. Next, Managing Director... Read More »
Grandbridge Hired to Sell CCRC
Grandbridge Real Estate Capital has been hired to sell a 329-unit CCRC in Port Washington, New York, on Long Island. The entrance-fee community opened in 2010 on 8.9 acres, and the current bankruptcy is its third, and hopefully, final Chapter 11 filing. It is a beautiful community that had bad timing, opening at the end of the Great Recession during a very weak housing market, restructuring its debt twice, and then had to face the pandemic. In 2019, average occupancy was 93%, but it dropped with the pandemic. The community has approximately 229 independent living units, 26 assisted living units, 18 memory care units and 56 skilled beds. In-place IL rents average $5,800 per month and the... Read More »
CFG Releases H1:23 Results
Capital Funding Group (CFG) financed $411.2 million across 27 deals in the first half of 2023. The total included 19 healthcare bridge loans, five multifamily bridge loans (totaling $49.7 million), and three HUD loans for clients across the country. The largest transaction was CFG’s closing of $207 million in financing to support the refinancing of 10 skilled nursing facilities across Maryland, Virginia, and North Carolina. That was followed by $84 million in bridge-to-HUD acquisition financing for the purchase of seven skilled nursing facilities and one assisted living community in Alabama. Other bridge loans included a $34 million loan for the acquisition of three skilled nursing... Read More »
Physician Medical Group M&A Rebounds in Q2:23
M&A activity in the Physician Medical Group (PMG) sector increased in Q2:23, reaching a total of 148 transactions, according to data captured in LevinPro LTC’s sister platform, LevinPro HC. Activity in Q2:23 marks a 6% increase from Q1:23 when 139 acquisitions were reported but matches data from Q2:22 when 147 deals were announced. Private equity firms and their sponsored platforms remain the most active investors in the market, accounting for 62% of all announced transactions. PE firms targeted dental practices in more than a third of the transactions, making them the hottest vertical in the physician market, followed by eyecare providers. MB2 Dental Solutions, a portfolio company of... Read More »
Blueprint Sells Another Oklahoma Seniors Housing Community
A national Seattle-based developer/investor and a Seattle-based operator, sold an assisted living and memory care community in Tulsa, Oklahoma. The community opened in late 2017 and has over 110 units. Like so many communities that opened around that time, its lease-up and performance were hindered going into, and through, the pandemic. However, in the previous 12 months before the transaction, the community showed signs of resurgence and there was positive cash flow. The seller chose to divest to reprioritize capital given the lack of scale in Oklahoma and proximity to its development pipeline. The buyer was a growing regional operator that partnered with an institutional investor. Alex... Read More »
M&T Realty Capital Corp. Announces H1:23 Financing Activity
M&T Realty Capital Corporation (M&T), a wholly-owned subsidiary of M&T Bank, announced that their Seniors Housing Team closed a total of $434.7 million in loans during the first six months of 2023. The loans were for senior living properties, health and rehabilitation centers and retirement communities in the South, Southwest and Northwest of the United States. Despite the issues in the capital markets, M&T financed 18 properties in eight states across the entire acuity spectrum, from standalone independent living to skilled nursing. Properties also varied in size, from as small as 15 units and to as large as 371 units. And there was variety in the types of loans that were... Read More »
Seniors Housing and Care M&A Activity Rebounds Above 100 Deals in Q2:23
The number of publicly announced seniors housing and care acquisitions in the second quarter of 2023 rose to 110 deals, based on new acquisition data from LevinPro LTC. This represents an 11% increase from the 99 transactions disclosed in the first quarter of 2023, but a 25% decline from the 147 deals in Q2:22. In addition, the $1.29 billion spent on Q2:23 transactions fell by 4% from the $1.345 billion spent on Q1:23 transactions and by 63% from the $3.5 billion spent in the year-ago second quarter, based on disclosed prices. “Despite spiking capital costs and liquidity issues in the debt markets, buyers and sellers closed more transactions in the second quarter” stated Ben Swett, Editor... Read More »Schedule a demo
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