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 »
Toll Brothers Proposes Active Adult Development in New York
Homebuilder giant Toll Brothers has proposed the development of a 136-unit active adult community in Yorktown, New York. The development would be built on two properties sitting on approximately 50 acres. It would contain three- and four-unit buildings, a community clubhouse and a pool. The townhouses would include a master bedroom suite, an entertaining space and two-car garages. The community would have a homeowners association and would be sold at market rate. Toll Brothers is currently focusing on speaking with the Yorktown Town Board before committing to the project, as the community would sit on the former property of Field Home Holy Comforter, an assisted living... Read More »
Carnegie Capital Arranges Acquisition Loan For Texas SNF
Carnegie Capital’s joint venture with Evans Senior Investments has produced an acquisition financing for a 258-bed skilled nursing portfolio in north-central Texas. Each facility is between 50 and 55 years old, under 25,000 square feet and averages an occupancy rate of 51%. The entire portfolio is enrolled in the QIPP program. Carnegie secured $6.55 million for three facilities, which had a $7.7 million price tag, or $30,000 per bed. The financing has a two-and-a-half-year term with an interest-only rate in the 7s. Evans Senior Investments did not broker the sale but did have the relationship with the sponsor. Read More »
BMO Harris Provides Loan For 15 MOBs
BMO Harris Bank’s Healthcare Real Estate Finance group has closed a $123 million loan to an affiliate of The Inland Real Estate Group of Companies, Inc. The loan provided recapitalization financing for 15 medical office buildings, totaling more than 419,000 square feet across six states. Read More »
Private Equity Buyers Snap Up Southeast Portfolio
JLL Capital Markets’ Mike Garbers and Cody Temper recently arranged the sale of nine seniors housing communities on behalf of the seller, a large public REIT. The portfolio consists of one North Carolina and eight South Carolina properties, encompassing 558 assisted living and memory care units. The first sale, in North Carolina, involves a 52-unit assisted living and memory care community that was sold to a private equity group. The property has been closed and vacant since April due to a fire, but extensive remodeling and repairs are foreseeable so the community can undergo rebranding upon reopening. The second transaction, in South Carolina, consists of 506 units across eight... Read More »
Evans Senior Investments Arranges Sale in Indiana
Evans Senior Investments arranged the sale of a non-performing assisted living community in Indiana on behalf of the publicly traded REIT seller. The buyer, a regional owner/operator with an existing footprint in Indiana, bought the property below replacement costs, but the exact purchase price was not disclosed. The community was previously stabilized, with occupancy levels in 2018 hovering around 95%. However at the time of the sale, occupancy dropped to 60%, and it was operating with negative cash flow margins due to new competition in the surrounding area. Read More »Schedule a demo
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