SLIB Facilitates Sale in New York
An assisted living community also enrolled in New York State’s ALP program changed hands from one owner/operator to another, with Patrick Burke and Dave Balow of Senior Living Investment Brokerage handling the deal. Built in 1988 and 1998 in upstate New York, the community features 76 licensed beds in 46 units, with 25 of the beds in the ALP program, which is a Medicaid program that provides high-acuity, skilled nursing care in a lower-cost setting. Historically well occupied above 90%, the community had been able to keep COVID out for most of 2020 but unfortunately had an outbreak at the end of the year. Occupancy and revenues dipped, but the seller was able to get COVID out and improve... Read More »
SLIB Assists on REIT Divestment From Indiana Community
A REIT divested an underperforming outlier from its portfolio with the help of Brad Clousing and Ryan Saul of Senior Living Investment Brokerage. Located in Fort Wayne, Indiana, the 120-unit community was purpose-built for independent living in 1997. However, it was deemed to be non-core by the REIT owner, and a private regional owner with extensive experience in Indiana saw an opportunity to convert the community to a higher-acuity, all-Medicaid facility. The transaction closed in 30 days from start to finish, with no purchase price disclosed. Read More »
Capital Senior Living Postpones Vote
With so much activity around some alternative restructuring opportunities being offered for Capital Senior Living, it is no wonder they decided to postpone the shareholder meeting to vote on the Conversant Capital proposal. The new date is October 22, 10 days later than the original date of October 12. Previously, Ortelius Advisors (which owns about 13% of Cap Senior) disclosed their own recap proposal with terms that were cheaper than those of Conversant Capital. Now, Invictus Global Management has announced they too can arrange up to $150 million of new capital for Cap Senior, also at better terms for the company, and current shareholders, than the current Conversant Capital deal. ... Read More »
New Development Finds Capital Partners
An assisted living/memory care development in Tracy, California is going ahead thanks to a partnership arranged by Jacob Gehl, Scott Frazier and Humair Sabir of Blueprint Healthcare Real Estate Advisors. Summit Senior Life, a Newport Beach, California-based developer, and Cadence Living, a Scottsdale, Arizona-based operator, were planning this project on a 2.8-acre site to include 77 assisted living and 24 memory care units. The site is adjacent to Lennar at Tracy Hills, a large masterplan community that includes 5,000 single-family homes and 58 acres of commercial spaces, hotels, schools and offices. However, Summit and Cadence needed to be introduced to capital... Read More »
DHC Transitions Seven More Five Star Properties
Diversified Healthcare Trust is nearing the complete transition of its operations away from Five Star Senior Living, agreeing to add five assisted living communities in Wisconsin to an existing management agreement with Cedarhurst Senior Living, and two AL communities in Pennsylvania to a new agreement with IntegraCare. The Wisconsin communities total 300 units, while the two Pennsylvania communities have a combined 182 units. Cedarhurst had previously taken over eight properties totaling 486 units in Illinois on behalf of the REIT. Diversified Healthcare Trust originally had 108 communities in its Five Star portfolio, and is now left with about 10.... Read More »
Newmark Facilitates Sale of Two Communities in Georgia
We highlighted a couple of Georgia deals from Newmark last week, but some details have been revealed since then. One seniors housing community in St. Simons Island consisting of 68 assisted living and 24 memory care units sold from one joint venture to another in a deal valued at $18.2 million, or nearly $200,000 per unit. AIG Global Real Estate had developed the property with Thrive Senior Living (also the operator) in 2015. Occupancy had fluctuated between 50% and 70% in the last several years, with some key employee turnover prior to COVID contributing to the sub-par census. Winterpast Capital Partners and its affiliate Vitality Living acquired the property, with Vitality taking over... Read More »
SLIB Handles SNF Sale in Connecticut
No skilled nursing deal comes easily these days, and one facility in Connecticut went over a few hurdles to find a new owner. That buyer played a big role in getting the deal done too, other than writing the check. The deal was under LOI before the pandemic and closed at the end of September. Dave Balow of Senior Living Investment Brokerage handled the transaction. Built in stages in 1955, 1975 and 1994, the 62-bed facility in Plainfield had been family-owned and operated since it opened. It had historically run at high occupancy (at 90% before the pandemic), with a strong quality mix. Also, the facility had managed to stay COVID-free throughout much of 2020, a feat for any SNF in the... Read More »60 Seconds with Ben Swett: The SKILLS Act and Long-Term Care
Last week, Pennsylvania Congressman Fred Keller introduced the Strengthening Knowledge, Improving Learning, and Livelihoods (or SKILLS) Act. The legislation will be designed to guide individuals who were laid off during the pandemic in the retail and hospitality industries to new career opportunities in industries like long-term care, which desperately needs more qualified workers. The Act would put these people on a career path and encourage advancement in the long-term care industry, but the details on how are sparse, at least right now. The American Health Care Association and National Center for Assisted Living fully supported the legislation and will now get to work getting it... Read More »
Live Oak Bank Branches Out with Two Financings
Live Oak Bank announced its latest closings for a couple of construction projects. First, to build a high-quality, 68-unit assisted living community in Fairbanks, Alaska, the bank provided $15 million in debt for the borrower and developer, Frontier Partners, LLC, which has familiarity in the market. The debt was structured into two loans utilizing the SBA 504 program, including an interim construction loan totaling $10.2 million to be held by Live Oak and a second bridge loan prior to the 504 Debenture totaling $4.8 million. Next, Live Oak closed a $5 million SBA 7a construction loan with a $3.4 million conventional pari-passu loan for Lotus Senior Living to... Read More »
Capitol Seniors Housing Adds to Active Adult Portfolio
Capitol Seniors Housing (CSH) is continuing its expansion into the active adult market with the groundbreaking of a new community in Noblesville, Indiana, in the Indianapolis MSA. The Outlook at Hamilton Town Center will feature 164 units geared toward the middle market across 145,000 square feet. The Outlook will offer one- and two-bedroom units, along with amenities such as an outdoor swimming pool and lounge, a clubhouse with coffee bar and game room, a library, a theatre and fitness studio. It will be located adjacent to Hamilton Town Center, which features shopping, dining and entertainment services. Element Architects designed the project with Core Construction serving as general... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
