Joint Venture Makes Second Acquisition
Fundamental Advisors LP’s joint venture with Foundry Commercial, which launched in the summer of 2020, has yielded a couple more acquisitions, with partners Scribner Capital and Foster Senior Living participating in the deals yet again. First, the venture acquired an 84-unit assisted living/memory care community in Jacksonville Beach, Florida for an undisclosed price. Bradley Clousing, Jeff Binder and Matthew Alley of Senior Living Investment Brokerage represented the seller in the deal. Built in 2014, the well-maintained community has mostly private rooms, with six semi-private units. The seller had reached the end of their... Read More »
NIC Acquires VisionLTC
The National Investment Center for Seniors Housing & Care (NIC) announced March 11 that it has acquired VisionLTC, a North Carolina-based data analytics platform serving the senior care industry. Together, they are creating a new company called NIC MAP Vision, which will be a for-profit affiliate of not-for-profit NIC and will be majority owned by NIC, with the VisonLTC investors owning the remainder. NIC MAP Vision will be led by VisionLTC’s CEO Arick Morton, while Brian Jurutka will remain as CEO of NIC. The two organizations are complementary, as NIC MAP’s product deals with the supply side of seniors housing... Read More »
Regions Bank Announces Several Loan Closings
Loan requests keep pouring into Regions Bank, and the team has been for the most part obliging. Of course, the bank has to be discerning on which projects or deals to fund, and most likely more conservative in its terms, but we’re happy to see a continuous flow of activity from them. We know most lenders would like to be closing more deals, if it were not for the slower third-party approvals and inspections these days. Jack Boulder of Regions Bank completed a two-part financing to support Trilogy Health Services’ acquisition of four skilled nursing and assisted living properties. Located in Kentucky, Ohio and Michigan, the properties all provided a mix of... Read More »
Cushman & Wakefield Sells Oregon Memory Care Community
Cushman & Wakefield’s Senior Housing Capital Markets team completed the off-market sale of a 99-unit memory care community in Oregon for $25 million, or $252,500 per unit. The seller, a California-based national operator, had acquired the property as part of a larger portfolio of non-core assets that a public REIT was divesting in 2019. This community also did not fit into that buyer’s plans moving forward, hence the current sale. So, a growing Portland area-based owner/operator with a local and regional presence stepped in to acquire the well-run property. Cushman’s Rick Swartz, Jay Wagner, Aaron Rosenzweig and Dan Baker handled the deal. Read More »
Joint Venture Acquires The Villages-Adjacent Senior Living Community
The Seniors Housing and Healthcare Group at Berkadia arranged the sale of a 126-unit assisted living/memory care community in Oxford, Florida. Tim Cobb and Brooks Minford handled the transaction on behalf of the undisclosed seller. Built in 2015, the high-quality community has 134 beds and is set on a four-acre campus adjacent to The Villages. It was formerly operated by Leisure Care. A joint venture between Inspirit Senior Living (which will operate) and two New York City-based investment and asset management firms, Venue Capital and Drake Real Estate Partners, acquired the property for $15 million, or $119,000 per... Read More »
KeyBank Refinances Two Bickford Senior Living Properties
Bickford Senior Living refinanced two of its seniors housing communities in Iowa through HUD, with the help of John Randolph of KeyBank Real Estate Capital’s Commercial Mortgage Group and Grant Saunders of KeyBank’s Healthcare Finance Group. Bickford received $17 million in combined HUD financing, with fully amortizing 35-year terms. Both communities were built in 1998, with the Davenport location including 35 assisted living and seven memory care units and the Marion campus comprising 31 assisted living and seven memory care units. They are two of Bickford’s 65 seniors housing operations in 11 states. In addition to visiting physical, occupational and speech... Read More »
Is Brookdale Bottoming Out
Even though Brookdale Senior Living reported its lowest census levels ever in February, the month-to-month declines were low and may signal a bottom soon. As most of you know, I have been pretty negative about where things were going last year, and how long it might take for the industry to dig out of its hole. But my gut tells me things are beginning to turn around. Brookdale Senior Living just reported on its February occupancy, and I believe it is the first major seniors housing company to report average occupancy for the month below 70%. It hit 69.4%. That’s the bad news. The good news is that the monthly decline of 60 basis points was the smallest since last March. And the month-end... Read More »
SLIB Sells Underperforming Missouri Skilled Nursing Facility
Jeff Binder and Ryan Saul of Senior Living Investment Brokerage started March with the sale of a 137-bed nursing facility in Missouri. It was relatively large at 137 beds, but occupancy was near 50%. It was not too old, having been built in stages in 1984, 1989 and 1994, but 25 to 35 years old is still old. Located in Ballwin (St. Louis MSA), it was sold because of the facility’s underperformance, despite its good location, by a large Missouri operator. The buyer plans on doing significant renovations and refreshing of some common areas, as it wants to expand its services into the St. Louis MSA. The buyer was selected in September from a pool of five... Read More »
CareTrust REIT Acquires Again
On the back of its purchase of four CCRCs in California last week, CareTrust REIT jumped back in the buyer pool to acquire a 150-bed skilled nursing facility in Santa Barbara. In the off-market transaction, CareTrust also retained the operator, California-based Covenant Care, under an assumed long-term lease. That brings CareTrust and Covenant’s relationship to eight facilities. The REIT spent approximately $15.86 million (excluding around $40,000 of transaction costs), or $105,700 per bed on the facility. The existing lease, which has approximately four years left on its term, with two five-year renewal options, produces about $1.5... Read More »
Live Oak Bank Closes Two Financings
The team at Live Oak Bank arranged a couple of financings for two owner/operator clients. First, to refinance a newly built memory care community in Tarpon Springs, Florida, Live Oak provided a five-year, floating rate bridge loan totaling $12.3 million to the developer, Watercrest Senior Living. Opened in March 2018, the purpose-built community has 64 units and operates under Watercrest’s “Market Street” brand. Watercrest worked with Lument to arrange the financing. This brings Watercrest’s portfolio to 13 communities in Florida, Georgia, South Carolina and Virginia. The second transaction saw Live Oak Bank provide a $28.5... Read More »Schedule a demo
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