• Grandbridge Arranges Two Seniors Housing Sales

    Not long after making the move from Cushman & Wakefield to Grandbridge Real Estate Capital, the Tampa-based team of Allen McMurtry, Dave Kliewer and Jay Jordan announced a couple of seniors housing sales. First, they were tapped by the owner of an independent living/assisted living community near Springfield, Massachusetts... Read More »
  • Colliers International Announces Florida Portfolio Deal

    Damien and Ken Carriero of Colliers International kicked off their 2021 campaign with the sale of three assisted living communities totaling 180 units and 313 beds in Florida. Previously owned by Florida Seniors Properties, Inc., these communities are located in Port Richey, Casselberry and Zephyrhills, with an average occupancy of just... Read More »
  • Plains Commercial Sells Oklahoma SNF

    Daniel Morris, formerly of CBRE but now Founding Partner of Plains Commercial Real Estate in charge of seniors housing investment sales and leasing, has arranged the sale of a small skilled nursing facility in Fairland, Oklahoma. Featuring 29 beds, the facility was built in the mid-1960s with a small footprint of just about... Read More »
  • Keybank Secures Fannie Mae Refinance For Five Communities

    KeyBank Real Estate Capital secured Fannie Mae financing for a portfolio of five seniors housing communities in several states operated by Enlivant. The long-term, non-recourse debt was secured by Charlie Shoop at an attractive interest rate. Plus, KeyBank’s Tim Sylvain, Paul Di Vito and Patrick Gilbreath originated and structured a balance sheet... Read More »
  • Watercrest Expands Into Virginia

    Watercrest Senior Living Group announced the groundbreaking of its first seniors housing community in the state of Virginia. This will also be the furthest north development in Watercrest’s portfolio, so far, as the Florida-based developer/operator has plans to expand its Mid-Atlantic offering. In yet another... Read More »
Assisted Living Is Not A Nursing Home

Assisted Living Is Not A Nursing Home

The media continues to throw all seniors housing into the nursing home basket. It has to stop now, especially in this time of COVID. Here I go again, or better yet, here goes the uninformed New York Times again. In a story last week called, “Voices From Inside Nursing Homes,” I didn’t know whether these would be the voices of workers, or the residents who felt isolated with little social interaction. It was mostly neither. It was voices from children of residents, and in two cases, the resident; one “voice” was that of a staffer. The problem was that most were not voices from nursing homes. They were from a residential care facility, a seniors housing complex, an assisted living community,... Read More »
HealthPeak Sells 10 Aegis Living Communities

HealthPeak Sells 10 Aegis Living Communities

HealthPeak Properties continues its exit from the seniors housing business, both its sale/leaseback portfolio as well as its RIDEA assets. In a large transaction, HealthPeak has sold 10 assisted living and memory care communities to its tenant, Aegis Living, which partnered with Blue Moon Capital Partners in the deal. The purchase price for the real estate (to HealthPeak) was $350 million, but the total price for the entire transaction was closer to $440 million, or about $626,700 per unit. Not too bad during a pandemic.   The 10 properties are located in California (6), Washington (3) and Nevada (1). Average occupancy in the third quarter... Read More »
Brookdale’s Census Continues To Tumble

Brookdale’s Census Continues To Tumble

Although not unexpected, occupancy levels at Brookdale Senior Living have continued to decline, much like the rest of the industry. But with Brookdale, occupancy at the end of December had tumbled to 71.5%, a 160-basis point decline from the end of November. This was the worst month-to-month decline since the end of April to May period, which was 150 basis points. The worst month came in April 2020 when the drop was 220 basis points. That was the previous COVID height, but the numbers nationally today are much worse. Average occupancy in December declined by 150 basis points to 71.5%.  We are not sure what to expect after the Christmas and New Year’s holidays and the associated spike in... Read More »
Ziegler Secures Bond Refinance for Adventist Healthcare

Ziegler Secures Bond Refinance for Adventist Healthcare

Utilizing a relationship stretching back nearly two decades, not-for-profit Adventist Healthcare worked with the team at Ziegler to refinance its outstanding bonds. Issued through the Maryland Health and Higher Educational Facilities, the transaction consisted of $18.725 million in fixed-rate bonds and another fixed-rate bond issue of $48.12 million with a delivery date in October 2021. Proceeds of this financing will be used to current refund the Series 2014A bonds, forward refund the Series 2011A bonds, and pay costs of issuance. Adventist HealthCare, which operates three acute care hospitals, a behavioral/psychiatric hospital, and a rehabilitation hospital, was also able to achieve... Read More »
Senior Living Investment Brokerage Handles Memphis-Area Sale

