• Reliq Health Technologies Adds 30 SNF Clients

    Reliq Health Technologies, a global healthcare technology company involved in virtual care, announced that it added 30 new skilled nursing facility clients to a previously disclosed contract with a large healthcare network in Florida. The deal is expected to result in over 3,000 new patients per month using Reliq’s iUGO Care platform, which... Read More »
  • Ziegler Finances South Carolina CCRC Expansion

    Ziegler closed $29.2 million in Series 2023A and B bonds for Bishop Gadsden Episcopal Retirement Community, a not-for-profit CCRC on James Island in Charleston, South Carolina. The financing will help fund the construction of an independent living expansion on the campus and comes four years after Ziegler also helped finance the construction of a... Read More »
  • Erickson Senior Living Planning Big Tampa Bay Project

    It may be up for debate exactly when seniors housing development kicks back into high gear to prepare for the oncoming baby boomers, but Erickson Senior Living is planning its next project at its typically large scale to include more than 1,000 units of seniors housing in Lakewood Ranch, Florida. The company is seeking site approvals from Manatee... Read More »
  • 1031 Crowdfunding Enters Utah Market

    1031 Crowdfunding announced the acquisition of its first seniors housing communities in the state of Utah. The two assets combine for a total of 178 units of assisted living and memory care. Built in 2011 and 2016 respectively by the same developer, Spring Gardens St. George and Spring Gardens Lindon total 156,473 square feet across 5.8 acres.... Read More »
  • Stellar Senior Living Acquires Assisted Living Community in Utah

    Blueprint Healthcare Real Estate Advisors announced the sale of an assisted living community in South Jordan, Utah. Built in 2018, Anthology of South Jordan comprises 103 units of independent living, assisted living and memory care, and sits on 3.7 acres in the greater Salt Lake City area. The new owner is Stellar Senior Living, which renamed the... Read More »
Kandu Capital Refinances Its Turnaround Property in Indiana

Kandu Capital Refinances Its Turnaround Property in Indiana

Kandu Capital, LLC, a real estate and health care-focused family office, and its seniors housing operating company, Bloom Senior Living, refinanced its 78-unit assisted living/memory care community in Kokomo, Indiana. Bloom at Kokomo was acquired in May 2019 from Capital Senior Living Corporation (now Sonida Senior Living) for $5 million, or $64,000 per unit. At the time, occupancy was 80%, revenue was just over $3 million, and the community was losing money. However, Bloom management projected EBITDA could grow to at least $750,000. And we profiled the turnaround late last year in a story called “A Successful Turnaround, Twice.” Long story short, in just over three years and during the... Read More »
Lloyd Jones Announces Handful of Acquisitions

Lloyd Jones Announces Handful of Acquisitions

After a busy year with at least seven acquisitions made in the seniors housing space, Lloyd Jones finished 2022 with the purchase of four seniors housing communities in the states of Ohio, Texas, and Massachusetts. Its operating company AVIVA Senior Living will operate all four locations and rebrand them as AVIVA communities. Built in 1992, Glendale Assisted Living comprises 50 units and 70 beds in Toledo, Ohio. The other Ohio community was Canton, Ohio-based The Landing of Canton, which comprises 80 units of assisted living and memory care. The community offers one and two bedroom residences with 60 assisted living units and 20 memory care units, the community offers 91 beds and is... Read More »

Cushman & Wakefield Refinances IL/AL Portfolio

Cushman & Wakefield announced it has arranged a $51 million refinance of an independent living and assisted living portfolio on behalf of Kisco Senior Living. The three-property portfolio comprises 477 units and spans across the states of California, Texas and North Carolina. The communities within the portfolio are Cypress Court in Escondido, California, Villa de San Antonio in San Antonio, Texas, and Heritage Woods in Winston-Salem, North Carolina. The new loan, which was provided by a national bank, is retiring existing debt. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Sam Dylag represented the borrower in the transaction. Read More »
Rockwood Capital and Doyenne Healthcare Capital Announce Joint Venture

Rockwood Capital and Doyenne Healthcare Capital Announce Joint Venture

Rockwood Capital and Doyenne Healthcare Capital have announced a new seniors housing joint venture to invest up to $100 million of equity in seniors housing assets across the United States. Doyenne Healthcare Real Estate is a women- and minority-owned real estate investment firm that was established in August 2022 and is headquartered in Chicago, Illinois. Rockwood Capital is a real estate investment management firm founded in 1995 that provides debt and equity capital combined with real estate operating expertise for the repositioning, development, redevelopment and recapitalization of residential, office, retail and hotel space in key markets throughout the United States. Financial terms... Read More »
58-Twelve Acquires Active Adult Community in Georgia

