Alliance Health Refinances SNF through Lument
Lument closed a $15 million HUD loan to refinance Alliance Health at West Acres, a 130-bed skilled nursing facility in Brockton, Massachusetts. Aaron Becker, head of seniors housing and healthcare production at Lument, led the transaction. The facility was substantially renovated in 2017 using bank debt with recourse, which the HUD loan effectively replaces as non-recourse permanent debt. It comes with a 35-year term and a low, fixed interest rate. Alliance Health at West Acres was originally built in 1965 and consists of one two-story building featuring 116 semi-private beds and 14 private beds. Its not-for-profit owner, Alliance Health, owns and operates seven communities consisting of... Read More »
Interview with Aaron Krawitz of Bravo Capital
The SeniorCare Investor’s Managing Editor, Ben Swett, sat down with Aaron Krawitz of Bravo Capital to discuss the current lending market, what terms borrowers can receive for their different property types, and what to expect in the months to come. Read More »
LTC Sells Two Skilled Nursing Facilities
Westlake Village-based LTC Properties announced it has sold two skilled nursing facilities in the state of New Mexico for a purchase price of $21.3 million, or $90,600 per bed. The sale generated proceeds of $20.8 million, which will be used to pay down the company’s unsecured revolving line of credit. The two facilities were built in 1975 and 1985 and comprised a total of 235 beds. LTC provided a rent decrease of 7.5% of the net proceeds, or approximately $1.5 million in cash rent, to the in-place operator. The sale is part of LTC’s active asset management program, which aims to reduce the age of its portfolio and identify capital that can be better deployed through new... Read More »
Evans Senior Investments Handles Wisconsin Transaction
Evans Senior Investments arranged the sale of an assisted living/memory care community in Wisconsin. Located in Madson, the community comprises 120 units and was experiencing financial difficulties due to its high usage of Medicaid waivers when the operator was brought in by National Health Investors in 2019. However, over the past three years, the operator was able to increase the private pay census to 82% and raise the community’s overall occupancy rate to 69%, while decreasing the reliance on Medicaid. Emerging as the buyer of the community was Eden Senior Care. This marks the second transaction Evans Senior Investments has closed with Eden Senior Care in the last year and this... Read More »
Sunrise Senior Living Develops in Florida
Sunrise Senior Living announced it has broken ground on its first community in Coral Gables, Florida. Sunrise of Coral Gables is expected to open in the fall of 2024 and will offer 141 units, including 66 independent living, 54 assisted living and 21 memory care units. Sitting on 1.8 acres, the site will also feature a range of amenities, including a bistro, a fitness center, a salon, a spa, and outdoor spaces. The new community in Coral Gables is part of the company’s ongoing expansion plans. Read More »
60 Seconds with Swett: Impressions of the Spring NIC Conference
Around 1,900 seniors housing operators, investors, brokers, lenders, appraisers and other service providers met in San Diego last week for the Spring NIC Conference, and we wondered before what the mood would be in the room. In our scores of conversations with those in the nitty gritty of dealmaking and operations, we’d say it was a little bit of a downer. Most people are working on half the number of transactions but spending double the time on each one, which isn’t as fun a combination. But everyone is doing their best under the circumstances, and pipelines are still looking reasonably healthy. Operators continue to slog through a myriad of issues, including agency staffing, which is... Read More »
Meridian Capital Group’s February Transaction Haul
Meridian Capital Group’s Senior Housing and Healthcare Team closed $689 million in transaction volume over the month of February for a combination of 35 facilities in nine states, following a stellar year in 2022 when they closed more than $6 billion of volume. These transactions were negotiated by Meridian’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson. The team’s recent closings include four acquisition loans for a portfolio of 25 skilled nursing facilities to four separate operators, totaling 2,844 beds. These include $244.6 million in senior financing from two commercial banks and one finance company along with an $18 million AR line for 12 skilled... Read More »
Evans Senior Investments Sells Skilled Nursing Portfolio In Virginia
Evans Senior Investments announced it has arranged the sale of a skilled nursing portfolio in Virginia. The three-property portfolio sits on the shores of the Chesapeake in Virginia and comprises a total of 270 skilled nursing beds in addition to 50 assisted living units. Selling the portfolio was Hill Valley Healthcare for a purchase price of $59 million or $184,400 per bed. Two of the facilities were located in rural markets, but the portfolio was able to maintain an occupancy of 86% throughout the marketing process. Due to a strong Medicaid rate increase in July 2022, the portfolio also had strong levels of cash flow. Emerging as the buyer was an East Coast-based group that was looking... Read More »Affordable Housing Investment Brokerage Sell Three Affordable Communities in Vermont
Affordable Housing Investment Brokerage Inc. announced it has arranged the sale of a three-property affordable seniors housing portfolio in the greater Burlington area of Vermont. Built in 1999, Eagle Crest comprises 60 units and is located across the street from the second community, Falcon Manor. Built in 2001, Falcon Manor comprises 65 units and sits on 1.5 acres also just east of Burlington. The third community is Hawk’s Nest of St. Albans, which comprises 66 units and is located 30 miles north of Burlington. Occupancy was consistently high across the portfolio, with each building maintaining a wait list, with the longest wait list at Hawk’s Nest, which has 44 units on a HAP contract.... Read More »
JLL Facilitates Wisconsin Active Adult Deal
JLL Capital Markets announced it has facilitated the sale of an active adult community in Wisconsin. Built in 2018, The Oaks of Shorewood comprises 101 units in the Milwaukee suburb of Shorewood. The four-story building consists of a mix of one- and two-bedroom apartments, with an average unit size of 1,115 square feet. Weidner Apartment Homes purchased the property with help from a Fannie Mae loan originated by JLL. The JLL Capital Markets Investment Sales Advisory team represented the seller, Sherman Associates, and was led by Amanda Friant, Wick Kirby, Mox Gunderson and Jaime Fink. Meanwhile, the JLL Capital Markets Debt Advisory team represented the borrower and was led by Tom Wilson... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
