SLIB Sells Wisconsin Assisted Living Portfolio
As if their end-of-April activity wasn’t enough, the Senior Living Investment Brokerage team of Bradley Clousing and Ryan Saul kicked off May with a portfolio sale of three assisted living communities in Wisconsin. Located in the towns of Waukesha and Oshkosh, they total 255 units and were built between 2005 and 2009. The Waukesha community consists of 85 units, while the two Oshkosh properties (located one mile apart) feature 134 units and 36 units, respectively. Occupancy averaged around 80%, and the facilities wer estimated to have operated at a roughly 25% margin on over $12.84 million of combined revenues. Local public filings revealed LTC Properties as the previous owner, and... Read More »
Meridian Capital Group Goes All Out in April
April showers certainly brought a dizzying number of financings closed by the team at Meridian Capital Group, arranged for a combination of 26 assisted living and skilled nursing facilities in seven states. Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch, David Gottlieb and Jacob Scott negotiated the transactions, which totaled $352 million. Maybe now they’ll have time to smell the May flowers. The highlight of the two weeks was a $136 million bridge-to-HUD refinance for five facilities totaling 830 skilled nursing and 24 assisted living beds in Maryland. There were also several acquisition financings, the largest being a $62.4 million loan from a commercial bank along... Read More »
CareTrust REIT Acquires Again in California
A little over a month after CareTrust REIT first acquired four CCRCs in California, then a 150-bed skilled nursing facility in Santa Barbara, the company has made another Golden State purchase. The latest deal features a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center in El Centro (Imperial County). The seller was a private individual who had owned the facility for more than 20 years. They experienced high staff turnover and occupancy decline as a result of the pandemic and decided to seek a sale. The seller had fallen out of contract with a previous buyer but was still highly motivated to exit. That led to San Diego-based Bayshire Senior... Read More »
Healthpeak Properties Nears Seniors Housing Exit
Healthpeak Properties has nearly completed its exit from the rental seniors housing business, selling another $1 billion of assets in the first quarter of 2021, according to its latest earnings release. This comes after approximately $2.5 billion of seniors housing dispositions in the fourth quarter of 2020, so they are clearly antsy to get out. The latest tranche of divestments included 12 properties in PEAK’s SHOP portfolio operated by Oakmont Senior Living and totaling 1,043 units. At $564 million, or $540,750 per unit, it represents the largest deal of the quarter. And considering Healthpeak’s haste to get out, commanding that sort of per-unit... Read More »
Good Vaccination News
Connecticut takes the lead in vaccination rates, but senior care staffers need to get on board. I just heard that my home state, Connecticut, is number one in the country with more than 50% of those eligible, 16 and over, having been vaccinated. In my town, we are now well over 70%, and I suspect will hit 80% or more by the end of May. This is what we need. I have been fully vaccinated for over a month now, and it is quite a liberating feeling. Not that I was fearful about going anywhere pre-vaccination, but it does make you feel a little more empowered. And, I will be going to my first conference in late May. Can’t wait, although I could do without the plane ride. So, obnoxious as I can... Read More »
Senior Living Investment Brokerage Ends April With Three SNF Sales
Senior care M&A activity may be tepid right now, but Senior Living Investment Brokerage ended April with a bang, announcing several skilled nursing closings and several seniors housing ones too. We’ll start with the skilled nursing sales, and you can read about the seniors housing transactions here. Brad Clousing and Matthew Alley kicked it off with the sale of a 170-bed skilled nursing facility in Mobile, Alabama. Built in 1968 and 1982, the facility was subject to a long-term ground lease with the adjacent hospital. An entire floor with over 30 beds was out of service, but the facility was just around 60% occupied at the time of the sale and historically operated between that mark... Read More »
SLIB Arranges Three Seniors Housing Transactions
Bradley Clousing and Matthew Alley of Senior Living Investment Brokerage continued the firm’s impressive run into the seniors housing M&A market (read about their skilled nursing deals here), selling a 170-unit independent living community in Dallas, Texas. The property actually traded at the end of 2020, with CareTrust REIT (NASDAQ: CTRE) selling to Valstone Partners. Built in 1987 and thoroughly renovated in 2013 with additional capital improvements made in 2016, CareTrust had previously converted the remaining assisted living units to independent living. Occupancy had declined as a result, but it was steadily improving to the low-80s with a... Read More »
Welltower Acquires Philly-Area Community
The Newmark team was busy in the Mid-Atlantic last month, having earlier closed the sale of a seniors housing community in Chesapeake, Virginia (Virginia Beach MSA). Newmark also headed up the coast to sell a 76-unit assisted living/memory care community in a suburb of Philadelphia. A private equity fund had purchased the property several years before but experienced slightly declining census before the pandemic caused occupancy to drop to 71%. Built in 2013, the community was bringing in no positive NOI at the time of the sale to Welltower for a purchase price of $19.5 million, or $256,600 per unit. Sunrise Senior Living will take over... Read More »
American Senior Communities Acquires Terre Haute Community
Dan Revie and Tedd Van Gorden of Ziegler handled Bethesda Senior Living Communities’ sale of its community of 20 years in Terre Haute, Indiana, to the largest senior care operator in that state, American Senior Communities. In April 2019, ownership agreed to discontinue its memory care units for the next two years to resolve a civil complaint filed by the Indiana State Department of Health following the death of a memory care resident. According to the new community website, there are still no memory care services. No price was disclosed in the ownership transition. Read More »
HHC Finance Wraps Up April HUD Activity
Housing & Healthcare Finance (HHC Finance) is also continuing to take advantage of historically low interest rates by arranging HUD refinances for its clients. Recently, the company secured three loans totaling more than $33 million for three senior care facilities. You can read about that deal here. Then, HHC Finance wrapped up its April activity with $67 million of HUD loans closed for a portfolio of six skilled nursing facilities in Georgia. Built from 1968 to 1993, the facilities all total 620 beds. HHC Finance also closed an $18 million loan modification for an Illinois SNF. All in a month’s work. Read More »Schedule a demo
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