Private REIT Finds New Operator For Colorado Communities
Fresh off of arranging a partnership buyout for an assisted living campus in Illinois, Bill Janis and Mario Wilson of Helios Healthcare Advisors found a new operator for two assisted living communities in Colorado. Both built in the late-1990s, these communities were owned by a private REIT based and incorporated in the U.S. but controlled by a Hong Kong private investment management firm. Around 25% of their census was made up of Medicaid residents, and their operating performance could be improved. Part of the reason for that was the assets were far from the prior operator’s Santa Barbara, California headquarters. There is also the opportunity to reposition them to better compete in... Read More »
Monticello Arranges Working Capital Loan
The team at MONTICELLOAM, LLC (Monticello) followed up its refinance of a skilled nursing portfolio in Wisconsin with a working capital loan for the facilities’ operating companies. The original 10-year, first lien debt totaled $14.0 million and not only supported the refinance of two facilities but also the acquisition of the third skilled nursing/assisted living facility. Averaging around 42 years in age, the portfolio totals 305 beds and units. Now, on behalf of the experienced owner/operator borrower, Monticello structured a $2.0 million working capital loan. Read More »
Greystar Develops New Florida Community
Greystar Real Estate Partners announced the development of a new 55+ active adult community in Winter Garden, Florida. Situated near numerous shopping, dining and entertainment options, the community will feature 180 units, divided between 110 one-bedroom and 70 two-bedroom units. There are also more than 9,000 square feet of amenities, including a clubhouse with a private wine room, a covered patio, swimming pool, dog park and golf cart trails. Finally, food options will include a communal food hall and brewery concept, along with multiple restaurant options, a rooftop bar and significant outdoor seating along Lake Hancock. It will be called Overture Hamlin, joining two... Read More »
Healthpeak Sells Louisville Senior Living Community
Healthpeak Properties is selling one of its Atria Senior Living-operated communities to a regional owner/operator acquiring its first Kentucky property. Located in Louisville, where Atria is headquartered, this community was developed in 2001 and features 203 units of independent living, assisted living and memory care. Ownership has changed over the years from Horizon Bay Retirement Living to CNL Retirement Properties to HCP to Healthpeak Properties. It has also seen a number of operators in its history, starting with Horizon Bay, and then Brookdale Senior Living took over in 2011. That deal saw Brookdale acquire 100% of the equity interest in Horizon Bay and enter into agreements with... Read More »
Blueprint Handles Not-For-Profit Sale to The Ensign Group
According to its second quarter earnings report, The Ensign Group certainly defied expectations for the rest of the senior care industry and has been performing relatively well lately. The company also announced its acquisition of a CCRC in Tempe, Arizona, which we’ve learned Blueprint Healthcare Real Estate Advisors helped facilitate. Previously owned and operated by Volunteers of America Senior Living, a large not-for-profit with over 20 communities in its portfolio, the campus includes a 62-bed skilled nursing facility and a senior living community with 90 independent living and 72 assisted living units. The community has a 40-year history in the Tempe market and maintained a good... Read More »
All-Women Walker & Dunlop Team Closes Permanent Refinance
In a first for Walker & Dunlop, an all-female team comprising Senior Director Heather Olson, GSE Underwriter Emily Worcester, Transaction Manager Jessica Deeney and Senior Vice President & GSE Closing Manager Nancy Sexton handled the entire production side, underwriting and closing for a transaction. The deal was arranged for a to-be-built age-restricted, affordable housing community in Sarasota, Florida. Featuring 84 units, 42 of which will have long-term Section 8 contracts, the community will have three stories and amenities such as a business center, community room, picnic areas and laundry facilities. A joint venture between the Sarasota Housing Authority, Calston Advisors,... Read More »
Recent Senior Care M&A Deals, Week Ending August 21, 2020
The second quarter earnings announcements did not result in many deals, but some M&A transactions were still announced. Check out our recent deal chart! Long-Term Care AcquirerTargetPrice The Ensign GroupTempe Post Acute & Desert Marigold Senior Living of TempeN/A Cadence Living/Private equity group2 senior living communities in CON/A Local owner/operatorSenior care campus in KS$531,000 Owner/operatorSkilled nursing facility in... Read More »
Infinity Health Care Management Acquiring Quad Cities-Area SNF
Ray Giannini of Marcus & Millichap is close to closing the sale of a large skilled nursing facility in the Quad Cities region of Illinois and Iowa, although the process has not been easy. Featuring 245 beds and around 140,000 square feet on a 12-acre campus, the facility is owned by Rock Island County. Built in 2007, it is actually the newest in the area, but heavy competition has kept census low (below 70%). Unfortunately, the facility has also operated at quite a significant loss for some time, too. But with such a relatively new physical plant, the opportunity is there for a new owner to turn operations around. In September 2019, the facility was originally listed for $19... Read More »
Monarch Advisors Secures Acquisition Financing for Kansas City Facility
Monarch Advisors announced a new loan closing to support the acquisition of a small senior care facility in rural Kansas. Located outside of the Kansas City metro area, the facility was built in the 1960s but renovated around 2000. It featured 45 skilled nursing beds that were 80% occupied and a six-unit assisted living community with typically full occupancy. It was part of a larger portfolio that was put into receivership by the state of Kansas. A third-party manager was brought it to operate the building profitability, which it did, but the company had no intention of owning the facility. In comes a local owner/operator, which secured $425,000 in senior debt in the... Read More »
Helios Healthcare Advisors Arranges ALF Partnership Buyout
Mario Wilson and Bill Janis of Helios Healthcare Advisors pulled off a successful partnership buyout of an assisted living campus in Illinois. Not only that, but the pair also arranged the acquisition financing for the deal. Built in the 2000s, the 54-unit assisted living community was relatively stabilized and reported positive cash flow. At some point early in its history, the property was purchased by the partnership, but one partner is now looking to retire. Helios was engaged to structure the sale which resulted in a transfer of stock of the operating company and a real estate asset sale for the community. Helios then arranged a fixed-rate loan with a 25-year, fully amortizing term... Read More »Schedule a demo
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