Joint Venture Acquires Two Development Sites
With an eye to the future, ZOM Senior Living and Watermark Retirement Communities bought two parcels of land in southeast Florida to develop a couple of seniors housing communities. Development has certainly slowed for a variety of reasons, like state and local orders, lack of financing or an abundance of caution from investors. After all, who can be sure how much lease-up projections may change in the next several years. Some developers willing to break ground today may benefit from the lack of new supply, but it will vary from market to market. The ZOM/Watermark joint venture will first break ground later this summer on a 196-unit community in Coral Gables... Read More »
Watercrest Breaks Ground On South Carolina Senior Living Community
Watercrest Senior Living Group broke ground on another senior living community just a couple of months after starting work on a 98-unit senior living community in Macon, Georgia. This most recent project is located in Myrtle Beach, South Carolina, and also comprises 76 units of assisted living and 22 units of memory care. There will be amenities like a salon and spa, plus outdoor features like verandas, fireplaces and other social gathering spaces. Residents can also benefit from the local golf courses, medical centers and entertainment of Myrtle Beach. Just like the Georgia development, Watercrest is developing the community with equity partners Peninsula U.S. Real Estate, a private... Read More »
Cambridge Realty Capital Closes HUD Deal
The HUD pipeline is still flowing these days, and Cambridge Realty Capital Companies announced a loan closing for a 115-bed skilled nursing facility in northeast Texas in the city of Longview. Built in the 1980s but well maintained, this facility has so far been spared from COVID-19. The New York-based owner decided to refinance and, with the help of Cambridge, obtained a $3.907 million HUD loan. The interest rate came in under 3%, and the loan came with a fully amortized 29-year term. Read More »
One Small Provider Tackles The Coronavirus, And Performs
As we all know by now, the coronavirus has been impacting providers very differently. Some not-for-profits have been spared, while others have suffered greatly. The very large national providers have seen surges in positive cases and deaths in some of their buildings, while other buildings they operate have been completely spared. Was senior management doing something different in the spared buildings? Probably not, but often times it can be the local management team, and just as often with this pandemic, it can just be a matter of luck. Small providers, especially those with hands-on senior management, seem to have fared reasonably well from conversations we have had. Were they in... Read More »
Recent Senior Care M&A Deals, Week Ending July 3, 2020
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Regional owner/operatorElderHealth & Living Memory Village$11.85 million Regional owner/operatorBishop Davies Nursing Care Center$8 million Regional owner/operatorWood Memorial Nursing Home$6.365 million Regional owner/operatorLBJ Medical Center$1.2 million JEA Senior LivingGrand View Alzheimer's Special Care... Read More »
Live Oak Bank Secures Credit Facility for JEA Senior Living
Live Oak Bank is expanding its balance sheet offerings for senior care clients and recently closed a credit facility for national operator JEA Senior Living. The $25 million facility will support JEA’s senior housing acquisitions nationwide as the company continues to grow its portfolio. The structure also allows JEA to both add and remove individual assets within the financing pool, giving them flexibility to move quickly to pursue acquisitions as well as manage future refinancing plans. The first funding under the facility supported JEA’s acquisition of a 38-unit memory care community in Peoria, Illinois, from its REIT landlord. Built in 2012 and licensed for 66 beds, the community has... Read More »
Q2 Senior Care M&A Falls To Seven-Year Low
Well, we can’t say we aren’t surprised. COVID-19 and the economic ramifications stemming from social distancing and quarantine measures took a toll on seniors housing and care M&A, leaving the sector with just 59 publicly announced transactions in the second quarter. Back in early April, we said the second quarter’s deal total would be low and wondered if we’d even get to 50 transactions. Even though we did surpass that level, a closer look at the deals reveals an even bleaker market. The decline in activity is made even more stark after an unprecedented level of deal-making in 2019, with 450 total transactions (not including scores more that were... Read More »
Senior Living Investment Brokerage Announces Four Closings
The floodgates opened at Senior Living Investment Brokerage. Just as we entered July, the firm announced four closings for three skilled nursing facilities and a memory care community. Jason Punzel, Brad Goodsell and Vince Viverito first represented a local owner/operator in their sale of a 59-unit memory care community in Springfield, Oregon (Eugene MSA). This was the seller’s only senior living community, but they will stay on as a consultant post-closing. Originally built in 1988 and expanded in 1996, the community comprised nine buildings across the 5.06-acre campus. It was well occupied at 98%, but new ownership could improve the operating margin which stood at 17% on about $6.52... Read More »
Blueprint Handles Large Pacific Northwest Disposition
Amy Sitzman, Dan Mahoney and Blake Bozett of Blueprint Healthcare Real Estate Advisors handled the sale of eight small assisted living communities divided evenly between Washington and Oregon. News of the deal came out in June with two separate acquisition financing announcements from JD Stettin of Carnegie Capital, the first for the Oregon communities and the second for the Washington ones. Totaling 321 units of assisted living, the portfolio was previously owned by a joint venture between Sabra Health Care REIT and private equity group TPG, with Enlivant as the operator. They were struggling operationally and seen as value-add opportunities. The new owner will also convert a number of... Read More »
Returning Home To Assisted Living
After being pulled out of her assisted living community because of the pandemic, a mother asks to return “home.” In the June issue of The SeniorCare Investor we wrote about how an industry professional lost the argument with his younger sister about moving their mother out of her assisted living community and into the sister’s home. As it turns out, the sister should have listened to him. The sister and her husband were very accommodating, giving up their master bedroom with bath and moving into the guest room. The problem was that this meant the mother was living on the second floor, and since she already had two hip replacements, she was afraid to go up and down the stairs.... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
