January M&A Activity Was the Busiest On Record – 60 Seconds With Ben Swett
January 2022 is in the books, and seniors housing and care M&A activity hit an all-time record in the month, according to our LevinPro LTC database. There were 66 individual deals announced, beating the previous record set in December 2020 with 60 deals, which was a bit of an outlier back then. Our LevinPro database counts deals based on when they are publicly announced either by a press release or to us directly, so a large number of these 66 transactions actually closed at the end of 2021. But December’s M&A total reached 56 transactions, the third-highest monthly total on record, so we are indeed in the middle of the busiest M&A period ever seen in our industry. And based on... Read More »
Two Communities Sell By Ziegler Team
Ziegler’s Dan Revie and Tedd Van Gorden arranged a couple of recent seniors housing sales. First, the Reserve at Arlington Heights, a 42-unit memory care community located in Arlington Heights, Illinois, sold to Inspired Healthcare Capital (IHC). IHC is a Scottsdale, Arizona-based private real estate investment firm that focuses on the healthcare sector, which also purchased eight assisted living communities across Oregon and Washington in 2020. Built in 2014 by The LaSalle Group as an “Autumn Leaves” community, this campus has over 30,000 square feet and sold for $12.6 million, or $300,000 per unit. It was performing very well at the time of sale, with occupancy near 100%. The... Read More »
NHI Funds Construction for Wisconsin AL/MC Community
Development has slowed, but we all know it has not stopped. One of the main barriers to getting development projects off the ground these days has been securing financing for them, considering the risks of funding a project amid soaring construction costs and an uncertain stabilization period. But certain projects are going ahead, and National Health Investors, Inc. announced that it will fund a $28.5 million construction loan to build The Courtyard of Fitchburg, a 108-unit assisted living/memory care community in Fitchburg, Wisconsin (Madison area). The four-year loan comes with an annual interest rate of 8.5% and two one-year extensions. Plus, NHI has a purchase option on the property... Read More »
New York Investment Firm Buys Four Massachusetts SNFs
A New York-based investment firm purchased four skilled nursing facilities in Worcester County, Massachusetts. Vantage Point Capital, LLC, a real estate investment firm with a focus on the healthcare and multifamily sectors, made the purchases through a subsidiary, which totaled around $40.4 million, or $68,600 per bed, according to local news sources. The acquisition includes the 162-bed Parsons Hill Nursing & Rehabilitation Center in Worcester, the 135-bed Webster Manor Rehabilitation & Health Care Center in Webster, the 96-bed Lanessa Extended Care also in Webster and the 196-bed Marlborough Hills Rehabilitation & Health Care Center in Marlborough. All were previously... Read More »
Toll Brothers Invests in Active Adult Communities Nationwide
On the heels of a busy 2021 for new development projects, Toll Brothers, Inc. unveiled plans for its first Regency 55+ active adult community in the Pacific Northwest. Regency at Ten Trails will be a community of 403 single-level homes set within the Ten Trails master plan in South King County in Washington state. The community will offer four housing options ranging from approximately 1,300 to 2,200 square feet, with pricing anticipated from the low $700,000s. Amenities will include a 10,000-square-foot resort-inspired clubhouse and fitness center, an 11,000-square-foot dog park with washing station and sheltered areas with fireplaces. But this isn’t the only recent news from the... Read More »
Genesis Exits Idaho
Genesis HealthCare decided to exit the Idaho market, prompting its REIT landlord, National Health Investors, to divest its senior care property in Nampa (Boise MSA). The single-story community, which features 107 independent living units, 18 assisted living units and 42 licensed skilled nursing beds, was Genesis’ only asset in the state. Blueprint Healthcare Real Estate Advisors’ Michael Segal, Blake Bozett and Lauren Nagle positioned the property as a value-add opportunity, with the potential to realign the different care levels. Cascades Healthcare, a skilled nursing operator started by four healthcare clinicians in 2014 that has now grown to 15 SNFs in Utah and Idaho, emerged as the... Read More »
Not-For-Profit Community in North Carolina Changes Hands
The Well-Spring Group has entered into an agreement with Cone Health to acquire The Village at Brookwood, a 47-acre CCRC in Burlington, North Carolina. Building finished in 2003, and the community consists of 110 apartments in a five-story building; 45 one-story garden homes; and a health care center with 48 rooms licensed for assisted living, memory care, and skilled nursing care. The community was originally designed to accommodate about 340 residents, and current census is reported to be 247 residents, placing occupancy around 75%. The community offers living options from $2,339 to $4,453. Back in mid-2001 when construction began, The Village was financed through a North Carolina... Read More »
Jacksonville Community Refinances
Grandbridge Real Estate Capital arranged $19.5 million in financing for Starling at San Jose, a seniors housing community in Jacksonville. The transaction retired a bridge loan with Grandbridge’s parent company, Truist Bank. Built in 2017, the community features 66 assisted living and 24 memory care units. It was developed by Starling, with Choate Construction serving as the contractor. No other details about the property were disclosed. Richard Thomas and the Grandbridge’s Atlanta-based Seniors Housing and Healthcare Finance team arranged the financing. Read More »
Five Star Senior Living Rebrands As AlerisLife
Five Star Senior Living is rebranding itself as AlerisLife Inc. effective immediately. With the name change, the company’s common shares will now trade on the NASDAQ stock market under the ticker symbol “ALR.” “Aleris” is a Latin word meaning “to foster, nourish and develop,” and is intended to signify the company’s intent to continue fostering, developing and expanding its lifestyle services. It also follows its desire to offer lifestyle services to younger “choice-based” consumers while exiting the skilled nursing business entirely in November 2021. Other recent developments include growing its Ageility rehabilitation and fitness products, entering into a dining services collaboration... Read More »
NHI Reports Drop in December Occupancy
National Health Investors released another business update, and the news was not great. The REIT’s occupancy growth had started to slow in the fall of 2021, but its latest December averages showed declines across its three major operators when compared with November’s average. Senior Living Communities dropped by 10 basis points across the nine properties it operates for NHI from 81.9% in November to 81.8% in December. Bickford Senior Living’s 42 properties, the largest of the portfolios, saw a 90-basis point decline from 81.8% to 80.9%. Then, the 17 properties operated by Holiday Retirement fell by 190 basis points from 79.1% to 77.2% month over month, the lowest monthly average since... Read More »Schedule a demo
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