VIUM Capital’s Strong First Year
After forming on April 1, 2020, with industry veterans Steve Kennedy and Kass Matt at the helm, VIUM Capital has announced an impressive inaugural year of closings. Across 25 transactions involving 63 separate properties in 17 states, the firm secured more than $750 million in par volume loans. That included HUD deals, bridge loans and tax-exempt bond financings. Starting a company on April Fools’ Day in the tumultuous year of 2020 may have been a bad omen, but this transaction volume may suggest otherwise. It helps that Messrs. Kennedy and Matt have many years and many long-standing clients in the industry, which was key to getting transactions completed in the hectic year. VIUM’s... Read More »
Lisa Silvers Lands Two Refis for Same Borrower
Lisa Silvers of IDB Bank recently closed two loans for the same borrower in Florida. Both properties feature assisted living and memory care services, with the Palm Beach County location consisting of 84 beds in 51 units and the Fort Lauderdale site having 95 beds in 65 units. Colonial Assisted Living operates the communities, which were built in 1977 and 1988, respectively, and were more recently renovated. One was stabilized and the other was nearing the end of lease-up. The properties were previously cross collateralized at Bank of Oklahoma, but operations have strengthened enough so that each can support its own debt. The Palm Beach County community, which is stabilized, received a... Read More »
Dwight Capital Closes Largest HUD 232(a)(7) Loan in History
The team at Dwight Capital just closed the largest healthcare 232(a)(7) loan in HUD’s history to date for a large seniors housing community in Gainesville, Florida. Set on 104 acres, the gated community features a total of 651 beds, including a majority of independent living beds with around 140 beds of assisted living and memory care. Originally built in 1986 and acquired in 1990 by the current owner, SantaFe HealthCare, the community has undergone substantial renovations over the years. The long list of amenities also includes a tennis court, swimming pools and convenience store. Josh Sasouness and Avi Lifshitz originated the transaction, which totaled $94.3 million... Read More »
Ventas Recovery Begins
Like most companies, average occupancy for the seniors housing operating portfolio (SHOP) of Ventas declined in the first quarter of 2021. Same-community census average 76.5%, a decline of 260 basis points from the fourth quarter, but a little better than predicted by management. This represents the U.S. and Canadian portfolio combined. Net move-in trends started improving during the quarter as well, and move-ins during April totaled 1,880 residents, the highest number since June 2019. Average weekly spot occupancy for the U.S. portfolio hit bottom in the week ended March 11 at 69.9% and then steadily rose 170 basis points to average 71.6% during the last week of April. But from the... Read More »
Sabra Health Care REIT Sees SNF Improvement
As we all know, the skilled nursing sector was battered during the pandemic, and not only by the media. But optimism is in the air, at least at Sabra Health Care REIT. Its top seven skilled nursing providers, making up 63% of its skilled nursing rental income, saw an average increase in occupancy of 431 basis points from a late-December low to the end of April. In addition, its skilled mix census in its skilled nursing/transitional care portfolio at the end of April 2021 was 148 basis points higher than in February 2020, before the pandemic. Just like other owners of seniors housing, its senior housing managed portfolio occupancy bottomed out in the first half of March and has... Read More »
New Senior Investment Group Reports April Occupancy Bump
The good occupancy news keeps on coming from the first quarter earnings announcements, with New Senior Investment Group the latest to report an occupancy jump in April. After January occupancy ended down 80 basis points, February down 60 basis points and March down 20 basis points, sequential occupancy grew by 40 basis points in April to 80.6%, which was the company’s first occupancy gain since the pandemic began. There was more good news, with first quarter leads representing 103% of average 2019 volume, and April leads staying above 2019 levels as well. COVID-19 cases were also down to nearly zero, with one active resident case as of May 3 and four new resident cases reported in the... Read More »
Henry Ford Village Has A Buyer
The long road to successful bankruptcy sale may be coming to an end soon for Henry Ford Village, a large CCRC in Dearborn, Michigan. New York-based Sage Healthcare Partners is the winning bidder with a $76.3 million offer. That is more than $6 million above the stalking horse price of $69 million, which submitted by MED Healthcare Partners last month in accordance with bid procedures approved by the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division. The deadline for competing offers was set for April 30, and a court hearing to approve the transaction is scheduled for May 24. We are exaggerating when we say this CCRC is large. Originally developed by Erickson... Read More »
Grandbridge Secures Rate Reduction Transactions
The team at Grandbridge Real Estate Capital arranged three interest rate reduction (IRR) modifications through HUD, with Artin Anvar leading the way on the deals. The largest transaction featured a $9.2 million loan secured by a 108-unit affordable senior apartment community in Gaithersburg, Maryland. Reno & Cavanaugh arranged the original $9.94 million HUD loan. The other two transactions came in under $1 million, with a $985,000 loan secured by a 35-unit assisted living community in Seattle and a $956,000 loan secured by a 54-unit memory care community also in Seattle. Both loans featured 20-year terms and 20-year amortization schedules. Read More »Recent Senior Care M&A Deals, Week Ending May 10, 2021
Towards the end of April and beginning of May, senior care M&A started to heat up. Check out our recent deal chart. Long-Term Care AcquirerTargetPrice Sabra Health Care REIT, Inc.Baxter Senior Living$32.5 million The Ensign Group, Inc.Windsor Rehabilitation and HealthcareN/A Regional owner/operator3 assisted living communities in WIN/A Regional owner/operatorRegency North Bend Rehab & Nursing... Read More »
Brookdale Senior Living Bottoms Out
It has been a tough go for Brookdale Senior Living for several years, really, ever since its acquisition of Emeritus in 2014. But the pandemic was almost the final nail in its coffin. Now those nails are beginning to be removed, and perhaps the resurrection is in sight. While there is work still to be done, the big O, as in occupancy, has finally ended its slide. It looks like February was the bottom, with average occupancy dropping 60 basis points to 69.4% from January, and then remained there in March but increased 50 basis points in April to 69.9%. End-of-month occupancy also bottomed out in February at 70.1%, increasing by 50 basis points by March 31 and... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
