• Elevation Financial Group Grows Senior Living Portfolio 

    Elevation Financial Group, a private equity real estate investment firm focused on seniors housing and affordable senior apartments, continues to add to its portfolio with an acquisition in the Boston, Massachusetts MSA. Connemara Senior Living (the target) is an 86-unit community with independent living, assisted living and memory care services.... Read More »
  • CFG Closes Another Acquisition Loan 

    Capital Funding Group (CFG) announced the closing of a $11.26 million bridge-to-HUD loan for the acquisition of a skilled nursing facility in Sacramento, California. Featuring 121 beds, the facility was acquired by an undisclosed company looking to grow its portfolio. Capital Funding Group Managing Director, Long-Term Care Tim Eberhardt and... Read More »
  • Greystone Refinances Washington Oakes 

    Greystone has arranged a refinance for Washington Oakes, a 152-unit seniors housing property in Everett, Washington, a northern suburb of Seattle. A life insurance company provided the $15 million nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing... Read More »
  • Colliers Mortgage Arranges HUD Refinance 

    Colliers Mortgage provided a $25.2 million HUD loan to The Winslow in West St. Paul, Minnesota. Opened in 2020 with the help of a construction loan provided by Colliers in 2018, the 172-unit affordable seniors housing community rises four stories. Units are restricted to persons age 62 and above and who earn up to 60 percent of the area median... Read More »
  • 60 Seconds with Steve Monroe: Labor Headwinds Everywhere

    In case you did not notice, practically every equity analyst report we read on healthcare companies in the past four weeks had “labor headwinds” either in the title or the first paragraph. And I am not talking about senior care companies. These were home health, managed care, PMGs, you name it. Providers just can’t find the staff they need, and... Read More »
Helios Arranges Bridge Acquisition Loan for Texas SNF 

Helios Arranges Bridge Acquisition Loan for Texas SNF 

Helios Healthcare Advisors arranged a $14.2 million acquisition loan for a 120-bed skilled nursing facility in Rockwall, Texas on behalf of the buyer, HACO Health Solutions. HACO had operated the facility under a lease with a third-party landlord. The property is located in a desirable suburb of Dallas, maintained an excellent clinical reputation, offered a rehab program and reported strong financial performance. So, HACO wished to acquire the real estate and approached Helios to secure financing for the purchase. Helios ended up arranging a non-recourse bridge loan from a national specialty lender.  Read More »
Newmark Announces Several High-Quality Community Sales

Newmark Announces Several High-Quality Community Sales

The team at Newmark certainly demonstrated variety with its productivity in the first four months of the year in seniors housing and care transactions. The team closed eight sales, four refinances, three acquisition loans and three construction loans for a host of clients across the country. And from what we hear, there are another $550 million to $600 million in active adult sales alone set to close in the next two months. So, the momentum is building for another great year.  To the sales, a couple of deals involved very high-quality properties that sold way above the average per-unit price for seniors housing sales. Most recently, that was the sale of Danberry at Inverness, a senior... Read More »
CIBC Finances SNF Portfolio Takeover

CIBC Finances SNF Portfolio Takeover

A large Midwest-based operator purchased a portfolio of 12 skilled nursing facilities and 970 beds in Pennsylvania (11) and Delaware from its landlord, a private equity firm that has been divesting. The buyer assumed HUD debt, and CIBC Bank USA financed a $73 million acquisition loan to help cover the $140.5 million, or $144,800 per bed, purchase price. Operating performance across the portfolio has been trending favorably, and the buyer will continue to utilize its economies of scale and knowledge of the market to boost census and enhance cash flow. It helps that they had been operating the buildings for at least four years prior to this acquisition, so they can hit the ground running as... Read More »
Newmark Arranges Numerous Bank Financings

Newmark Arranges Numerous Bank Financings

After a successful start to the year for M&A, Newmark was quite prolific on the financing front as well. The team arranged $53 million in acquisition debt from Regions Bank for The Carlyle Group’s December 2021 purchase of The Solea Portfolio. Totaling 463 active adult units, the three communities are located in San Antonio, Katy and Houston, Texas, respectively. They were previously owned by a joint venture between Entrepreneurial Properties Corporation and Sparrow Partners.   Next, Newmark arranged four bank refinances on behalf of Caddis Partners for four of its “Heartis” communities. Comerica Bank provided a $20.8 million loan for the 106-unit Heartis North Shore in Wisconsin and a... Read More »
Ziegler Finances Richmond Campus Expansion 

