Blueprint Sells Entrance-Fee CCRC in West Texas
An entrance-fee CCRC in Odessa, Texas, with a major turnaround opportunity at its on-campus skilled nursing facility, just sold to a regional owner with the help of Amy Sitzman, Jacob Gehl, Giancarlo Riso and Humair Sabir of Blueprint Healthcare Real Estate Advisors. Originally built in 1987 with additions made in 1992 and 1997, the Type-C community features 55 independent living units, 23 high-acuity assisted living units and a 90-bed SNF, although just 71 beds were in operation. The independent living portion was almost always fully occupied (or close to it, even during the pandemic), but the SNF struggled with census in the last year, starting in the high-80s and eventually falling... Read More »
Monarch Advisors Sources Financing for Monterey Community
Alec Blanc of Monarch Advisors continues his Spring activity with the closing of a bank refinance for a small assisted living community in Monterey, California. Featuring 33 beds in 20 units, the community is owned by Songbird Care Homes, a locally-based family owner/operator. Built in 1992, it typically operates at full capacity. There was both SBA debt and a seller note on the property, and the borrower wished to reduce its debt service costs. So, to refinance the company’s debt and provide additional growth capital, Mr. Blanc sourced a $4.6 million senior loan from a local bank. It came with a seven-year term and competitive fixed interest rate. Proceeds from the loan will provide... Read More »
Guardian Pharmacy Services Expands with Acquisition
One of the country’s largest long-term care pharmacy companies just broadened its reach in Ohio and eastern West Virginia with the acquisition of Hutcheson Homecare Pharmacy. Guardian Pharmacy Services, based in Atlanta, announced the deal in partnership with Mullaney’s, a pharmacy and medical equipment supplier (and locally-owned member of the Guardian family of companies) based in Cincinnati, Ohio. The newly acquired pharmacy, which will operate as Hutcheson, A Guardian Pharmacy, will serve residents in assisted living and skilled nursing, as well as individuals with intellectual and development disabilities, inpatient and outpatient substance abuse rehabilitation facilities, and... Read More »
Is Connecticut The Future For Wage Hikes?
In order to avert a strike by unionized nursing home workers, a deal is being struck with the state that will send hourly rates soaring. In order to avoid a union strike at dozens of Connecticut nursing facilities, the Governor stepped in to help the two sides reach a deal. And what a deal for employees. Most hourly workers will have a pay raise set at a minimum of $20 per hour. CNAs will be increased from a $12 to $15 range to $20 per hour, while LPNs will have a minimum of $30 per hour. There are also increases in pension contributions and health and wellness programs. Most of the money will come from the state, with an extra $47.3 million in 2021 and $121.1 million in 2022, all going... Read More »
Chicago Pacific Founders Acquires Texas Community
Chicago Pacific Founders has added another Texas community to its portfolio, its first acquisition in the Lone Star State since announcing two separate deals in 2019. Opened in September 2019, this Houston community features 85,400 square feet and 100 units of assisted living and memory care. Meridian Realty Advisors developed it, with Integral Senior Living coming in as operator. However, Chicago Pacific Founders’ subsidiary Grace Management will operate the community going forward. Additional terms of the deal were not disclosed, but Chicago Pacific will invest in capital improvements at the property. Read More »
Lument Closes USDA Loan for Pennsylvania SNF
Lument secured a $35.6 million loan from the USDA CF (Community Facilities) program to fund the construction of a replacement 240-bed skilled nursing facility in Bellefonte, Pennsylvania. The previous 240-bed facility was more than 80 years old and had received some renovations over the years, but it was deemed unsuitable for substantial renovations due to both its age and location. So, Miles Kingston of Lument worked with Complete Healthcare Resources Eastern (CHRE), which has been operating the facility since 2013, to arrange the financing necessary for the project. It ended up being a multiyear strategy. First, CHRE obtained a $35.6... Read More »
Berkadia Closes Two Large Agency Financings
Berkadia announced two sizeable financings arranged for senior care clients in Portland, Oregon. The larger transaction saw Touchmark receive an $82.4 million loan through Freddie Mac to refinance its senior living community located just three miles from the center of Portland. Opened in 2018 with independent living, assisted living and memory care services, the community has around 275 units. Its construction cost was estimated at $90 million, or $326,100 per unit. Chris Cain and Rafael Nobo secured the seven-year debt at 53% loan-to-value, putting the community’s value now at over $155.47 million, or $563,300 per unit. This was the second agency loan... Read More »
VIUM Capital Adds Four Bankers
After a successful inaugural year in business, VIUM Capital clearly has ambitions for much more. The firm, which was started in April 2020 by Steve Kennedy and Kass Matt, just hired four more experienced bankers to join its roster. Columbus, OH-based Chris Blanda and Brendan Healy, Austin, TX-based Scott Blount, and Boca Raton, FL-based Tony Ruberg all joined VIUM as Senior Managing Directors. Together, these four have closed over $3 billion of seniors housing and healthcare financings across their combined half century of industry experience. Both Mr. Kennedy and Mr. Matt came from Lancaster Pollard, and so did these four new hires, although Mr. Ruberg had a year as... Read More »
Marcus & Millichap Handles Senior Apartment Transaction
Greg Parker and Greg Price of Marcus & Millichap’s Denver office represented a private investor in the sale of its low-income senior apartment community in Lakewood, Colorado. Built in 1999 under the low-income housing tax credit program, the community has 58 units with a mix of studio, one- and two-bedroom units. It also offers assisted living and independent living options. Community amenities include housekeeping services, activities, a library, beauty salon and restaurant-style dining. An undisclosed buyer acquired the property for $8.3 million, or $143,100 per unit. Phillip Gause of Marcus & Millichap Capital Corp. arranged acquisition financing for... Read More »
“Going Concern” Problem For Capital Senior Living
Perhaps in an effort not to rattle the market, Capital Senior Living filed its first quarter 2021 10-Q after the markets closed on Friday, May 14. Perhaps they thought no one would notice as many were out celebrating the removal of their masks. Not that it should have been a surprise, but in the filing the company reiterated its dreaded “Going Concern” statement, meaning there are enough uncertainties about current events and conditions that raise substantial doubt about the company’s ability to continue as a going concern within a year. No one should be surprised, other than those who have been pushing the price up in the past month. Helloooo. Last week after reviewing the financial... Read More »Schedule a demo
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