LCS and Vi Cement Merger
After completing regulatory approvals, LCS and Vi have now closed on their merger agreement, with their combined portfolio including 130 communities across 29 states with more than 45,000 beds. Together, the companies have more than 90 years of combined experience in senior living. CS Capital Advisors served as Lead Financial Advisor and Eastdil Secured Advisors LLC served as Special Financial Advisor to Vi in conjunction with the transaction. Vi is a developer/owner/operator based out of Illinois with 10 CCRCs encompassing 4,000 beds in Arizona, California, Colorado, Florida, Illinois and South Carolina. It is the rebranded Classic Residence by Hyatt portfolio. Vi’s brand will operate as... Read More »
SLIB’s Red-Hot Start to May
Senior Living Investment Brokerage shot out of the gates in May, announcing six separate closings within just a couple of days. The closings included a couple of portfolios, two seniors housing asset sales and two skilled nursing deals. SLIB is on track for another record-breaking year. The largest deal was an eight-property seniors housing portfolio sale in Colorado, handled on behalf of a Fort Collins-based seller, Columbine Health Systems. Totaling 540 units of independent living, assisted living and memory care, the eight properties were built between 1992 and 2018. They were part of a larger 13-property portfolio that Columbine had slated for sale in 2025. The first five... Read More »
Independent Living Asset Near Breakeven Changes Hands
Blueprint handled the sale of a 60-unit independent living community located just outside of Cleveland, Ohio. At the time of sale, the property was operating around breakeven and offered the opportunity for upside. The option to transition the community to an assisted living waiver model was presented, but the incoming regional owner/operator opted to maintain its independent living status to avoid the regulatory hurdles that come with licensure conversion. The buyer aligned with the seller’s vision for the community, and intends to focus on operational efficiencies and incremental improvements. Connor Doherty and Ryan Kelly of Blueprint represented the undisclosed... Read More »
National Health Investors Leans Further Into SHOP Growth
National Health Investors is continuing to lean into its SHOP segment, having invested $742.5 million into the strategy throughout the first quarter, a 106% increase from the prior year period. Year-to-date, the REIT has announced $212.4 million of investments, and is continuing to evaluate additional opportunities, focusing on private pay seniors housing. NHI also announced that it sold a few assets during the quarter and acquired two separate portfolios. In January, National Health Investors sold a 42-unit senior living campus in Michigan for $6.7 million, and in February, the company acquired nine assisted living communities in Kentucky, South Carolina and Tennessee. Berkadia handled... Read More »
Senior Care Portfolio Secures Refinancing
T7 Capital, a boutique seniors housing and healthcare advisory firm founded by industry veterans Ari Adlerstein and Josh Simpson, recently arranged a large bank refinancing for a portfolio of seniors housing and skilled nursing assets in Massachusetts. Working on behalf of a New York-based family office, T7 secured a $57.979 million loan from KeyBank on the 707-bed portfolio. The transaction positions the sponsor to optimize its capital structure while continuing to execute on its operational and strategic initiatives across the portfolio. There was significant lender interest in the deal, with six term sheets at competitive pricing. T7 Capital specializes in structuring capital... Read More »
Regional Bank Provides Financing for MC Community
Jeremy Warren of Montgomery Intermediary Group arranged a refinancing for a client’s 48-unit memory care community in Merrillville, Indiana. Originally built in 2016, the community was stabilized and had an approaching debt maturity. The owner sought to retire both the existing bank debt and an outstanding seller note from the initial acquisition. MIG generated multiple aggressive term sheets and ultimately secured a $5+ million loan from a specialized regional bank that met the client’s objectives. Read More »
Large SNF Portfolio Trades in Alabama
A large skilled nursing portfolio traded hands in Alabama with the help of Jeffrey Vegh and Joe Schiff of Forest Healthcare Advisors. A Florida-based group divested the 11 facilities, which comprise 1,205 beds. At the time of sale, the portfolio was cash flowing and operating at a healthy occupancy, but still offered upside potential. The buyer was an East Coast healthcare company with an existing skilled nursing and assisted living footprint. Read More »
Not-for-Profit Sells Class-A Campus to Not-for-Profit
Crest View Senior Communities divested Crest View Senior Community at Blaine, a 164-unit full-continuum campus in a northern suburb of the Twin Cities that was built in 2015. Catholic Eldercare, a not-for-profit senior living organization based in the state, was selected as the buyer, as it aligned with Crest View’s goal of keeping the community with a faith-based provider. This is the eighth community in Catholic Eldercare’s owned/managed northeast Minneapolis and surrounding suburbs portfolio. Catholic Eldercare also plans to take over management of Columbia Village, a HUD 202 apartment building in Columbia Heights, Minnesota, also owned by Crest View. Ziegler represented Crest View, and... Read More »
High-Performing Assisted Living Community Sells
A regional owner/operator with an established presence in the Southeast acquired a high-performing assisted living community in North Carolina. Built in 1988, Autumnfield of Belhaven encompasses 32 units with 64 beds and was operating at strong occupancy at the time of sale. The seller had made meaningful capital improvements to the physical plant prior to going to market, and the asset sits in a supply-constrained market largely due to North Carolina’s Certificate of Need framework. There is significant upside potential for the buyer, who aligned with the seller’s timeline and long-term vision for the community. Evans Senior Investments represented the seller, an independent... Read More »
Ensign Makes a Splash in Texas
The Ensign Group closed out April with a bang, announcing the acquisition of the real estate and operations of 17 skilled nursing facilities spread across Texas, plus the real estate of two seniors housing communities in Wisconsin. The Texas portfolio is majority-SNF, with 2,080 skilled nursing beds. There are also some seniors housing units, with the portfolio totaling 55 independent living and 68 assisted living units, and 32 memory care beds. There are a large number of high-quality properties that were newer included in the portfolio. The company already had a strong presence in Texas, so there will be opportunity for synergies. The real estate was acquired by subsidiaries of... Read More »Schedule a demo
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