CIT Arranges Refinancing in Arizona
CIT Group Inc.’s Healthcare Finance team recently arranged a $34 million refinancing of the Enclaves at Chandler, a 162-unit community in Chandler, Arizona. Built in 2018, the Enclaves features 89 independent living units, 49 assisted living units and 24 memory care units. It’s located in an attractive location with strong demand for seniors housing services. Spectrum Retirement Communities LLC, a developer and owner/operator of seniors housing based in Denver, Colorado, was the borrower. Read More »
Greystone Closes Largest Healthcare CLO
Greystone is having a productive final month of the year, closing a couple of transactions, including the largest-ever healthcare Collateralized Loan Obligation (CLO), Greystone CRE Notes 2021-HC2, Ltd., comprising Greystone bridge loans secured on healthcare properties. The $450 million offering marks the fifth commercial real estate CLO closed by Greystone and the second-ever comprised solely of healthcare assets. Greystone had also closed the second-largest healthcare CLO, a $300 million offering in 2018. This latest collateral pool comprises 25 whole loans and three participations totaling $403 million that Greystone originated, secured by mortgages on 28 properties in... Read More »
Ziegler Closes Financing For Not-For-Profit Owner/Operator
Ziegler has closed a series of bonds for Otterbein SeniorLife to acquire Kendal at Granville, a CCRC located in Granville, Ohio. Now renamed Otterbein Granville, the not-for-profit owner/operator will use proceeds from Series 2021B bonds to acquire the community and subsequently use the proceeds from the acquisition to refund the community’s Series 2015 bonds, acquire certain leased property on the campus and pay the cost of issuance. The bonds consist of $24.5 million of tax-exempt Series 2021B bonds and $20.5 million of tax-exempt forward delivery Series 2023 bonds scheduled to close in April 2023. Proceeds of the Series 2023 bonds will be used to refund Otterbein’s... Read More »December 2021 Webinar – Skilled Nursing M&A: Two Years After The COVID Outbreak, Who’s Still Buying and at What Prices?
About the Webinar: There is no question that nursing facilities were the hardest hit during the pandemic, both in the media and with a significant drop in census. Yet, providers and investors continued to buy, albeit usually at lower average prices. The sector’s reputation took a huge hit, and the talk about home health and other models grew to replace the standard nursing facility model with semi-private rooms. But most of those models are more costly, and the funds simply are not there in the state and federal budgets. The skilled nursing sector has long been the low-cost producer in senior care, and with rising acuity levels, assisted living usually can’t replace it. And home health... Read More »60 Seconds with Ben Swett: Dissecting the Strong Skilled Nursing M&A Market
For a sector that has taken as many punches as it has in the last couple of years, the ever-resilient SNF market is still generating significant interest from investors that is pushing valuations to near-record highs. We still wonder who these buyers are, whether any are new to the sector and what their future expectations are surrounding census, payor mix, rates and labor costs to ensure these investments remain profitable in the years ahead. It also appears that values are up for both stabilized and non-stabilized facilities, so owners large and small could be tempted off the M&A sidelines in 2022 leading to a boom in transaction activity. A lot would have to depend on what happens... Read More »
Sonida Senior Living Census Gains Stalled
After the March to September outsized occupancy gains (but to July for some companies), it does seem that census growth is stalling before the Holiday season and the dreaded first quarter. Sonida Senior Living, the rebranded name for the former Capital Senior Living, just announced its most recent monthly occupancy statistics, and while “average” occupancy held “steady” in November at 81.2%, one would hope for a bit more growth as we enter the winter months. In addition, it appears to be at the lowest occupancy level since July, a four-month time period where average occupancy has not really moved. End-of-month occupancy slipped by 60 basis points in November to 81.7%, which is also... Read More »
Blueprint Closes Two SNF Sales
Blueprint Healthcare Real Estate Advisors’ Connor Doherty and Ryan Kelly announced two recent SNF closings. We’re used to the pair working on deals in the Buckeye State, but the first transaction consisted of a 50-bed/19-unit private-pay skilled nursing facility and independent living community in Cape Cod, Massachusetts. Named The Terrace Orleans, the facility was originally built in 1968 and was fully renovated in 2000. A Massachusetts-based operator seeking to grow its regional presence was selected as the buyer, and this purchase marks the operator’s first facility real estate acquisition. No purchase price was disclosed. The second transaction involved the sale of two skilled nursing... Read More »
Cushman & Wakefield Sells Two Massachusetts Communities
Cushman & Wakefield’s Senior Housing Capital Markets team arranged the sale of Wingate Residences at Boylston Place, a 48-unit assisted living community, and Wingate at Chestnut Hill, a 135-bed skilled nursing facility on a campus in Chestnut Hill, Massachusetts. C&W represented the institutional seller, a pension fund investor who is exiting the senior living space. They selected a joint venture between Harrison Street and LCB Senior Living, LLC as the buyer. LCB plans to upgrade the existing assisted living building and convert the existing skilled nursing portion to additional assisted living space, memory care and common areas. This is the fifth closing in a series of... Read More »
JCH Senior Housing Closes SNF Sale in California
JCH Senior Housing Investment Brokerage has closed a skilled nursing facility sale in Fresno, California. An owner/operator sold the facility for $6.42 million after needing an immediate buyer to keep the facility afloat, and an experienced regional owner/operator looking to expand its presence in the Fresno area ultimately purchased it. The facility was under LOI within two weeks, so it sounds like mission accomplished. Cindy Hazzard and Jennifer Contreras of JCH handled the transaction. Read More »
CBRE Closes Large Acquisition Financing
CBRE National Senior Housing arranged more than $200 million in acquisition and recapitalization financing for seven senior living communities across three different transactions. The financing was done on behalf of Monarch Alternative Capital LP and REDICO, the buyers of the properties. The portfolio includes 1,133 units of independent living, assisted living and memory care in Florida, Illinois and Michigan. The five Florida properties with 817 units are relatively new and have been operated by American House Senior Living Communities. They are located in Bluewater Bay, Bonita Springs, Coconut Point, Fort Myers and Wildwood. The one community in... Read More »Schedule a demo
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