Recent Senior Care M&A Deals, Week Ending November 15, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Georgia-based owner/operator2 senior living communities in GA$30 million Northeast-based real estate investment firmSouthern Manor Living Centers Portfolio$12 million LCSThe Solana DoylestownN/A Publicly traded REITAtria RichardsonN/A AviaRent InvestAssisted living community in... Read More »
Meridian Capital Closes Two New England Acquisitions
Meridian Capital Group’s mortgage brokerage business has been red-hot so far this year, but its investment sales side has been quite robust as well. All told, the team at Meridian has closed nearly $2.8 billion in business, so far in 2019. Not too shabby. Most recently, Ari Adlerstein, Ari Dobkin and Josh Simpson announced two portfolio sales closed for skilled nursing clients in New England. The first transaction saw six skilled nursing facilities and 536 total beds sold to an institutional buyer. A regional operator is taking over the operations under a triple-net lease. Meridian also arranged a balance sheet loan with a national lender, plus a separate A/R line of credit, to fund the... Read More »
Burke Wraps Up Tennessee Transaction
Patrick Burke of Senior Living Investment Brokerage sold a portfolio of three assisted living communities located throughout Middle Tennessee. A group of local investors originally built these properties in the early 2000s to address a need for senior care in smaller, rural markets. As such, there is limited competition at a couple of the locations, and occupancy averaged around 95% for the portfolio, with a 100% private pay census. Plus, the property in the more competitive market was fully occupied. So, the operator (one of the investors) was doing something right. The portfolio consists of a 50-unit community in Lebanon (about 30 miles east of Nashville) and two 38-unit communities in... Read More »
Cushman & Wakefield Refinances Southwest Florida CCRC
Cushman & Wakefield Senior Housing Capital Markets, in collaboration with Bridge Structured Finance, successfully refinanced a large CCRC in Venice, Florida (near Sarasota) on behalf of its owners, joint venture partners Bridge Investment Group and Freedom Management. Over four years ago, C&W originally arranged a $52 million secured term loan and a revolving line of credit from Capital One to both recapitalize the property and provide for future renovations. Built in phases from 1999 to 2015, the property currently features 436 independent living, 19 assisted living and 36 memory care units across four main buildings, in addition to 47 separate villas. Residents have both... Read More »
Lancaster Pollard Refinances Mission Senior Living Community
Orix Real Estate Capital may be making some big moves of late, highlighted by its acquisition of Hunt Real Estate Capital, but it hasn’t stopped them from getting back to business closing transactions. Rob McAdams of Orix affiliate Lancaster Pollard Mortgage Company recently helped Mission Senior Living refinance one of its newest senior living communities. Opened in 2018 in Yuma, Arizona, the community features 56 assisted living units, with a mix of studio, one- and two-bedroom options, and 32 private and semi-private memory care units. Amenities include a bistro and coffee bar, movie theater, concierge, barber shop, beauty salon, wellness center, and a private office for visiting... Read More »
Capital Senior Living Stock Spreads
One day this week the spread between the bid and the ask for Capital Senior Living’s shares seemed way too wide, which got me thinking. I was a little surprised yesterday morning when I checked on the bid/ask spreads for Capital Senior Living, and saw a very wide discrepancy after the market opened. There was a bid for 4,000 shares at $3.48 per share, while a seller was asking for $3.98 per share for a smaller number of shares. I had not seen such a large difference between what a buyer wanted and a seller. I checked Brookdale Senior Living, and the spread was two cents. So, I re-looked at Capital Senior Living’s third quarter earnings to see what shareholders might be concerned... Read More »
Evans Senior Investments Launches Senior Living Marketing Venture
If the seniors housing industry is ever going to emerge from its current census slump, then rigorous and modern marketing efforts seem like a great way to start. However, many small regional operators and mom & pops have barely left the 20th century in their marketing strategies, and their websites show it. The truth is that they may have been operating just fine for years, but with a lot of new competition and a more tech-savvy clientele, that may not be an option anymore. And they will continue to lose out to the larger, national operators that can afford a comprehensive and state-of-the-art marketing strategy. Also, for the industry as a whole, better marketing can also improve... Read More »
Creativcap Continues Inaugural Year with Several More Closings
Still under a year after its launch, Creativcap has announced three more transactions, with a couple of other closings in the pipeline. First up on the brokerage side, Creativcap Advisory acted as co-broker on a $30 million sale of two senior living communities in the eastern Atlanta market. Built in the 1990s, the communities total 328 units, split among 156 independent living, 140 assisted living and 32 memory care. Combined occupancy was around 80%. A national operator had been managing the communities on behalf of the previous owner, a large private equity, alternative asset management and financial services firm based in New York City, but the Georgia-based buyer is bringing in its... Read More »
From One REIT to Another
A senior living community in the Dallas, Texas area that has recently fallen on some bad times just changed owners from one publicly traded REIT to another. Built in 1999 with 90 units of independent living, assisted living and memory care, the community was previously operated by Atria Senior Living. It had historically operated at stabilized levels, but leadership turnover and new competition (not surprising to hear from the Dallas-Fort Worth MSA) affected occupancy, which in turn led to discounting and lower cash flow. That’s an all-too-familiar combination in the seniors housing industry these days. So, the publicly traded REIT seller hired Ben Firestone, Michael Segal, Joshua Salzman... Read More »
HJ Sims Closes Financing for Connecticut SNF
HJ Sims headed back to familiar territory, arranging a refinance for a client it has been working with since 1988. On behalf of The Mary Wade Home, a skilled nursing/assisted living facility that also offers adult day care, physical rehab and transportation services in New Haven, Connecticut, the firm secured $45.8 million in both taxable and tax-exempt bonds. A portion of the financing will fund the construction of a new assisted living/memory care building on parcels of land that have been acquired over several years. The taxable financing supported those land acquisitions. Sims obtained approval from the CT Health and Educational Facilities Authority to issue the bonds, which came with... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
