Operator Exits Texas Skilled Nursing Facility
Senior Living Investment Brokerage’s Matthew Alley handled the sale of Retama Manor Nursing Home, a 142-bed SNF in Victoria, Texas. Built in 1969, the 29,510-square-foot facility sits on three acres and has a 50% occupancy. Its revenue came close to $4.7 million, which does not include additional QIPP revenue, but the facility was not profitable. A healthy bidding environment for the facility pushed the price above asking, or more than $25,000 per bed. The seller is an independent owner that had a lease in place with an operator that chose to exit when its agreement expires on December 31, 2021. The buyer is an owner/operator that will be taking over operations on January 1, 2022. The... Read More »
Ziegler Closes Financing for Texas Owner/Operator
Ziegler has closed $116.1 million of Series 2021 bonds for Methodist Retirement Communities (MRC), a not-for-profit based in Texas which currently owns and operates 13 seniors housing communities throughout the state. Once the bonds are closed, two communities will join four MRC-affiliated communities currently comprising the MRC Obligated Group. Proceeds of the bonds, which are being privately placed with Truist Bank and Hancock Whitney Bank, will be used to refinance the existing indebtedness of the two communities. Ziegler implemented a “Cinderella” refunding structure where Series 2021 taxable bank bonds (which convert to tax-exempt bonds at the first call date) advance refunded the... Read More »
CCRC Development Set to Break Ground in North Carolina
A large, not-for-profit CCRC that is home to 300 residents in Wilmington, North Carolina is set to break ground on an expansion project to the tune of nearly $57 million. Opened in 1988 on property donated by retired railroad executive Champion “Champ” McDowell Davis, Plantation Village sits on 58 acres. It is managed by Iowa-based Life Care Services, which will help oversee the expansion. The project will include 44 new homes in four new buildings, with two-bed/two-bath and two-bed/2.5-bath options starting at 1,515 square feet that include under-building garage parking. There will also be new indoor and outdoor dining venues and services. CJMW Architecture and Frank L Blum Construction,... Read More »
Luxury Development Underway in Memphis
Seniors housing developer SageStone Partners and The Arbor Company have teamed up to develop Opus East Memphis, a 237-unit luxury community set to open its doors in early 2023 in Memphis, Tennessee. Opus will feature 47 independent living cottages, 107 IL apartments, 63 assisted living units and 20 memory care units, with a host of resort-style amenities and services. Opus will also offer a fitness center, restaurant-style dining and on-site therapy and rehabilitation. The information center will open in January 2022, giving prospective residents a first look at the development. Since 2014, SageStone has completed nine senior housing projects totaling more than 1,500 units. Read More »
Capitol Seniors Housing Sells High-End Portfolio
REITs and private equity firms were responsible for the largest transactions recorded in November, and most recently, an institutional private equity fund first spent approximately $250 million in cash on a portfolio of six seniors housing communities owned by Capitol Seniors Housing. Four of the communities, including three operated by Arbor Company and one by Chelsea Senior Living, were developed in the last few years in Maryland (2) and New Jersey (2). There was also a 92-unit assisted living/memory care community in Tampa, Florida acquired in 2015 (upon certificate of occupancy) for $20 million, or $217,400 per unit, and an 80-unit independent living community in... Read More »
Meridian Capital Group Announces Latest Activity
Another month, another slew of closings from Meridian Capital Group. The Senior Housing and Healthcare team including Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch, Rafi Sod, Yuval Hananya, David Gottlieb, Jacob Scott and Brett Hebert negotiated the transactions, which included several refinances, acquisition loans and two property sales. The targets in the sales included a 103-unit assisted living/memory care community in Missouri that sold for $10.2 million, or $99,000 per unit, and a 90-unit AL/MC community in Utah that sold for $6.5 million, or $72,200 per unit. Meridian’s Avi Begun arranged acquisition financing for both properties, with an $8.3 million loan from... Read More »
Savannah Senior Living Community Sells
Brad Clousing and Dan Geraghty of Senior Living Investment Brokerage sold a 59-unit independent/assisted living community in Savannah, Georgia for an undisclosed price. Built in 1991 and 1992, the community had a well-maintained physical plant and recently converted from a personal care license to assisted living. Occupancy was in the 60s. The seller was looking to divest the property in order to focus on the development of their larger campus-style assets and decided to sell to Mainstay Senior Living. Read More »
M&T Realty Capital Arranges Refinancing in Oregon
M&T Realty Capital’s Steven Muth led the refinancing of a 98-unit memory care community in Portland, Oregon. The $20 million HUD loan was non-recourse and featured a 35-year fully amortizing term with a fixed interest rate below 2.4%. The debt came in at around an 80% loan-to-value, putting the value of the property at $255,100 per unit. This loan refinanced M&T Realty’s existing bridge loan on the property, which was secured at the beginning of March for a local owner/operator to acquire the community from a California-based national operator. Cushman & Wakefield handled that off-market sale. Read More »
Edgemark Communities Acquires Affordable Housing Project
Edgemark Communities, the affordable housing division of Edgemark Development, has acquired the Residences at Franklin Park in Denver, Colorado. The Residences is a 92-unit affordable seniors housing project, and was purchased for $22 million, or $239,100 per unit, as Edgemark Communities’ first acquisition in Colorado. The 10-story building currently has 98% occupancy and features studio and one-bedroom apartments across its 55,493 square feet. HUD provides subsidies to the community, and Edgemark renewed the property’s housing assistance payments contract for 20 years. Built in 2008, the community was sold by Minnesota-based not-for-profit American Baptist Homes of the... Read More »
60 Seconds with Ben Swett: Strong Census Gains Continue at NHI
As we head into the holidays, flu season and the snowy winter, when census gains will be much harder won and as our inboxes fill with news on the omicron variant, we want to point out some really positive occupancy news from National Health Investors’ latest business update. In October, average occupancy across its 42 Bickford Senior Living properties rose by 60 basis points to 81.3%, from 80.7% in September. That is up 670 basis points from the low in March of this year. In its smaller (SLC) Senior Living Communities portfolio of nine properties, average occupancy also rose by 60 basis points to 81.5%, or a 530-basis point increase from the low of last December. The Holiday Retirement... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
