Senior Living Investment Brokerage Handles Memphis-Area Sale
Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage handled the sale of a skilled nursing facility in West Memphis, Arkansas. Consisting of 85 beds in 49 units, the facility is situated along the Mississippi River on the Arkansas-Tennessee border. It was built in 1975 and includes a well-maintained physical plant. Occupancy was low, at 55%, and since the census has dropped due to COVID, plus this facility being a geographic outlier, we can’t imagine it was overly profitable. It was owned by an Arkansas-based regional owner/operator that decided to divest this asset from its portfolio. Another regional owner/operator stepped in to acquire the facility, closing at the... Read More »
Q&A With Bluma Broner of CIBC Bank USA: Lending In The Current COVID Climate
Banks and other lenders will play a deciding role in when the senior care M&A and construction markets return to some sort of “normal.” Transaction activity was quite strong in the fourth quarter of 2020, particularly in December, but will we see that continue into 2021? And investors may have to change how they arrange their capital stacks. We asked Bluma Broner of CIBC Bank USA for her thoughts on lending in 2020 and how her team adapted to the unique crisis facing the industry. Was your breakdown between acquisition loans, construction loans and refinancings similar to previous years? If not, what changed? And if you know, why? Between March and December 2020,... Read More »
Recent Senior Care M&A Deals, Week Ending January 8, 2021
The start of the year came with a slew of seniors housing and care M&A announcements. Here is out latest deal chart. Long-Term Care AcquirerTargetPrice Operating groupManorCare Health Services-AppletonN/A The Ensign Group, Inc.3 skilled nursing facilitiesN/A Prosper Life Care Inc.Landmark at Monastery HeightsN/A Prosper Life Care Inc.Landmark at Fall RiverN/A Global Healthcare REIT, Inc.Family Care Center of... Read More »
Greystone Arranges Two Agency Financings
Fred Levine of Greystone arranged a HUD refinance for a skilled nursing facility in Cortlandt, New York. Built in 1984 and featuring 127 beds in 96 units, the facility offers both short- and long-term rehabilitation, along with physician services and complex medical care. Offered therapies include occupational, physical, cardiac, speech, post-surgical orthopedic care, stroke recovery, hip repair/joint replacement recovery, amputee recovery and training, off-site dialysis, bariatric rehabilitation, wound care, and IV antibiotic therapy. The $22.217 million loan came with a low, fixed interest rate and a 35-year term. Matt Miller of Greystone followed that up... Read More »
Cambridge Ends Year With 13 Closings
Cambridge Realty Capital just announced its fourth quarter closings, which numbered 13 transactions valued at $100 million. That brings the firm’s 2020 total activity to 40 closings and $415 million in dollar volume, the second-highest number of annual closings in Cambridge’s history. The 40 properties that were financed were primarily nursing facilities and totaled 5,254 beds or units across several states. The largest deal was a $16.9 million loan closed for a senior care facility in Peru, Illinois, with 94 skilled nursing beds, 68 assisted living units and 36 sheltered care beds. Other highlights include a $9.7 million loan for 164-bed skilled nursing facility in the... Read More »
Average Occupancy Falls To (Yet Another) New Low
Most of us saw it coming, but the seniors housing industry hit new occupancy lows in the fourth quarter of 2020, according to new data from NIC MAP. The sector experienced a drop of 130 basis points from the third quarter average of 82.0% to 80.7%, based on the reporting communities in 31 primary markets. Across the entire industry, including those properties that do not report their occupancy figures, the average census could be lower. The assisted living market continues to feel the pain of higher move-out rates and fewer move-ins because of the lockdowns, impacts to demand and, of course, the holiday season. That dropped the sector’s average occupancy by 1.3 percentage points to 77.7%,... Read More »
HCR ManorCare Exits Wisconsin Market
Ryan Saul and Toby Siefert of Senior Living Investment Brokerage have sold HCR ManorCare’s (now ProMedica Senior Care) last skilled nursing facility in the state of Wisconsin. The decision to sell came back in the summer of 2019, when the property was originally marketed. A buyer was found, and the property put under LOI, but the operating partner could not get comfortable with the deal. So, the process started again, and the building went under LOI again in the spring of 2020 with a buyer group looking to grow its already strong presence in Wisconsin. The pandemic hit, and the building suffered from a COVID outbreak, but the parties involved remained patient and stuck to the original... Read More »
Not-For-Profit Takes Over Buffalo-Area Seniors Housing
Helios Healthcare Advisors handled the sale of an independent/assisted living community in Lockport, New York, a suburb of Buffalo. Consisting of 40 AL units in one building and the remaining 24 IL units across 12 duplexes, the campus was originally built in 1989 by a group of local businessmen, who are the current seller. Historically, occupancy has remained above 90%, with a 100% private pay census. Its financial performance wasn’t bad either, with north of $500,000 of EBITDAR on nearly $2.1 million of revenues. But as many communities felt across the country, state-mandated lockdowns hit and took a serious toll on both census and cash flow, the latter being closer to breakeven by... Read More »
Foundry Commercial and Fundamental Advisor Announces Another Acquisition
Ziegler’s Dan Revie and Tedd Van Gorden represented the seller of a 120-unit seniors housing community in Kansas. Featuring 60 assisted living, 40 memory care and 20 physician-directed care units, the sale also included an adjacent vacant lot where the new owner, a joint venture between Foundry Commercial and Fundamental Advisors, plans to develop independent living cottages. Foster Senior Living will manage the community for the joint venture, which has already acquired six communities since forming in June, with other assets in Nebraska and South Carolina. Fundamental Advisors, in partnership with Scribner Capital, also provided the joint venture... Read More »
Active Adult: Is Now The Time
The active adult market may fill a lot of voids in seniors housing, including price points and attracting younger “seniors.” Join our webinar as we dissect the market with industry leaders and see how these new properties are trading in the market. First of all, Happy New Year. It has got to be better than the last one. The coronavirus pandemic has certainly disrupted the senior living industry, at least for now. Are consumers going to be afraid of moving into a senior living community once the vaccine is widely distributed? Will cost become a more important factor for choosing the type of community to move into? How about paying for what you only want or need? These will... Read More »Schedule a demo
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