• Public REIT Divests Two Georgia AL/MC Communities

    Berkadia was engaged in the sale of two assisted living and memory care communities in the Atlanta, Georgia MSA. The communities are located in Atlanta and Marietta and total 146 units. The seller was a publicly traded REIT. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders handled the transaction. No additional details were... Read More »
  • Missouri-Based Provider Acquires SNF Portfolio (with HUD debt)

    Blueprint was engaged by Birchwood Healthcare Partners, a Chicago-based private investor and owner/operator, in its sale of its eastern Oklahoma skilled nursing portfolio. The regionally clustered portfolio comprises seven facilities that total 561 beds. It benefited from the recent Medicaid rate increases and steady census rebounds. There was... Read More »
  • CFG Secures Bridge-to-HUD Loan for Massachusetts SNF

    Capital Funding Group announced the closing of a bridge-to-HUD loan totaling $9.75 million on behalf of a nationally recognized borrower. The loan supports the refinancing of a 123-bed skilled nursing facility in Massachusetts. Tim Eberhardt, Craig Casagrande and Ava Julio handled the transaction. This financing follows CFG’s announcement of the... Read More »
  • Joint Venture Acquires AL Community in Colorado

    Ziegler was engaged by Bethesda Senior Living in its sale of an assisted living community in Grand Junction, Colorado. Bethesda is divesting this non-core asset to focus on the growth of its mission. Cornerstone Management purchased the community in conjunction with a private real estate fund. Eric Johnson handled the transaction. No other... Read More »
  • 60 Seconds with Swett: M&A Activity Heats Up in May

    We have said this before, but the seniors housing and care M&A market is on pace to record its best-ever year in terms of transaction activity, and by some margin. Already by this point in May, we are closing in on 250 transactions for the year, so far, which puts us on track for more than 600 publicly announced deals when we close out 2024.... Read More »
The Current Lending Environment for Senior Care Properties

The Current Lending Environment for Senior Care Properties

The financing process has killed dozens (and hundreds) of deals in the last couple of years, and yet M&A activity is near record levels in the seniors housing and care industry. So deals are getting done, and not just with cash. Who has been lending and at what cost to the borrower? What hurdles have to be overcome? And when capital costs do lower, how can owners and operators best prepare to finance the oncoming wave of deals and demographics? Read More »
Lument Arranges Tennessee SNF Sale (& Loan Assumption)

Lument Arranges Tennessee SNF Sale (& Loan Assumption)

A skilled nursing facility in Tennessee that was struggling to maintain debt service and other loan obligations sold with the help of Laca Wong-Hammond and Isabel Carta of Lument Securities serving as exclusive financial advisor to the seller. Located in Rocky Top, about 25 miles from Knoxville, Summit View of Rocky Top is a 117-bed skilled nursing facility that offers short-term rehab and traditional nursing care, along with an 18-bed behavioral health hospital. It also carried an attractive, assumable loan. Like many facilities, it had experienced financial and operational difficulties since the pandemic, and so the local owner/operator engaged Lument Securities and Lument’s asset... Read More »
W&D Facilitates Three Seniors Housing Deals

W&D Facilitates Three Seniors Housing Deals

Walker & Dunlop Investment Sales facilitated the sale of three separate seniors housing assets. First, W&D announced the sale of Legacy Living Florence, a 128-unit senior living community just south of Cincinnati, Ohio. Built in 2022, Legacy Living offers independent living, assisted living and memory care. After receiving multiple offers, a REIT was selected as the buyer. Alex Vice, Joshua Jandris, Brett Gardner and W&D’s Seniors Housing Team handled the transaction. Next, W&D facilitated the sale of Lakeview Senior Living. Built in 2008, the community comprises 125 independent living units in Lakewood, Colorado. The buyer was Livingston Street Capital. Joshua Jandris and... Read More »
CFG Secures Bridge-to-HUD Loan for Five North Carolina SNFs

CFG Secures Bridge-to-HUD Loan for Five North Carolina SNFs

Capital Funding Group closed a $36.2 million bridge-to-HUD loan to support the refinancing of five skilled nursing facilities in North Carolina that total 522 beds. CFG refinanced an existing loan to include two additional underleveraged facilities on behalf of a nationally recognized borrower. Tommy Dillon originated the transaction.  This financing follow’s CFG’s closing of a bridge-to-HUD loan totaling $20 million, on behalf of a nationally recognized borrower. The loan supported the refinancing of a 125-bed skilled nursing facility in Maryland. Read More »
Berkadia Appoints New SVP of Capital Markets

