Marcus & Millichap Facilitates Virginia Acquisition
English Meadows Senior Living, a Mid-Atlantic owner/operator of 11 communities, added another community to its Virginia portfolio with the purchase of White Oaks at Williamsburg. Built in 2015 and opened in early 2017, the 48-unit memory care community is located in Williamsburg. It features three buildings with 16 units in each. Phoenix, Arizona-based New Dawn Assisted Living was the original developer of this property (plus another in Richmond) but filed for bankruptcy protection before finishing either project. A private investor with a seniors housing portfolio in the Midwest had purchased the Williamsburg project in 2016 for $7.5 million and finished construction soon... Read More »
Greystone Arranges Financing for Texas Community
Greystone’s Tyler Armstrong originated a $28.3 million loan to refinance a 96-unit seniors housing community in North Richland Hills, Texas owned by StoneCreek Real Estate Partners. The Freddie Mac Optigo non-recourse financing has a 10-year term, 30-year amortization schedule and five-year interest-only period. With it, StoneCreek will take out a $15.6 million construction loan provided by Origin Bank in 2017. Built in 2019 and operated by Civitas Senior Living, StoneCreek of North Richland Hills provides independent living, assisted living and memory care units across its five-acre property. Despite opening just a couple of years ago, it already boasts an occupancy of 98%. Units range... Read More »
Bain Capital and CSH Sell Seniors Housing Portfolio
Bain Capital Real Estate and Capitol Seniors Housing have sold a portfolio of seven seniors housing communities located across four states to an undisclosed buyer. We’ll have more details to follow in the November issue of The SeniorCare Investor, but what we know right now is that there are 598 total units of assisted living and memory care. They were relatively new, Class-A communities, so we imagine they sold for a high (albeit undisclosed) amount. Bain and CSH had started growing the portfolio in 2015 through an initial acquisition and subsequent new developments. Read More »60 Seconds with Steve Monroe & Ben Swett: See Y’all in Houston
A lot has changed since we were last elbow bumping with people at the San Diego NIC conference in March 2020. There have been some other in-person conferences in the last few months, but next week’s NIC will be really the first time that the senior care industry is reunited since the pandemic. And we are looking forward to seeing everyone once again. When we’re in Houston, we’d love to hear about your experiences, the difficulties and your successes in the last year and a half whether as an operator, investor, lender or broker. And of course, about any deals you are currently working on. But we are also going to be asking for your predictions in 2022. Be forewarned. We also have our own... Read More »
Ziegler Refinances Two AL Communities
Columbia Pacific Advisors refinanced two of its seniors housing communities, enlisting Ziegler as its exclusive financial advisor to close the transactions. The communities in question are The Landing at Lake Worth in Lake Worth, Florida, and The Linden at Stonehaven Square in Tulsa, Oklahoma. Each 134-unit community offers assisted living and memory care services. Chicago Pacific Advisors developed the Florida property in late 2018 and the Oklahoma property in late 2017 as part of its strategy to expand into the southern United States. To refinance existing the construction loans, Ziegler’s Senior Housing & Care Finance Practice closed two bridge debt placements totaling $37.75... Read More »
Blueprint Closes Two More Deals
What a week it was for Blake Bozett of Blueprint Healthcare Real Estate Advisors. In the same week that he closed an assisted living community sale in Nampa, Idaho, he and his wife welcomed their first child! We know the latter announcement is probably more important to him, but we’ll focus on the former here. Mr. Bozett facilitated the sale of Streamside Assisted Living and Memory Care, a 79-unit assisted living and memory care community located outside of Boise. Built in 2006, Streamside saw a healthy operating margin around 30% and stable occupancy in the 80s, even during the pandemic. The local sellers have been in the industry for over 20 years but are selling in order to focus on... Read More »
Welltower & Kisco Senior Living Break Ground in Maryland
Welltower and Kisco Senior Living announced the groundbreaking of their large senior living community in Gaithersburg, Maryland. Set to open in Spring 2024, The Carnegie at Washingtonian Center will feature 450,000 square feet and 302 total units of independent living, assisted living and memory care. It will sit on 8.5 acres next to RIO Lakefront at Washingtonian Center, a waterfront shopping center with restaurants, amenities and water activities in downtown Gaithersburg. At the community, floorplan options will range in size from one bedroom, one bath (837 square feet) to two bedrooms, two baths with a den (1,487 square feet) and a club level living option that includes concierge and... Read More »
Monarch Alternative Capital & American House Joint Venture
Investment firm Monarch Alternative Capital and national operator American House Senior Living Communities are joint venturing to pursue the acquisition, development and management of seniors housing communities across the United States. The two entities kicked off the venture with the recapitalization of seven properties that were partially owned by American House, with one of the properties acquired through a third party. The seven communities total 1,047 units throughout Florida, Michigan and Ohio, comprising 525 independent living, 356 assisted living and 166 memory care units. They average about five years in age and feature a number of updated residential amenities. With their... Read More »
Shareholders Approve Capital Senior Living Restructuring
Last Friday, Capital Senior Living announced that shareholders approved the amended agreement with Conversant Capital to provide needed funds to stabilize the company while it continues to work on increasing census, as well as funds for future growth. This involves plans to raise up to $154.8 million in various financings. This was based on preliminary vote estimates taken after the shareholder vote on Friday. The news of the presumed approval, without giving the breakdown of the voting, sent the shares up by 2.38% to close at $29.68. That is a far cry from where they traded last July. The day before they hit a low of $25.85 during the day, which was the lowest price since August 13. Keep... Read More »
SLIB Facilitates Sale of Texas SNF Portfolio
Senior Living Investment Brokerage’s Matthew Alley facilitated the sale of three skilled nursing facilities in Henrietta, Olney and Nocona, Texas. The combined facilities, totaling 250 beds, sold for $7.75 million, or $31,000 per bed. The properties, which have an average occupancy of 50%, are within 90 miles of each other northwest of Fort Worth. The seller is an independent owner/operator who is exiting the industry, and the buyer is an out-of-state owner/operator that is purchasing its first nursing home. The facilities earned revenues totaling $9.87 million and EBITDA over $500,000 in 2020. These communities are also enrolled in QIPP, which provides additional revenues not... Read More »Schedule a demo
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