Ziegler Finances Richmond Campus Expansion 

Three years ago, Westminster Canterbury Richmond announced plans for a Vibrancy! Project at their 809-unit life plan community located in Richmond, Virginia. Currently, the community has 487 independent living units, 164 assisted living units and 158 nursing units. We assume occupancy is pretty good because they will be adding an additional118 IL units. It originally opened in 1975 as one of the first LPC’s in Virginia and has become of the largest not-for-profit single-site communities in the country.  There are two parts to the expansion. In what will be known as the Vitality Tower, 42 new IL units will be built atop a new fitness and wellness center. This center will attach... Read More »
NewPoint’s Next New Hires

NewPoint’s Next New Hires

In the midst of a spate of hiring, NewPoint Real Estate Capital announced that Sean Huntsman is joining the firm as Senior Managing Director, Seniors Housing Originations and Katherine Stewart as Managing Director and lead for NewPoint’s Seniors Housing Agency Platform. The new hires expand NewPoint’s Seniors Housing & Healthcare lending platform, after NewPoint acquired Housing & Healthcare Finance in December 2021.  Specifically, the team plans to expand into the Fannie Mae and Freddie Mac seniors housing space in addition to originating proprietary bridge loans for independent and assisted living properties. Mr. Huntsman and Ms. Stewart will be based in NewPoint’s new Southern... Read More »
Welltower Posts Good Quarter

Welltower Posts Good Quarter

Everyone tries to put a good face on their performance, whether it has been average or well above average. But Shankh Mitra, CEO of Welltower, was practically exuberant on the REIT’s recent performance and its future growth and prospects. It certainly helped that same-community NOI in its SHOP portfolio grew by 18.4% year over year. Half of that growth came in the second quarter 2021, but the other half (9.7%) came in the first quarter this year. Increasing census and the ability to now charge higher rates really drove the increases.   Welltower’s seniors housing operated portfolio (SHOP) census beat the first quarter blues as many others have, with the U.S. portfolio posting a... Read More »
60 Seconds with Swett: Best Senior Living List Is Revealed

60 Seconds with Swett: Best Senior Living List Is Revealed

U.S. News & World Report came out with its first ever “Best Senior Living” list on Tuesday, creating new designations of Best Independent Living, Assisted Living, Memory Care and CCRCs. U.S. News and its survey provider, Dr. Jacquelyn Kung’s Activated Insights, administered satisfaction surveys at 3,045 communities throughout the country between March 2021 and February 2022, evaluating four basic categories: community & activity, food & dining, caregiving, and management & staff. Also, family responses were taken into account for assisted living scores, and memory care community scores were derived solely from family surveys. Residents tended to respond more positively than... Read More »
Former Mainstreet Facility Getting New Life

Former Mainstreet Facility Getting New Life

The former Mainstreet “transitional care” facilities that were developed with much fanfare continue to sell as vacant (but beautiful) assets. Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors just sold another one in Temple, Texas to a buyer with alternative plans for the property. Built in 2019 with 70 private units, the facility never operated, so that made an easier conversion project. The high-quality building featured plenty of common area and modern finishes. A competitive market process saw Blueprint identify an experienced Texas-based real estate investor as the buyer who structured a lease with a national healthcare system based in Southern California to... Read More »
CFG Closes Bridge Loan for Arizona Acquisition

CFG Closes Bridge Loan for Arizona Acquisition

Capital Funding Group announced the closing of $17.2 million in bridge debt for the acquisition of two skilled nursing facilities in Arizona. The experienced borrower previously operated these facilities, and through this transaction they were able to purchase the real estate at a pre-negotiated price that was set when they originally took over operations. Totaling 232 beds, the facilities were built in 1982 and 1982. Capital Funding Group Vice President Tommy Dillon originated the transaction, which covered 100% of the costs due to the current market value of the facilities surpassing the agreed-upon purchase price. The deal follows an impressive first quarter with over $840 million in... Read More »
JLL Refinances California Active Adult Community

JLL Refinances California Active Adult Community

JLL Capital Markets closed the refinancing of a 172-unit, garden-style active adult community in Chatsworth, California. The borrower was Universe Holdings, and they received $30.315 million in fixed-rate funds through Freddie Mac for 10 years. Nantucket Creek was built just over 35 years ago and has one- and two-bedroom units ranging in size from 623 feet to 1,100 feet. The community has a clubhouse, fitness center and many other amenities, and at closing the occupancy was about 97%. That strong census may be why a 35-year-old building was able to get financing for $176,000 per unit. The JLL team representing the borrower included Charles Halladay, Jonah Aelyon and Elie... Read More »