Two Stabilized MC Communities Find New Owner
An owner/operator successfully recapitalized two newly constructed, Class-A standalone memory care communities located in the Oklahoma City and Dallas Fort-Worth MSAs. The 2016- and 2018-built communities total 76 units (36 and 40 respectively) and were developed and managed by an experienced operator, who will stay on to manage operations. It is worth noting that both assets demonstrated consistent upward trending operational performance despite the COVID-19 pandemic. Occupancies exceed 95% and generated $5.9 million in total revenue, and $1.9 Million in EBITDAR representing an impressive 32.5% operating margin. No wonder the current operator is staying on. Blueprint Healthcare Real... Read More »
Dwight Capital Reports Active Q4
Dwight Capital closed $291.46 million in seniors housing and healthcare financings during the fourth quarter of 2021, including bridge loans for the Certus Portfolio, Solaris Portfolio, and Epic Portfolio. These transactions were funded through the firm’s commercial mortgage REIT, Dwight Mortgage Trust. Featured among Dwight’s Q4 closings are an $89 million bridge acquisition loan for a 1,352-bed portfolio of fifteen skilled nursing facilities located across Ohio. The borrower, Certus Healthcare Management, plans to invest in a capex plan to complete interior improvements across these properties. In the Southeast, Dwight has seen a lot of activity. They closed a $48.28 million bridge... Read More »
Presbyterian Manors of Mid-America Expands Into Colorado
Presbyterian Manors of Mid-America has broken ground on their newest CCRC, Aberdeen Ridge, thanks to the recent successful closing of their $140.02 million Series 2021 bonds issued through the Colorado Health Facilities Authority and underwritten by Ziegler. This is PMMA’s first venture into Colorado. The faith-based, not-for-profit corporation is headquartered in Wichita, Kansas and operates 15 senior living communities and two hospices across Kansas and Missouri, serving over 2,400 residents. In 2018, PMMA acquired a Texas not-for-profit corporation, which owned an undeveloped 15.25-acre site within 1.5 miles of Garden of the Gods National Park, and which already had the permits and... Read More »
Two High-Quality SNFs Sell in Florida
We don’t see too many transactions take just six weeks from engagement to closing, but the Blueprint Healthcare Real Estate Advisors team got it done for a Florida-based owner/operator seller. They were looking to divest two Florida skilled nursing facilities totaling 300 licensed beds and over 100,000 square feet, and after engaging Blueprint at the start of November gave them until the end of the year to close on an off-market sale. These were high-quality facilities located near local medical centers in the towns of Palatka (Jacksonville MSA) and Ocoee (Orlando MSA). An undisclosed owner/operator bought the facilities for $51 million, or $170,000 per bed, showing just what buyers are... Read More »
SCOTUS and POTUS
We have to assume that during the remaining three years of President Biden’s term, there will be more battles between POTUS and SCOTUS. But it is getting increasingly difficult to determine who is winning. Take the recent SCOTUS decision upholding the vaccine mandate for healthcare workers in facilities that receive Medicare and Medicaid payments. We all want healthcare workers to be safe, as well as the patients that they serve. But the timeline given for these healthcare workers to be 80%, then 90%, then 100% vaccinated, or else they lose their jobs, well, is it really going to do anyone any good if the staff at hospitals and nursing homes gets reduced further? The simple answer is, no.... Read More »
Atlas Senior Living Grows Southeast Portfolio
Atlas Senior Living and Salta Capital have acquired two high-quality senior living communities from Traditions Senior Living: The Traditions of Athens in Georgia, and The Traditions of Spring Hill in Tennessee. Atlas formed Salta in 2021 to administer the financials and asset management side of their business. This purchase brings the total number of properties in their portfolio to 32, after purchasing two other communities in Florida and Mississippi last year. Atlas also bought three communities in Georgia and one in North Carolina in 2020. Built in 2016 for $11 million, or $130,900 per unit, The Traditions of Athens totals 75,824 square feet, comprising 12 independent living and 72... Read More »
Majestic Care Acquires Toledo Campus
Genacross Lutheran Services has sold its Toledo Campus to owner/operator Majestic Care, an affiliate of MDG Real Estate Global Ltd. The historic Toledo Campus, which opened in 1953 and has been expanded and renovated many times, needs significant capital improvements that Genacross has been unable to fund. So, the sale provides future financial flexibility and an improved financial position for Genacross while the campus can continue providing a continuum of senior care services. Cain Brothers brokered the deal. Headquartered in Toledo, Ohio, Genacross changed its name from Lutheran Homes Society in 2016. They are a not-for-profit corporation that has operated in northwest Ohio and... Read More »
Lument Refinances Rhode Island Campus
Lument recently closed a $45.9 million HUD loan to refinance an existing HUD mortgage on Tockwotton on the Waterfront, a 156-unit skilled nursing and senior care community in East Providence, Rhode Island. Independently owned and operated by the not-for-profit Tockwotton Home, Inc., it consists of 52 skilled nursing beds, 73 assisted living units and 31 memory care units. In the wake of property performance challenges following the pandemic, Tockwotton has steadily improved its occupancy rate over the past year. Assisted living occupancy rose by nearly 15% since May of 2021, giving the campus an overall occupancy of 86.5%. They currently boast 100% occupancy rate for their skilled nursing... Read More »
60 Seconds with Ben Swett: Healthcare and Senior Care M&A Surges
Barely into 2022, we can safely say that the M&A floodgates have opened in the senior care market. We already announced that dealmaking hit a record-high in terms of activity in the fourth quarter of 2021, with 135 deals and counting, and we have to point out that our sister publication covering the healthcare market tracked a record-number of 2,145 transactions in the other 12 healthcare sectors combined in calendar year 2021, which is a 44% increase from the previous annual record-high of 1,490 deals in 2018. We have never seen numbers like these, but what is even more impressive is that with every passing day in 2022, we learn of more and more closings that occurred in the last week... Read More »
VIUM Capital Closes Out First Full Year In Style
Just a year and half after its inception, VIUM Capital announced it closed 42 transactions totaling nearly $700 million in 2021, with nearly half of those deals closing in the fourth quarter. The deal total was fairly even between bridge and HUD loans, and we learned about several of these closings this month. In a recapitalization effort to retire existing debt, cover closing costs and take equity out, two assisted living/memory care communities in Washington received a $14 million bridge loan from VIUM. Over in Maryland, VIUM placed another $15.15 million bridge loan for the acquisition of a skilled nursing facility. VIUM then placed a third bridge loan to a SNF in Illinois,... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
