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 »
Walker & Dunlop Arranges Ohio Refinancing
Walker & Dunlop arranged a $10.9 million HUD 232/223(f) refinance of a skilled nursing facility in Marysville, Ohio (Columbus MSA). Built in 1967, Monarch Skilled Nursing & Rehab comprises 75 units and recently underwent a rehabilitation of the existing units in addition to adding assisted living units to the facility. The refinancing was arranged on behalf of Janet Harris and Holland Management. Frank Cassidy of Walker & Dunlop handled this transaction. Read More »
White Oak Healthcare Partners Closes Two Transactions
White Oak Healthcare Partners, a subsidiary of White Oak Healthcare Finance, secured a $32.8 million financing for the acquisition of a skilled nursing facility in Southern California. A private investment firm acquired the facility, which is triple-net leased to an operator with experience in the state of California. The three-year, variable-rate loan came with two one-year extension options and was sized to HUD guidelines. Ross Holland and Joe Munhall originated the transaction. White Oak Healthcare Partners also executed a financing of just over $19 million for the acquisition of another skilled nursing facility in California for an owner/operator with significant experience in the... Read More »
SLIB Closes Jacksonville SNF Sale
Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage sold a 120-bed skilled nursing facility in Jacksonville, Florida. They represented the long-time not-for-profit owner/operator that had run into operational difficulty after the pandemic. As is typical of a not-for-profit operation, some expenses could be trimmed, but occupancy could also improve. The 1970s-era building was in decent shape after numerous physical plant improvements over the years, with only private and semiprivate rooms. A national owner emerged as the buyer and brought on a Florida operator to oversee the facility’s turnaround. No price was disclosed. Earlier in the fourth quarter, Mr. Clousing... Read More »
Live Oak Bank Closes Refinance in Oklahoma City
Live Oak Bank announced it has closed a $13 million refinance loan for Oklahoma City, Oklahoma-based Mansions Senior Living. The financing supported the refinance of existing debt for a 94-unit assisted living and memory care community in Lawrenceville, Georgia, which originally opened in 2019. The property was still in lease-up when the COVID-19 pandemic began, and the subject loan will allow additional time for the property to complete that lease-up. Live Oak Bank’s Seniors Housing and Healthcare Real Estate lending platform provided the financing for this transaction. Read More »
Gold Standard of Care Buys Florida Assisted Living Community
Fort Lauderdale, Florida-based Gold Standard of Care has announced the acquisition of an assisted living community in Bradenton, just south of Tampa Bay. Previously owned by a national REIT and managed by a national operator, the community comprises 135 beds in 112 units, which consist of both assisted living and memory care units. Gold Standard paid $7.25 million, or $64,700 per unit, for the community. The seller provided financing to help get the deal done. There was no cap rate on the deal, as the community was losing about $1 million a year on $2.675 million of revenues. Occupancy was in the low- to mid-80s on a mostly Medicaid census at the time of the deal, after bottoming out in... Read More »
60 Seconds With Swett: M&A Market Limps to Record Annual Total
We’re in a new year but a number of brokers and lenders may wish we were still in 2022. That is because many of them really made hay when the sun was shining (that sun being the lower interest rates of the first half of the year) and propelled us to a record M&A year, by some margin. After the previous record of 455 transactions in 2021, we have so far tallied 527 deals announced in 2022, a 16% increase year over year. We expect a few more 2022 deals to trickle in, but we did not experience the normal end-of-December rush of closings, except from a couple of brokerages. In fact, only 36 deals were made public during the month. That’s a solid number to end 2022 and similar to the... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
