Welltower Still Sees Opportunity
We all know that Welltower has been selling a few billion of seniors housing assets just like Healthpeak Properties has. But the difference is that Welltower is still buying. Not only that, they picked up a 790-unit portfolio operated by Harbor Retirement Associates for $132 million, or $167,000 per unit. The seller? Healthpeak (see story above). Even though the portfolio had negative lease coverage, we are sure Welltower is looking at that well-below-replacement-cost pricing. But Welltower needs to pay attention to its own operating portfolio, where occupancy continues to decline. The average census was 77.3% in November, falling to 76.3%... Read More »
Redwood Senior Living Doubles Its Golden State Portfolio
Redwood Senior Living, a growing assisted living provider based in the Bay Area and run by Anthony M. Barbato, announced that it doubled its portfolio in one day, closing escrow on two properties at the start of February to bring its total portfolio to four communities. Redwood secured lease-option-to-purchase agreements from two separate mom & pop sellers in California. The Santa Rosa property was built in the 1970s before being taken over by the current seller in the late-1990s. It features 22 beds in 11 units, including a hospice waiver on five beds. Another mom & pop acquired the 21/unit/41-bed Bakersfield community (also built in the 1970s) in the early 2000s. The... Read More »
Berkadia Refinances Wisconsin Seniors Housing Community
Berkadia took out bank debt on a seniors housing community in Appleton, Wisconsin with a new Freddie Mac financing. Chris Cain arranged the transaction on behalf of the community’s Oregon-based owner/operator, Touchmark. In operation for around 40 years, the community provides independent living, assisted living and memory care services, which were added in a recent $25 million, 48-unit expansion project that also saw renovations made to the existing building. The bank loan that helped bank roll that project has now been replaced with a $32.3 million Freddie Mac loan, with a 10-year term and five years of interest only at 70% loan-to-value. Touchmark was also able... Read More »
Heavenrich & Company Sells Texas Memory Care
Heavenrich & Company recently announced the sale of Pathways Memory Care, a 60-unit skilled nursing memory care facility that is licensed for 94 beds. It was built in 2014 on an 80-acre medical campus in Northwest Houston, Texas. The campus includes a 120-bed skilled nursing facility that Heavenrich sold in 2020. As part of the current sale, the new owners will transition the community away from its skilled license to a private pay memory care setting. Some of the residents of Pathways Memory Care will be transferred to Villa Toscana, the adjacent skilled nursing facility on the campus. As part of the transaction, one wing of the Pathways building will be... Read More »
Callison Moves To Sunrise Senior Living
Jack Callison Jr. has been named the new CEO of Sunrise Senior Living, after the December announcement that current CEO Chris Winkle was leaving effective April 1. Ferguson Partners led the executive search effort. Mr. Callison has spent the last seven and a half years as CEO of Enlivant, taking over the role concurrent with TPG’s take private acquisition of the company. However, he will remain Chairman of the Board of Directors at Enlivant, and current president and COO Dan Guill will take over as CEO. Before that, Mr. Callison spent five years in the CEO position at Holiday Retirement, some of which were a bit tumultuous. Running two different national seniors housing operating... Read More »
HJ Sims Helps Finance Houston-Area Community
A to-be-built seniors housing community in Houston, Texas just received non-recourse PACE (Property Assessed Clean Energy, not the Program of All-Inclusive Care for the Elderly) financing, courtesy of HJ Sims. Consisting of 74 assisted living units, 22 memory care units and 12 independent living cottages, the community is being developed by StoneCreek Real Estate Partners and Civitas Senior Living, the latter of which will operate it upon opening in Summer 2022. The project is a redevelopment of the Copperfield Racquet and Health Club and is set on 6.6 acres. The PACE program finances 100% of the energy efficiency, renewable energy, water conservation, resilience improvements and the... Read More »
Recent Senior Care M&A Deals, Week Ending February 5, 2021
A couple of brokerage firms reported a fast start to February, so check out our recent senior care M&A deal chart. Long-Term Care AcquirerTargetPrice Local owner/operatorBarnett Woods$3.5 million New York-based ownerAsbury Park$10 million Local owner/operatorThe SunRidge PortfolioN/A Regional owner/operatorPlantation Oaks of High Springs$9.15... Read More »
Omega Healthcare Investors Buys 24 Properties
The fourth quarter earnings season is upon us, and Omega Healthcare Investors announced that it just closed a very significant acquisition. The REIT purchased 24 senior living communities for $510 million, or $199,840 per unit, from Healthpeak Properties. The acquisition included the assumption of an in-place master lease with Brookdale Senior Living for the properties, which are located in 11 states. The concentration is in Oregon (6 states), Texas (6) and Washington (4), with one each in the other eight states. The annual lease payment is $43.5 million with a 2.4% annual escalator. That results in an 8.5% current lease yield, which is quite attractive,... Read More »
Senior Living Investment Brokerage’s Fast February Start
Whoa, was it a week for Senior Living Investment Brokerage or what? Our inbox was peppered with closings from several SLIB teams, and the deluge doesn’t appear to be over, with a few more closings expected next week. And to think they would rest on their laurels after a strong second-place finish in terms of deals closed in 2020, according to our just-released Broker Rankings in February’s issue of The SeniorCare Investor. Jason Punzel, Brad Goodsell and Vince Viverito kicked off the week with an independent living community sale in Medford, Oregon, which we profiled here. But Nick Cacciabando and Jeff Binder soon announced their own sale... Read More »
Interview With Alex Florea, Blueprint’s New Head of Capital Markets
Ben Swett, Editor of The SeniorCare Investor, sat down with Alex Florea, the new Head of Capital Markets at Blueprint Healthcare Real Estate Advisors, to discuss the current challenges facing borrowers in the seniors housing and care lending market. Read More »Schedule a demo
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