CBRE Finances New Senior Housing Construction in North Carolina
The Village on Morehead, a to-be-built, Class-A, 199-unit senior living complex in Charlotte, North Carolina, has secured construction financing courtesy of CBRE Senior Housing’s Aron Will, Austin Sacco and Tim Root. CBRE arranged this loan on behalf of a joint venture between Bridgewood Property Company and Harrison Street. This 12-story independent and assisted living community will be operated by Retirement Center Management (RCM), Bridgewood’s wholly-owned management group. The Carolinas Medical Center, North Carolina’s largest hospital, is located less than a mile from the community. CBRE originated a four-year, floating-rate loan with full term of interest only and... Read More »
The Mogharebi Group Handles Seniors Housing Sale
Bryan LaBar and Otto Ozen of The Mogharebi Group arranged the sale of an independent living community in San Bernardino, California. Built in 1984, the four-story building has 71 one-bedroom units and a total of 36,200 square feet on a one-acre site. Messrs. LaBar and Ozen represented the seller, a Los Angeles-based private investment group, in the deal. Another private investment group based in the San Gabriel Valley paid $7.24 million, or $102,000 per unit, for the property. The Mogharebi Group specializes in multifamily property sales throughout California, but it is not often we see them in seniors housing. Read More »
Blueprint Closes SNF Sale in Virginia
Blueprint Healthcare Real Estate Advisors continued its recent surge in closings with the sale of a rural Virginia skilled nursing facility. Located just off I-81 in the southwest Virginia town of Rural Retreat, the 120-bed facility was built in 2015 with 20 private and 50 semiprivate units. Shortly after it achieved stabilization, its operator, Traditions Senior Management, decided to execute its below-market purchase option on the facility’s real estate. Occupancy remained strong until the pandemic when the facility like many others saw census dip. Being one of the newest facilities in the area, it was still able to attract a healthy quality mix. But financials could certainly be... Read More »
60 Seconds with Ben Swett: National Health Investors Issues Another Positive Occupancy Update
Transcript Inflation worries and fears surrounding the delta variant took the stock market and publicly traded senior care companies on a bit of a roller coaster the last couple of days, but we were also delighted to see some positive news come from National Health Investors. From May to June, the REIT saw its occupancy jump across its three major operating partners. The nine SLC properties rose 50 basis points to 79.1%, Bickford’s 42 properties saw a 90-basis point increase to 78.2%, and the 26 properties operated by Holiday Retirement saw census rise by a more modest 20 basis points to rest at 74.1%. Still a long way to go, and we’re not sure what kind of rent discounts are being... Read More »
Diversified Healthcare Trust Transitioning 66 Communities
A few months ago, Diversified Healthcare Trust announced it would transition 108 of 228 senior living communities managed by Five Star Senior Living to new operators. It has now found three operators to take over management of 66 of them with 4,084 units, or 62 units per community. The 108 communities have approximately 7,500 units, while the remaining 120 communities have about 18,000 units. So, the communities being transitioned to new operators are much smaller (average of 69 units) compared to the retained communities, with an average of 150 units. Naperville, Illinois-based Charter Senior Living will be taking over management of communities in... Read More »
Blueprint Facilitates SNF Divestment in Michigan
Mike Segal and Dan Mahoney of Blueprint Healthcare Real Estate Advisors helped a Detroit-area owner/operator of skilled nursing facilities divest a geographical outlier in Battle Creek, Michigan. Built in 1967 and renovated in 1985, the 82-bed facility was owned and operated by Advantage Living Center. It was underperforming, leading the owner to bring in the Blueprint team to market and sell the asset. The buyer ended up being a New York-based equity group interested in expanding its Midwest presence into Michigan with a new operating partner. There were some physical plant issues that required additional inspections and some delays with the CON approval. But even with bringing on a new... Read More »
Capital Funding Group Closes Big Bridge Financing
Capital Funding Group announced its largest single financing deal in 10 years, closing a bridge-to-HUD loan totaling more than $650 million. The purpose of the loan is not known, nor the properties being financed, but the deal takes CFG’s year-to-date dollar volume to over $1.5 billion of secured loans. Director Craig Casagrande and Senior Associate Andrew Jones originated the transaction for CFG. Read More »
SLIB Sells Two Memory Care Communities in Illinois
Ryan Saul and Vince Viverito of Senior Living Investment Brokerage recently facilitated the $3.75 million sale of Life’s Journey Senior Living of Taylorville and Paris in their respective towns in Illinois. Owned by a publicly-traded REIT, both properties offer memory care services. Built in 2012 with renovations in 2014, the Taylorville location has 25,000 square feet and a 69% occupancy rate over its 46 units. The Paris location, built in 1998, is 9,200 square feet and has an occupancy of 96% across its 23 units. There are a combined 77 beds over 69 units, resulting in a price per unit of around $54,300, which falls below the $191,800 per unit average price for assisted... Read More »
Recent Senior Care M&A Deals, Week Ending July 16, 2021
Coming off of a red-hot second quarter, senior care M&A activity remained steady going into July. Here is our recent deal chart. Long-Term Care AcquirerTargetPrice WelltowerThe Memory Center Richmond & The Memory Center Virginia Beach$31 million 1031-exchange buyerMemory care community in Scottsdale, AZ$5.1 million Regional buyerSenior living community in WAN/A Private buyerDecatur Township Center... Read More »
Removing Financial Barriers to Boost Occupancy
Coming out of the pandemic-induced senior living financial fiasco, top on almost every provider’s mind is how to increase their census as soon as possible, and then how to do it without sacrificing operating margins. Help is on the way. For most seniors and their families, making the move into senior living is a big decision, both emotionally as well as financially. Both can be significant hurdles, but the financial side is now going to be easier to deal with, especially if you don’t want to be rushed into selling your home or selling assets to come up with cash for a large entrance-fee payment for CCRCs, or your first several months of rent. Readers may remember 20 years ago... Read More »Schedule a demo
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