Senior Living Investment Brokerage Handles Memphis-Area Sale

Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage handled the sale of a skilled nursing facility in West Memphis, Arkansas. Consisting of 85 beds in 49 units, the facility is situated along the Mississippi River on the Arkansas-Tennessee border. It was built in 1975 and includes a well-maintained physical plant. Occupancy was low, at 55%, and since the census has dropped due to COVID, plus this facility being a geographic outlier, we can’t imagine it was overly profitable. It was owned by an Arkansas-based regional owner/operator that decided to divest this asset from its portfolio. Another regional owner/operator stepped in to acquire the facility, closing at the... Read More »
Q&A With Bluma Broner of CIBC Bank USA: Lending In The Current COVID Climate

Q&A With Bluma Broner of CIBC Bank USA: Lending In The Current COVID Climate

Banks and other lenders will play a deciding role in when the senior care M&A and construction markets return to some sort of “normal.” Transaction activity was quite strong in the fourth quarter of 2020, particularly in December, but will we see that continue into 2021? And investors may have to change how they arrange their capital stacks. We asked Bluma Broner of CIBC Bank USA for her thoughts on lending in 2020 and how her team adapted to the unique crisis facing the industry.  Was your breakdown between acquisition loans, construction loans and refinancings similar to previous years? If not, what changed? And if you know, why?  Between March and December 2020,... Read More »
Recent Senior Care M&A Deals, Week Ending January 8, 2021

Recent Senior Care M&A Deals, Week Ending January 8, 2021

The start of the year came with a slew of seniors housing and care M&A announcements. Here is out latest deal chart. Long-Term Care   AcquirerTargetPrice Operating groupManorCare Health Services-AppletonN/A The Ensign Group, Inc.3 skilled nursing facilitiesN/A Prosper Life Care Inc.Landmark at Monastery HeightsN/A Prosper Life Care Inc.Landmark at Fall RiverN/A Global Healthcare REIT, Inc.Family Care Center of... Read More »
Greystone Arranges Two Agency Financings

Greystone Arranges Two Agency Financings

Fred Levine of Greystone arranged a HUD refinance for a skilled nursing facility in Cortlandt, New York. Built in 1984 and featuring 127 beds in 96 units, the facility offers both short- and long-term rehabilitation, along with physician services and complex medical care. Offered therapies include occupational, physical, cardiac, speech, post-surgical orthopedic care, stroke recovery, hip repair/joint replacement recovery, amputee recovery and training, off-site dialysis, bariatric rehabilitation, wound care, and IV antibiotic therapy. The $22.217 million loan came with a low, fixed interest rate and a 35-year term.  Matt Miller of Greystone followed that up... Read More »
Cambridge Ends Year With 13 Closings

Cambridge Ends Year With 13 Closings

Cambridge Realty Capital just announced its fourth quarter closings, which numbered 13 transactions valued at $100 million. That brings the firm’s 2020 total activity to 40 closings and $415 million in dollar volume, the second-highest number of annual closings in Cambridge’s history. The 40 properties that were financed were primarily nursing facilities and totaled 5,254 beds or units across several states.  The largest deal was a $16.9 million loan closed for a senior care facility in Peru, Illinois, with 94 skilled nursing beds, 68 assisted living units and 36 sheltered care beds. Other highlights include a $9.7 million loan for 164-bed skilled nursing facility in the... Read More »
Average Occupancy Falls To (Yet Another) New Low

Average Occupancy Falls To (Yet Another) New Low

Most of us saw it coming, but the seniors housing industry hit new occupancy lows in the fourth quarter of 2020, according to new data from NIC MAP. The sector experienced a drop of 130 basis points from the third quarter average of 82.0% to 80.7%, based on the reporting communities in 31 primary markets. Across the entire industry, including those properties that do not report their occupancy figures, the average census could be lower.  The assisted living market continues to feel the pain of higher move-out rates and fewer move-ins because of the lockdowns, impacts to demand and, of course, the holiday season. That dropped the sector’s average occupancy by 1.3 percentage points to 77.7%,... Read More »