Private Equity Buyers Snap Up Southeast Portfolio
JLL Capital Markets’ Mike Garbers and Cody Temper recently arranged the sale of nine seniors housing communities on behalf of the seller, a large public REIT. The portfolio consists of one North Carolina and eight South Carolina properties, encompassing 558 assisted living and memory care units. The first sale, in North Carolina, involves a 52-unit assisted living and memory care community that was sold to a private equity group. The property has been closed and vacant since April due to a fire, but extensive remodeling and repairs are foreseeable so the community can undergo rebranding upon reopening. The second transaction, in South Carolina, consists of 506 units across eight... Read More »
Evans Senior Investments Arranges Sale in Indiana
Evans Senior Investments arranged the sale of a non-performing assisted living community in Indiana on behalf of the publicly traded REIT seller. The buyer, a regional owner/operator with an existing footprint in Indiana, bought the property below replacement costs, but the exact purchase price was not disclosed. The community was previously stabilized, with occupancy levels in 2018 hovering around 95%. However at the time of the sale, occupancy dropped to 60%, and it was operating with negative cash flow margins due to new competition in the surrounding area. Read More »Webinar | Labor: Finding it, Retention & Coping with Higher Wages | October 21, 2021
About the Webinar Going into the pandemic, the seniors housing and care sector was already struggling with the supply and cost of labor. When unemployment skyrocketed, some believed that would begin to alleviate the supply problem. But early on, it did not seem to have the expected effect, as many potential employees were scared off by the risk of working in senior care where so many residents and staff had contracted the virus, not to mention that the supplemental unemployment benefits were a disincentive to taking on a new job. Under the Biden administration, there will be a push for a $15 federal minimum wage, if not higher over time, a level that will cause financial harm for some... Read More »
SLIB and Monarch Advisors Collaborate on Kentucky Closing
Alec Blanc of Monarch Advisors announced an acquisition financing for a couple of assisted living communities in Kentucky. Located in Bardstown and Elizabethtown, just under 30 miles from each other, the communities combine for 84 units. Occupancy was around 80% in 2020. They were previously owned by a California-based owner/operator, but the buyer/borrower, WalkLight Senior Living, was looking to make its first-ever acquisition, although the owners are experienced in operations. They also saw an opportunity to potentially raise rates at the locations to improve operations. Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage handled the sale. Monarch secured a... Read More »
SLIB Facilitates SNF Transaction in Missouri
A Midwest-based private equity firm sold a skilled nursing facility in Farmington, Missouri to a regional owner/operator based an hour away in St. Louis. Built in stages from 1982 to 2008, the facility has 97 beds, with a combination of private and semiprivate rooms. It also provides outpatient therapy in addition to in-house rehab and skilled nursing services. It was around 83% occupied in 2020, with a healthy 12% operating margin on over $6 million of Q4:2020 annualized revenues. The previous owner decided to capitalize on those strong financials to strategically divest the facility. Nick Cacciabando and Jeff Binder of Senior Living Investment Brokerage handled the transaction, which did... Read More »60 Seconds with Steve Monroe: Losing a Patriot, But Not to COVID
We lost a true patriot this week, Colin Powell, and I had the fortunate opportunity to meet him at my brother’s swearing in ceremony at the State Department. I think I committed a faux pas, however, as I brought his autobiography with me and asked him to sign it. I guess you just don’t do that with a sitting Secretary of State, in his office. But I did, and he obliged. What bothered me about the announcement of his death was that the family stated it was from complications from COVID-19. The reality is he was 84 years old, had Parkinson’s Disease and multiple myeloma, a cancer of plasma cells that suppresses the body’s immune system. The bottom line is that he was in bad health... Read More »
JLL Sells 55+ Community in Minneapolis Market
JLL Capital Markets sold a newly-built, 107-unit 55+ housing community in Maplewood, Minnesota known as Frost English Silver. The purchase price was $27.3 million, or about $255,140 per unit. The community has a variety of one- and two-bedroom apartments averaging 876 square feet. The community features a fitness center, outdoor patio with grilling stations, community room, salon, indoor lap pool and heated underground parking. The seller was Sherman Associates and an affiliate of Axial Real Estate Advisors LLC acquired the community. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Ken Dayton of JLL represented the... Read More »
Walker & Dunlop Advise Joint Venture on Construction Financing
Walker & Dunlop has advised an equity partnership on a $300 million construction financing arranged by Huntington National Bank for a luxury life plan community in Tysons, Virginia. Tysons LPC, LLC is a 50/50 partnership between Mather Investments and Westminster Capital. It will own the to-be-built CCRC entitled The Mather — a two-building project consisting of 300 independent living apartments, 60 assisted living apartments, 20 memory care suites and 42 skilled nursing suites. The community will be completed in two phases, with the first phase expected to open in early 2024. The Mather has been designed for transit accessibility, a walking lifestyle and environmental... Read More »
Palm Springs Community Receives Construction Financing
CBRE Senior Housing’s Aron Will, Austin Sacco and Tim Root have arranged construction financing for a luxury LGBTQ-targeted active adult community in Palm Springs, California. The $42 million loan was arranged on behalf of a joint venture between a group of high-net-worth investors and KOAR International, Inc. This nine-acre community is the first of its kind, as no other LGBTQ-orientated active adult communities exist in the market today. It will feature 122 units and a movie theater, card room, game room, salon, massage rooms, fitness center, craft rooms and a community room with additional dining. Outdoor amenities include a putting green, rose garden, resort-style pool... Read More »
Ziegler Continues Active Month with Virginia Financing
Ziegler is continuing its active month with the arrangement of $71.33 million of Series 2021A and 2021B bonds for a life plan community in Williamsburg, Virginia. Williamsburg Landing, founded in 1982, consists of 317 independent living apartments, 72 assisted living units, 24 memory care units and 73 skilled nursing units. Prior to this loan, Williamsburg Landing had 14 separate debt obligations provided by three banks totaling nearly $100 million. These new bonds will refinance nine of the existing bank obligations in an effort to simplify their capital structure. The proceeds of the bonds will be used to refund nine existing bank obligations, pay swap termination payments,... Read More »Schedule a demo
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