CBRE Refinances Michigan Community
CBRE Senior Housing arranged non-recourse financing for a 110-unit independent/assisted living community in Traverse City, Michigan. Aron Will, Austin Sacco and Tim Root arranged the transaction on behalf of a joint venture between Cordia Senior Living and Cypress Partners. CBRE had previously arranged three-year financing for the community in 2017, which surely smoothed out the process. Initially built as an asylum in 1883, the building was converted to seniors housing by the Cordia/Cypress joint venture in 2014. It is located in the Village at Grand Traverse Commons, a large historic preservation and adaptive reuse development that began redevelopment from its asylum past into a... Read More »
The Ensign Group Acquires Operations of Three Facilities
The Ensign Group will assume the operations of three skilled nursing facilities across Texas and Idaho. The facilities include the 98-bed River Pointe of Trinity Healthcare and Rehabilitation Center in Trinity, Texas, the 150-bed Park Village Healthcare and Rehabilitation in De Soto, Texas, and Skyline Transitional Care Center, an 80-bed facility in Boise, Idaho. The acquisitions are subject to a long-term, triple net lease. Plus, the deal brings Ensign’s growing portfolio to 245 healthcare operations, 22 of which also include senior living operations, across thirteen states. Read More »
Meridian Capital Group Closes a Strong September
Meridian Capital Group’s Senior Housing and Healthcare team announced another $219 million in transaction volume closed across eight skilled nursing, assisted living, independent living and memory care properties in seven states in September. The team that negotiated these deals included Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch, Rafi Sod, David Gottlieb and Jacob Scott. There were a few acquisition loans, the largest being a $68 million loan from a commercial bank plus a $2.5 million A/R line for a CCRC in Michigan totaling 89 skilled nursing, 65 assisted living, 852 independent living and 31 memory care beds. Meridian also arranged the LP equity for the... Read More »
SLIB Facilitates Sale in New York
An assisted living community also enrolled in New York State’s ALP program changed hands from one owner/operator to another, with Patrick Burke and Dave Balow of Senior Living Investment Brokerage handling the deal. Built in 1988 and 1998 in upstate New York, the community features 76 licensed beds in 46 units, with 25 of the beds in the ALP program, which is a Medicaid program that provides high-acuity, skilled nursing care in a lower-cost setting. Historically well occupied above 90%, the community had been able to keep COVID out for most of 2020 but unfortunately had an outbreak at the end of the year. Occupancy and revenues dipped, but the seller was able to get COVID out and improve... Read More »
SLIB Assists on REIT Divestment From Indiana Community
A REIT divested an underperforming outlier from its portfolio with the help of Brad Clousing and Ryan Saul of Senior Living Investment Brokerage. Located in Fort Wayne, Indiana, the 120-unit community was purpose-built for independent living in 1997. However, it was deemed to be non-core by the REIT owner, and a private regional owner with extensive experience in Indiana saw an opportunity to convert the community to a higher-acuity, all-Medicaid facility. The transaction closed in 30 days from start to finish, with no purchase price disclosed. Read More »
Capital Senior Living Postpones Vote
With so much activity around some alternative restructuring opportunities being offered for Capital Senior Living, it is no wonder they decided to postpone the shareholder meeting to vote on the Conversant Capital proposal. The new date is October 22, 10 days later than the original date of October 12. Previously, Ortelius Advisors (which owns about 13% of Cap Senior) disclosed their own recap proposal with terms that were cheaper than those of Conversant Capital. Now, Invictus Global Management has announced they too can arrange up to $150 million of new capital for Cap Senior, also at better terms for the company, and current shareholders, than the current Conversant Capital deal. ... Read More »
New Development Finds Capital Partners
An assisted living/memory care development in Tracy, California is going ahead thanks to a partnership arranged by Jacob Gehl, Scott Frazier and Humair Sabir of Blueprint Healthcare Real Estate Advisors. Summit Senior Life, a Newport Beach, California-based developer, and Cadence Living, a Scottsdale, Arizona-based operator, were planning this project on a 2.8-acre site to include 77 assisted living and 24 memory care units. The site is adjacent to Lennar at Tracy Hills, a large masterplan community that includes 5,000 single-family homes and 58 acres of commercial spaces, hotels, schools and offices. However, Summit and Cadence needed to be introduced to capital... Read More »
DHC Transitions Seven More Five Star Properties
Diversified Healthcare Trust is nearing the complete transition of its operations away from Five Star Senior Living, agreeing to add five assisted living communities in Wisconsin to an existing management agreement with Cedarhurst Senior Living, and two AL communities in Pennsylvania to a new agreement with IntegraCare. The Wisconsin communities total 300 units, while the two Pennsylvania communities have a combined 182 units. Cedarhurst had previously taken over eight properties totaling 486 units in Illinois on behalf of the REIT. Diversified Healthcare Trust originally had 108 communities in its Five Star portfolio, and is now left with about 10.... Read More »
Newmark Facilitates Sale of Two Communities in Georgia
We highlighted a couple of Georgia deals from Newmark last week, but some details have been revealed since then. One seniors housing community in St. Simons Island consisting of 68 assisted living and 24 memory care units sold from one joint venture to another in a deal valued at $18.2 million, or nearly $200,000 per unit. AIG Global Real Estate had developed the property with Thrive Senior Living (also the operator) in 2015. Occupancy had fluctuated between 50% and 70% in the last several years, with some key employee turnover prior to COVID contributing to the sub-par census. Winterpast Capital Partners and its affiliate Vitality Living acquired the property, with Vitality taking over... Read More »
SLIB Handles SNF Sale in Connecticut
No skilled nursing deal comes easily these days, and one facility in Connecticut went over a few hurdles to find a new owner. That buyer played a big role in getting the deal done too, other than writing the check. The deal was under LOI before the pandemic and closed at the end of September. Dave Balow of Senior Living Investment Brokerage handled the transaction. Built in stages in 1955, 1975 and 1994, the 62-bed facility in Plainfield had been family-owned and operated since it opened. It had historically run at high occupancy (at 90% before the pandemic), with a strong quality mix. Also, the facility had managed to stay COVID-free throughout much of 2020, a feat for any SNF in the... Read More »Schedule a demo
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