Alta Senior Living Expands Into Florida
Alta Senior Living, with corporate offices in Santa Monica, California and West Palm Beach, Florida, purchased its first senior living community in Florida. Located in Margate, the 175-unit Waterside Landing currently has 175 independent and assisted living units. But 22 units on the first floor will be converted to secured memory care. Alta will spend about $6.5 million on this conversion plus other upgrades to the building. Waterside Landing was built in 1989 and had partial renovations a few years ago. It has a total of 187,000 square feet, or just over 1,050 gross square feet per unit, which is quite large for that vintage. Currently, the second and third floors are not... Read More »
Newly Developed Arkansas Community Trades
Arkansas-based Beaty Capital Group has purchased a 125-unit independent living community, Grand Village at Clear Lake, located in Fayetteville, Arkansas. The community was completed in March 2020 and consists of 109 independent living apartments in the main building surrounded by 16 IL cottages. Despite opening just as the pandemic was gaining speed, occupancy at closing was 73%. The purchase price was approximately $37 million, or $296,000 per unit. The city planners have already approved a second phase which will consist of 33 additional cottages and a clubhouse. Construction on this phase is expected to begin in the first quarter of 2022, just when the first phase should... Read More »
REITs’ Low Capital Costs May Drive Cap Rates Lower
For the past 18 months or so, healthcare REITs have been doing more selling than buying, at least of seniors housing and care assets. Some of the moves were strategic, such as Healthpeak Properties making the decision to exit the senior care market, at least for now. Others were more tactical, such as Welltower trying to sell high and buy low to better position its portfolio for the future. But there is one common denominator for the REITs, especially the largest ones, and that is their cost of capital advantage and the ability to use it as we are emerging from the depths of the pandemic. Even though it is not looking to buy senior care assets right... Read More »
60 Seconds with Steve Monroe: Good News For SNFs
There was some good news for the skilled nursing market, as NIC MAP’s Data Service reported that occupancy has increased for the third straight month. The April increase was 94 basis points, ending at 73.2%. The bad news was that the quality mix and skilled mix dipped from the prior month. While these numbers may be reflective of what is happening overall, the data comes from just 28 providers with 1,391 facilities, so less than 10% of the entire national market. The stats are also dominated by California, Texas, Florida and North Carolina, so may not be reflective of your situation in Michigan. Hopefully even better. The reality, however, is that the entire seniors housing and... Read More »
Saber Healthcare Acquires Virginia SNF
Saber Healthcare has acquired Forest Health and Rehab, a 97-bed skilled nursing facility in Lynchburg, Virginia. Built in 1995, the facility joins Saber’s portfolio of more than 120 skilled nursing and assisted living facilities in seven states: Ohio, Indiana, Pennsylvania, Delaware, Virginia, North Carolina and Florida. No other details on the transaction were disclosed. Saber was last active in the M&A market in August 2020, when it acquired the entirety of Sentara Healthcare’s skilled nursing portfolio. The seven properties in the portfolio are located across various cities in Virginia and have a total of 850 beds. Read More »Stephanie Anderson Moving to Berkadia
Berkadia announced the addition of Stephanie Anderson as SVP, Head of Berkadia Seniors Housing & Healthcare Operations. Ms. Anderson will work alongside SVP and Head of FHA and Berkadia Seniors Housing Finance Steve Ervin. She will be based out of Boston. With over 25 years of experience in the senior housing space in many different roles Ms. Anderson previously served as the National Sales Director for Housing & Healthcare Finance. She has held executive level roles with Health Care REIT (now Welltower), GE Healthcare Finance and Ventas. Anderson has been on the board of both the American Seniors Housing... Read More »
BMO Harris Finances LCS Construction in New Jersey
BMO Harris Bank’s Healthcare Real Estate Finance group followed up on its large construction financing closed for LCS and an institutional partner to develop a 220-unit senior living community in New Jersey with another construction loan. The $19.4 million construction loan will support the renovation of a Sunrise Senior Living community in Redmond, Washington. Originally built in 1999, the community has 110 units of assisted living and memory care. Its renovation will include redoing the bathrooms, fixtures, furnishings and all the common areas. The loan came with an initial term of four years. Read More »
PGIM Provides Financing For Harrison Street Acquisition
The lending market came alive in the month of June, in tandem with the seniors housing acquisition spike. As such, PGIM Real Estate provided a $250.4 million fixed-rate, cross-defaulted and cross-collateralized loan to support Harrison Street’s acquisition of 12 of the 24 properties it bought for $1.2 billion. These 12 assisted living/memory care communities were owned by Gallaher Companies, with Oakmont Management Group as the operator. They total 1,118 units and are located in the San Francisco, Los Angeles, Ventura, Sacramento, Riverside, San Diego, Stockton, and Las Vegas metro areas. Greystone also placed financing for 16 of the 24 properties that were owned by both Gallaher and... Read More »
MidCap Financial Closes Acquisition Debt For Healthpeak
MidCap Financial closed acquisition debt for another Healthpeak divestiture. Announced in May, the REIT sold five of its SHOP communities that were operated by Florida-based Sonata Senior Living. All five communities are in Florida, with locations in Delray Beach (80 units), Boynton Beach (92), Boca Raton (74), Coconut Creek (94) and Vero Beach (104). There was a total of 328 assisted living, 107 memory care and nine independent living units, and the communities averaged around 20 years in age. However, the properties were well maintained, and Healthpeak Properties had invested over $13 million of capex in the past four years. Private equity firm Fortress Investment Group paid $64... Read More »
Capitol Seniors Housing Breaks Ground in Georgia
Construction is underway at The Outlook at the Exchange, an active adult community in Buford, Georgia. The 200,000-square-foot, four-story community will offer 180 residential units. The community will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. Capitol Seniors Housing developed and invested in this project. This venture comes two months after CSH broke ground on Arbor Terrace Marlton, an 87-unit AL community in southern New Jersey. Element Architects is the design firm for The Outlook, and Core Construction is the general contractor. The project is scheduled to open in late 2022. Read More »Schedule a demo
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