Just Released M&A Stats: Where Have Senior Care Values Settled?
On February 17, Ben Swett, Editor of The SeniorCare Investor, hosted our annual webinar covering the latest proprietary M&A statistics from the previous year. He was joined by panelists Dan Revie of Ziegler, Dan Lahey of LCS Real Estate and Yitzy Rosenblum of Cascade Capital Group to discuss what happened in 2021, where values settled more than a year after the pandemic, and what buyers, sellers and operators can expect for 2022 and beyond. The full picture will be presented in our Senior Care Acquisition Report, 27th Edition, to be released soon. First, the panel reflected on 2021. And what a year 2021 turned out to be, with 443 publicly announced deals closed and the busiest December... Read More »
REIT Joint Venture Divests Oklahoma Asset
A joint venture between a large national REIT and a regional owner based in the Tulsa, Oklahoma MSA divested a small assisted living community in Tulsa for an undisclosed price. Built in 1997, The Arbors features 25 beds in 20 units on a 2.07-acre plot. It was just 70% occupied, but no financials were disclosed. An Oklahoma-based private owner stepped in to purchase the property and has plans to convert it to skilled nursing, with a hospice specialty. Nick Cacciabando and Jason Punzel of Senior Living Investment Brokerage marketed the property, helped source the buyer and closed the transaction. Read More »
Leor Dimant Joins Lument as Managing Director
Lument recently announced that Leor Dimant joined the company as a managing director, focusing on originating new business. Mr. Dimant joins Lument after working as a managing director at Greystone for eight years, where he originated multifamily and healthcare loans, specializing in HUD, agency and bridge loans. He brings experience in conventional, seniors, and multifamily production, and Lument’s expansive financing platform should serve his client base well. He will report to Aaron Becker, Lument’s head of seniors housing and healthcare production. Notably, Dimant also served in the Israeli Defense Forces for four years, including time as a member of an elite paratrooper unit. He is... Read More »February 2022 Webinar – Just Released M&A Stats: Where Have Senior Care Values Settled?
About the webinar: The pandemic shook the seniors housing and care industry like no crisis possibly has before. Average census plunged across the country, as did profits, and it took several iterations of government aid to keep many facilities afloat. In the first full year after the pandemic, occupancy has rebounded, albeit slower than needed, and operating margins have taken a hit from rising costs, particularly from labor. So how have the fundamentals of owning and operating seniors housing and care properties changed as a result of the pandemic? And when should investors value a property’s pre-pandemic performance versus its current or projected operations? Also, which subsectors have... Read More »
Welltower: Riding Out The Storm
There were no surprises in Welltower’s fourth quarter and full-year 2021 earnings report, which we suppose is a good thing. Could the seniors housing portfolio be performing better? Yes, but so could everyone else’s portfolio. The U.S. seniors housing owned portfolio (SHOP) has seen a slowdown in census increase, with no change in December, which followed a 50-bp rise in November and 30-bp increase in October. That results in 80 basis points of census increase in three months, compared with 260 bp in the third quarter previous and 280 bps in the second quarter. While there is some seasonality in that fourth quarter number, we also may have seen the end of the “post-lockdown” boost, or the... Read More »Regions Bank Provides Acquisition Loan for Thriving Idaho Community
We recently learned that in December, Regions Bank Healthcare Real Estate Group closed a $2.85 million three-year balance sheet loan for the acquisition of an 81-unit independent living community in Chubbuck, Idaho. Per unit, the loan amount comes to $35,185 and includes interest only for the term, can be extended for up to two years and can be increased in the future based upon property performance. Chris Honn handled the transaction for Regions. Comprising 82 units and one single-family home, Cottonwood Cove was built in 1987 and has 117,828 square feet on five acres. A western United States-based private equity firm purchased the community for $3.75 million, or $45,000 per unit, at an... Read More »
California Owner/Operator Refinances
Regions Bank Healthcare Real Estate Group recently closed a $9.5 million non-recourse balance sheet loan to refinance an 81-unit assisted living/memory care community in the Irvine, California MSA. The community is owned by a private Southern California-based owner/operator and was approximately 84% occupied at closing. The loan amount comes to approximately $113,100 per unit. There is a floating rate, an initial term of three years with an interest only period, and a one-year extension option. The loan is designed to be replaced with agency debt, based on property performance, and the amount may be increased during the term. Loan proceeds were used to repay a Fannie Mae loan,... Read More »
MidCap Provides Liquidity for AlerisLife
MidCap Financial announced that it recently closed financing for AlerisLife (formerly Five Star Senior Living). The $95 million floating rate first mortgage loan is secured by 14 high-quality senior living communities totaling 1,477 units in the Southeast, Midwest, and Northeast. The communities are all owned by AlerisLife and operated by their Five Star Senior Living brand. MidCap’s loan enhances AlerisLife’s liquidity position and provides funds for capital improvements across the portfolio. Read More »
SLIB Sells Portfolio in Arkansas
Nick Cacciabando and Patrick Burke of Senior Living Investment Brokerage sold a portfolio of three properties located in Arkansas. Consisting of 175 units of private pay assisted living, the properties average 6 acres and 52,000 square feet each and were built in the late 1990s. The seller, a local family owner/operator, developed the three properties and retired from the seniors housing industry with this divestiture. The buyer is a private national company based in New York who will enlist an operating partner to manage the property. This is their first acquisition in the state of Arkansas, but they own and operate communities in several neighboring states. No purchase price was... Read More »
Oregon Owner/Operator Sells Seven Sites
An Oregon owner/operator has exited the industry with the sale of their seven-property portfolio. Built between 1999 and 2014, each building has 15 units, and all are in secondary markets along the I-5 Interstate. The purchase price was $15.875 million, or roughly $178,000 per unit. While historically operating near stabilized levels generating gross revenue of $6 million, performance declined in late 2021. Although, occupancy at closing was approximately 85%, which a number of operators across the country would probably love to achieve right now. The buyer is a regional operator with a focus on serving memory care residents which intends to invest in operational systems to drive... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