Berkadia Appoints New SVP of Capital Markets

Berkadia hired Lisa Burgess, appointing her as SVP, Capital Markets – Seniors Housing and Healthcare. Burgess will be responsible for managing the balance sheet bridge financing process as well as the identification and management of third-party lending relationships to augment seniors housing and care dedicated bridge financing. Before joining Berkadia, she has had a 25-year career in healthcare finance, where her experience includes M&A, financing and portfolio management work for Epoch Senior Living, Benchmark Senior Living, Post Acute Partners, Wingate Healthcare and Care One. Burgess received her undergraduate degree from the University of Pennsylvania, graduating Magna Cum Laude... Read More »
PE Partnership Divests to a Publicly Traded REIT

PE Partnership Divests to a Publicly Traded REIT

Senior Living Investment Brokerage was brought on by a partnership in its divestment of an assisted living/memory care community in Freehold, New Jersey. The partnership was between Stephanie Anderson and Steve Walling, known as SilverStone HCRE, and a private equity group located in the west. During their ownership, NOI increased significantly, enabling them to sell the community at a significant profit. Purpose-built in 2001, Mattison Crossing at Manalapan Avenue comprises 160 units with 199 beds, and its performance was stabilized during the marketing period. The selected buyer was a publicly traded REIT with an established footprint in central New Jersey that was looking to expand its... Read More »
M&M Negotiates Lease, Purchase Option and Key Money

M&M Negotiates Lease, Purchase Option and Key Money

Nick Stahler and Austin Diamond of the Knapp-Stahler Group at Marcus & Millichap facilitated a lease-with-purchase-option transaction for a dually certified, 120-bed skilled nursing facility in the Dallas-Fort Worth area. The pair was also able to negotiate $500,000 of key money from the incoming operator for the landlord, a rarity in Texas deals. That was possible because at 10 years of age, the facility was performing well and represented decent lease coverage on day one. The SNF was 74% occupied and operated at a strong 12% margin with a 4% management fee.  Stahler and Diamond obtained several offers culminating in a full asking lease rate, purchase option that starts in... Read More »
Cain Brothers Secures Refinancing for New York Asset

Cain Brothers Secures Refinancing for New York Asset

Cain Brothers advised FilBen Group on a $30.67 million HUD refinancing for Wallkill Realty Partners (dba Braemar at Wallkill), an assisted living community in New York. The proceeds on the loan will be used to refinance The Orange County Funding Corporation Assisted Living Residence Revenue Bonds, Series 2012, providing a long-term, fixed-rate low cost of capital to the borrower.  As a result of the refinancing, the tax-exempt public fixed-rate Series 2012 bonds were redeemed at par. In addition, the refinancing will remove any ongoing financial covenants and public disclosure requirements related to the Series 2012 bonds (for example, debt service coverage ratio and days cash on hand).... Read More »
60 Seconds with Swett: The Current Lending Environment for Senior Care Properties Q&A

60 Seconds with Swett: The Current Lending Environment for Senior Care Properties Q&A

The higher cost and scarcity of capital has made getting just about any deal done that much more difficult, from an M&A transaction to a refinancing to a new construction project. We know that we don’t need to tell most of you that. But we also know that right now is a great time to buy, that it may be the time to commence construction, and that those with maturing debt are sometimes faced with a difficult decision: refinance or exit. So, we have convened a panel of financing experts to lay out the lending landscape and provide answers to those seniors housing and care owners on how to get deals done today, from which sources, and at what terms. But also, what financing options make... Read More »
Sonida Senior Living On The Move

Sonida Senior Living On The Move

It has taken a while, and a lot had to be done to strengthen the balance sheet over the past two years, but Sonida Senior Living is now on a path of growth, and recent announcements have shown it.  On May 9, the company closed on its first acquisition of the year with the purchase of a 100-unit assisted living and memory care community in Macedonia, Ohio. Built in 2015, the community has still not recovered from the challenges of the pandemic and changes in operators. The purchase price was $10.7 million, or $107,000 per unit, which seems quite cheap relative to what it would cost to replace, not to mention the original construction cost. They also bought it at a 43% discount to the... Read More »
Maryland SNF Portfolio Secures Refinancing

Maryland SNF Portfolio Secures Refinancing

First Citizens Bank’s Healthcare Finance business served as lead arranger for a $260 million loan to refinance a portfolio of 12 skilled nursing facilities in Maryland that comprise over 1,500 beds. The borrower, a new client, is a Midwest-based healthcare real estate investment and management company. It invests in a variety of post-acute facilities with investments in over 24 states. At $173,000 per bed of debt, the portfolio must be performing quite well. No other details were disclosed. Read More »