Westchester Co. SNF Finds New Owner
Evans Senior Investments arranged the real estate sale of a skilled nursing facility in New Rochelle, New York, about 15 miles from Manhattan. The transfer of the operations is still pending, which takes a longer time in the Empire State than in most other states. Originally built in 1965, the facility is licensed for 60 beds. After owning and operating the facility for more than 30 years, the independent seller decided to exit the skilled nursing industry. There were several competitive offers for the facility, but the eventual buyer was a New York-based company. The purchase price was not disclosed. Read More »
60 Seconds with Swett: Supreme Court Decision Hits Public SNFs
So much of the ire against skilled nursing facilities (personal, political and in the media) has been directed towards privately-owned facilities, and mainly their ownership those they deem as “private equity”, because of their great sin of caring for nursing home patients at a profit, and often not even at one. However, a recent Supreme Court ruling is now opening up public SNFs to the threat of lawsuits on the basis of civil rights violations. After the wife of a patient with dementia in a county-owned SNF in Indiana sued alleging he was unnecessarily chemically restrained and involuntarily transferred without their consent, which would be violations of the Federal Nursing Home Reform... Read More »
Blueprint Handles United Church Homes Sale
United Church Homes sold its original senior care property in Upper Sandusky, Ohio, as part of its initiative to focus on lower acuity seniors housing services. First established in 1920 to house seven residents, The Fairhaven was later redeveloped and subsequently expanded into a large senior care campus featuring 99 licensed skilled nursing beds with an additional six independent living units. The value-add property offered different paths to achieving improved performance, and Blueprint Healthcare Real Estate Advisors procured seven competitive offers from qualified acquirers with existing Ohio-based operating platforms. Vancrest Health Care Centers, a family-owned operator of 11... Read More »
Berkadia Arranges Acquisition Financing through Fannie Mae
Berkadia helped finance the acquisition of Prairie House, a 105-unit assisted living/memory care community in Broken Arrow, Oklahoma. Managing Directors Chris Cain and Rafael Nobo of Berkadia Seniors Housing & Healthcare secured $16.74 million in acquisition financing through Fannie Mae on behalf of the buyer, Wichita, Kansas-based Legend Senior Living. The 10-year loan featured a 5.68% interest rate, a 30-year amortization schedule and a 65% loan-to-value ratio, which puts the purchase price at $25.75 million, or $245,300 per unit. Built in 2017 with 73 assisted living and 32 memory care units, Prairie House is Legend’s fourth Tulsa-area community and 11th community in the state. The... Read More »
Haven Senior Investments Handles Family Owner/Operator Exit
Haven Senior Investments, a faith-based advisory and brokerage firm specializing in seniors housing transactions, closed the sale of a long-standing, family-owned assisted living community in northern Missouri. The transaction was handled by Robin Gestal, Haven’s COO. Opened in 1996, the community features 40 units and 67 beds across 24,000 square feet. The local ownership wished to retire and sold the community to a private equity company headquartered in New York. The PE buyer has a portfolio of senior living communities across the country, but this acquisition marks its first foray into Missouri. Additionally, the company has plans for another strategic acquisition in the region next... Read More »
Ziegler Secures Bond Financing for California CCRC
Ziegler arranged a bond financing for a CCRC in San Rafael, California, to expand its campus and refinance its existing Series 2015A bonds. The borrower, Aldersly, opened Aldersly Garden Retirement Community in 1921 to serve the Danish-American senior population in California and Nevada, although it now welcomes anyone who meets its financial and other admission criteria. Life Care Services has managed the community since 2004. Aldersley received $61.3 million in bonds, which are rated AA- by Standard & Poor’s based on credit enhancement provided by the Cal-Mortgage Loan Insurance Program. The bonds were issued through the California Municipal Finance Authority and amortize over a... Read More »
Brookdale Senior Living Occupancy Jumps in May
After struggling in the first quarter, which historically has been the industry norm, Brookdale Senior Living posted an increase of 40 basis points in weighted average occupancy in May (compared with up by 70 basis points in May 2022), and 50 basis points for month-end occupancy (compared with up by 90 basis points in month-end 2022). That is the good news. The bad news is that weighted average occupancy in May was still just 76.6%, the same as in January. So far, weighted average occupancy has increased by 50 basis points in the second quarter (two months). This compares with an increase of 100 basis points in the first two months of the second quarter of 2022, and 160 basis points for... Read More »
Continuum of Care Portfolio Sells in Indiana
Evans Senior Investments sold a portfolio of three senior care assets in Indiana. Built in 1982 and 1995, the properties offered a continuum of care for seniors housing and skilled nursing residents. One property was a CCRC with 34 seniors housing units and 137 licensed skilled nursing beds (operating at 128 beds). The SNF portion was consistently occupied in the low-90s, while the seniors housing portion hovered in the high-80s and low-90s. The other two were located on the same campus and offer a combined 63 independent living, assisted living and memory care units and 127 licensed skilled nursing beds. Again, the SNF portion saw stronger census, from the mid- to high-80s, while the... Read More »
Carnegie Capital Secures CDFI Refinance
JD Stettin of Carnegie Capital closed the refinance of two assisted living/memory care communities totaling 130 units about 80 miles outside of San Francisco, California. After acquiring the communities in late-2019 and 2020, the borrower began to renovate and reposition them. However, given the pandemic, repositioning the communities took longer than initially anticipated, and upon closing the refinance, the in-place, portfolio-wide EBITDAR was still negative and occupancy was under 50%. The borrower was still implementing capex projects at one of the properties, which affected census, as well. The borrower originally purchased the assets with cash but looked to secure a loan to complete... Read More »
JCH Negotiates Two Leases in the Golden State
JCH Senior Housing Investment Brokerage negotiated a couple of leases for senior care properties in California. First was a new lease for an assisted living community in Alhambra, California. The community, previously operated by a national operator, will now be under the management of a reputable regional operator. There were a myriad of licensing challenges, but JCH identified a resourceful, incoming operator with strong relationships with local licensing agencies which helped facilitate the process. That new regional operator specializes in programs that provide access to care for low-income residents and wellness programs. Next, JCH negotiated a new lease for a skilled nursing facility... Read More »Schedule a demo
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