Houston-Area Assisted Living Communities Sell
Oklahoma-based Plains Commercial announced the sale of a vacant assisted living portfolio in Copperfield and Pearland, Texas (Houston MSA). The Glen Hope Portfolio comprises two communities built in 2005 and 2009, respectively. Both communities offered well maintained physical plants with little need of immediate capital expenditure. Plains Commercial represented the stalking horse bidder in a bankruptcy auction of a defaulted bond portfolio. The buyer is a local owner/operator with a growing footprint in the state of Texas which also has a strong operational track record with struggling communities. It plans to implement its operational model immediately and begin lease-up. Daniel Morris... Read More »Hamister Group Acquires Connecticut Community
Cushman & Wakefield arranged the sale of an assisted living community in Glastonbury, Connecticut. Buckingham Heights is a 46-unit, 52-bed memory care community that sits just southeast of Hartford. The property opened in late 2001 and historically operated at 100% occupancy. Longview Senior Housing, an affiliate of Blackstone, the seller, completed renovations in 2021, which included remodeled common areas, expanded dining areas, replacing the roof and sprinkler system, and upgrading furniture, fixtures, equipment, lighting, paint, carpet and flooring throughout the property. The strong cash flow and good location attracted Hamister Group, a seniors housing investor and operator, to... Read More »Health Needs of Seniors in Seniors Housing Communities
At the recent Fall NIC Conference, NORC at the University of Chicago presented the findings of a recent study of seniors housing residents. We are sure Medicare Advantage plans have combed through the data, as much of it was an eye-opener, even for us. The study cohort included more than 250,000 seniors housing residents and more than 325,000 in nursing homes enrolled in fee-for-service. In seniors housing, the residents were pretty evenly split among majority IL (32.5%), majority AL (31.6%) and CCRC/LPC (30.0%). The most shocking discovery was that CCRC/LPC residents have an average of 12.2 chronic medical conditions. In theory, these are among the healthiest of residents in senior living... Read More »
When Will the Attacks on SNFs Stop?
Don’t you feel like it is déjà vu all over again? Yet another report has come out criticizing the for-profit nursing home industry on its handling of the COVID crisis, with one publication stating the study “eviscerates” for-profit nursing homes. We don’t remember a study that didn’t eviscerate the sector, the punching bag for everyone it seems, especially The New York Times. But Congress has taken the lead from the Times recently. The congressional subcommittee report found that, among other things, many nursing homes were understaffed during the first few months of the pandemic, leading to deficient care. Hellooo. The majority of nursing homes were understaffed because they could not... Read More »Ziegler’s Florida Financing
Chicago-based specialty investment bank Ziegler announced the closing of $30 million in bonds for Life Care Ponte Vedra, Inc., d/b/a Vicar’s Landing, to help finance a Phase II expansion. Built in 1983, the community comprises 227 independent living units, 38 assisted living units and 60 skilled nursing beds (30 Medicare certified) on 24.3 acres within Sawgrass, a 4,800-acre private resort and residential community in Ponte Vedra Beach (Jacksonville MSA) that includes the TPC Sawgrass golf course. Vicar’s Landing is currently undergoing a multi-phased expansion less than one mile from its current campus, known as Vicar’s Landing at Oak Bridge. The project involves the acquisition, site... Read More »Active Adult Acquisition Announced in Utah
Institutional Property Advisors (IPA), a division of Marcus & Millichap arranged the sale of Lakeside Village, an active adult community in West Valley City, Utah. Built in 1997, the community comprises 144 units and sits on 6.2 acres. The units consist of one- and two-bedroom residences with eight-foot ceilings, walk-in closets and private balconies or patios. Amenities include a swimming pool, hot tub, community garden and pond. Danny Shin and Brock Zylstra of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Read More »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 »Schedule a demo
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