58-Twelve Acquires Active Adult Community in Georgia

Clairmont Crest Inc. has announced the sale of its 55+ active adult community in Decatur, Georgia. Clairmont Crest Senior Living Community comprises 213 units and sits on four acres in the greater Atlanta area. The acquisition was funded by a $30.5 million first-priority mortgage loan from Miami-based real estate lender BridgeInvest. The loan will go towards both the acquisition of the property and its renovation into a class-A luxury midrise. The buyer of the community is 58-Twelve, which announced plans to spend $20,000 per unit, or $4.26 million in renovations. Rent for the community is also expected to increase by 45% once all the renovations are complete. Clairmont Crest Senior Living... Read More »
Standard Communities Acquires Affordable Seniors Housing in Illinois

Standard Communities Acquires Affordable Seniors Housing in Illinois

Standard Communities announced the acquisition of two affordable seniors housing communities in Chicago, Illinois. Built in 1926, Commonwealth Apartments comprises 145 units in the Lincoln Park area of Chicago. The other affordable seniors housing community is Greenleaf Apartments, which was built in 1981 and comprises 321 units in three stories. Community amenities include community rooms, libraries, sitting areas, on-site laundry facilities, multiple elevators, ground floor retail and hair salon, plus healthcare and convenience stores within walking distance. The two acquisitions have a combined total capitalization of $146 million, excluding $46 million in planned renovations for the... Read More »
60 Seconds With Swett: Not-For-Profits Could Have a Tough 2023

60 Seconds With Swett: Not-For-Profits Could Have a Tough 2023

The pandemic adversely affected all senior care companies in the last three years, but not-for-profits seem to have been hit the hardest. First seeing their occupancies decline, they were then hit by inflation and soaring wages, which, when you generally have expense management issues in good times, is a devastating combination. The generosity to support several years of losses at these organizations is noble, but their boards can’t sustain those struggling businesses forever, especially when their mission could be better served in other capacities. We recently saw the debacle at the not-for-profit ProMedica where Welltower let the health system off the hook with its underwater leases for... Read More »
58-Twelve Acquires Active Adult Community in Georgia

Baier’s Brookdale Butcher Block

On Friday the 13th (kind of cute, isn’t it), Brookdale Senior Living announced some major C-Suite changes, including the removal of Steven Swain as EVP and CFO effective February 24th, with the current Chief Accounting Officer taking over those roles while remaining the CAO. In addition, Kevin Bowman is out as EVP of Community Operations (basically the COO) effective January 12th. The two division VPs for the East and West will now report directly to CEO Cindy Baier. We are not sure what happened, but this seems a little like blaming these two senior executives for the 50% plunge in Brookdale’s share price as a result of the recent dilutive equity raise. We don’t know where this equity... Read More »
Blueprint Sells Nebraska Community & Helps Arrange Acquisition Financing

Blueprint Sells Nebraska Community & Helps Arrange Acquisition Financing

Cedarhurst Senior Living acquired a well-occupied senior living community in Omaha, Nebraska, from a multi-asset class Midwestern developer. The A-quality building features 110 units of assisted living and memory care, and was consistently above 95% occupancy throughout the sale process. Still, there was upside in rental rates, and expenses could be potentially reduced under new ownership. So, the seller engaged Brooks Blackmon and Alex Florea of Blueprint Healthcare Real Estate Advisors to market and sell the property. Ultimately, Cedarhurst, a vertically integrated developer, owner and operator, emerged from a competitive bidding process to buy the community and retained Blueprint... Read More »
Denver Developer Doubles Down on Active Adult

Denver Developer Doubles Down on Active Adult

Denver-based Headwaters Group announced its intention to increase its development and acquisition activity within the active adult market. The company recently launched its middle-market active adult initiative and will focus on for-rent communities for adults aged 55 and older in the western half of the United States, initially, with plans to expand nationwide. Headwaters and an unknown joint venture partner plan to build a 169-unit active adult community in Centennial, Colorado and is also under contract for land in Northglenn to build a 169-unit active adult community. In addition to these two Colorado communities, Headwaters is currently in the works for two more projects in Longmont... Read More »
Blueprint Handles Virginia Portfolio Deal

Blueprint Handles Virginia Portfolio Deal

Blueprint Healthcare Real Estate Advisors handled the sale of five seniors housing communities comprising 250 units along the Blue Ridge Mountains of Virginia. CareTrust REIT announced that it had sold the portfolio earlier in January. Three of the assets were built between 1997 and 2002, one was built in the early 1980s, and the last is a historic landmark dating back to 1916. They sold for $13 million, or $54,000 per bed. Each of the five communities struggled during the pandemic and were underperforming, which presented an opportunity for an operator to acquire and grow the census back to previously stabilized levels. In a competitive sale process which yielded multiple offers, the... Read More »