Denver Developer Doubles Down on Active Adult
Denver-based Headwaters Group announced its intention to increase its development and acquisition activity within the active adult market. The company recently launched its middle-market active adult initiative and will focus on for-rent communities for adults aged 55 and older in the western half of the United States, initially, with plans to expand nationwide. Headwaters and an unknown joint venture partner plan to build a 169-unit active adult community in Centennial, Colorado and is also under contract for land in Northglenn to build a 169-unit active adult community. In addition to these two Colorado communities, Headwaters is currently in the works for two more projects in Longmont... Read More »
Blueprint Handles Virginia Portfolio Deal
Blueprint Healthcare Real Estate Advisors handled the sale of five seniors housing communities comprising 250 units along the Blue Ridge Mountains of Virginia. CareTrust REIT announced that it had sold the portfolio earlier in January. Three of the assets were built between 1997 and 2002, one was built in the early 1980s, and the last is a historic landmark dating back to 1916. They sold for $13 million, or $54,000 per bed. Each of the five communities struggled during the pandemic and were underperforming, which presented an opportunity for an operator to acquire and grow the census back to previously stabilized levels. In a competitive sale process which yielded multiple offers, the... Read More »
Plains Commercial Announces Oklahoma Transaction
Plains Commercial Real Estate sold Monroe Manor in Jay, Oklahoma. Built in the 1960s and expanded in the early 1990s, the skilled nursing facility is licensed for 98 beds. Its Oklahoma-based operator was looking to exit the industry and retire. The buyer ended up being an Illinois-based owner/operator that had previously operated in Oklahoma but was looking to re-enter the state. Before the CON transfer, the buyer and seller agreed to have the buyer operate the facility before the transaction closed. The sale also involved a unique HUD deed restriction which required collaboration between the parties in order to complete the transaction. Daniel Morris of Plains Commercial... Read More »
Link Senior Development Building Albuquerque Community
A luxury senior living community is going up in Albuquerque, New Mexico, with the help of construction financing secured by JLL Capital Markets. Alanna Ellis led JLL’s Debt Advisory team on the transaction. Link Senior Development is building the three-story community to include 144 units of independent living, assisted living and memory care, along with a host of amenities. It is situated on 6.5 acres adjacent to a new ambulatory urgent care center and an MOB. Link received a $51.8 million loan to fund the project. Assuming more conservative leverage on the transaction, the construction cost could be between $550,000 and $600,000 per unit. Read More »
Ziegler’s Construction Financing in Minnesota
Ziegler announced the closing of $47 million in construction financing for a new senior living community in Corcoran, Minnesota (Minneapolis MSA). Saint Therese of Corcoran, LLC, and its sponsor, Saint Therese, will comprise 99 independent living units, 34 assisted living units and 20 memory care units and sits on a 13-acre site. The financing comprises $18.2 million of Series 2022AB and $28.8 million of Series 2023 Senior Living Revenue Notes placed with Bremer Bank. Campus-wide amenities will include restaurant-style dining, outpatient therapy and wellness areas, as well as indoor and outdoor social gathering spaces. Organized in 1965 as a single-site nursing home in New Hope, Minnesota,... Read More »
Omega Healthcare Investors Working through It
Omega Healthcare Investors just provided an operator update, and the REIT will be working through some lingering problems for at least another year, if not longer. Perhaps the biggest problem remains Maplewood Senior Living, a Connecticut-based provider of assisted living and memory care services that is located about 10 miles from our Connecticut HQ. We tried to reach out to the founder several years ago, trying to be “neighborly,” but our efforts were ignored. Maybe they could have received some good advice. The company’s initial developments were on Connecticut’s Gold Coast, in the high-income neighborhoods of Fairfield County. Now, these areas are known to be high-barrier-to-entry... Read More »
Beverly Hills SNF Sells
Blueprint Healthcare Real Estate Advisors announced the sale of a skilled nursing facility in Los Angeles, California. Built in 1997, The Rehabilitation Centre of Beverly Hills comprises 150 Medicare beds and is located near the prestigious hospital of Cedars-Sinai Medical Center. It also received many referrals from the hospital. There was an active bidding process, and a Los Angeles-based family office ultimately sold the asset to a private, high-net-worth owner/operator based in Los Angeles. The seller also negotiated a short-term lease for the facility until it identified an exchange property. Jacob Gehl, Humair Sabir and Scott Frazier of Blueprint Healthcare Real Estate Advisors... Read More »
CBRE Does Double Duty on Two Transactions
The CBRE National Senior Housing Investment Properties team completed the sale of two Class-A communities in the last couple of weeks of December. Not only that, CBRE’s Debt & Structured Finance team helped finance both transactions. First, CBRE’s John Sweeny, Aron Will, Garrett Sacco and Scott Bray represented Harrison Street and Bridgewood Property Company in the joint venture’s sale of The Village at River Oaks in Houston, Texas. Opened in 2017, the mid-rise community features 198 units of independent living, assisted living and memory care. CBRE had been involved with the property since arranging development financing for it in 2015. In August 2019, the firm then refinanced that... Read More »
Strawberry Fields REIT Buys Kentucky SNF
South Bend, Indiana-based Strawberry Fields REIT announced it has acquired a skilled nursing facility in Jackson, Kentucky. Built in 1971 and renovated in 2021, the Nim Henson Geriatric Center comprises 120 beds and sits on just under three acres in eastern Kentucky. It is the only SNF in Breathitt County and offers a range of services. In addition, it is situated close to the Kentucky River Medical Center, a small regional acute hospital. As part of the transaction, the facility was added to the Landmark master lease, joining a network of other Landmark SNFs and LTACHs operated by A&M Healthcare Investments in Kentucky, Texas, Oklahoma, Illinois, and Michigan. A&M has been a... Read More »
60 Seconds With Swett: Healthcare M&A Activity Broke a Record in 2022, Too
Last week, we confirmed that long-term care M&A activity hit a record in 2022, but what about for the healthcare market as a whole? Across all other healthcare sectors, from home health and hospitals to physician groups and biotech, our sister site LevinPro HC tracked nearly 2,400 deals in 2022, or 2,392 to be exact at this moment, but we expect that number to creep up in the coming days and weeks. That does not even include the over-500 long-term care deals, and represents an 8% increase over the previous record of 2,214 deals in 2021. For many investors, the long-term demographics, strong governmental support and attractive yields in the healthcare industry are too good to pass up,... Read More »Schedule a demo
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