Two End-of-Year Deals from Blueprint
Blueprint Healthcare Real Estate Advisors announced a couple other late-2022 transactions in the Midwest. The first deal featured an active adult community in the Dayton, Ohio MSA selling to a private equity investor and operator that is looking to expand through an aggressive acquisition strategy. Built in the mid-2000s, the 40-unit community was nearly 100% occupied. It was previously owned by a regional owner/operator that had sold two nearby skilled nursing facilities at the end of 2021, one of which was adjacent to the active adult community. The same PE buyer had acquired those SNFs, and adding this community, plus a 12,000-square-foot office building and a 5.7-acre parcel, made... Read More »
SLIB Announces 150th Texas Transaction
To kick off 2023, Matthew Alley and Ryan Saul of Senior Living Investment Brokerage sold a 132-bed skilled nursing facility in Sherman, Texas, marking the 150th building that Mr. Alley and SLIB have sold in the Lone Star State across more than 16 years. They represented a private partnership based in Dallas in the deal. While a large share of SNFs were built 40 or more years ago, this facility was built in 2006. It currently operates with 115 beds and is 63% occupied. On a trailing-six-month basis, the facility was generating more than $60,000 in EBITDAR on $6.87 million of revenues. Any positive cash flow in the SNF sector should generate interest from buyers, and a Fort Worth-based... Read More »
Grandbridge Handles High-End CCRC Sale in Naples
A high-end CCRC in Naples, Florida in financial distress sold to Life Care Services in a deal handled by Grandbridge Real Estate Capital’s Senior Housing Investment Sales team led by Dave Kliewer and Jay Jordan. Opened in 2015 on 39 acres in the Lely Resort master-planned community of Naples, the community offers 47 independent living cottages, 128 IL units, 42 assisted living units, 37 memory care units and 44 skilled nursing units, with plenty of amenities. Entrance fees average around $950,000, which would certainly put the community on the high end of the Naples area. However, the community was in default on around $136.32 million of Series 2013 and 2015 bonds (as of June 1, 2022) plus... Read More »Live Oak Bank/Berkadia Close Utah Loan
Live Oak Bank closed a $16.3 million A/B unitranche loan for an owner/operator of skilled nursing facilities in Utah. Berkadia Commercial Mortgage’s Seniors Housing & Healthcare Group assisted in the process, too. The financing provided bridge-to-HUD debt for a 38-bed transitional care/skilled nursing facility that opened in 2019 and provides short-term rehabilitation services. The loan announcement comes after Live Oak Bank closed a $13 million loan to refinance a 94-unit assisted living/memory care community in Lawrenceville, Georgia. That property also opened in 2019 and was leasing up when the pandemic began. So, the loan allows for additional time to fill the community before a... Read More »
Lument Refinances Two Oklahoma SNFs
Lument closed $16.9 million in HUD financing for two skilled nursing facilities in Oklahoma. The two skilled nursing facilities combine for a total of 266 beds. One was built in 2006, with an addition completed in 2010, while the larger facility was built in 1953 and renovated in 1967, 1985 and 2018. Bill Wilson, managing director at Lument, arranged the loans, which were issued with 35-year amortizations and fixed interest rates. They replaced existing variable-rate, personally guaranteed commercial bank debt and also reimbursed nearly $2 million of the borrower’s previous capital expenditures. Read More »
LTC Properties Makes Large North Carolina Acquisition
LTC Properties announced an approximate $128 million investment in 12 assisted living/memory care communities with a combined 937 licensed beds in 568 units. Spread out in North Carolina, the communities are currently owned and operated by an existing LTC partner. The majority of LTC’s investment is structured as a joint venture to acquire 11 of the properties, and a minor portion totaling $11 million is structured as a senior mortgage loan secured by one property with a two-year term and interest-only rate of 7.25%, at an IRR of 9.0%. LTC has a 97% ownership in the $121 million joint venture with the current operator for the purchase of the 11 properties. The communities will be... Read More »
Newmark Sells Project Freedom Portfolio
In the waning days of 2022, the Newmark Seniors Housing Team sold a large assisted living portfolio in Pennsylvania and Michigan. Dubbed “Project Freedom,” the portfolio consists of eight communities and 744 private pay units, featuring a mix of assisted living and memory care. These communities are located in smaller submarkets and have an average age of approximately 20 years, which leaves room for some capital improvement projects for the new owner. Persimmon Ventures, LLC began acquiring the communities in 2016 after having built and sold a 10-facility skilled nursing portfolio over the previous eight years. Persimmon and its joint venture partner on the portfolio, Big Bay Ventures,... Read More »
Knapp-Stahler Group Sells Lone Star State SNF
Nick Stahler and Austin Diamond of The Knapp-Stahler Group at Marcus & Millichap sold a skilled nursing facility in Tyler, Texas for $7.5 million, or $62,500 per bed. The 120-bed facility was built in 1982 and is situated on 3.75 acres. It had historically experienced difficulty with occupancy, but the pandemic worsened the situation, bringing occupancy down to the mid-50s at the time of the transaction. Despite those challenges, the seller, a regional Texas owner/operator, managed to maintain a strong patient mix and positive cash flow. In the last year, SNFs with solid operations generated healthy interest from investors, and the Knapp-Stahler Group produced multiple offers for... Read More »
SLIB Handles Utah Deal
Vince Viverito, Jason Punzel and Brad Goodsell of Senior Living Investment Brokerage sold a stand-alone memory care community in Clinton, Utah (Ogden–Clearfield area). Built in 2016, the community has 66 beds in 45 units. A national owner/operator seeking to sell non-core assets was the seller. The buyer was a family office located in the Western U.S., which will be using Ridgeline Management Company to operate the community. The same SLIB trio also sold Pheasant Run in South Jordan, Utah. Built in 2015, the memory care community also comprises 66 beds and 45 units and sits on three acres just south of Salt Lake City. Read More »
Midcap Financial Closes Loan on a Seniors Housing Portfolio
MidCap Financial announced the closing of a transaction with a joint venture between NexCore Group and an affiliate of Heitman LLC. The floating-rate first mortgage loan facilitated the recapitalization of six seniors housing communities totaling 821 independent living, assisted living and memory care units across the southeast. All of the communities are located in Florida. The operator of the communities will be NexCore’s seniors housing development and management division, Experience Senior Living. MidCap Financial’s loan is structured to both facilitate the recapitalization of the communities and provide future funding to complete construction of one of the... Read More »Schedule a demo
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