• Covenant Living Communities Expands in Illinois

    Covenant Living Communities and Services enlisted Chicago-based construction company, Leopardo, and Atlanta-based architects, THW Design, for a $66.5 million expansion project at the assisted living community Covenant Living of Northbrook in Northbrook, Illinois. This expansion involves the construction of three new three-story carriage homes,... Read More »
  • Meridian’s November Transaction Volume

    Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $176 million in transaction volume in November 2023. The team recently arranged $48.7 million in financing from a commercial bank along with a $5 million A/R line for the acquisition of two skilled nursing facilities with 300 beds in... Read More »
  • Developers Secure LIHTC Equity for Indiana Project

    Brown Capital Group, Leo Brown Group and Rogers Development Group are teaming up on a new seniors housing development in Indiana. The trio will open Reserve on Park Place, a 187-unit affordable senior apartment building in Fort Wayne, in April 2025. The three-story community will have 15 studio, 136 one-bedroom and 36 two-bedroom units for... Read More »
  • Construction Coming to a Close for NY Development

    FilBen Group, an owner/developer, and its equity partner RSF Partners are nearing completion of their $54 million seniors housing development in Montebello, New York, in the Lower Hudson Valley. The four-story Braemar at Montebello will be complete in 2024 and feature 133 total units. Of those, there are 66 studio, 14 one-bedroom and 53... Read More »
  • REIT Divests Washington State Seniors Housing Asset

    Blueprint’s Behavioral Healthcare and Seniors Housing Team worked together to sell a seniors housing asset in Bremerton, Washington, on behalf of its nationally recognized healthcare REIT owner. The property was identified as an ideal candidate for either a behavioral healthcare provider, based on strong demand and reimbursement in the state, or... Read More »
60 Seconds with Swett: CCRCs Still Ahead on Occupancy

60 Seconds with Swett: CCRCs Still Ahead on Occupancy

Ziegler recently came out with its analysis of the latest NIC MAP occupancy statistics for CCRCs, or LPCs, and the sector continues to outperform the separate seniors housing and care sectors. For independent living units, the average occupancy for CCRCs was 90.5% compared with 84.2% for IL units not within a CCRC. In the assisted living sector, AL units within CCRCs were on average 87.5% occupied, versus 83.1% outside of CCRCs. Memory care averaged 86.5% occupancy within CCRCs and 83.4% outside of them, and skilled nursing beds were 83.6% and 82.2% occupied, respectively, although CCRCs have been shedding their SNF beds over the last several years and the beds remaining would... Read More »
Ziegler Sells Struggling CCRC in Alabama

Ziegler Sells Struggling CCRC in Alabama

Diversicare Healthcare Services purchased a large, independent, not-for-profit CCRC in Homewood, Alabama (east of Birmingham) in a deal handled by Nick Glaisner and Jake Sexton of Ziegler. Called St. Martins of the Pines (SMP), the community had been in significant financial distress, losing nearly $2 million in EBITDA on approximately $13.5 million in revenues. Occupancy was understandably low, as well, across all acuity types.  Founded in 1955, the campus features a four-story independent living community with 97 units, a two-story assisted living/memory care community with 40 AL and 51 MC units, and a skilled nursing campus in a greenhouse “cottages” style (which replaced an older SNF... Read More »
Not-For-Profit Divests in Wisconsin

Not-For-Profit Divests in Wisconsin

Marcus & Millichap facilitated the divestment of Colfax Health and Rehabilitation Center in Wisconsin on behalf of a local not-for-profit seller. Built in 2013, the facility originally featured 28 skilled nursing beds, 26 assisted living beds and 12 RCAC units within a 52,000-square-foot space, all comprising private rooms. The community underwent a strategic transformation. Post-conversion, the assisted living component expanded by an additional 28 beds, resulting in a total of 66 assisted living and RCAC units. The skilled nursing beds were phased out, with the corresponding license transitioned to a CBRF license. Operating at a substantial loss, with revenues hovering around $1.5... Read More »
New Development Is Not Dead

New Development Is Not Dead

New development is not dead, as Chelsea Senior Living and global real estate developer Trammell Crow Company teamed up to open a brand-new assisted living/memory care community in Fair Lawn, New Jersey. In this current environment, most agree that the only developments that work are high-end communities in high-barrier-to-entry markets where intense competition and pressures on staffing costs are less. Most lenders certainly agree with that, too, and The Chelsea at Fair Lawn is located in an affluent suburb of New York City. Not only that, it is the borough’s first assisted living/memory care community.  The three-story community opened in September 2023 with 67 units. Residents can... Read More »
Moravian Manor Communities and Morningstar Living Affiliate

