Elevation Financial Group Announces Tennessee Acquisition
Real estate private equity firm Elevation Financial Group acquired a senior living community in Memphis, Tennessee with plans to make it a more affordable option in the area. Originally built in 1989, the property featured 155 units of independent living and assisted living. All of the AL units were vacant at the time of the sale, so Elevation will renovate, add kitchens and convert them. However, the entire community will be converted to an affordable senior apartment community. There will be no income limit for residents, but rents will range from $735 per month for a one-bedroom, one-bath apartment to $860 per month for a two-bed, two-bath unit, including utilities. Before, rents... Read More »
Oppidan and Ebenezer Open New Senior Living Development in Minneapolis
Oppidan Investment Company, a national development firm, and Ebenezer Management Services announced the opening of their brand-new seniors housing community in Minneapolis, Minnesota. The large community features a 10-story building with 283 total units of independent living, assisted living and memory care. An additional 1,900 square feet is available for a retail tenant, although who that tenant will be is not known yet. Plus, another 6,230 square feet is designated for a childcare center serving 105 children. These other uses of the space are just part of the intergenerational living plan for the community, as seniors will be able to engage with the children at the daycare center by... Read More »
United Community Bank Back to Business
The Senior Care Lending Group of United Community Bank, led by Vice President Dennis Rowlen, has been hard at work this quarter, closing four transactions for clients in the senior care industry. Not only that, but the bank is also actively underwriting several loans, and the rest of the pipeline has been described as robust. These days, that is very promising. The second quarter activity has included three construction loans and one mini-perm refinance, combining for nearly $60 million in total commitments. Each loan was closed for a different client, and all financed properties in the Southeast. Read More »
Recent Senior Care M&A Deals, Week Ending June 12, 2020
Check out our recent senior care M&A deal chart. Long-Term Care AcquirerTargetPrice Elevation Financial GroupKennington Pointe$2.2 million Kayne Anderson Real Estate AdvisorsThe Watermark at TrinityN/A Best Care Senior Living at St. Pete, LLCLoving Care of St. PetersburgN/A Strawberry Fields REITCharleston Health Care Center$5.4... Read More »
Shifting Sales and Marketing Strategies in Seniors Housing: A Q&A with Joe Roche
The COVID-19 pandemic has likely changed the way seniors housing operators do business for some time to come, So, how do social distancing measures and a new threat to resident safety impact the sale and marketing strategies of these communities? We asked Joe Roche of The Roche Associates for answers. We’re more than a couple of months into the COVID-19 crisis, and the seniors housing industry has experienced a bit of a PR problem. Given the virus’ effect on the frail and elderly, the media’s coverage of outbreaks at communities (mostly unfair, but also sometimes fair), and some people’s comingling of skilled nursing facilities with seniors housing, what would you say to a potential... Read More »
Brookdale and Capital Senior Volatile
During the course of this pandemic, the entire stock market has been extremely volatile. The quick 35% plunge was followed by a nearly as quick return, with the NASDAQ hitting new highs this week. This happened despite more than 40 million people recently hitting the unemployment lines. This week, however, we saw volatility reaching new highs in the senior living sector. As an example, Brookdale Senior Living hit a near-term low of $2.66 per share on May 13. By June 5, it jumped by 64% to $4.37 per share. Maybe the turnaround was coming around. But by June 11 (just four trading days later), it plunged by 35% to $2.82 per share. After all that volatility, between May 13 and... Read More »
Strawberry Fields REIT Back in Buying Mode
After making seven acquisitions in 2019, Strawberry Fields REIT has finally reentered the acquisition arena in 2020, announcing its purchase of a 107-bed senior care facility in Danville, Kentucky. We imagine some time had to be spent on managing and consolidating its growing portfolio, and the skilled nursing industry has been preoccupied in the last several months with the COVID-19 crisis, but it is good to see them back buying again, bringing their current portfolio to 76 senior care facilities. Previously owned and operated by several individuals (dba Marlin K. Sparks Management Company, Inc.), the Danville facility consists of 90 skilled nursing beds, 16 assisted living beds and one... Read More »
HHC Finance Posts Strong Financing Activity in May
The team at Housing & Healthcare Finance (HHC Finance) reported a strong May, closed a couple of HUD loans and a number of rate modifications for senior care clients across the country. The two HUD loans totaled $31 million. A 108-unit assisted living community in Minnesota obtained the first. Built in 1996, it boasted an occupancy rate in the mid-90s. HHC Finance arranged the second HUD loan for a 191-bed skilled nursing facility in California. Built in 1991, it was also occupied in the mid-90s. Both refinances took out higher rate bank debt. HHC Finance didn’t stop there, taking advantage of near-record-low interest rates by closing five loan... Read More »
Assisted Living: Recession Resistant or Not?
Assisted living emerged from the Great Recession largely unscathed. Will history repeat itself 10 years later? Well, I just found out on Monday we are officially in a recession. Not that anyone needed to get the official notice, since we all know what 40 million recently unemployed means for the economy. But what does it mean for assisted living? In the “Great Recession” assisted living came out looking pretty good because of its need-driven characteristics. In the ensuing 10 years, average per-unit prices soared to record levels even as over-development caused some census issues. So, is this recession, or potential depression, going to be different? The elderly will continue to need care,... Read More »
Colliers International Announces Two Closings
Colliers International closed a couple of sales involving assisted living communities that also cared for adults with mental disorders or developmental disabilities. First, the Tampa, Florida team led by Ken and Damien Carriero worked on behalf of Loving Care of St. Petersburg, Inc. to sell a 60-unit/120-bed AL community in St. Petersburg, Florida. It came with a Limited Mental Health Specialty License and was 80% occupied at the time of the sale. Best Care Senior Living at St. Pete, LLC was revealed as the buyer, but no purchase price was disclosed. Then, Elena Bakina of Colliers International represented the seller of a similar community in southwest Houston, Texas. Classified as a Type... Read More »Schedule a demo
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