Carnegie Capital Closes Fairfield County Construction Loan
An assisted living/memory care community that broke ground in Fairfield County, Connecticut this Spring (quite a time for that) just received bank financing arranged by JD Stettin of Carnegie Capital. The five-year construction loan totaled $24.5 million, or nearly $190,000 per unit, and came with a low-4% interest rate. At 65% loan-to-value, that puts the construction cost at nearly $37.7 million, or about $290,000 per unit. For Fairfield County, that is about right. Mr. Stettin sourced and structured the loan with a national healthcare-focused bank and a participating regional bank. A major national healthcare developer was the borrower and built the community to include... Read More »
Well-Operated ALF Sells in Wisconsin
Ray Giannini and Anastasia Pilarski of Marcus & Millichap worked together to sell a 47-unit, private pay senior living community in Rice Lake, Wisconsin for $6.5 million, or $138,300 per unit. Owned by a local husband and wife (who also developed and operated it), the campus includes a 19-unit/20-bed Community Based Residential Facility (CBRF) that was built in 2012 to provide memory care services and a 28-unit Residential Care Apartment Complex (RCAC) built in 2004 for assisted living. Set on over 14 acres, there is also the opportunity for additional development. Occupancy had been in the 90s, and although the facility remained COVID-19 free, it experienced a... Read More »
Colliers International Ushers Allina Health Out of Seniors Housing Industry
Allina Health exited the seniors housing market with the sale of its 45-unit independent living community in Cambridge, Minnesota, working with Brian Bruggeman and Louis Suarez of Colliers International to get the deal done. Built in 1988, the two-story community features both one-bedroom and two-bedroom unit options on its 4.35-acre campus adjacent to Cambridge Medical Center. There is a dining room, full kitchen, laundry room, beauty salon, lounge with fireplace, a library and an outdoor, three-season porch. Historically, occupancy was between 90% and 95%, which stayed consistent through 2020. Not-for-profit Presbyterian Homes & Services (PHS) acquired... Read More »
Senwell Senior Investment Advisors Closes North Carolina Deal
With over 50 years of operating experience in the senior care market, a family owner/operator decided to sell its 55-bed assisted living community in Wake County, North Carolina. After several unsuccessful attempts to sell the property, the owners turned to Brandon Bohland of Senwell Senior Investment Advisors to help with the disposition. The renewed process generated interest from multiple parties, and ultimately a prominent operator in the Southeast stepped in to acquire the community. Read More »
Saying Goodbye To 2020
It’s time to put 2020 to rest, and in 2021 we will all do our best. If you happen to be listening to this on Christmas Eve Hopefully you will remember it came from Steve As you know, 2020 was a terrible year And in our industry, it brought little cheer What with shortages of tests and PPE Let’s not forget those of us who ran out of TP COVID was nasty, don’t we all know And it cost the providers a lot of dough Blame was cast by the media for sure But your resilience means we will all endure There’s no time to waste, the message still needs to get out That you are a safe place to live, there is no doubt So, as we journey into another year anew I wish you health and happiness in all you... Read More »
LTC Properties Provides Rent Relief
How do you spell relief in the pandemic? Reducing the rent escalators that REITs charge their tenants. That is precisely what LTC Properties has decided to do in 2021, and we wonder if a few other REITs may follow suit. Several REITs already agreed to rent deferrals in 2020 as their tenants were struggling with census and operating costs. But those deferrals have to be paid back at some time, since they were simply “deferred.” But under LTC Properties’ plan, the 2021 rent escalator will be cut by 50% and presumably not have to be paid back. While it may be painful for LTC and its shareholders in the short-term, it was the right thing to do because many tenants... Read More »
Lument Secures HUD Refinance For Michigan Senior Care Campus
Lument recently helped Advantage Living Centers refinance its 67-bed senior care facility in Armada, Michigan. Set on a 33-acre campus, the 55-year-old facility provides skilled nursing, rehabilitation and memory care, and is the preferred provider for both Henry Ford and McLaren Macomb hospitals. It is one of 11 facilities that Advantage Living Centers owns and operates in the state. Brad Competty of Lument’s Columbus, Ohio office and Adam Walter of the Overland Park, Kansas office led the $10.8 million HUD refinance, which took out existing bank debt that Advantage Living Centers used to acquire the property in... Read More »
Blueprint’s Two Buckeye Sales
Blueprint Healthcare Real Estate Advisors handled a couple of senior care sales in the state of Ohio comprising a total of four properties. Connor Doherty, Michael Segal and Ryan Kelly handled the larger transaction, which featured three skilled nursing facilities located in Canton, Toledo and Rockford. That’s about 200 miles across the state. Originally built in the 1960s and 1970s with significant renovations and upgrades since 2015, the facilities comprise more than 300 beds. They were well maintained, and the consolidated performance was steadily improving along with its occupancy until COVID-19 hit. At the onset of the pandemic, the REIT owner and operating partner... Read More »
Symphony Care Network Acquires Four of Its Operated Communities
Ziegler’s Senior Housing & Care Finance Practice has been busy this month, reportedly closing a number of transactions in the last week, the most recent one for a portfolio of four skilled nursing facilities and one assisted living community in Illinois. Christopher Utz arranged and negotiated a $49.4 million debt placement for the current operator, Symphony Care Network, to acquire the portfolio from its REIT landlord. There are a total of 616 licensed skilled nursing beds and 109 assisted living units, and Symphony has been operating the properties since 2012. Given the more conservative lending requirements nowadays, we imagine the portfolio was able to more than... Read More »
More Sales From Newmark
We have recently reported on some larger transactions from the Newmark team, but they have also closed some smaller ones. In late November, the team closed on the sale of a 150-unit active adult community in Texas. The community was built in 2015 and has 150 units. They went to market in later 2019 but then the pandemic interrupted the process. That did not deter buyer and seller, as they waited it out for occupancy to get to 92%, which it did, and the deal closed. The price was $57.75 million, or $385,000 per unit, and came with an in-place cap rate close to 4.5%. Greystar will remain as the operator. Newmark and The Carlyle Group, the owners of Greystar,... Read More »Schedule a demo
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