Moravian Manor Communities and Morningstar Living Affiliate

Moravian Manor Communities and Morningstar Living finalized their affiliation and will now operate under the umbrella of Unitas Communities. The two faith-based, not-for-profit organizations each operate two CCRCs in Pennsylvania, with Moravian operating two communities in Lititz and Morningstar operating two in the Nazareth area. There was already a loose connection between the organizations before a formal affiliation was established. Under the agreement, both will retain separate corporate identities with separate financial and legal operations. However, they will share services and resources, and J. David Swartley, president and CEO of Moravian, becomes president and CEO of... Read More »
Two Doctors Acquire MC Community

Two Doctors Acquire MC Community

Haven Senior Investments, a faith-based advisory and brokerage firm, sold a long-standing, family-owned memory care community in eastern Kansas. The high-end community features 48 units and 48 beds across four buildings, serving the Lawrence area west of Kansas City. The first building opened in 2012, followed by the remaining three in 2017, 2019 and 2022, respectively. The local owner/operator that developed the community is exiting the industry with the sale in order to retire and wished the community to go to a buyer with similar values. Haven sourced the buyer, MD Memory Care LLC, which is headed by a medical doctor and IT duo, Dr. Chaitanya Musham and Sri Vallak, both of whom were... Read More »
Cambridge Secures HUD Refinancing Loan

Cambridge Secures HUD Refinancing Loan

Cambridge Realty Capital provided a $2.1 million HUD loan to refinance Wells Point Lodge, a 60-bed seniors housing community in the northern Austin suburb of Pflugerville, Texas. Anthony Marino of Camrbidge originated the 35-year loan through HUD’s 232/223(f) program. The borrower was an undisclosed, Texas-based limited liability company. Cambridge also utilized the early rate lock program, which allowed the owner to avoid the recent run-up in interest rates. Read More »
Blueprint Handles Virginia AL/MC Divestment

Blueprint Handles Virginia AL/MC Divestment

The owner of two assisted living/memory care communities in central Virginia engaged Blueprint to sell the assets. The deal closed with a buyer seeking to scale a regional management platform paying an undisclosed price. Located about 75 miles apart, one in a densely populated, affluent market and the other in a tertiary submarket, the communities totaled 128 units. They were not stabilized assets. A targeted marketing campaign resulted in multiple offers before the seller chose the eventual buyer due to their incentive to expand into the geographies, their “vigorous” pursuit of the deal, and a demonstrated commitment from their local banking and equity investment partners. Kory Buzin,... Read More »
DHC Announces A New President

DHC Announces A New President

Diversified Healthcare Trust announced that with its failed merger with Office Properties Income Trust (both companies are managed by The RMR Group) it would be making changes to its board and executive leadership team. Well, President and CEO Jennifer Francis is retiring at the end of the year, to be replaced by Christopher Bilotto, an executive vice president of The RMR Group and current president and COO of Office Properties Income Trust. If the aforementioned merger had been completed, Bilotto was set to lead the combined companies. Francis had been a part of Diversified Healthcare Trust’s (DHC) senior management team since 2018 and was a managing trustee since 2021. She will continue... Read More »
Private Owner in Indiana Exits Seniors Housing Industry

Private Owner in Indiana Exits Seniors Housing Industry

At the encouragement and direction of their lender, a private owner sold their only seniors housing asset in Indiana, with the help of Ryan Saul and Nick Cacciabando of Senior Living Investment Brokerage. The community, which was built in 2000, features 45 units of assisted living in the town of Anderson. At just above 50% occupancy, it was losing money on about $1.125 million of revenues. It did not help that the single-site family owner managed it with obsolete reporting and operating systems. Another private owner that has provided owners with operating, clinical and environmental consulting services for many years emerged as the buyer. This was their first foray into ownership, and the... Read More »
60 Seconds with Monroe: Happy Thanksgiving

60 Seconds with Monroe: Happy Thanksgiving

Rarely does the entire clinical staff at a nursing home walk out in protest of working conditions, but that was the case a few months ago in New Mexico. I was made aware of it when I received a call from an 82-year old woman in New Mexico who volunteers to help the elderly make decisions who are at the end of their life.  The manager is a company called OpCo NM, very original, and apparently they have been buying up nursing homes in New Mexico. She believed the people running it were formerly associated with Skyline Healthcare, the company that walked away from more than 100 leased nursing homes after sucking all the cash from them. While I could not verify the connection, given what... Read More »