Windriver Companies Acquires South Carolina Community
Evans Senior Investments announced it has arranged the sale of an assisted living community in South Carolina on behalf of a large East Coast private equity firm. The buyer was Windriver Companies, which paid an undisclosed price. Built in 2001, the 52-unit community is located just outside of Greenville. With a 100% private pay census, the community was 40% occupied at the time of marketing and losing money. Occupancy increased to 55% at the time of closing, but there is still a long way to go. Windriver Companies plans to begin renovations as well as add memory care units to the community. Read More »High-Priced SNF Portfolio Sells in Maryland
Axis Health, an owner/operator of senior care facilities run by Ben Philipson and Abe Kraus, has divested its six skilled nursing facilities in Maryland to two separate buyers. One tranche of four facilities in Montgomery, Carroll and Cecil Counties sold to Autumn Lake Healthcare for $142.5 million, or $276,000 per bed. Those facilities include Oak Manor in Burtonsville, Birch Manor in Sykesville, Calvert Manor in Rising Sun and Long View in Manchester. The other two facilities, including Caroline Center in Denton and Manokin Center in Princess Anne, sold to Key Health Management, which is entering the state with the deal. The two facilities are located on the Eastern Shore. Key Health... Read More »Dwyer Workforce Development Acquires 50-SNF Portfolio
There was some buzz around a major skilled nursing portfolio deal in Texas closing during the NIC Fall Conference, and indeed, Dwyer Workforce Development (DWD), the 501(c)(3) not-for-profit started by Jack Dwyer (the owner of Capital Funding Group) and his family in 2021, announced its $590 million acquisition of 50 facilities in the Lone Star State. Continued to be operated by Regency Integrated Health Services, the portfolio will transition from for-profit to not-for-profit under the deal. DWD has tasked itself with three basic missions: solving systemic poverty, creating new career opportunities for those who lack opportunity, and reducing healthcare staff shortages at facilities... Read More »Texas Development Lands Construction Financing
A major theme coming out of the NIC Fall Conference was the drying up of the construction lending market, but JLL Capital Markets announced it has arranged $61 million in construction financing for the development of The Preserve at Spring Creek, a 230-unit assisted living, memory care and independent living community in Garland, Texas. JLL worked on behalf of the joint venture sponsor, JAMP Enterprises LLC and Frontier Management LLC, to secure the 15-year, 75% loan-to-cost, floating-rate loan through a regional bank, with five years of interest only. The community will consist of a 120-unit apartment-style complex as well as 110 additional two-bed, two-bath independent living cottages... Read More »Utah-Based SNF Owner Enters Assisted Living Sector
A Utah-based developer is exiting the assisted living industry, with Vince Viverito, Brad Goodsell and Jason Punzel of Senior Living Investment Brokerage handling the final sale. Last month, the same SLIB trio sold the company’s other remaining assisted living assets, which were located in the western United States. Located in Lehi, Utah (Provo area), the last assisted living community was vacant, having been built by the seller in 2016 with 62 units on 1.5 acres. It sold for $8.95 million, or $144,400 per unit. The owner was focused on divesting the portfolio in order to focus on its core industries (multifamily and retail) and strategically decided to shut down this building to... Read More »Blueprint Facilitates Florida Bankruptcy Sale
Blueprint Healthcare Real Estate Advisors announced the sale of an assisted living community in Florida. Vista Lake of Leesburg comprises 74 units of assisted living and memory care in the greater Orlando area. Built in two phases in 1996 and 2000, the community was acquired in 2018 through a portfolio transaction by Eagle Senior Living. However, the community struggled during the pandemic as Eagle Senior Living simultaneously navigated Chapter 11 bankruptcy. Blueprint was engaged by the Eagle Senior Living in the summer of 2021 to run a competitive sale process for the Leesburg community, which included selecting a stalking horse bidder in addition to launching a broader auction process.... Read More »More Thoughts On NIC: Labor and Inflation
The good news that came out of the NIC Conference was that nearly everyone we talked with or listened to on the panels said that their agency use (and cost) had been in decline in 2022, with some 50% lower and others expecting to be out of the staffing pools by year end, other than some sporadic use to fill a gap, which was what they were always supposed to do. What they did not volunteer was by how much their in-house labor costs were rising as a result, when they could find employees to hire. Labor is still the number one concern, and someone quipped that they did not even hear COVID mentioned once during the conference. Yes, wages are rising, but are they rising enough to attract all... Read More »60 Seconds with Swett: More Distress is Coming
It was great to see so many people at NIC, and we were happy to hear of deals still getting done and of some healthy transaction pipelines as well. As we have been saying, M&A activity will slow as a result of the rate increases and other economic factors, but many deals will still be made. That is because there should be plenty of willing sellers in the next few quarters (or longer). As soon as many of these owner/operators felt they were somewhat in the clear from the pandemic and even from staffing agency use, inflation hits and their margin recovery looked less likely. And after more than two years of heavy stress, plenty will say “enough is enough” and decide to sell. What is... Read More »Thoughts On The Fall NIC Conference
Industry leaders convened last week in Washington, D.C. for the annual Fall NIC Conference, and while conversations were lively and some people were even jovial, something had definitely changed since the Spring Conference. One person said it was the second most somber NIC he had been to, after 1999. We would not say it was somber, but let’s just say we did not hear of many deals getting done. We would, however, like to set the record straight from one of the sessions on the first day, when a respected panelist stated that transaction volume was down 40% this year. Not even close to being accurate. Is transaction volume slowing? Of course. But if nothing closed for the rest of the year,... Read More »Georgia Campus Funds Renovation Project
Bellwether Enterprise Real Estate Capital, a national commercial and multifamily mortgage banking company, announced it has closed a $23.9 million loan to finance the renovation of Jewish Tower and Zaban Towers in Atlanta, Georgia. Built in the 1970s, the communities have 200 units and 60 units, respectively. The affordable independent living communities sit on 10.3 acres and are connected through a skilled nursing facility, William Breman Jewish Home. The borrower, The Jewish Home Tower Inc., will finance the renovations with a HUD 221(d)4 sub-rehab loan, originated by Jeff Mion of BWE’s Duluth, Georgia, office. The project includes updates and improvements to handicap accessibility, a... Read More »Schedule a demo
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