VIUM Capital Closes Out First Full Year In Style
Just a year and half after its inception, VIUM Capital announced it closed 42 transactions totaling nearly $700 million in 2021, with nearly half of those deals closing in the fourth quarter. The deal total was fairly even between bridge and HUD loans, and we learned about several of these closings this month. In a recapitalization effort to retire existing debt, cover closing costs and take equity out, two assisted living/memory care communities in Washington received a $14 million bridge loan from VIUM. Over in Maryland, VIUM placed another $15.15 million bridge loan for the acquisition of a skilled nursing facility. VIUM then placed a third bridge loan to a SNF in Illinois,... Read More »
Ziegler and M&T Realty Refinance Nebraska Community
Ziegler partnered with M&T Realty Capital Corporation as financial advisor in a $8.5 million Fannie Mae refinancing. On behalf of Essex Communities, the team refinanced the existing debt on Carriage Glen, a 55+ age-restricted independent living community in Lincoln, Nebraska. The 10-year, fixed-rate loan was structured at 75% loan-to-value with four years of interest-only payments, followed by 30 years of amortization. The loan also carried a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the existing debt, the loan also provided funding for Essex to recover capital expenditures and to pay off the... Read More »
The Knapp-Stahler Group Closes SNF in East Texas
Nick Stahler and Austin Diamond of The Knapp-Stahler Group at Marcus & Millichap recently closed a 140-bed skilled nursing facility for $14.25 million in East Texas. Sold by a Texas owner/operator and originally built in 2018, the facility is situated in the heart of the Texas Forest Country. Occupancy was around 65% and annualized October 2021 revenue was $7.3 million. A regional owner/operator was selected as the buyer for its well-established presence and track record in Texas. Read More »
CFG Announces Record-Breaking Closings in 2021
Capital Funding Group (CFG) broke a company record for deal volume in 2021, and more than doubling its 2020 financing total, having financed more than $3.8 billion and executed 155 deals across the United States. This includes 85 HUD loans in excess of $720 million. The most prominent deal involved a $650 million bridge loan, representing the largest single financing deal the company has executed in 10 years. CFG closed several other bridge loans, including the refinancing of a 3,140-bed skilled nursing portfolio spanning Colorado, California and Wyoming. Over in New York, CFG also closed an $89 million bridge loan for the refinancing of a 239-bed facility in Queens. There were also... Read More »
Blueprint Announces Two Deals in the Western U.S.
Two seniors housing deals were announced in the western United States by Blueprint Healthcare Real Estate Advisors, and neither buyer plans to keep operating the properties as seniors housing. Amy Sitzman, Giancarlo Riso and Ben Firestone kicked things off with the sale of an independent living community in the Southwest. Built in the late-1980s with a more recent renovation, the community features more than 130 units. The owner had invested significant equity into the physical plant, and operations were trending positively. They decided to sell the community to a multifamily company that had purchased another property of the seller’s in mid-2021, also with the help of the... Read More »
Hines Launches Flagship Tactical Fund Series Program
On January 10, Hines announced the launch of its flagship tactical fund series in the United States. The fund is looking to raise $1 billion in equity by May 2022, which would provide purchasing power of $2.5 billion after leverage. Their goal is to renovate struggling and undervalued properties in 30 of the country’s largest cities, including senior living communities hampered by the pandemic. Hines is banking on the fact that many owners may have to reexamine their portfolios, or pivot altogether, after the last couple of years, and we would not disagree. The Hines U.S. Property Recovery Fund is a closed-end, diversified fund, targeting tactical investment opportunities across the... Read More »
Tryko Partners Expands in Pennsylvania
In an effort to expand its greater Philadelphia real estate presence, Tryko Partners has acquired Attleboro Community, a 415-bed CCRC in Bucks County, Pennsylvania. Wilmac Corporation sold the 18-acre community, which has been rebranded as Oxford Enhanced Senior Living. The campus’ skilled nursing facility, Oxford Rehabilitation and Healthcare Center, has a five-star rating from CMS. This campus also includes an assisted living and memory care component, along with independent living apartments. Tryko has planned a significant value-add capital project for the property to bolster its appeal as a high-quality community. Oxford’s primary referral sources for sub-acute admissions... Read More »
Ventas Divests Atria Senior Living Portfolios
Ventas has sold a few portfolios of its Atria Senior Living-operated properties, with the deals closing just before the end of the year. Totaling 23 properties, these were mostly Class B, older vintage communities with some room for operational improvement, but perhaps Ventas also wants to diversify its tenant base a bit, especially after Atria’s massive growth in 2021. The portfolios total around 2,600 units. JLL Capital Markets’ Mike Garbers and Ted Flagg handled the divestments, while Joel Mendes handled the acquisition financing for the buyer. Starting in the Northeast, news trickled out in December that the REIT had sold six properties to Peregrine Senior Living and an affiliate of... Read More »
Not-For-Profit Buys Wisconsin Community
Christian Community Homes, a regional not-for-profit, added to its western Wisconsin portfolio with the acquisition of a 32-unit independent living community in Osceola for $2.7 million, or $84,400 per unit. Mark van den Broeke of Senior Care Realty handled the transaction on behalf of the family operator that had originally developed the community in 2000. Featuring all private units, the community was 88% occupied and operated at a strong 40% margin. It was the only property owned by the family, which exited the industry with this sale. Christian Community Homes, which owned another skilled nursing/assisted living facility in the area, paid $2.7 million, or $84,400 per unit, at a 9% cap... Read More »
Helios Healthcare Advisors Arranges Two Transactions
Helios Healthcare Advisors started 2022 by announcing a couple of transactions in the southern United States. First, Helios procured a Dallas-based owner/operator to operate an assisted living community in northern Texas. The prior operator was located out of state and experienced logistical difficulties operating this community. So, Helios arranged the third-party management transition on behalf of the owner, an investment firm based in San Francisco, California. Next, Helios arranged the sale of an 82-bed skilled nursing facility on behalf of Tri-State Health Services in Claiborne Parish, Louisiana. A new regional owner/operator was selected to take over the real estate and... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
