Senwell Advises SNF Portfolio Sale in Ohio
Senwell Senior Investment Advisors announced its role in advising on a skilled nursing portfolio transaction comprising two recently-built sites in the Cincinnati and Cleveland, Ohio markets. Built in 2017, the Cleveland-based facility is 54-bed Landerbrook Transitional Care in the town of Mayfield Heights. The other facility was Fountains Transitional Care Center, built in 2016 and comprising 54 beds in the city of Cincinnati. Selling the facilities was a regional operator in the Midwest, as they were not aligned with its core long-term care model. The buyers of the two facilities were Medicare operators primarily from the mountain states and the west coast, which were looking to expand... Read More »
Helios Refinances Texas SNF
Helios Healthcare Advisors announced its role in arranging a $14 million HUD loan for a 120-bed skilled nursing facility in Dallas, Texas. Helios was first engaged by the operator in 2022 to structure and arrange a bridge loan to acquire the facility from the operator’s landlord. Recognizing the operator’s limited liquidity, relationship with the landlord, and the facility’s asset value relative to the contract price, Helios proposed a structure that allowed the operator to acquire the facility utilizing a subordinated seller note. The seller note effectively pushed leverage beyond the bridge loan’s advance rate. In conjunction with the closing of the bridge loan,... Read More »
BWE Finances Affordable Seniors Housing Communities
Bellwether Enterprise Real Estate Capital LLC (BWE) announced three loan closings totaling over $25 million to refinance and preserve three affordable senior living communities in Nashville, Tennessee, Baltimore, Maryland, and Pikesville, Maryland. Jon Killough, Executive Vice President in BWE’s Montgomery, AL, office, and John Roberts, Vice President in the firm’s Dallas, TX, office, originated the Nashville deal, and Victor Agusta, Executive Vice President in BWE’s Raleigh, NC, office, originated the Maryland loans. The three affordable seniors housing properties within this transaction are: A $21 million bridge loan originated on behalf of Envolve Communities to acquire and finance... Read More »
Evans Senior Investments’ Indiana Transaction
Evans Senior Investments announced the sale of an assisted living and memory care community in the state of Indiana. Built in 2016, this assisted living community comprises 48 units in the city of Merrillville (Chicago MSA). Selling the asset was a regional family ownership group. Originally built for memory care and receiving in-place rates above $5,000 a month, in late 2019, the community began accepting assisted living residents due to slow lease-up velocity of the existing memory care units. The community experienced multiple bans on admissions due to COVID-19 outbreaks, with the most recent ban taking place in February of 2022. At the time of marketing, the community was 79% occupied... Read More »
Bascom Group Acquires Active Adult Community in Colorado
The Bascom Group, in partnership with Artemis Real Estate Partners, has announced the acquisition of an active adult community in Colorado. Built in 2019, Avenida Lakewood comprises 230 units and sits on six acres in the city of Lakewood (Denver MSA). The resort-like community features a plethora of amenities such as a clubhouse, game room, arts studio, theater, salon, pool, spa, fitness and yoga studios, gardening plots, a sky lounge, electric vehicle charging stations and a pet park. Units comprise luxury features such as quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting and faux wood flooring. Ryan Maconachy and Courtney Crowder of Newmark brokered the... Read More »
60 Seconds With Swett: Another Somber NIC?
What mood are we in for at this year’s Spring NIC in San Diego? The latest consumer spending data from the Commerce Department showed persistent strength in the economy, boosting the chances of perhaps another 50-basis point increase in the fed funds rate at the next Fed meeting. What will that do to investor and lender sentiment? It’s not as though they are operating in new territory, having dealt with successive 75-basis point increases last year. But scrutiny on deals will increase, prices should fall, and fewer deals could be consummated by the fewer growth-oriented, deep-pocketed buyers out there, in addition to the strategic buyers with local or regional banking relationships to lean... Read More »
Brookdale Senior Living Does Not Renew Leases
LTC Properties announced that Brookdale Senior Living finally decided not to renew leases on 35 assisted living communities with 1,471 units in eight states. Most, if not all, of these properties came to Brookdale as part of its 2005 acquisition of Alterra Healthcare Corporation. Eight years before, Alterra had merged with Sterling House, a company founded by Steven Vick in 1991, and we believe these are some of the original Sterling House communities, which tended to be on the small side. This group of properties is one of the largest in LTC Properties’ portfolio, representing about 8.4% of cash rent. Brookdale has been current on all lease payments, and the leases actually do not expire... Read More »
Integral Senior Living & Discovery Senior Living Combine
Integral Senior Living Management and Discovery Senior Living, two of the largest seniors housing operators, are combining to form the fifth largest management company in the country. The merger is happening via an investment in ISL by funds advised by Lee Equity Partners and Coastwood Senior Housing Partners, two specialized investment firms that had previously recapitalized Discovery. The recapitalization of both companies should create synergies in systems and platforms between the sister companies, which will manage approximately 27,000 senior living units, combined, with a presence in 36 states nationwide. ISL President and CEO Collette Gray will keep her current title as ISL... Read More »
Midcap Financial Acquires Most of Sector Financial’s Healthcare ABL Portfolio
MidCap Financial, a leading commercial finance company focused on middle market transactions, completed an acquisition of a significant portion of Sector Financial’s managed Healthcare Asset Based Lending portfolio, totaling over $500 million in commitments and over $300 million in funded assets. Garrett Fletcher, Product Head of Asset Based Lending at MidCap Financial, had this to say: “We are pleased to expand our portfolio and forge meaningful new partnerships with borrowers in one of our core verticals, serving as a leading capital provider to the healthcare industry and the middle market overall.” Included in the $500 million in commitments were revolving credit facilities with... Read More »
Carnegie Capital Finances Massachusetts SNF Acquisition
JD Stettin of Carnegie Capital financed the acquisition of a 130-bed skilled nursing facility in the Springfield area of Massachusetts with a $7 million first mortgage and a $2 million line of credit for a sponsor and the operator. Built in the late-1980s and renovated in 2005, the facility was around 82% occupied but was underperforming. This is the second opportunistic acquisition between the two entities, and the operator owns another facility nearby. The loan covered 70% of the $10 million, or $76,900 per bed, purchase price. It came with a fixed interest rate of 6.5% and a term of seven years, with two years of interest only. Read More »Schedule a demo
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