Atlas Senior Living Grows Southeast Portfolio
Atlas Senior Living and Salta Capital have acquired two high-quality senior living communities from Traditions Senior Living: The Traditions of Athens in Georgia, and The Traditions of Spring Hill in Tennessee. Atlas formed Salta in 2021 to administer the financials and asset management side of their business. This purchase brings the total number of properties in their portfolio to 32, after purchasing two other communities in Florida and Mississippi last year. Atlas also bought three communities in Georgia and one in North Carolina in 2020. Built in 2016 for $11 million, or $130,900 per unit, The Traditions of Athens totals 75,824 square feet, comprising 12 independent living and 72... Read More »
Majestic Care Acquires Toledo Campus
Genacross Lutheran Services has sold its Toledo Campus to owner/operator Majestic Care, an affiliate of MDG Real Estate Global Ltd. The historic Toledo Campus, which opened in 1953 and has been expanded and renovated many times, needs significant capital improvements that Genacross has been unable to fund. So, the sale provides future financial flexibility and an improved financial position for Genacross while the campus can continue providing a continuum of senior care services. Cain Brothers brokered the deal. Headquartered in Toledo, Ohio, Genacross changed its name from Lutheran Homes Society in 2016. They are a not-for-profit corporation that has operated in northwest Ohio and... Read More »
Lument Refinances Rhode Island Campus
Lument recently closed a $45.9 million HUD loan to refinance an existing HUD mortgage on Tockwotton on the Waterfront, a 156-unit skilled nursing and senior care community in East Providence, Rhode Island. Independently owned and operated by the not-for-profit Tockwotton Home, Inc., it consists of 52 skilled nursing beds, 73 assisted living units and 31 memory care units. In the wake of property performance challenges following the pandemic, Tockwotton has steadily improved its occupancy rate over the past year. Assisted living occupancy rose by nearly 15% since May of 2021, giving the campus an overall occupancy of 86.5%. They currently boast 100% occupancy rate for their skilled nursing... Read More »
60 Seconds with Ben Swett: Healthcare and Senior Care M&A Surges
Barely into 2022, we can safely say that the M&A floodgates have opened in the senior care market. We already announced that dealmaking hit a record-high in terms of activity in the fourth quarter of 2021, with 135 deals and counting, and we have to point out that our sister publication covering the healthcare market tracked a record-number of 2,145 transactions in the other 12 healthcare sectors combined in calendar year 2021, which is a 44% increase from the previous annual record-high of 1,490 deals in 2018. We have never seen numbers like these, but what is even more impressive is that with every passing day in 2022, we learn of more and more closings that occurred in the last week... Read More »
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 »Schedule a demo
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