• Summit LTC Management Acquires East Texas SNF

    The Blueprint Healthcare Real Estate Advisors team worked together to sell a 112-bed skilled nursing facility located near the University of Texas Health, East Texas campus in Athens, Texas. Built in 1987, the facility has mostly semi-private rooms. It historically operated well while enrolled in QIPP, but a new local competitor put downward... Read More »
  • Monticello Funds Wisconsin Acquisition and Refinance

    MONTICELLOAM, LLC (Monticello) and its affiliates recently structured first lien debt for a portfolio of three senior care facilities in Wisconsin. The purpose of the debt was two-fold, with a portion going towards the acquisition of an assisted living/skilled nursing property and the remaining amount refinancing two skilled nursing facilities.... Read More »
  • Cambridge Realty Capital Lowers Rate On 16 Facilities

    Cambridge Realty Capital announced a slew of HUD loan modifications in the first half of 2020. The lender worked on behalf of borrowers with a combined 16 healthcare facilities that all had HUD mortgages. They are located in Illinois, California, Ohio, Texas, New Jersey and Iowa. In total, Cambridge funded over $200 million in loan modifications,... Read More »
  • Brookdale, Genesis Report Tough Quarters

    Brookdale Senior Living and Genesis HealthCare, the two largest providers, were not spared from COVID’s devastation in the second quarter. The two largest providers in their respective sectors, Brookdale Senior Living in seniors housing and Genesis HealthCare in skilled nursing, did not escape COVID’s wrath. No one expected they would.... Read More »
  • Senior Living Investment Brokerage Sells Michigan Senior Care Campus

    Ryan Saul, Joe Young and Brad Clousing of Senior Living Investment Brokerage successfully sold a senior care campus in Jackson, Michigan. Originally built in 2010, the property comprises 90 total units, split between 50 private skilled nursing beds and 40 assisted living units. Historically, it operated well with occupancy consistently around... Read More »
Two Texas SNFs Acquired

Two Texas SNFs Acquired

Senior Living Properties, through its affiliate SLP Operations LLC, acquired two skilled nursing facilities in Texas, bringing its total portfolio in the Lone Star State to 41 facilities. The acquisition included a 111-bed facility in West Orange (on the border with Louisiana) and a 107-bed facility in Texas City, about 40 miles southeast of Houston on Galveston Bay. Both facilities offer skilled nursing, physical therapy, post-acute care, long-term care, rehabilitation services, respite care and memory care.  Just last month, SLP Operations acquired two other Texas facilities In Mineola and Johnson City. Matthew Alley of Senior Living Investment Brokerage handled the... Read More »
Capital Senior Living Returns 18 Properties to Fannie Mae

Capital Senior Living Returns 18 Properties to Fannie Mae

It’s been quite a week of earnings announcements from the publicly traded senior care companies, with Healthpeak Properties, Welltower, CareTrust REIT, Sabra Health Care REIT, Omega Healthcare Investors, Five Star Senior Living, Diversified Healthcare Trust and The Ensign Group all reporting. Capital Senior Living Corporation also came out with its second quarter results, and surprised some by revealing it was turning 18 properties in forbearance with Fannie Mae back to the agency lender. We have never heard of a company basically handing the keys over to Fannie Mae for that many communities. It is safe to say we are in unchartered territory that does not fail to surprise us, to say the... Read More »
Blueprint Sells in Sacramento

Blueprint Sells in Sacramento

Humair Sabir and Jacob Gehl of Blueprint Healthcare Real Estate Advisors worked on behalf of a private ownership group in its sale of a senior living community in Sacramento, California. Originally built in 1997, the community features a mix of 72 independent living, assisted living and memory care units in three integrated buildings. It also has the advantage of being in a desirable area of Sacramento.  The seller, Solstar Investments, bought the community from a local investor group in 2015 for $6.85 million, or $95,100 per unit, at a roughly 6.1% cap rate. At the time, occupancy had dropped to just 80% (not that bad these days), and the operating margin could have been improved... Read More »
Cushman & Wakefield Close Nine-Property SNF Sale

