CBRE Closes Large Acquisition Financing
CBRE National Senior Housing arranged more than $200 million in acquisition and recapitalization financing for seven senior living communities across three different transactions. The financing was done on behalf of Monarch Alternative Capital LP and REDICO, the buyers of the properties. The portfolio includes 1,133 units of independent living, assisted living and memory care in Florida, Illinois and Michigan. The five Florida properties with 817 units are relatively new and have been operated by American House Senior Living Communities. They are located in Bluewater Bay, Bonita Springs, Coconut Point, Fort Myers and Wildwood. The one community in... Read More »
CareTrust REIT CEO Greg Stapley Steps Down
Amid rumors that CareTrust REIT was looking to make some changes, which may have included a sale or merger of the company into another REIT, the company announced that the CEO, Greg Stapley, will be stepping down at the end of the year, and sometime next year he will commence a three-year, full-time volunteer assignment with The Church of Latter-Day Saints with his wife. CareTrust was spun out from The Ensign Group in 2014 and Greg has been the only CEO since then. He will become the Executive Chairman at CareTrust. Taking over will be David Sedgewick, who has been President and COO and will now add the CEO title. He was with Ensign from 2001... Read More »
Radiant Senior Living Sells AL Community in Washington
Ziegler announced its role as exclusive sell-side advisor to Radiant Senior Living in the sale of South Pointe Assisted Living, a 42-unit independent living and assisted living community located in Everett, Washington. Radiant, a West-Coast-based family-owner and operator of senior care communities, acquired the community in 2020 as part of a larger portfolio transaction including one other community in the Greater Seattle area as well as another community in Bozeman, Montana. The portfolio, which featured a majority of assisted living units, reportedly sold for just under $200,000 per unit. Prior to acquiring the community from the previous lessor, Radiant... Read More »
Blueprint Closes Sale of Rural Washington Community
Blueprint Real Estate Advisors is closing 2021 with a slew of deals, including Blake Bozett’s sale of a 40-unit assisted living community in Prosser, Washington. Built in 1999, Amber Hills Assisted Living underwent a $2 million expansion in 2016. It has a nearly 30% Medicaid census, and the community was positioned as a value-add opportunity, with occupancy fluctuating during the transaction process. The seller is a local group who has been in the senior living industry for decades but will focus their energy on different business endeavors, and the buyer is a regional owner/operator, which will look to increase the assisted living unit count through a... Read More »
Brookdale Month-End Occupancy Falls in November
The brevity of Brookdale Senior Living’s occupancy update said a lot: there was not much good news to report. After eight consecutive months of increases, month-end occupancy decreased by 20 basis points from 74.5% in October to 74.3% in November. There could be numerous reasons for this, from the Omicron variant to the onset of the flu season to a staffing shortage, but demand clearly did not overcome these factors in the month of November. And these headwinds are not getting better anytime soon. Brookdale expects to continue publishing monthly occupancy through December 2021 reporting, so we could learn whether this decline is a blip or a trend. Brookdale did... Read More »
AL Sale in Arizona Closed By The Knapp-Stahler Group
Nick Stahler and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap recently closed on the sale of an 83-unit assisted living/memory care community in the Phoenix, Arizona MSA. Built in 2017, the property includes more than 120 beds. A national private equity firm that originally developed the community also managed the property, but ran into challenges throughout the pandemic. They selected an experienced, western-based owner/operator to acquire the community, with a closing price falling significantly below replacement cost. No other details were disclosed. Read More »
Luxury Development By JV Underway in Florida
A joint venture between Ryan Companies and Grand Living Management is set to begin the development of a luxury 206-unit senior living community in Naples, Florida. The developers acquired the 7.9-acre parcel of land for the project for $5.2 million according to Collier County Data. The JV also received a five-year, $48.7 million construction loan from Trustmark National Bank to support the development. Named Grand Living at Naples, the community will consist of 166 independent and assisted living units and 40 memory care units across 241,071 square feet and four stories. Amenities will include various dining spots, a library, club room, wellness center with a fitness area, a spa and a... Read More »
Walker & Dunlop Facilitates Refinancing of Six Illinois SNFs
Walker & Dunlop recently announced a $43.2 million refinancing for six skilled nursing facilities located across Illinois: Aperion Care Bridgeport, Aperion Care Burbank, Aperion Care Dekalb, Aperion Care Litchfield, Aperion Care Wilmington, and Rock River Health Care. Totaling 640 beds across 277 units, the portfolio received HUD financing, with Aperion Care Dekalb also transferring its physical assets through Walker & Dunlop. AC Bridgeport received $3.88 million, AC Burbank received $6.88 million, AC Dekalb received $6.28 million, AC Litchfield received $3.55 million, AC Wilmington received $16.24 million and Rock River Health Care received $6.4 million. Read More »60 Seconds with Steve Monroe: Venting About Medicare
Okay, I know it is the season to be jolly, but it has been a while since I have had something to vent about. When I signed up for Medicare two years ago (I know, hard to believe) I signed up for everything except Part D drug coverage. I had no prescriptions so why get coverage I didn’t need. Two years in, for a variety of reasons, I decided to sign up even though I still have no prescriptions. Just being conservative. A week after receiving my approval letter from United Healthcare, I received another letter saying I would be charged a “Late Enrollment Penalty” fee on my monthly premium. Because I had two years of no coverage, they use that period to calculate the monthly penalty. This... Read More »
Portfolio Sale in the Carolinas Receives Financing
LTC Properties has more than doubled its loan origination volume for the year with a unitranche loan provided to fund the purchase of 13 seniors housing communities in the Carolinas. The $52.5 million loan bears interest at 7.25% for a term of four years, with an IRR of 8%. It also provides for additional commitments of $6.1 million for capital improvements and $650,000 for working capital needs, bringing the total investment commitment to approximately $60 million. We learned that Patrick Burke of Senior Living Investment Brokerage handled the portfolio sale. Totaling 523 units and 967 beds, the properties include a mix of independent living (2%), assisted... Read More »Schedule a demo
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