Evans Senior Investments’ Indiana Transaction
Evans Senior Investments announced the sale of an assisted living and memory care community in the state of Indiana. Built in 2016, this assisted living community comprises 48 units in the city of Merrillville (Chicago MSA). Selling the asset was a regional family ownership group. Originally built for memory care and receiving in-place rates above $5,000 a month, in late 2019, the community began accepting assisted living residents due to slow lease-up velocity of the existing memory care units. The community experienced multiple bans on admissions due to COVID-19 outbreaks, with the most recent ban taking place in February of 2022. At the time of marketing, the community was 79% occupied... Read More »
Bascom Group Acquires Active Adult Community in Colorado
The Bascom Group, in partnership with Artemis Real Estate Partners, has announced the acquisition of an active adult community in Colorado. Built in 2019, Avenida Lakewood comprises 230 units and sits on six acres in the city of Lakewood (Denver MSA). The resort-like community features a plethora of amenities such as a clubhouse, game room, arts studio, theater, salon, pool, spa, fitness and yoga studios, gardening plots, a sky lounge, electric vehicle charging stations and a pet park. Units comprise luxury features such as quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting and faux wood flooring. Ryan Maconachy and Courtney Crowder of Newmark brokered the... Read More »
60 Seconds With Swett: Another Somber NIC?
What mood are we in for at this year’s Spring NIC in San Diego? The latest consumer spending data from the Commerce Department showed persistent strength in the economy, boosting the chances of perhaps another 50-basis point increase in the fed funds rate at the next Fed meeting. What will that do to investor and lender sentiment? It’s not as though they are operating in new territory, having dealt with successive 75-basis point increases last year. But scrutiny on deals will increase, prices should fall, and fewer deals could be consummated by the fewer growth-oriented, deep-pocketed buyers out there, in addition to the strategic buyers with local or regional banking relationships to lean... Read More »
Brookdale Senior Living Does Not Renew Leases
LTC Properties announced that Brookdale Senior Living finally decided not to renew leases on 35 assisted living communities with 1,471 units in eight states. Most, if not all, of these properties came to Brookdale as part of its 2005 acquisition of Alterra Healthcare Corporation. Eight years before, Alterra had merged with Sterling House, a company founded by Steven Vick in 1991, and we believe these are some of the original Sterling House communities, which tended to be on the small side. This group of properties is one of the largest in LTC Properties’ portfolio, representing about 8.4% of cash rent. Brookdale has been current on all lease payments, and the leases actually do not expire... Read More »
Integral Senior Living & Discovery Senior Living Combine
Integral Senior Living Management and Discovery Senior Living, two of the largest seniors housing operators, are combining to form the fifth largest management company in the country. The merger is happening via an investment in ISL by funds advised by Lee Equity Partners and Coastwood Senior Housing Partners, two specialized investment firms that had previously recapitalized Discovery. The recapitalization of both companies should create synergies in systems and platforms between the sister companies, which will manage approximately 27,000 senior living units, combined, with a presence in 36 states nationwide. ISL President and CEO Collette Gray will keep her current title as ISL... Read More »
Midcap Financial Acquires Most of Sector Financial’s Healthcare ABL Portfolio
MidCap Financial, a leading commercial finance company focused on middle market transactions, completed an acquisition of a significant portion of Sector Financial’s managed Healthcare Asset Based Lending portfolio, totaling over $500 million in commitments and over $300 million in funded assets. Garrett Fletcher, Product Head of Asset Based Lending at MidCap Financial, had this to say: “We are pleased to expand our portfolio and forge meaningful new partnerships with borrowers in one of our core verticals, serving as a leading capital provider to the healthcare industry and the middle market overall.” Included in the $500 million in commitments were revolving credit facilities with... Read More »
Carnegie Capital Finances Massachusetts SNF Acquisition
JD Stettin of Carnegie Capital financed the acquisition of a 130-bed skilled nursing facility in the Springfield area of Massachusetts with a $7 million first mortgage and a $2 million line of credit for a sponsor and the operator. Built in the late-1980s and renovated in 2005, the facility was around 82% occupied but was underperforming. This is the second opportunistic acquisition between the two entities, and the operator owns another facility nearby. The loan covered 70% of the $10 million, or $76,900 per bed, purchase price. It came with a fixed interest rate of 6.5% and a term of seven years, with two years of interest only. Read More »
Lument Arranges Acquisition Loan and Three Refinances
Lument closed four bridge loans totaling more than $78 million to acquire and/or refinance four memory care communities totaling 311 units in Texas and Wisconsin. Managing Directors Doug Harper, Chris Mauger, and Casey Moore led the transaction for Lument. The deal’s sponsor was Silverado, a large and experienced owner/operator of dedicated memory care communities in California, Kansas, Nevada, Maryland, Texas, Illinois, Virginia, Washington, and Wisconsin. Silverado had been managing Barton Springs, a 56-unit community in Austin, Texas, and was able to acquire the property with an $18.6 million loan (which includes the initial principal and an earn out). Lument also secured $21.1 million... Read More »
CBRE Refinances San Diego-Area IL Community
CBRE’s National Senior Housing team refinanced an independent living community in California. Built in 2021, The Plaza at Lantern Crest comprises 113 units and sits on 3.8 acres in Santee (San Diego MSA). The four-story community features a plethora of amenities including an indoor swimming pool, fitness center, physical therapy office, outdoor theater, a restaurant and 1950’s diner, a bowling alley, a full-service bar and a tea room. Aron Will, Bill Chiles, Matt Kuronen and Michael Cregan of CBRE arranged a $38.3 million, 10-year loan with five years of interest only through its Freddie Mac Optigo lending platform on behalf of the borrower, The Grant Companies. Founded in 1989, The Grant... Read More »
2022 M&A Results and Valuation Statistics
Listen to The SeniorCare Investor and a panel of experts to get a sneak peek of the 2022 M&A valuation statistics and a preview of what is to come in the market. Read More »Schedule a demo
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