•  Northwestern Mutual Divests California Community

    Northwestern Mutual has divested its 150-unit assisted living community in Brentwood, California with the help of Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets. Named Cortona Park, the community was built in 2007 with studio, one-bedroom and two-bedroom unit options averaging 761 square feet. Pets are welcome at the... Read More »
  • SLIB Handles Port Orange, Florida Sale

    Senior Living Investment Brokerage’s Bradley Clousing and Daniel Geraghty helped facilitate a private REIT’s exit of an operational outlier from a previous portfolio with the sale of a memory care community in Port Orange, Florida (Daytona Beach MSA). Consisting of over 54 units on a three-acre parcel, the high-quality community was well... Read More »
  • Jacaranda Trace Sale Arranged by Ziegler

    We have learned that Dan Revie and Don Husi of Ziegler represented the seller of Jacaranda Trace, an independent and assisted living community in Venice, Florida. Sarasota, Florida-based not-for-profit Convivial Life acquired the property, which was built in phases from 1999 to 2015 to now include 295 units on 33 acres with a plethora of... Read More »
  • Executives on the Move

    Greystone, a real estate lending, investment and advisory company based out of New York City, has appointed a new CEO, Hafize Gaye Erkan. A former executive at publicly traded First Republic Bank, she takes over this position after 18 years of experience in the banking sector. She has a distinguished background, holding a Ph.D. in Financial... Read More »
  • 60 Seconds with Steve Monroe: The Road to Recovery

    We are now halfway through 2022, and 15 months into the post-pandemic recovery. But with interest rates and inflation rising, there could be new headwinds to a full recovery. Speaking of full recovery, most of the talk has been about getting back to pre-pandemic levels of occupancy, NOI and NOI margin. That is certainly a first step. But there is... Read More »

Two Assisted Living Communities Trade Near Seattle

Blueprint Healthcare Real Estate Advisors closed the sale of two assisted living communities in the greater Seattle, Washington area on behalf of a national operator client. The first community, located in Renton, was built in 1983 and comprises 80 assisted living units. It had a strong operation, maintaining occupancy rates above 95% for the last three years running. Both private pay and Medicaid residents made up the census, and with intention to stay affordable, rents start at $2,800 a month. An internet search combined with our own outreach to the community confirmed that Brookdale Senior Living was the previous owner and operator of the property, which will be renamed Green Lake... Read More »

Avamere Exits New Mexico Market

Wilsonville, Oregon-based Avamere Family of Companies has exited the state of New Mexico with the sale of its 85-bed transitional care facility in Albuquerque. The short-term rehab facility was a popular referral destination for the area’s largest hospitals, and it was experiencing rapid census growth following an operator transition in 2019. Financial performance was improving too, with total revenues exceeding $8.5 million. Following the marketing process, five competitive offers were submitted, with a regional owner/operator looking to expand their footprint in the state, ultimately succeeding.  Blueprint Healthcare Real Estate Advisors Amy Sitzman, Jacob Gehl, Humair Sabir and... Read More »

$200 million CCRC Development in the Works Near Cincinnati

Just outside of Cincinnati, in Fort Mitchell, Kentucky, plans have been initiated to build a 262-unit entrance fee CCRC. In charge of the development is Greenbrier Development, a Dallas-based seniors housing consulting group and developer. They are partnering with Brandicorp and St. Elizabeth Healthcare, which intend on investing between $20 million and $25 million into the development. The first phase of the development is expected to cost upwards of $200 million, or $760,000 per unit. This will be Greenbrier’s first ground-up development in the region. The structure of the community will comprise 196 independent living units, 18 assisted living units, 24 memory support units and 24... Read More »

Helios Structures Partnership Buyout

Helios Healthcare Advisors has structured a partnership buyout of an Indiana-based assisted living and memory care provider. The company, which included Hendricks County Hospital as an owning partner, operated Golden LivingCenter – Woodbridge, a 67-unit assisted living/memory care community in Evansville, Indiana. Acquired by the partnership in 2012, the community underwent a complete renovation in 2015 and reopened as the first standalone memory care community in Evansville, before an expansion added traditional assisted living units as well.In 2019, Helios helped secure construction financing for that project. Post-expansion and renovation, Helios then worked to recapitalize the... Read More »

