Dissecting the Holiday Retirement Deal
Welltower announced the acquisition of Holiday Retirement’s owned portfolio of 86 independent living communities for $1.58 billion, or just about $152,000 per unit. Simultaneously, Atria Senior Living said that it was acquiring Holiday’s operating business for an undisclosed price. Either of these announcements would normally be major news, but they also come on the heels of Harrison Street’s $1.2 billion purchase of 24 properties operated by Oakmont Senior Living and a very busy June (so far) with more than 30 individual transactions already made public. Perhaps the tide has turned for investment activity in seniors housing and care. The Welltower deal also represents yet another... Read More »
LifePoint Health & Kindred Healthcare Announce Merger
LifePoint Health has signed a definitive agreement to acquire Kindred Healthcare, LLC, the two companies announced late Monday. The deal brings together two major players in the acute and post-acute healthcare market. LifePoint Health, a subsidiary of RCCH HealthCare Partners, owns and operates community hospitals, regional health systems, physician practices, outpatient centers and post-acute facilities across the country. Kindred Healthcare is the nation’s leading specialty hospital company delivering acute health services in its long-term acute care hospitals, inpatient rehabilitation hospitals, acute rehabilitation units, and behavioral health line of business, all specializing in... Read More »
Oregon CCRC Expanding with Bond Financing
Friendsview, a Quaker-affiliated not-for-profit CCRC in Newburg, Oregon, is set to break ground on a new expansion and redevelopment project next month. To fund the project, the Type-A, entrance-fee-based community is set to receive $124.22 million in funding from bonds issued through the Yamhill County Hospital Authority and underwritten by Ziegler. Greystone acted as the development consultant for the project, providing all necessary planning services to implement the project. Bond financing is expected to be used toward three segments of Friendsview’s redevelopment project – Springbrook Meadows North, Sutton Terrace at University Village... Read More »
LCS Hires Joe Weisenburger from Welltower
LCS has picked up a noteworthy hire from Welltower, welcoming Joe Weisenburger as their new vice president, senior director of business development. Mr. Weisenburger brings 23 years of industry experience to LCS, one of the country’s largest senior care operators with over 130 properties in its portfolio. He has developed multibillion-dollar senior housing deals and previously served as Welltower’s senior vice president of business development. At Welltower, he worked on the management team that brought the company’s assets from $1 billion to $30 billion dollars. He will now be tasked with creating business development strategies aimed at increasing revenue across all LCS... Read More »
National Health Investors Issues Another Update
National Health Investors is continuing its steady census progress, but the rent deferrals for Bickford Senior Living just will not end. The silver lining is that the deferral amounts are decreasing, from $3 million in both March and April of this year and $2 million in June. Now, the two parties have agreed to $1.5 million in rent deferrals per month in June and July. That will bring Bickford’s total deferred rents with NHI to $11.75 million for the year, so far, which is expected to be repaid over a period of 18 months commencing on October 1, 2021, at an interest rate of 8% from the date of the deferral. That is on top of the $3.75 million of Bickford deferred rent from Q4:20 and... Read More »
Another Family Owner/Operator Exits the Industry
As Covid-19 has led to overall decreases in senior housing occupancy levels, Sherer Management joined several of its peers by closing down its multigenerational family business with the sale of its last two CCRCs in Iowa. These properties include a total of 188 beds at Rose Vista in Woodbine and Longview Home in Missouri Valley. They offer skilled nursing, assisted living and independent living services, in addition to hospice services through Generations Hospice. The Sherer family had owned and operated these businesses for over 60 years. Kevin Laidlaw and Dominic Porretta of Lument Securities led the transaction and advised Sherer on the sale of their businesses.... Read More »
HJ Sims Refinances Michigan Provider
It took a couple of tries, but HJ Sims arranged $41.9 million in financing for Sunset Retirement Communities, a multi-campus, not-for-profit senior living provider in Michigan. The company has grown its holdings over the past decade, starting development on its Jenison campus in 2009 and completing it in 2015. Then, after completing a market study in March 2020, Sunset determined to add a Phase III with 62 independent living apartments, 20 IL villas and amenity spaces. That was not an ideal time to begin filling a new community. After approaching potential lenders in May 2020, Sunset delayed the financing in order to focus on its existing operations. However, HJ Sims continued to explore... Read More »Recent Senior Care M&A Deals, Week Ending June 18, 2021
Senior care M&A is soaring back this month across all sectors. Check out our recent M&A deal chart. Long-Term Care AcquirerTargetPrice Beacon Health10 skilled nursing facilities in Iowa$24.2 million Regional operator/private capital providerRose Vista in Woodbine and Longview Home in Missouri ValleyN/A Ciena HealthcareLincoln Park Manor$6 million Livingston Street CapitalHaven at Lewisville... Read More »
Drinking the Kool-Aid in Washington (State), Again
The people of the state of Washington are getting closer to having to make a decision about a new payroll tax to fund a “long-term” care benefit, that is anything but long term. The 58-cent tax withholding for every $100 of salary and bonus may not seem like much, but the benefit is not much either. This reminds us (sort of) of the Class Act that was part of the Affordable Care Act of 2010, except there does not appear to be any funding deception in this new legislation coming from the West Coast. The Class Act, you may remember, was canceled after even those members of Congress who voted for it realized it was a financial sham. The premiums for those first five years were actually... Read More »
Evans Senior Investments Sells Dayton Senior Care Facility
A newly renovated senior care facility in Dayton, Ohio that was struggling with census issues sold to a Midwest-based owner/operator with the help of the team at Evans Senior Investments. Featuring 60 skilled nursing beds and 30 assisted living units, the facility was previously owned by an independent owner/operator looking to exit the long-term care industry. It was originally built in 1988 but received a $1.3 million renovation from 2019 to 2020. The updated physical plant and number of private rooms certainly helped its attractiveness, but the facility was averaging just 37% occupancy at the SNF and 45% in the assisted living portion. Plus, the previous owner had not licensed the SNF... Read More »Schedule a demo
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