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 »
Ensign Group Acquires Operations of Two SNFs in Colorado
The Ensign Group, Inc. announced that it has acquired the operations of two skilled nursing facilities in the state of Colorado. Built in 1963, Hampden Hills Post Acute comprises 218 beds and sits on just under an acre in the town of Aurora (Denver MSA). Built in 1953, Mapleton Post Acute comprises 84 beds and sits on two acres in Lakewood. These acquisitions were effective March 1, 2023 and will be subject to long-term, triple net leases. These acquisitions bring Ensign’s growing portfolio to 290 healthcare operations, 26 of which also include senior living operations, across thirteen states. This is the second transaction to take place in Lakewood, Colorado, as just last week Levin... Read More »
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 »Schedule a demo
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