Brookdale Continues To Grow Census
Brookdale Senior Living continues to see census growth, posting its best second quarter sequential weighted average occupancy growth in more than 10 years. And remember, the second quarter has not been the industry’s friend for the past decade or so, so this is a great set up for the rest of the year. Weighted average occupancy in June was 75.2%, up 60 basis points from May and up 400 basis points from June in 2021. Before we pop the corks, occupancy in the mid 70 percent range is still quite low, and a far cry from Brookdale’s 84.5% in the fourth quarter of 2019, or 89.0% in the fourth quarter of 2013. But it is a step in the right direction. It is just that we need to see a lot of these... Read More »60 Seconds with Swett: Healthcare M&A Activity Drops
The second quarter saw senior care M&A sustain its very high level, but deal activity across the other 12 healthcare sectors that we track on our LevinPro HC platform experienced a 9% drop in dealmaking from 622 publicly announced deals in the first quarter of 2022 to 568 in Q2. Compared to Q4:21, the quarterly deal total has also dropped by over 10%. We cover a number of healthcare sectors from hospitals and home health to eHealth and Biotech, and the most popular sector of late (by far) has been Physician Medical Groups. Last quarter, we recorded 142 PMG deals, 54% of which were made by a private equity buyer. Compare that to 5% of the 135 long-term care deals announced in the second... Read More »Greystone Refinances Carrington at Lincolnwood
Greystone arranged a $116 million bank refinance of Carrington at Lincolnwood, a large seniors housing community in the Lincolnwood suburb of Chicago. The community comprises a total of 383 units, split between 251 independent living units, 88 assisted living units and 44 memory care units. It was co-developed by South Bay Partners and Chicago’s Bluhm family. Greystone’s Cary Tremper and Matt Miller secured the refinancing for Dallas-based Harbert South Bay, the result of a December 2021 merger between Harbert Management Corp. and South Bay Partners. Read More »Ziegler Closes Bond Financing for Eliza Jennings
Investment bank Ziegler has officially closed $24.405 million of bond financing for Ohio-based Eliza Jennings, a not-for-profit organization that currently owns and operates three senior living campuses in the state. The campuses comprise 75 independent living apartments and villas, 89 assisted living units and 216 skilled nursing beds. The first campus is The Renaissance, in Olmsted Falls, consisting of 314 units of senior living. Its second community Devon Oaks, located in Westlake, is a 66-unit assisted living community. Lastly, the third campus is The Eliza Jennings Home, a skilled nursing facility operating 126 beds in the city of Cleveland. The Series 2022A bonds are... Read More »Health Dimensions Group Sells Two SNFs in Minnesota
Health Dimensions Group, a Minnesota-based regional owner/operator, divested two older skilled nursing facilities in its home state. One facility is located in the Minneapolis market, while the second is about 2.5 hours north of the city. Totaling 234 beds, both facilities were originally built in the 1960s but were recently refurbished by HDG. Occupancy was very strong at 90%, and the quality mix topped 40%, but expenses ran high across the facilities. Plus, performance dropped off slightly during the transaction process. Nevertheless, Blueprint Healthcare Real Estate Advisors’ Amy Sitzman and Giancarlo Riso approached four groups and received three strong written offers. Mordy... Read More »Not-For-Profit Organization Acquires Anoka Community
An elongated CHOW approval process did not stop the team of Jeff Binder, Jason Punzel and Jake Anderson of Senior Living Investment Brokerage from closing the sale of an 84-unit independent/assisted living community in the Minneapolis metro area. Built in 1988 in the town of Anoka, Minnesota, the community features 84 units and 104 beds. It was owned by a real estate development company that mainly focuses on the multifamily market and chose to divest in order to concentrate on its core assets. Occupancy was 79%, and a new owner could refurbish the building. That buyer ended up being a large not-for-profit organization based in Minnesota that does plan to refresh and rebrand the... Read More »CBRE Finances West Coast Construction Project
CBRE National Senior Housing arranged construction financing for The Springs at the Waterfront, a to-be-built senior living community on the Vancouver, Washington waterfront. Harrison Street, The Springs Living and PMB LLC are joint venturing on the project, which will include 250 independent living, assisted living and memory care units. Set on 1.3 acres within the master-planned Vancouver Waterfront and its 32 acres of office space, retail and residential units, the community will be managed by The Springs Living upon completion. To fund the construction, CBRE’s Aron Will, Austin Sacco and Tim Root secured a $145.1 million floating rate loan with four years of interest only through a... Read More »Blueprint Handles Pennsylvania Portfolio Deal
A public REIT and its operating partner chose to sell a portfolio of six senior care locations in western Pennsylvania, and hired Michael Segal, Connor Doherty and Ryan Kelly of Blueprint Healthcare Real Estate Advisors to do so. Totaling 425 skilled nursing and 29 personal care beds, the facilities averaged a four-star rating from CMS, including three five-star rated locations. Still, it was marketed as a value-add opportunity for an incoming buyer to capitalize on the potential rate growth in the various submarkets with limited competition, plus as occupancy and cash flow rebound from the pandemic. An owner/operator looking to enter the region ended up as the buyer, paying an undisclosed... Read More »Hudson Hills Senior Living Has New Owner
The historic property of Hudson Hills Senior Living in North Bergen, New Jersey, has been sold to an east coast-based owner operator expanding its portfolio in the Garden State. The CCRC was originally built in 1897 with recent renovations last dated to 1990. Located just five miles outside of Manhattan, the community consists of 59 independent living units, 81 assisted living units, 12 memory care units, and 60 skilled nursing beds, comprising a total of 152 units. At the time of the sale, the senior living portion of the community was about 50% occupied and the skilled nursing portion was 90% occupied. Evans Senior Investments handled this transaction. Since March 31, 2020, Evans Senior... Read More »SLIB Sells in Bowling Green
A commercial real estate development company based in Bowling Green, Kentucky sold two senior living communities in its hometown, with the help of Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage. Including Chandler Park Assisted Living, a 61-unit assisted living community, and Chandler Memory Care, a 31-unit memory care community, the properties are located 2.5 miles from each other. They were both built in stages over the years. Occupancy was around 88% across the two assets. SLIB received five competitive bids, and the local seller chose a Midwest-based owner/operator that was familiar with the market as the buyer. No purchase price was... Read More »Schedule a demo
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