• 60 Seconds with Swett: The Great Debates of Senior Care

    Next week for our Second Quarter Investor Call, sponsored by Ziegler, we’ll be trying something different that is sure to be both entertaining and useful for our audience of operators, investors, brokers, lenders and everyone else. We’ll be tackling The Great Debates of Senior Care, covering some of the most important issues facing the industry.... Read More »
  • Thank You Ortelius?

    Brookdale Senior Living just reported June occupancy, and the increases were much better than we expected for a second quarter, which historically has been a mixed bag for the industry. Let’s just say, we were impressed. June’s same-community weighted average occupancy was 81.1%, up 220 basis points year over year and up 50 basis points... Read More »
  • SLIB Sells SNF in New Jersey

    Toby Siefert of Senior Living Investment Brokerage got a skilled nursing sale in New Jersey over the finish line after survey issues caused a buyer switch-up. Built in 1980, Medford Care Center is located in the town of Medford (about an hour east of Philadelphia) and features 180 beds on an 11-acre campus. Operations were not strong, and the... Read More »
  • Carnegie Capital Celebrates 10-Year Anniversary with Texas Portfolio Deal

    Carnegie Capital, the national seniors housing debt brokerage founded and run by JD Stettin and David Farhadian, celebrated its 10-year anniversary with a $124 million, or $117,100 per bed, portfolio acquisition transaction. Carnegie provided a combination of advisory work and debt placement for the nine-skilled nursing facility portfolio with... Read More »
  • 12 Oaks Senior Living Appoints New CFO

    12 Oaks Senior Living appointed Elliott Westerman as CFO, effective immediately. Westerman has more than two decades of leadership experience across senior living, healthcare, and real estate sectors. As CFO, Westerman will oversee all aspects of financial management, including financial planning and analysis, capital structure strategy,... Read More »
Capital Funding Hits Impressive Mark For Q1 Closings

Capital Funding Hits Impressive Mark For Q1 Closings

News of Capital Funding Group’s first quarter activity trickled out throughout the first three months of the year, but the firm recently confirmed that they financed in excess of $800 million for its clients across 13 bridge loans and 31 HUD loans. Even under “normal” circumstances, a quarter like that is certainly one to show off.   We already profiled a couple of the transactions, the largest being a $285 million bridge-to-HUD loan for the acquisition of 16 skilled nursing facilities in the Mid-Atlantic. Erik Howard and Tim Eberhardt originated the transaction for Capital Funding Group, and Capital Funding, LLC, a subsidiary of CFG Bank, participated in the transaction.  Another notable... Read More »
CCRCs Still Leading In Occupancy

CCRCs Still Leading In Occupancy

Ziegler just came out with its quarterly analysis of occupancy trends for CCRC (LPCs) in conjunction with the NIC MAP data, and while census is still slipping, the sub-sector has fared better than the other components of the senior living spectrum. The data set used includes 1,134 CCRCs in both primary and secondary markets, as defined by NIC MAP. It is not clear how the other 800 or so CCRCs have performed.  All CCRCs posted an average occupancy rate of 84.3% in the first quarter 2021, a drop of 720 basis points from the first quarter of 2020. While somewhat shocking, that performance is better than assisted living and skilled nursing. And, starting from an average... Read More »
And The Audience Says…

And The Audience Says…

Last week, we hosted a webinar tackling the differences between two classes of seniors housing communities: “A” quality versus “B” quality. Often, buyers and investors of one group do not do much business in the other, so it is worth breaking out the differences in valuation, operations and investment strategies. So, for the last several years in our annual Senior Care Acquisition Report, we have divided seniors housing properties into these categories based on a combination of their age, size and location.   Leading up to the pandemic, prices paid for “A” quality properties were surging as labor and occupancy headwinds seemed to be affecting “B” (and “C”)... Read More »
Greystone Secures Another HUD Refinance

Greystone Secures Another HUD Refinance

Last week, Greystone announced two HUD refinances for senior care clients and followed up with a third, this time to refinance a 174-unit Section 8 senior apartment community in Pomona, California. Shana Daby of Greystone handled the transaction on behalf of AMCAL, a developer of multifamily properties in California, Texas and Washington. The $29.9 million loan comes with a fixed interest rate and 35-year term and amortization.   Loan proceeds in hand, AMCAL will be able to make capital improvements and set up a debt service reserve. They will also take some equity out. AMCAL originally built the community in 2002 with six mid-rise buildings, with elevators, offering both one- and... Read More »
Lument Arranges ESOP Transaction

