Carnegie Capital Finances Texas Transaction
JD Stettin of Carnegie Capital helped a private, Atlanta-based fund acquire a portfolio of nine skilled nursing facilities in Texas by arranging an $87.5 million bridge loan to fund the deal. Totaling 1,050 beds, the facilities were on average around 25 years old, with decent occupancy ranging from the high-70s to the low-80s. The facilities were also enrolled in QIPP and UPL, making the portfolio much more attractive to a potential buyer. That interested party was an Atlanta-based company that owns more than 30 SNFs in four states, which will bring in one of the largest operators in Texas to operate the facilities going forward. They paid $100 million, or $95,200 per bed, and the... Read More »
60 Seconds With Swett: Everybody’s Talking About Brookdale
This week, we can’t not talk about Brookdale Senior Living reportedly exploring a sale of the company and engaging with advisers to find potential buyers, and the rumors are flying. Will Healthpeak Properties, now under the helm of Welltower alumnus Scott Brinker, reenter the seniors housing market in the big way by buying Brookdale? Or will Ventas, with its size and its warrants to buy 16.3 million shares at about $3 per share, be the buyer? Or will a PE firm take the company private and continue the long road to recovery without an eye towards quarterly earnings reports. There is also the question of whether Brookdale CEO Cindy Baier will stay on in her role after more than four years as... Read More »
Ziegler and M&T Realty Capital Corporation Colorado Refinancing
Ziegler, in partnership with M&T Realty Capital Corporation, announced a $19.4 million Fannie Mae loan on behalf of Essex Communities to refinance the existing debt of Carmel Oaks. The 86-unit independent living community stands three stories tall and sits on four acres in Lakewood, Colorado (Denver MSA). The 10-year, fixed-rate loan was structured at 75% loan-to-value with five years of interest-only payments, followed by 30-year amortization. The loan also carried a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the existing debt, the loan also provided funding for Essex to recover capital... Read More »
Del Webb Develops in Texas
Del Webb is set to open its newest 55+ community, Del Webb Fulshear, just west of Houston, Texas. Comprising 725 single family ranch-style homes across more than 230 acres, Del Webb Fulshear features three unique home series from Del Webb’s consumer-inspired GenYou collection: The Scenic, Distinctive and Echelon. The resort-style community will offer over three miles of walking trails in addition to an indoor and outdoor pool with prices starting in the high $200,000s. Del Webb has been busy developing its own brand of large 55+ communities, which fall out of the generally accepted definition for active adult communities (as AA communities are usually rental options). However, active adult... Read More »CBRE Arranges Construction Financing
CBRE National Senior Housing arranged construction financing for The Crestmoor at Green Hills in Nashville, Tennessee, on behalf of a joint venture between Bridgewood Property Company and Harrison Street. Aron Will and Tim Root arranged the loan, which featured a five-year term and was provided by a regional bank. The community will be operated by Bridgewood’s wholly owned management company, The Aspenwood Company. The community will be situated on a 0.99-acre irreplaceable parcel directly abutting the Green Hills Mall in the heart of the Green Hills neighborhood, an affluent neighborhood in Nashville. The proposed project will consist of 117 independent living units, 45 assisted living... Read More »The Palms Nursing & Rehabilitation Involved in M&A Deal Tracked in LevinPro Database
The Palms Nursing & Rehabilitation has been linked to a merger or acquisition in the LevinPro M&A deal database. The Medicare-licensed facility is a not for profit skilled nursing facility situated at 5607 Everhart Rd in Corpus Christi, Texas. LevinPro, which tracks M&A activity across more than a dozen healthcare sectors from hospitals and home health to medical real estate and biopharma, profiled the transaction involving The Palms Nursing & Rehabilitation in its deal database, which is available to subscribers here. LevinPro has tracked thousands of deals in the skilled nursing facility sector throughout its history. To see the underlying deal data, or for information on... Read More »Brookdale Palmer Ranch SNF Featured in LevinPro M&A Database
The Brookdale Palmer Ranch Skilled Nursing Facility (SNF) in Sarasota, Florida, has been prominently featured in the LevinPro M&A deal database, indicating its involvement in a merger or acquisition. This Medicare-licensed private skilled nursing facility is situated at Palmer Ranch Parkway in Sarasota, Florida, and was incorporated on September 25, 2006. LevinPro, an esteemed source in the merger and acquisition tracking domain, monitors activity spanning over a dozen healthcare sectors, including hospitals, home health services, medical real estate, and biopharmaceuticals. The Brookdale Palmer Ranch SNF transaction is featured in LevinPro’s comprehensive deal database. The database... Read More »A Recap For The Clare
When Fundamental Advisors and Senior Care Development, together with the manager Life Care Services, purchased The Clare in downtown Chicago out of bankruptcy in 2012 (then known as The Clare at Water Tower), it looked like a risky bet for some people. After all, its reputation was sullied a bit with the bankruptcy, occupancy was low, and there were still people questioning the entrance-fee model of CCRCs. As usual, hindsight is 20-20. With some changes instituted by the buyers, The Clare soon thrived, with occupancy reaching 98% to 99% with a wait list prior to the pandemic. But then census dipped by 400 to 500 basis points during COVID. Other providers should have been so lucky.... Read More »Brookdale Senior Living For Sale, Again?
Whether it was leaked from Brookdale Senior Living, or from one of its advisors, or not, it was reported on Friday that the company was in talks with one or more advisors about a potential sale of the company. Forgive us if we yawn, but we have been through this before. Although, it was exciting to see a seniors housing company’s share price jump by 20% in a market that has not been kind to our industry, for how long it remains up is the important question. The shares had recently hit a 52-week low of $3.87, so jumping by 20% does not mean as much. This is especially true when one considers the fact that they walked away from a conditional indication of interest to buy the company four... Read More »Oklahoma SNF Sells to Regional Operator
Plains Commercial announced the sale of Hobart Living Center, a skilled nursing facility in Hobart, Oklahoma (Oklahoma City MSA). Built in the 1960s, the facility comprises 58 beds and sits on 3.7 acres. The seller is an Oklahoma-based operator that was looking to downsize its portfolio. The facility was sold to a regional operator with a geographic footprint in the area that was looking to grow. Daniel Morris of Plains Commercial handled the transaction. In April 2022, Mr. Morris sold three skilled nursing facilities in Tulsa and Cushing, Oklahoma that consisted of 243 licensed beds. That seller was a local operator looking to exit the industry, while the buyer ended up being one of the... Read More »Schedule a demo
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