Oxford Finance Backs Acquisition of Four Texas SNFs
Oxford Finance helped finance the acquisition of four skilled nursing facilities in Texas with a senior credit facility totaling $27.5 million. Cascades Healthcare, an owner/operator of 15 skilled nursing facilities in Utah and Idaho, is the borrower, branching out into the Lone Star State for the first time. The facilities total 647 licensed beds. We learned of the deal earlier this month when Alec Blanc of Monarch Advisors announced his structuring of the transaction. Making up the credit facility was a $21 million acquisition loan that came with a three-year term and interest-only payments for the first two years, a $3 million revolving line of credit for working capital, and a $3.5... Read More »
New Blueprint MOB Team Closes Second Deal
Blueprint Healthcare Real Estate Advisors’ new medical office building team of Eric Lee and Chris Lashmet just closed their second MOB deal. Hired by a public REIT seller, the team sold a 57,000-square foot, Class-A building in the La Crosse-Onalaska area of Wisconsin. Sitting on 15.19 acres in a retail/commercial corridor, with five acres dedicated to new development, the building opened in 1992. Blueprint was able to articulate a path to stabilization during the marketing process and found a local buyer with tenant relationships in the market. The new owner also has plans to execute the expansion in the additional five acres. Read More »
ER Senior Living CEO Steps Down
Chris Coates, the President and CEO of Abilene, Texas-based ER Senior Living, will be stepping down from those roles and retiring, effective July 1. He will remain a Principal and Board Member in the Evergreen Companies going forward, but Brian Dowd will add CEO to his title, already being the COO and CFO of the company. Mr. Coates founded the management company with Mr. Dowd in 2021 and has grown it to now include communities in Texas, Illinois, and Pennsylvania. Mr. Coates is a veteran of the senior care industry, having previously served as the Chairman of both the American Senior Housing Association and of the Assisted Living Federation of America (now... Read More »
Ventas Buys New Senior Investment Group
Don’t you just love it when a plan comes together? Just when Welltower announced a deal to buy Holiday Retirement Corporation’s 86 owned assets, and Atria Senior Living agreed to buy Holiday itself, Ventas steps in and buys New Senior Investment Group. New Senior owns 77 Holiday-managed communities, 21 communities that have recently been switched from Holiday management to Atria, 15 other communities managed three other providers, and one large community triple-net leased to Watermark Retirement Communities. At the end of the first quarter, just four communities were managed by other companies, so things must have moved during the second quarter. Jay... Read More »
M&T Realty Finances Three Transactions
M&T Realty Capital Corporation announced its latest slew of transactions, providing nearly $36 million in financing. First, for a 95-unit assisted living/memory care community in southern Oregon, Steve Muth led the way on a $11.325 million bridge loan to support the property’s acquisition. M&T Realty financed 75% of the cost with the one-year, interest-only, adjustable-rate loan. Proceeds from the transaction will also allow for the new owner to invest $600,000 of capital improvements prior to a HUD refinance. M&T submitted the HUD application immediately and was able to use the same third-party reports for both transactions. M&T also closed two HUD refinances,... Read More »
Developers Breaking Ground on Numerous Projects
Several new construction projects were announced late last week in the seniors housing and skilled nursing industries, which is a positive sign after the year that operators have experienced. The pandemic understandably made developers wary of continuing with or beginning construction, not only due to the virus but also the high labor and construction costs and negative media coverage of the industry. And yet, construction is pushing forward, as indicated by the high number of projects announced just last week. We also saw LCS Development announce that it is reorganizing its senior living development business line. LCS has promoted several individuals to lead the initiative,... Read More »
Active Adult Development Market Active Too
Throughout the last year, the active adult sector has proven to be one of the most attractive sectors of seniors housing, and there are three new projects underway. PulteGroup, a prominent builder based in Atlanta, announced it will begin building a 55+ active adult community in North Florida called Summer Bay at Grand Oaks. The community will feature 306 single-family homes, with new homes starting in the low $300,000s and models projected to be ready in early 2022. The project began after PulteGroup noticed an uptick in demand for these kinds of communities in St. Johns County, Florida. Across the country, Trilogy by Shea Homes, a 55+ brand owned by national homebuilder Shea Homes,... Read More »
Griffin-American Healthcare REITs III and IV to Merge
Griffin-American Healthcare REIT III, Inc. (GAHR III) and Griffin-American Healthcare REIT IV, Inc. (GAHR IV) have entered into a definitive merger agreement so that GAHR IV will acquire GAHR III in a tax-free, stock-for-stock transaction. The newly merged company will be renamed American Healthcare REIT, with approximately $4.2 billion in combined healthcare real estate assets. Immediately prior to the acquisition, GAHR III will also acquire the business and operations of American Healthcare Investors, LLC (“AHI”), the co-sponsor of both REITs, and the external advisors of GAHR III and GAHR IV. Combining these entities and the capabilities in acquisitions, asset management,... Read More »
SLIB Closes Sale of AL Community in Georgia
The Senior Living Investment Brokerage team of Brad Clousing and Dan Geraghty closed the sale of an assisted living community in Milton, Georgia, that was in the middle of lease-up when the pandemic hit last Spring. Featuring 94 units and 124 beds, including 77 assisted living and 17 memory care units, the community opened in 2017 at a time when there was a lot of competition north of Atlanta. It had not reached stabilization by the time COVID-19 and economic lockdowns further challenged the effort. The local developer/operator had reached their investment horizon and chose to sell the community to a Tennessee-based operator looking to expand their presence in the Southeast. The purchase... Read More »
HJ Sims Refinances Louisiana Senior Housing Community
After already closing over $530 million of HUD loans in Louisiana, Sims Mortgage Funding is returning to the state to refinance Metairie Manor, nearly a decade after previously refinancing the property. Metairie Manor is a 287-unit, Section 8 funded, affordable senior housing community, owned and managed by affiliates of the Archdiocese of New Orleans. This represents the 11th refinancing Sims has closed for the Archdiocese and its management affiliate, Christopher Homes, Inc. Sims previously helped refinance Metairie in 2012 when it paid off its HUD Section 202 Direct Loan. That refinancing produced about $250,000 in annual debt service savings that have been used to fund various... Read More »Schedule a demo
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