Meridian Announces Slew of Senior Care Transactions

So far in 2022, Meridian Capital Group’s Senior Housing and Healthcare Team has closed $2.2 billion in transaction volume, following a record year in 2021 where they closed nearly $5.6 billion. The latest transactions were negotiated by Meridian’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, along with Vice Presidents, Matt Lesnik, Jesse Rauch, and Rafi Sod, and Senior Associates, David Gottlieb, Jacob Scott, and Yuval Hananya, as well as Associate, Dylan O’Connor. Starting with the sales, the team sold  two skilled nursing facilities in New York totaling 515 beds for $129.3 million, or $251,000 per bed, and arranged a $129.5 million loan, which... Read More »

Optalis Healthcare Moves Into Ohio

An Ohio-based senior care operator was looking to exit the skilled nursing business and sold a portfolio of five facilities while subleasing another two SNFs in the Columbus, Ohio market. The five facilities sold for a total of $81 million, or roughly $130,000 per bed/unit. Connor Doherty and Ryan Kelly of Blueprint Healthcare Real Estate Advisors handled the transaction. Since the start of operations in 1984, the seven facilities have consisted of roughly 750 dually certified skilled nursing beds and 200 senior housing units. And they historically operated near stabilized levels with consistent $70+ million of annual revenue, but performance drastically declined during the pandemic. Amid... Read More »

Creativcap Secures Two Construction Financings

With interest rates rising and inflation not slowing down, the seniors housing construction market is definitely becoming a riskier venture. However, Scott Kavel of Creativcap successfully arranged two construction financings for a couple of clients where the lenders decided to hold the entire exposure on their balance sheets, despite participation interest. These must be high-quality projects in strong markets with “best-in-class” operating partners to justify that confidence level. First, Mr. Kavel arranged a $70 million construction/permanent loan for a to-be-built 157-unit independent/assisted living community in California. Building the community in an opportunity zone, the buyer... Read More »

CarePartners Acquires Bremerton, Washington Property

An established Seattle-based owner/operator of memory care communities emerged to acquire a 50-unit MC community in Bremerton, Washington whose national owner/operator seller had deemed it to be a strategic outlier. Previously operating as a skilled nursing facility, the building was completely gutted and renovated in 2016 to reopen as essentially a brand-new memory care community in 2017 with 62 beds in 50 units. Each unit has a private bathroom, and the building as a whole is in very good condition with Pacific Northwest design elements.  However, it operated as a private pay community and consistently did not draw a high census, averaging around 66% in the last couple of years,... Read More »

Helios Closes Two Assisted Living Transactions

Helios Healthcare Advisors has been hard at work arranging a sale, securing acquisition financing and finding a new operator for a couple of clients. First, the team structured the sale of Harvest View of Herscher, a 42-unit assisted living community on an 8-acre site in Herscher, Illinois.  Family-owned and developed in 2008, the community was supposed to expand in order to include market-rate multifamily apartments. The seller engaged Helios to run a process to find an acquirer who could see value in continuing the original mission of the venture, ultimately moving forward with Peoria, Illinois-based Petersen Healthcare.  Helios next arranged both an operating partner and... Read More »
Northmarq Arranges Large Refinance for South Carolina Community

Northmarq Arranges Large Refinance for South Carolina Community

Northmarq’s Seattle office arranged a $39 million refinance of Merrill Gardens at Carolina Park, a 158-unit independent living, assisted living and memory care community located in Mt. Pleasant, South Carolina. The high-quality community sits on 14.8 acres with monthly rent starting at $4,200 a month. Built in three phases from 2018 to 2021, the main building was completed in 2018 with 130 units, 28 cottages were delivered in 2019, and in 2021, a swimming pool and fitness center addition were completed. Built in 2021, the community is only 16 miles north of Charleston providing quick access to the city’s attractions and restaurants. The loan entails a 5-year fixed rate and 18 months of... Read More »
The Rise of Active Adult

The Rise of Active Adult

We’ve talked about the new active adult sector a lot lately because a lot of people are talking about it. First, several years ago, our inboxes began filling with announcements of groundbreakings for this new product type, and as those accelerated in the last couple of years, we started to see more acquisitions of the communities, which had in many cases reached 100% occupancy in a matter of months. More seniors housing and multifamily investors took notice, and as construction slowed throughout the pandemic and as operators dealt first with COVID then with lower occupancy and labor costs, the sector was seen as a supremely safe investment. And we had to agree. But as the sector begins to... Read More »