60 Seconds with Swett: The REITs’ Acquisition Appetite
With most of the Q1 earnings results in, we’ve been sifting through a lot of good news on occupancy growth, resident rate increases, expanding NOI margins and the phenomenal long-term outlooks. But our main takeaway had to be the major M&A plans that almost every publicly traded company has completed so far this year and plans to close throughout the rest of 2026. They represent an enormous amount of capital flooding into the market, and although they are not all playing in the same sandbox, the increased acquisition appetite should have an effect on pricing for assets, particularly for the highly in-demand Class-A, well performing properties. The REITs will surely feel pressure to... Read More »
Sonida Senior Living Reports Q1 as CNL Deal Reshapes Portfolio
Sonida Senior Living reported its first quarter results after becoming the eighth largest seniors housing owner toward the close of the quarter. The company completed its acquisition of CNL Healthcare Properties, a public, non-traded REIT that owned 69 seniors housing communities, bringing Sonida’s owned portfolio to 153 owned properties and 14,700 units. Largely as a result of the merger and the 54 communities added to Sonida’s SHOP portfolio, resident revenue and expenses each increased 37% year over year. Meanwhile, on a pro forma, same-community basis, weighted average occupancy rose 220 basis points to 87.2%, NOI increased 14% and margins expanded by 170 basis points, all on a... Read More »
Alta Senior Living Secures Refinance
At the end of 2021, Alta Senior Living acquired Tequesta Terrace Senior Living (at that time, Village of Tequesta, Tequesta Terrace), a 106-unit assisted living/memory care community in Palm Beach County, Florida. After executing its value-add capex, operational turnaround and lease-up plan, Alta engaged Blueprint to run a full debt process. A lender able to offer a non-recourse, bridge-to-HUD financing was selected. Kristen Ahrens, Ben Firestone and Pat Maloney handled the financing. Ben Firestone, Lauren Nagle and Michael Segal of Blueprint handled the sale of the community back in 2021, representing Terrace Communities Tequesta LLC, a New England-based owner/operator. Thorofare Capital... Read More »
All-Cash Skilled Nursing Deal Closes
An undisclosed buyer acquired a 99-bed skilled nursing facility in Ohio through an all-cash transaction after the seller’s senior lender pushed for an exit. Stan Klos III of 3G Healthcare Real Estate handled the deal. An initial buyer walked away from the deal after a conversion from a lease-only structure was declined by the lender. Another potential buyer signed a competing contract but walked away after the per-diem reimbursement decreased by $50 per bed. This was a result of the facility’s quality points decreasing after an Ohio Medicaid rate reset. Additionally, hospital discharge volume softened, with occupancy falling from the high-80s to the low-80s. A qualified, sidelined... Read More »
Joint Venture Acquires Four AL/MC Communities
Following an active year of M&A with five separate deals totaling 21 properties, Stacked Stone Ventures has kicked off its 2026 growth with a portfolio acquisition in the Southeast. In a joint venture with Praxis Capital and an undisclosed family office, Stacked Stone, which was founded by Kent Eikanas, bought four assisted living/memory care communities in Georgia and South Carolina. Three of the communities were built in 1999 and one in 2013. Combined, they generated around $3.1 million of EBITDAR, with Viva Senior Living as the previous operator. The joint venture paid $36 million, or $147,500 per unit, at an 8.6% cap rate. They retained Viva as the operator, as well. CIBC placed... Read More »
Another Publicly Traded REIT Joins the M&A Mix
Another well-capitalized institutional player is stepping into the seniors housing fray, adding fuel to an already aggressive bidding environment. And based on its initial acquisitions, with one closed at more than $1 million per unit, the target seems to be high-quality assets. Prices are rising fast in that segment, and as the buyer pool continues to grow (especially with new entrants that are well-capitalized), that upward pressure should continue. Chiron Real Estate Inc. (formerly known as Global Medical REIT) is a REIT that acquires healthcare facilities and leases them to physician groups and regional and national healthcare systems, announced purchase agreements for three... Read More »
Distressed AL/MC Community Gets New Owner
Scott Frazier, Kory Buzin and Steve Thomes of Blueprint advised a special servicer in the seniors housing sector on the sale of Spanish Vines, a well-maintained assisted living/memory care community. It sits in a densely populated Pocket-Greenhaven neighborhood of southwest Sacramento, California. The 88-unit community was generating negative EBITDAR across all trailing periods, with month-over-month census, RevPOR and expenses fluctuating materially as operations worked towards stabilization. The asset benefitted from its infill location and recently renovated physical plant. Blueprint also underwrote an alternative path to upside through California’s Assisted Living Waiver program,... Read More »
Underperforming Community Sells and Secures Financing
A buyer recently acquired an underperforming seniors housing community in Charleston, South Carolina, and Blueprint Capital Markets secured the debt financing. Blueprint also represented the undisclosed seller in its divestment. The asset comprises 84 units of assisted living and memory care. There is room for occupancy growth and expense cuts, which will help drive operational performance. Kristen Ahrens and Pat Maloney arranged the financing, targeting private credit lenders for their structural flexibility and certainty of execution. Read More »
Standalone MC Communities Secure Acquisition Financing
Berkadia recently announced three financings on behalf of three different sponsors. In one of the closings, Steve Muth and Ed Williams arranged $25.8 million in acquisition financing for Peregrine Senior Living at Clifton Park and Peregrine Senior Living at Orchard Park. The bridge financing was provided through Berkadia’s Proprietary Lending Group on behalf of KCB Real Estate Management and Tunbridge Peak. The loans feature a 24-month interest-only term with one 12-month extension option, and Berkadia expects to submit the properties to HUD in the coming weeks, with a targeted HUD takeout in the fourth quarter. Jacob Gehl, Dillon Rudy, Connor Doherty and Ryan Kelly of Blueprint... Read More »
A Flurry of Deals Cross the Finish Line
As part of Senior Living Investment Brokerage’s nine separate closings at the start of May, there were a couple of skilled nursing sales. First, Nick Cacciabando and Matthew Alley represented a local group of investors in the sale of a 60-bed skilled nursing facility in Ottumwa, Iowa. The investor group operated the facility themselves, and it was 95% occupied with a solid 12% margin on $6.715 million of revenues. Vista Woods Care Center was built in 1993 and is one of the newer facilities in southeast Iowa. It also held a CCRC license in relation to an adjacent seniors housing community. Emerging from an active bidding environment was a California-based investor, which paid $6.35... Read More »Schedule a demo
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