Florida Panhandle Assets Sell
Berkadia Seniors Housing & Healthcare closed its third and fourth transactions in the Florida panhandle over the past three months. First, Cody Tremper, Mike Garbers, Ross Sanders and Dave Fasano represented the seller of Seagrass Village of Panama City Beach. The 128-unit Class-A community opened in 2019 and offers both independent living apartments and villa homes on a 16-acre site in Panama City Beach, Florida. The seller was an Orlando-based private equity company, and the buyer was a seniors housing owner. The property will continue to be managed by SRI Management. Next, the team sold American House Bluewater Bay, a 94-unit independent living community in Niceville, Florida,... Read More »
Walker & Dunlop Secures HUD Refinances
The Walker & Dunlop team arranged two HUD loans for assisted living communities in the Pacific Northwest. First, Battle Creek Memory Care in Salem, Oregon, received a $16.674 million loan with a fixed rate and a 35-year, fully amortizing term. Onelife Investments was the borrower. Then, Northwest Care Senior Living obtained a non-recourse $10.615 million HUD loan to refinance Liberty Shores Senior Living in Poulsbo, Washington. The community offers independent living, assisted living and memory care services. W&D arranged this loan as an Express Lane transaction, securing a HUD firm commitment in less than one week from submission. The new loan proceeds were used to refinance... Read More »
Active Adult Community Receives Construction Loan
Coastal States Bank closed a $20.0 million construction loan for a joint venture between The Fellowship Family and BLDG Real Estate to fund the ground-up construction of a 91-unit active adult community in Milledgeville, Georgia. The loan, which was closed in coordination with an $11.0 million preferred equity investment from Locust Point Capital, was structured with a five-year term and monthly interest-only payments for the initial 36 months. The community will be the second of the JV’s four planned investments, and will be situated adjacent to its sister community, Fellowship Meriwether, an 83-unit assisted living and memory care community which was built by the JV in 2017. BLDG Real... Read More »
Bond Issuance to Support Seniors Housing Expansion
The Economic Development Corporation of the City of Grand Rapids, Michigan, plans to issue $174.83 million in bonds to finance the expansion of the Beacon Hill at Eastgate seniors housing community. The bonds are payable from the revenues and funds pledged by the Michigan Christian Home Obligated Group. The obligor’s total revenue, gains and other support for the fiscal year ended March 31 was $21.1 million. The underwriter is Ziegler. The proceeds will fund the demolition, construction, furnishing and equipping of new facilities, while also covering other obligations. The expansion will include 101 new independent living units and 40 assisted living units, while also renovating existing... Read More »
60 Seconds with Swett: Navigating the Next Five Years in Seniors Housing M&A
Are we entering the golden age of seniors housing? Next year, the first baby boomers will start turning 80, and with the current lack of new construction, occupancy rates are already rising before the real demographic wave hits. Many investors, both veterans and those new to our space, will feel pressure to grow their seniors housing holdings to take advantage of the increasingly favorable supply and demand dynamics. But what will that rush to grow mean for the M&A market, for prices, for future lending terms and liquidity, for evolving operator relationships, for the “A”, “B” and “C” property markets and what properties to target, for making new development projects work, and... Read More »
Blackstone Sheds Another Asset from Its Seniors Housing Portfolio
Blueprint handled a couple of sales in Florida and Nevada. The first in Florida involved a global private equity firm selling a 145-unit assisted living and memory care community in Boca Raton, Florida. Ben Firestone, Dillon Rudy and Jacob Ghel of Blueprint facilitated The Atrium at Boca Raton’s ownership transfer. The community presented certain physical plant challenges, but it still offered in-place value, having stabilized above 90% occupancy as recently as 2024 and generating strong cash flow. The asset’s combination of attractive historical performance, premier location and long-term repositioning was appealing to prospective buyers. The targeted marketing campaign generated more... Read More »
CareTrust REIT Establishes SHOP Platform
Three Texas seniors housing communities with 270 assisted living and memory care units were acquired by CareTrust REIT, Inc. The publicly traded REIT purchased the communities for $40 million, or $148,100 per unit. This marks the first investment of CareTrust’s SHOP platform. The communities were 86% occupied at the time of acquisition and will be managed by affiliates of Sinceri Senior Living. The acquisition was funded with cash on hand, and the company expects the portfolio to deliver a going-in yield of approximately 7%. The company now has three avenues to grow, with its SHOP, U.S. skilled nursing and U.K. care home investment platforms. Read More »
Ensign Grows Through Separate Transactions in Three States
The Ensign Group, Inc. increased its portfolio through three separate acquisitions in Kansas, Arizona and Colorado. The publicly traded provider expanded its growing Midwest footprint through its Kansas acquisition of the real estate and operations of Willow Point Rehabilitation and Nursing Center, a 45-bed skilled nursing facility in Kansas City. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company, and the facility is operated by Gateway Healthcare LLC, Ensign’s Kansas-based subsidiary. In another transaction on the same day, Ensign acquired the operations of Santa Rosa Care Center, a 144-bed skilled nursing... Read More »
Developer/Operator Divests to PE Firm
A developer and operator sold Rivertown Ridge, a Class-A seniors housing community in the Grand Rapids suburb of Wyoming, Michigan, to a private equity firm. This community, built in 2020, features 152 units of independent living, assisted living and memory care, and has exhibited strong performance. The seller, Redstone Homes, was represented by Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare. After developing the community in 2020, Redstone took over operations in 2023, with the community quickly achieving high occupancy and strong operating margins. Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld of Berkadia Senior... Read More »
Class-A Community Gets Acquisition Financing
JLL Capital Markets sold and financed The Reserve at North Dallas, a Class-A seniors housing community in Dallas, Texas. Located on a seven-acre site, the community was built in 2000 and offers 247 independent living and 26 assisted living units, primarily in one- and two-bedroom configurations. Arrowmark Partners provided an acquisition loan with a three-year term and two 12-month extension options to the buyer, Unbridled Living. JLL’s Seniors Housing Capital Markets team representing the seller was led by Jay Wagner, Rick Swartz, Aaron Rosenzweig, Jim Dooley and Dan Baker. JLL’s Seniors Housing Debt Advisory team was led by Allison Holland. The building was well-maintained thanks to the... Read More »Schedule a demo
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