Inspired Healthcare Capital Makes Another Acquisition
Following a year in which it made 12 seniors housing acquisitions, Scottsdale, Arizona-based real estate investment fund and DST sponsor Inspired Healthcare Capital acquired an independent living community in Oregon. This is the firm’s second deal of the year, so far. Built in 2014, Crescent Park is a three-story, 116,000-square-foot community with 119 units. It offers a mix of studio, one-bedroom and two-bedroom units, high-quality amenities and scenic views. The seller was an investment management firm focused on alternative assets, including seniors housing, that had acquired the property when it was underperforming. Now, the community is stabilized, and the seller decided to exit to... Read More »
PEF Advisors Acquires The Village at Arvada
Preservation Equity Fund Advisors (PEF Advisors), a real estate private equity group focused on preserving existing affordable housing in high-cost markets, acquired The Village at Arvada (formerly known as Columbine Village), a 232-unit community in Arvada, Colorado. The property is PEF Advisors’ third community in Colorado, following the acquisition of two Fort Collins seniors apartment complexes in 2022. The Village at Arvada comprises three three-story buildings and one four-story building, each with a community room, library, beauty salon, fitness center, game room, on-site laundry facilities, elevators and courtyard with BBQ areas. There are also computer rooms in three of the four... Read More »
Financing for Seniors Housing and Care in 2023 and Beyond
On April 20, 2023, The SeniorCare Investor’s Managing Editor Ben Swett and a panel of experts including Christopher Honn of NewPoint Real Estate Capital and Jack Boudler of Regions Bank discussed the current lending environment in a webinar called “Financing for Seniors Housing and Care in 2023 and Beyond.” Interest rates have shot up at a quicker pace than ever, a couple of large banks collapsed, the seniors housing and care industry has already seen some major defaults, and the debt market has certainly become less liquid in recent months. So, with all of these issues swirling, that made the timing of this discussion excellent. Watch the discussion here! Read More »
Atlas Senior Living Acquires The Claiborne at Adelaide
Atlas Senior Living is growing its southeast portfolio with the acquisition of The Claiborne at Adelaide in Starkville, Mississippi. Opened in 2016 with 82 units of independent living, assisted living and memory care, the community was 96% occupied at the time of the sale. It was last acquired in 2018 by the multifamily real estate investment firm Waypoint Residential, which was Waypoint’s first acquisition of an existing seniors housing community. That came at a price of $22.7 million, or $276,800 per unit. The current purchase price was not disclosed, although Atlas assumed the existing Freddie Mac debt on the property, and Newmark represented Waypoint in the transaction. Atlas now... Read More »
Blueprint Handles Nevada Land Deal
Blueprint Healthcare Real Estate Advisors advised a client on the sale of a fully entitled parcel of land in Minden, Nevada, near Lake Tahoe. Located adjacent to Carson Tahoe Minden Medical Center, which is operated by the region’s largest healthcare provider, Carson Tahoe Regional Health, the five-acre parcel had been issued a special use permit by the Douglas County Planning Commission in 2017 allowing for the development of a seniors housing community of up to 130 total units. The surrounding market consisted of older communities, more than 20 years old, and an average occupancy of over 98% prior to the pandemic. So, the potential for a new development was apparent. Amy Sitzman and... Read More »
Ziegler Hires Humair Sabir
Ziegler announced that the specialty investment bank hired Humair Sabir as a managing director to its Senior Housing & Care Finance Practice. Based in San Diego, California, Humair will be responsible for originating, developing, and managing the firm’s relationships along with executing seniors housing and skilled nursing engagements. Humair comes to Ziegler from Blueprint Healthcare Real Estate Advisors, where he was a managing director. He also previously worked for Granite Investment Group, a private equity firm based in Orange County, California, and spent several years at Ventas where he served in a variety of roles, including acquisitions and asset management. Humair holds a... Read More »
60 Seconds with Swett: Financing for Seniors Housing and Care in 2023 and Beyond
The upheaval in the capital markets has directly impacted the seniors housing and care M&A market by terminating a number of deals, dissuading property owners from even selling, lowering property values and by making the deals that do close that much harder to get done. But the financing world, nor the M&A market, hasn’t come to a standstill. Far from it, especially putting today’s deal activity in historical perspective. That is because there are sellers that still have to sell for a variety of reasons, buyers that are prepared to buy (at a discount, to be sure), owners that have maturing debt and need to refinance, and different types of lenders that still want to put capital out... Read More »
Lument Facilitates Not-For-Profit’s Exit from Senior Care
Following the pandemic, we have seen many mom & pop’s exit the senior care industry for a variety of reasons, but we also speculated that smaller not-for-profit organizations would be forced to sell their communities after staffing costs significantly brought down their already-thin operating margins. For many, their missions could be better served by pivoting to other services, and Lument has recently helped a couple of not-for-profits divest their only senior care assets. And the proceeds received from those sales far exceeded the organizations’ highest expectations, putting them in a stronger financial position to continue their work by other means. The most recent transaction saw... Read More »
CFG Finances 7-SNF Deal for Venza Care
Capital Funding Group closed an $84.7 million bridge-to-HUD loan, collaborating with a strategic partner to arrange the deal. The financing supported the acquisition of seven skilled nursing facilities and one assisted living community with a total of 797 beds in Alabama. Venza Care was the borrower. Capital Funding Group Managing Director, Long-Term Care, Craig Casagrande and Vice President, Andrew Jones originated the transaction. The deal follows CFG’s recent closing of $10.9 million in HUD financing to refinance an existing bridge loan for a 99-bed skilled nursing facility in California. Read More »
Berkadia and Live Oak Bank Close Four Bridge Loans
Berkadia Seniors Housing & Healthcare partnered with Live Oak Bank to close four bridge-to-HUD loans totaling $86 million in the first quarter of 2023. The partnership, which started in October 2022, has closed $143 million of bridge-to-HUD and GSE transactions to date, the majority of which have been structured as A/B notes with Berkadia funding the B-note. The interest-only loans typically carry terms of 24 months with rates floating over one-month term SOFR. They facilitated purchases and refinances of four assisted living/memory care communities, two skilled nursing facilities, and one independent living community, all scattered throughout the country. Managing Director Jay Healy... Read More »Schedule a demo
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