Brookdale Boosts Short Term Stability
Brookdale Senior Living completed a series of financing transactions totaling approximately $600 million that refinanced all of its remaining 2026 mortgage debt and maturities, around $350 million, and a portion of 2027 mortgage debt maturities, approximately $200 million. The company also secured more fixed-rate debt, helping to cut rate risk. Even with some variable-rate debt, the overall blended rate has not changed much, with yearly interest expense staying roughly the same. This is beneficial for balance sheet stability, even if it didn’t actually reduce total debt or annual net interest expense, and some refinancing risk just got pushed to 2027. A smart move for near-term... Read More »Ikaria Announces $1 Billion in Q4 Volume
Ikaria Capital Group closed out a successful 2025, announcing several significant transactions in the fourth quarter that exceeded $1 billion in volume. The activity comprises financings in the seniors housing, skilled nursing and behavioral health sectors across multiple states and borrowers. The largest deal was a $595.5 million senior secured credit facility structured on behalf of a private owner of 18 SNFs with 1,794 total beds in West Virginia. The facility included $491.5 million in bank financing led by Ally Corporate Finance’s Healthcare Capital team and $104 million in subordinate debt provided by CareTrust REIT, an existing institutional capital partner of Ikaria’s. It... Read More »PE Group Enters Oklahoma after Medicaid Rate Bump
A skilled nursing facility in Oklahoma that recently benefited from the state’s Medicaid rate bump sold to a national private equity firm looking to enter the state. Built in 1967, Maplewood Care Center features 180 beds on over three acres in Tulsa. It is located close to several major hospitals and healthcare campuses, but occupancy was sitting at 60%. However, after the state increased Medicaid funding, effective July 1, 2024, the facility saw its rate go from $233.03 to $250.78 per resident day. That increase plus sustained occupancy growth significantly strengthened the facility’s financial performance in the last 18 months. Looking at the financials for the facility in the first... Read More »Community Purchased through HUD Assumption
Chad Mundy of the Knapp-Stahler Group of Marcus & Millichap sold an 82-unit assisted living/memory care community in Lewiston, Idaho. Built in phases in the early 2000s, the community featured five separate buildings, one of which was vacant after sustaining damage from a flood. As a result, occupancy was lower, based on the 89 licensed beds, and there was a roughly 50% Medicaid census. The asset was struggling financially, and the previous owner had not made debt payments for months. It was purchased via a HUD assumption by an experienced operator who had already taken over management and begun an operational turnaround. Read More »The Zett Group Rounds Out Q4
The Zett Group closed out Q4 with several closings in the Pacific Northwest. First was the sale of Fox Hollow, a 58-unit seniors housing community in Eugene, Oregon. Built in 1988 and renovated in 2003, the community features 51 assisted living units and seven independent living “cottage-style” units. Set in a nice area of Eugene, it was owned by a partnership including Pacific Northwest senior care veterans Jim Clay, Paul Redhead and the late Gene Hand. Nightingale Living, managed the community, which had recently received a new roof, new siding and a cosmetic refresh. There were a handful of interested parties, but a regional owner/operator, Ohana Ventures, emerged as the strongest... Read More »Legacy Owner/Operator Retires with Sale
Daniel Morris of Plains Commercial Real Estate rang in the new year with the sale of a couple assets in Enid, Oklahoma, collectively referred to as the Greenbriar Portfolio. The legacy owner/operator-seller built two of the buildings, and converted the third to seniors housing after purchasing it in the 1990s. The skilled nursing facility comprised 150 beds, the assisted living community featured 60 units, and the independent living community had 61. The physical plants were very well-maintained. Second-generation leadership was ready to retire, prompting the divestment of the assets that had never previously been sold. The process was competitive, with a regional group ultimately selected... Read More »Ziegler Closes Two Separate Financings
Ziegler announced the closing of two separate financings. First, Ziegler closed the Series 2025 bond anticipation notes for the benefit of The Sanctuary at Village On The Isle LLC. The Florida not-for-profit borrower was formed in 2025 to develop, own and operate a seniors housing community to be located on approximately 50 acres in unincorporated Sarasota County, Florida. The sole member of the borrower is Southwest Florida Retirement Center, Inc., doing business as Village On The Isle. VOTI owns and operates a CCRC in Venice, Florida, which opened in 1982 and currently consists of 234 independent living units, 48 assisted living units, 16 memory care units and 64 licensed skilled... Read More »Healthpeak Properties Jumps Back into Seniors Housing
Ever since Healthpeak Properties essentially exited the seniors housing market in 2021, we had wondered when they would come back. We even thought they could have jumped back in just a year later when rumors were circulating that Brookdale Senior Living was in talks about a potential sale. The M&A opportunity in seniors housing, and the fact that its REIT peer group have been accelerating their acquisition efforts in the last year, must have been too good to pass up, as Healthpeak is now forming Janus Living, a REIT that will own, acquire and develop seniors housing properties under a RIDEA structure. An IPO is planned in the first half of 2026, after which Healthpeak intends to... Read More »Blueprint Handles Washington State Bankruptcy Deal
Fresh off a phenomenal 2025 (we’ll see where they ended up in the Broker Rankings next month), Blueprint announced a few end-of-year closings this week. First, Michael Segal, Dan Mahoney, Amy Sitzman and Daniel Waldhorn ran a bankruptcy sale for the real estate of three skilled nursing facilities in Washington State. They were engaged by the debtor and approved by the U.S. Bankruptcy Court of Eastern New York District to manage the marketing and sale process. Dubbed the Supersonic Portfolio, the facilities are in King and Pierce Counties and licensed for 355 total beds. They included Renton Health & Rehabilitation in Renton, Valley View Skilled Nursing and Rehabilitation in Renton, and... Read More »Another Record Year for VIUM
VIUM Capital keeps raising the bar in transaction volume, announcing another record-setting year in 2025, closing 96 transactions totaling over $2 billion in par value, representing the largest total of financings closed in the firm’s nearly six-year history. Most of that volume came from bridge loans originated by VIUM through its joint venture partner Merchants Bank of Indiana, including both direct bank balance sheet executions and loans originated through VIUM’s healthcare debt fund. There were 35 separate loans totaling $1.1 billion. On the HUD side, VIUM closed 61 LEAN transactions totaling $948.2 million, earning it the second spot in the LEAN rankings for number of loans... Read More »Schedule a demo
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