HCR ManorCare Exits Wisconsin Market
Ryan Saul and Toby Siefert of Senior Living Investment Brokerage have sold HCR ManorCare’s (now ProMedica Senior Care) last skilled nursing facility in the state of Wisconsin. The decision to sell came back in the summer of 2019, when the property was originally marketed. A buyer was found, and the property put under LOI, but the operating partner could not get comfortable with the deal. So, the process started again, and the building went under LOI again in the spring of 2020 with a buyer group looking to grow its already strong presence in Wisconsin. The pandemic hit, and the building suffered from a COVID outbreak, but the parties involved remained patient and stuck to the original... Read More »
Not-For-Profit Takes Over Buffalo-Area Seniors Housing
Helios Healthcare Advisors handled the sale of an independent/assisted living community in Lockport, New York, a suburb of Buffalo. Consisting of 40 AL units in one building and the remaining 24 IL units across 12 duplexes, the campus was originally built in 1989 by a group of local businessmen, who are the current seller. Historically, occupancy has remained above 90%, with a 100% private pay census. Its financial performance wasn’t bad either, with north of $500,000 of EBITDAR on nearly $2.1 million of revenues. But as many communities felt across the country, state-mandated lockdowns hit and took a serious toll on both census and cash flow, the latter being closer to breakeven by... Read More »
Foundry Commercial and Fundamental Advisor Announces Another Acquisition
Ziegler’s Dan Revie and Tedd Van Gorden represented the seller of a 120-unit seniors housing community in Kansas. Featuring 60 assisted living, 40 memory care and 20 physician-directed care units, the sale also included an adjacent vacant lot where the new owner, a joint venture between Foundry Commercial and Fundamental Advisors, plans to develop independent living cottages. Foster Senior Living will manage the community for the joint venture, which has already acquired six communities since forming in June, with other assets in Nebraska and South Carolina. Fundamental Advisors, in partnership with Scribner Capital, also provided the joint venture... Read More »
Active Adult: Is Now The Time
The active adult market may fill a lot of voids in seniors housing, including price points and attracting younger “seniors.” Join our webinar as we dissect the market with industry leaders and see how these new properties are trading in the market. First of all, Happy New Year. It has got to be better than the last one. The coronavirus pandemic has certainly disrupted the senior living industry, at least for now. Are consumers going to be afraid of moving into a senior living community once the vaccine is widely distributed? Will cost become a more important factor for choosing the type of community to move into? How about paying for what you only want or need? These will... Read More »
Meridian Capital Group Closes Out 2020 In Style
To say that Meridian Capital Group had a strong 2020 would be an understatement. Amid all sorts of obstacles that were only compounded by COVID-19 and widespread lockdowns, the firm closed more than $3 billion in transaction volume in 2020, with $776 million for 76 seniors housing and healthcare facilities in 16 states closed over the last six weeks of the year. To reach that kind of volume in a year like 2020 is quite the accomplishment, and we congratulate Senior Managing Directors Ari Adlerstein and Ari Dobkin, Managing Director Josh Simpson, Vice Presidents Matt Lesnik and Jesse Rauch, and Associate David Gottlieb on their efforts. Acquisition financings seemed to dominate... Read More »
MONTICELLOAM Finances Large SNF Portfolio Acquisition
MONTICELLOAM, LLC (Monticello) made a splash at the start of 2021, announcing that it provided $368.0 million of first lien debt and $99.0 million of mezzanine financing to support the $507.0 million acquisition of a skilled nursing portfolio in the Southeast. Not a bad way to start the year. Two other skilled nursing facilities received acquisition financing courtesy of Monticello, which provided $20.0 million in first lien debt. Also included in the financing was one unencumbered skilled nursing facility. Located in Kansas and Ohio, the three properties total 251 beds and average nearly fifty years in age. An experienced owner/operator with a current... Read More »
Three More HUD Deals From PGIM Real Estate
PGIM Real Estate announced $36.7 million in HUD financings in the last six weeks of the year. Christopher Fenton and Catherine Eby first originated a $3.9 million loan for a 49-unit assisted living community in Ohio that was built in 1988 and renovated in 1994. Next, Mr. Fenton and Mrs. Eby were joined by Corley Audorff and Josh Williams to secure an $18.2 million loan for a six-year-old assisted living community in Minnesota. Finally, Mr. Audorff and Mr. Williams arranged a $14.7 million interest rate reduction loan for a 126-unit skilled nursing/assisted living facility in Colorado, which was built in 2012. These three refinances saved PGIM’s clients a combined $426,000 in... Read More »
HHC Finance Closes Three HUD Deals And Large Acquisition Financing
Housing & Healthcare Finance (HHC Finance) arranged a trio of HUD loans this month, including a $14.5 million loan for a 120-bed skilled nursing facility in New York, a $14 million loan for a 170-bed SNF in Tennessee and a $6.5 million loan for another 120-bed SNF in New York. Each loan closed with a rate in the lower 2s and refinanced more expensive conventional debt. Turning to HHC Finance’s Capital Advisory Group, led by Isaac Haas and Neil Gamss, the team had an active end to the year with $550 million in deals arranged in December alone. Most notably, Messrs. Haas and Gamss helped arrange acquisition financing for a skilled nursing portfolio in the... Read More »
Cushman & Wakefield Reports Strong End To Year
Cushman & Wakefield Senior Housing Capital Markets ended 2020 with a couple of sales (and a handful of both acquisition and construction financings too). First, on behalf of Healthcare Trust, Inc. (NASDAQ: HTIA), the team sold a 120-bed SNF in the Tampa, Florida market, representing the first of three Florida divestments totaling $118 million for HTIA. Cushman & Wakefield followed that up with a land sale in Cherry Creek, Colorado, an affluent submarket of Denver, for the development of a 137-unit independent/assisted living community. Titan Development sold the fully entitled site to a joint venture between Ryan Companies, Cadence... Read More »
Live Oak Bank’s Construction Lending Spree
There’s no doubt that construction lending has slowed, and the loans that do close are much more conservative and now almost always require some sort of recourse. Nevertheless, Live Oak Bank closed three construction financings in December alone, capping off a successful year for the bank’s senior care lending platform. First was an $8.5 million loan for a to-be-built senior living community in Reidsville, North Carolina. ALG Senior had controlled a Certificate of Need to operate assisted living in the county for many years and eventually purchased a 12.5-acre site. The community will feature 58 units and 75 beds of both independent living and assisted living, and... Read More »Schedule a demo
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