AlerisLife Is Shutting Down
AlerisLife is in the process of winding down its business. The company had struggled for years as a publicly traded company (previously known as Five Star Senior Living) with chronic operational and governance issues, posting repeated net losses, negative EBITDA, low operating margins, and underperforming owned communities. Despite some gains and cost savings after Alvarez & Marsal’s operational review in 2022, the company failed to generate meaningful profits, and leadership changes did not reverse declining performance. Shareholder value suffered for some time, with the company finally being acquired in 2023 by ABP Acquisition LLC, a firm majority owned by Adam Portnoy, the CEO of... Read More »
SLIB Scores SNF Sale to Strawberry Fields REIT
Ryan Saul, Jeff Binder and Lucas Doll of Senior Living Investment Brokerage arranged the sale of a 124-bed senior care campus in Poplar Bluff, Missouri, to Strawberry Fields REIT. The SLIB team represented a regional owner/operator that was exiting the state of Missouri to focus on communities closer to its corporate headquarters. Cedargate Healthcare features a 108-bed skilled nursing portion built in 1973 and a 16-unit assisted living community added in 1996. Renovations were also completed in 2021, and the campus benefitted significantly from the new Medicaid reimbursement methodology implemented in 2022, including a $37 per-patient-day increase on January 1, 2025. It still has a... Read More »
SLIB Closes Two Other Midwest Transactions
No rest for Senior Living Investment Brokerage on Labor Day, apparently, as the firm closed a couple of Midwest closings on the heels of its Missouri sale to Strawberry Fields REIT. Nick Cacciabando and Jeff Binder first returned to a familiar place, in Junction City, Kansas, to sell a senior care community. This property was Cacciabando’s first ever sale back in 2007, which he closed with Binder. The pair, plus Vince Viverito, are now representing that 2007 buyer in the community’s sale, as the regional owner/operator is choosing to focus on its remaining core assets. Built in phases in the 1970s and 1980s, Valley View Senior Life features 28 independent living units, 13 assisted... Read More »
DMK Development Group Divests to Town Lane
DMK Development Group has had a busy summer with two divestments and several developments. After divesting a four-asset seniors housing portfolio in Kentucky to American Healthcare REIT for $65.3 million, or $206,600 per unit, in July, DMK sold a 167-unit seniors housing community in Venice, Florida. The buyer was New York-based real estate investment manager Town Lane. The company assumed a $25.71 million mortgage on the property in the off-market transaction. Atlas Senior Living will continue to operate the community. Developed by DMK in 2023, The Goldton at Venice was highly occupied at the time of sale. The community offers a full continuum of care, including 114 independent... Read More »
Pines Senior Living Rescues Vacant AL Community
A vacant assisted living community in Birmingham, Alabama, found a new owner thanks to Amy Sitzman and Giancarlo Riso of Blueprint. Originally built in 1999, the community faced significant physical plant needs and operational challenges that rendered it unviable, without substantial capital investment. So, ownership decided to shutter it and divest. Blueprint utilized both its proprietary platform and the Ten-X online auction platform to generate multiple competitive bids from regional and national operators. The successful bidder, Pines Senior Living, plans to reopen and reposition the community, investing in the physical plant. Read More »
Berkadia Keeps the Closings Coming
Within the past 45 days, Managing Director Jay Healy and Director Andrew Lanzaro of Berkadia Seniors Housing & Healthcare have closed 13 loans totaling $178 million in proceeds. Included in the total were nine HUD 232/223(f) loans for $102 million, plus another five bridge-to-HUD loans amounting to $76 million. In July, Healy and Lanzaro secured $58.3 million in financing for four skilled nursing facilities in Texas for a Fort Worth-based owner/operator and repeat Berkadia client. The first loan was a $13.7 million HUD 232/223(f) loan for a 104-bed community in Maverick County, Texas, which refinanced a Berkadia bridge loan originated in 2024 to facilitate the acquisition of the... Read More »
Real Estate Investment Firm Obtains Financing
MidCap Financial closed an $18.7 million first mortgage loan. The four-year, floating-rate loan refinanced the existing indebtedness on a seniors housing community in a coastal Southeastern market. The sponsor is an experienced Southeastern-based real estate investment firm. The community is newer and comprises more than 100 independent living, assisted living and memory care units. It is in the process of stabilizing. Read More »
Helios Healthcare Advisors Arranges HUD Refinance
Helios Healthcare Advisors arranged a $10.71 million HUD refinance for a 76-unit assisted living and memory care portfolio located in San Antonio, Texas. The communities historically performed at stabilized levels. Before completing the HUD refinance, Helios arranged an 18-month bridge loan to recapitalize the communities on behalf of a regional owner/operator with 12 locations and more than 700 units across Texas. The refinance marked the final step in a two-year strategy to arrange the capital structure and secure permanent, non-recourse fixed-rate debt. Read More »
Independent Living Community Gets Refinance from Fannie Mae
Aron Will, Vice Chairman of CBRE National Senior Housing, Kevin Randles, Senior Vice President of CBRE, and Adam Mincberg, Senior Vice President of CBRE National Senior Housing, successfully arranged the refinancing of Winding Commons Senior Living. CBRE facilitated a new loan for the community through its Fannie Mae DUS Lending Platform on behalf of long-term client, Ray Stone, Inc. This refinancing enabled the sponsor to secure long-term, 10-year fixed-rate debt with the incumbent lender, and marks CBRE’s second successful financing of the community. Originally built in 2003 and featuring 100 independent living units, the community is situated on a 5.10-acre site in Carmichael,... Read More »
Not-For-Profit Secures Funding for CCRC Expansion
Ziegler announced the closing of the PRS Pacific Northwest Obligated Group Series 2025AB bonds issued through the Oregon Facilities Authority. PRS is a repeat sponsor. The proceeds of the bonds, together with other available funds, will be used to fund the construction of the Cascade Manor Project, a 29-unit independent living expansion, fund a portion of interest during construction, and fund certain costs of issuing the bonds. The bonds are secured by a pledge of gross revenues and real estate of the four Obligated Group communities in Oregon and Washington. Cascade Manor, Inc. is a not-for-profit corporation operating the CCRC in Eugene, Oregon. Since becoming an affiliate of PRS in... Read More »Schedule a demo
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