Interview with Jay Wagner and Aaron Rosenzweig of Cushman & Wakefield
The SeniorCare Investor Editor Ben Swett sits down with Jay Wagner and Aaron Rosenzweig to discuss the current state of the construction lending market. Read More »
DigitalBridge Sells Healthcare Real Estate Assets
The seniors housing and care M&A market was hit with another major deal announcement a couple of days ago when DigitalBridge Group, formerly known as Colony Capital, disclosed that it was selling its healthcare real estate assets for approximately $3.21 billion. The decision is part of DigitalBridge’s strategy to focus solely on “digital infrastructure,” a strategy that has so far yielded a number of dispositions of “non-core assets” in the last two years and concludes with this deal. The healthcare assets include MOBs, senior care facilities and hospitals. There are 106 managed MOBs with 3.8 million square feet that were 82.6% occupied as of the end of March 2021. The senior care... Read More »
Ziegler Closes Three Large Bond Financings
Ziegler has had a busy start to the month by underwriting three separate bond financings. The first set of bonds was issued to Lifecare, Inc., a not-for-profit operator of Friendship Village in Kalamazoo, Michigan. It consists of an $8.685 million bond issued through the Michigan Strategic Fund and an $11.965 million bond issued through the Economic Development Corporation of the City of Kalamazoo. The proceeds will be used to refund outstanding debt, terminate an interest rate swap and reimburse cost of capital expenditures. The bonds have a 30-year maturity with a weighted average yield-to-call of 3.42% and a weighted average yield-to-maturity of 4.08%. The call provisions included... Read More »
Greystone Secures Construction Financing For Missouri Project
Greystone’s Matt Miller and Tyler Armstrong secured a $35.9 million construction loan on behalf of a joint venture between Shelbourne Healthcare and Cedarhurst for the new development of Shelbourne at Chesterfield in Chesterfield, Missouri. The 8.2-acre lot was acquired by Shelbourne Healthcare in 2018 for $4.4 million. The 150-unit senior housing development will contain 96 independent living units, 37 assisted living units and 17 memory care units. There will be studio, one- and two- bedroom options. The Greystone Senior Housing Capital Markets team facilitated the financing, which includes a five-year loan funded by a large regional bank. Moseley Architects is designing the... Read More »60 Seconds With Ben Swett: The New Senior Living Rankings
U.S. News & World Report announced that it is getting into the business of ranking seniors housing communities, after already doing the same for nursing homes. We’re happy to see the initiative since improved transparency for the sector and recognition of the services that operators provide is a good thing. We are also pleased that apparently, U.S. News will dedicate one journalist to cover the sector and help educate consumers on the differences between seniors housing and SNFs, which national and local media fail to do all too often. After working with some industry leaders and associations to create a rankings methodology, Activated Insights, run by CEO Jacquelyn Kung, is... Read More »
SLIB Facilitates Sale of Pennsylvania SNF
The owner of a large skilled nursing facility in Scranton, Pennsylvania decided to sell the property when its tenant announced that it desired to exit operations in the Keystone State. Another Pennsylvania-based skilled nursing owner emerged as the buyer, for an undisclosed purchase price. Built in 1974, the facility is licensed for 272 beds and underwent an addition in 1997. It has been well maintained over the years. Bradley Clousing and Toby Siefert of Senior Living Investment Brokerage procured 12 offers in early 2021 and closed the sale on September 1. Read More »
Other Healthcare Sectors See Healthy August Acquisition Activity
The summer surge in deal-making continued into August, and across most of the healthcare industry, with a total of 150 deals announced across all 13 healthcare sectors, a 30% increase from August of 2020. However, this was a small dip from last month when there were 155 deals made, but we imagine a few more deals may rise to the surface. This is according to statistics from our new platform LevinPro HC, which features the latest healthcare news, deals, insights and analysis. Last month was an especially busy time for the Physician Medical Groups (PMG) sector, which accounted for nearly 25% of all deals announced in August 2021, with dental and ophthalmology practices making up nearly half... Read More »
SLIB Assists on Seniors Housing Sale in Oregon
After developing an assisted living community in Hillsboro, Oregon, a local owner/operator is exiting the industry with the sale of its last seniors housing asset. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage helped with the sale. The community opened last year and was still in lease-up by the time of the sale, with occupancy reaching about 50%. It features 90 beds in 72 units and offers both assisted living and memory care services. A private equity firm based in Texas paid an undisclosed amount for the community and will use a Pacific Northwest operator as the manager. Read More »
Blueprint Facilitates SNF Sale in Missouri
Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors recently facilitated the sale of a 96-bed skilled nursing facility in central Missouri. Built in the late 1980s and renovated in the early 1990s, Valley View Health & Rehabilitation is no stranger to Blueprint. In 2018, Blueprint represented the current seller of Valley View, an undisclosed REIT, in leasing this facility along with 10 others in the state to a new operating tenant under a master lease agreement. While the facility’s performance improved under the new operator, Valley View represented a geographic outlier to the provider’s other locations across metropolitan areas in Missouri. So ultimately,... Read More »
CIBC Closes Loans For Three SNFs
CIBC Bank USA recently closed loans for two skilled nursing facilities in Ohio and one in California. The first financing package included a $12.4 million acquisition loan and a $1.2 million capital expenditure loan with a five-year term for a 100-bed SNF in southern California, provided by CIBC’s Matthew Tyler and Neal Netzel. The 20-year old facility has been leased by the buyer for the past 10 years and has had a historical occupancy of 85%. EBITDAR margins have recently resided in the low double-digits, with revenues nearing $14 million. The next transaction was a $10 million cash-out refinance for a 100-bed SNF in Ohio. The 15-year old facility was owned by a local owner/operator.... Read More »Schedule a demo
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