Lument Arranges ESOP Transaction

Lument Securities recently assisted one of the largest skilled nursing operators in the Midwest with the sale and transition of around 36 operating affiliates to a newly formed employee stock ownership plan, or ESOP. As a result, the company is now 100% employee-owned through its employee stock ownership trust. Laca Wong-Hammond and Dominic Porretta of Lument Securities served as investment banker and exclusive financial advisors in providing structuring and valuation services to the client in its negotiations with the Trustee.  Across its more than 30 skilled nursing facilities (and some assisted living communities) across the Midwest, the company has over 4,000 licensed beds in its... Read More »
Recent Senior Care M&A Deals, Week Ending April 23, 2021

Recent Senior Care M&A Deals, Week Ending April 23, 2021

Senior care M&A is still chugging along this quarter, check out our recent deal chart. Long-Term Care AcquirerTargetPrice Symmetry Healthcare ManagementSouth Island Assisted Living$2.4 million Standard CompaniesBaltic Plaza Apartments$28 million Local buyerBrittany Manor$850,000 Avanath Capital ManagementOverlook at Anaheim Hills$87.5... Read More »
Chicago Pacific Founders Announces Arizona Acquisition

Chicago Pacific Founders Announces Arizona Acquisition

After three straight acquisitions in Florida, Chicago Pacific Founders has added another Sunbelt property to its portfolio, this time in Arizona. The Tucson community features 107 units of assisted living and memory care and a host of amenities, including a movie theater, bistro, sunrooms, sports lounge, hydro massage therapy, putting green, resident garden and dog park, to name just a few. It also boasts views overlooking the Catalina Mountains.   Willis Development, in partnership with Dekel Capital, opened the community in mid-2018. Dekel Strategic Investors provided $8.4 million in equity and East West Bank provided a $17 million... Read More »
Ziegler Helps Finance Pennsylvania CCRC’s Expansion

Ziegler Helps Finance Pennsylvania CCRC’s Expansion

Ziegler closed nearly $40 million in financing for a not-for-profit CCRC client in Palmyra, Pennsylvania, securing both institutional investor and bank support for the transaction. After originally opening the community in 1979, Lebanon Valley Brethren Home, dba Londonderry Village, is planning on expanding on a portfolio of a 40-acre tract of farmland it already owned south of the campus. It currently features 374 independent living units, 38 personal care/assisted living units and 88 skilled nursing beds, but the project would add 35 new IL units in 11 cottages/townhouses and two 12-unit buildings. There would also be a sales office and clubhouse added to the site.  To fund the... Read More »
Two More HUD Deals From Greystone

Two More HUD Deals From Greystone

Greystone announced its latest HUD activity with two loan closings for senior care facilities. The larger deal saw Fred Levine arrange a $24.9 million refinance for a 120-bed skilled nursing facility in Yonkers, New York. Built in 2000, it offers a certified respiratory and ventilator unit and also provides a range of services including short-term rehabilitation, occupational, physical and speech therapy, amputee rehab, wound care, neuro-rehabilitation, certified cardiopulmonary rehabilitation, dedicated Alzheimer’s and dementia care units, as well as stroke and traumatic brain injury rehabilitation.  L&A RE Acquisitions, LLC acquired the facility in 2015 for... Read More »
ORIX Corporation USA Makes Preferred Equity Investment

ORIX Corporation USA Makes Preferred Equity Investment

A joint venture is developing a seniors housing community in Texas thanks to a preferred equity investment completed by ORIX Corporation USA’s Municipal and Infrastructure Finance business, led by Rob Wetzler. The actual investment amount was not disclosed, but it will help fund the construction and start-up costs of a 103-unit seniors housing community in Aledo (Fort Worth area).   Civitas Senior Living, a developer, owner and operator of over 40 communities across the southern United States, and Journey Capital, a Dallas-based asset manager focused on seniors housing development and acquisitions, are responsible for the project. This will be Journey’s seventh... Read More »
Dwight Capital Refinances Twin Cities Community

Dwight Capital Refinances Twin Cities Community

Dwight Capital provided a HUD refinance for a senior living cooperative in Richfield, Minnesota, a Twin Cities suburb. Built in 2000, the community features 157 units in 12 stories and sits on a 1.7-acre site. Amenities include a library, fitness room, hair salon, community room, grocery store, individual storage space and exterior gardens.   Josh Sasouness of Dwight Capital originated the transaction on behalf of the undisclosed borrower, providing a $22.2 million, or $141,400 per unit, loan for the property. The debt replaces a previous HUD loan and extends the borrower’s term.  Read More »