Senior Living Investment Brokerage Sells Ocala-Area Portfolio
Bradley Clousing and Jeff Binder of Senior Living Investment Brokerage facilitated the sale of three assisted living/memory care communities in the Ocala, Florida area. These communities combine for a total of 144 units and 198 beds. The Belleview and 24th Road locations provide memory care services across 41 units and 42 units, respectively, while the Deerwood community has 61 assisted living units. They were operating well, and the in-place operator, which was clearly going a good job, emerged as the buyer in a fee-simple transaction. They beat out multiple offers from both regional and national buyers in the process. Read More »
Blueprint Sells Another Former-Mainstreet Facility
Last month, Blueprint Healthcare Real Estate Advisors handled the sale of a vacant skilled nursing facility that was developed by Mainstreet but never opened. We know there were a number of those kinds of facilities, with all the bells and whistles but never an open sign, and sure enough, the Blueprint team closed another sale of one. The 94-unit facility was built in 2017 in Phoenix and featured both skilled nursing (transitional care) and assisted living units. But its lender foreclosed on the property. There is certainly potential in the new building with plenty of common space and located just down the street from Banner Estrella Medical Center, plus two other major hospitals within... Read More »
Brookdale Continues To Make Progress
The one thing that has been beneficial about COVID is the enhanced reporting by the public companies. By the time they release quarterly earnings results, they have already been issuing monthly updates, mostly on occupancy, so there is rarely much of a surprise. Such was the case with Brookdale Senior Living. On the occupancy front, average occupancy in the second quarter was 90 basis points higher than in the first quarter. While we would have liked to see a better gain, census was still declining in the first quarter and didn’t really flatten out until March/April on a weighted average basis. More impressively, month-end census has increased for five consecutive months starting in March.... Read More »
BMO Harris Funds Construction Project in North Carolina
BMO Harris Bank’s Healthcare Real Estate Finance business announced that it secured a $72.4 million construction loan for a senior living community in Charlotte, North Carolina. The Village on Morehead will feature 199 high-end independent and assisted living units in 12 stories. Bridgewood purchased the site for $11.5 million and will have its wholly-owned management group, Retirement Center Management, operate the community once it opens in 2023. CBRE arranged this loan through BMO Harris on behalf of a joint venture between Bridgewood Property Company and Harrison Street. CBRE originated a four-year, floating-rate loan with a full term of interest-only and extension options. Over the... Read More »
FOX Rehabilitation Acquires Geriatric Therapy Provider
FOX Rehabilitation, a private practice of physical, occupational, and speech therapists for seniors at home, announced that it has acquired Taylored Rehab LLC, a provider of therapy services to elderly patients in assisted living communities, group homes as well as their own homes throughout Wisconsin. The transaction represents FOX’s first acquisition of a private practice, and it is expected to quickly boost the company’s pool of clinicians, allowing it to serve a larger population of Wisconsin’s aging seniors. FOX will also leverage its proprietary technology to attract leading clinicians, increase patient volume, and deliver clinically excellent care. Read More »
Bloom Senior Living Blossoms Again
Last week we disclosed that Bloom Senior Living and its affiliate Kandu Capital hit a home run with its sale of a 94-unit assisted living and memory care community in St. Petersburg, Florida. They purchased it for $5.5 million in 2017 and just sold it for $12.5 million. Not too shabby. Well, it looks like they did it again, this time selling a 91-unit assisted living community in Lakewood, Ohio for $11.8 million, or nearly $130,000 per unit. While that price per unit will not be breaking any records, Bloom had purchased the community in 2010 for just $3.1 million out of the Sunwest Management bankruptcy. Do the math, and that is a 380% return... Read More »
SLIB Secures Three Sales on Two Coasts
Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage announced a couple of closings out West. Starting in rural central Oregon, the trio sold a 27-unit/35-bed assisted living community in the town of Maupin for $1.6 million, or $59,300 per unit. Built in 2005, this community was fully occupied, but with a 60% Medicaid census. It was operating at a 20% margin on over $1 million of revenues, which is solid but presents an opportunity for a new owner. The current regional owner/operator chose to focus on its larger communities in major West Coast MSAs and decided to sell the community to an Idaho-based regional owner/operator that does focus on these... Read More »60 Seconds with Ben Swett: A Strong M&A Start to August
Transcript We know the market really turned a corner this June when 45 deals were announced after a rather tepid Spring, including three of the largest transactions seen in multiple years. And we’ll be talking about the importance of that month in the upcoming issue of The SeniorCare Investor. Even July, when many of us hit the beach, or would like to, an impressive 35 transactions were publicly disclosed. But it appears that strength will continue into August, as 18 separate transactions have been announced in just the last few days. And we know of a couple of confidential transactions that could have boosted that number even more. August’s M&A total will only grow as public companies... Read More »
Meridian Capital Group Reports Busy July
In the month of July, Meridian Capital Group’s Senior Housing and Healthcare team has closed $863.4 million in transaction volume for a combined 60 skilled nursing and assisted living properties in 13 states. That brings the year-to-date total to $3.6 billion in volume, or already surpassing the $3.2 billion in transactions closed in 2020. Well done to Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch, David Gottlieb and Jacob Scott who negotiated the deals. Meridian’s largest deal of the month was a $324.7 million acquisition financing provided by a commercial bank and mezzanine lender for 21 skilled nursing facilities with 2,643 total beds in New Jersey,... Read More »
Blueprint Advises Another SNF Sale
Blueprint Healthcare Real Estate Advisors’ Ben Firestone and Michael Segal recently facilitated the sale of Magnolia Manor, a skilled nursing facility in Inman, South Carolina. Built in 1967, Magnolia has 176 beds, which represents over 40% of the total licensed beds in the local market and twice the capacity of the next largest competitor. The seller was a partnership that had leased the facility to a large East Coast-based provider that also operates another facility in the area. That operator will continue to manage the facility following stable and consistent operational performance. Not only that, but the operator also emerged as the buyer, beating out four other competing... Read More »Schedule a demo
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