Cushman & Wakefield Close Nine-Property SNF Sale

Cushman & Wakefield handled the sale of a nine-property skilled nursing portfolio in Ohio, working on behalf of the private owner who was looking to shrink their presence in the business. Featuring a total of 884 beds, the portfolio was apparently operating around stabilized levels.   The buyer was undisclosed but was described as a regional operator with a significant presence in the state.  Terms of the deal were also not disclosed but involved both cash and the assumption of debt. Richard Swartz, Jay Wagner and Dan Baker of Cushman & Wakefield handled the transaction.  Read More »
Love Funding Closes Puerto Rico Financing

Love Funding Closes Puerto Rico Financing

Leonard Lucas of Love Funding headed down to sunny Guayama, Puerto Rico to close a HUD financing for the acquisition of a 60-unit age-restricted, Section 8 apartment complex. Featuring two, two-story buildings, the community is entirely covered under a new project-based Section 8 HAP contract secured by the buyer that runs for a period of 20 years. To acquire the community, the borrower obtained a $3.14 million loan, which came with a lower mortgage insurance premium of 0.25%.  The borrower was also able to realize additional savings through HUD’s reduced application fee incentive for projects located in a Qualified Opportunity Zone.    Read More »
HealthPeak, Welltower, Ventas and Others Report This Week

HealthPeak, Welltower, Ventas and Others Report This Week

In the next 48 hours, six companies will report second quarter earnings. While it won’t be pretty, you have to think long term. Earnings season is here, and I am afraid it will not be very pretty. Unfortunately, it has not been pretty for a while, but we can always hope. Six companies will be reporting second quarter earnings over the next 48 hours. Everyone is trying to put as good a face on it as they can, especially since we all know that at some point in the future, it will get better. The questions are when, which sectors will start improving first, and how much better will it get? The thing I have a hard time reconciling is that there is still plenty of equity capital out... Read More »
The Ensign Group Acquires Arizona Senior Care Campus

The Ensign Group Acquires Arizona Senior Care Campus

The Ensign Group acquired a senior care campus with a variety of post-acute services, including physical, occupational and speech therapies and other rehabilitative and healthcare services in addition to assisted living. Located in Tempe, Arizona, the campus includes a 62-bed skilled nursing facility and a senior living community with 72 assisted living and 90 independent living units.  This was the first acquisition for usually active Ensign since the onset of COVID-19. Plus, the provider acquired both the real estate and operations at the property, furthering its strategy to own more of the real estate across its portfolio of 226 healthcare facilities. Right now, Ensign owns the real... Read More »
Watercrest Opens Senior Living Community In South Carolina

Watercrest Opens Senior Living Community In South Carolina

Watercrest Senior Living Group is opening another seniors housing community in the Southeast just a couple of months after announcing the grand opening of its 107-unit community in Winter Park, Florida, and the groundbreaking of another 98-unit community in Myrtle Beach, South Carolina. To open a new community these days must be a difficult task, let alone two, so we hope lease-up is going smooth and steady.  The most recent project is located in Lancaster, South Carolina, on the outskirts of Charlotte, NC. It features 107 units, split between 75 assisted living and 32 memory care, and most of the amenities you would find at a Watercrest community: pool, spa, multiple dining... Read More »
The NHP Foundation Acquires Another Senior Apartment Community

The NHP Foundation Acquires Another Senior Apartment Community

An affordable seniors housing community in Waterbury, Connecticut will continue its mission to serve low-income seniors thanks to its purchase by The NHP Foundation. Exchange Place Tower was originally built in 1983 with the help of rental assistance support from HUD.   The NHP Foundation will invest in extensive renovations to the 150-unit property, including remodeling kitchens, bathrooms, new energy efficient windows, accessibility improvements and the installation of fixtures that use less electricity and water. Eversource will also help with the property’s conversion from an oil-fired heating and hot water system to natural gas. Plus, the building will have spaces that allow for... Read More »