O&M Investments Adds Two California SNFs
Nick Martinez and Todd Okum of O&M Investments picked up a couple of skilled nursing facilities in San Diego County, California. Combined, the facilities have over 250 licensed beds. O&M signed a new long-term lease with the existing tenant, which operates more than 20 facilities in the state. They will also receive $700,000 for capital improvements. The purchase price came to $17 million, or nearly $70,000 per bed. Read More »
Ohio Obligated Group Secures Bond Financing
The Methodist Retirement Center of Central Ohio, a not-for-profit, faith-based corporation doing business as The Wesley Communities, recently refinanced its three senior living communities in the Columbus, Ohio area with a bond financing arranged by Ziegler. This was Ziegler’s first underwriting with The Wesley Communities. The portfolio comprises 668 units of independent living, assisted living, memory care and skilled nursing. However, the obligated group excluded the assisted living, memory care and skilled nursing units at one campus and the AL and MC units at another (260 units altogether) that were financed by HUD. So, the obligated group actually consists of 408 units... Read More »
Evans Senior Investments Heads Back To Green Springs
Less than a year after selling a small independent living community in Green Springs, Ohio, the team at Evans Senior Investments returned to the site to sell the remaining two facilities on the campus, including a facility with 31 skilled nursing beds and 20 assisted living units and a separate 120-bed skilled nursing facility. In May, Evans had represented the court-appointed receiver in the sale of a six-unit IL community, which was the first phase of its exit. Built in phases from 1963 to 2006, the campus had been owned and operated by a second-generation family member for over 30 years, until they decided to sell in 2016 in order to focus on their existing... Read More »
Carnegie Capital Closes Fairfield County Construction Loan
An assisted living/memory care community that broke ground in Fairfield County, Connecticut this Spring (quite a time for that) just received bank financing arranged by JD Stettin of Carnegie Capital. The five-year construction loan totaled $24.5 million, or nearly $190,000 per unit, and came with a low-4% interest rate. At 65% loan-to-value, that puts the construction cost at nearly $37.7 million, or about $290,000 per unit. For Fairfield County, that is about right. Mr. Stettin sourced and structured the loan with a national healthcare-focused bank and a participating regional bank. A major national healthcare developer was the borrower and built the community to include... Read More »
Well-Operated ALF Sells in Wisconsin
Ray Giannini and Anastasia Pilarski of Marcus & Millichap worked together to sell a 47-unit, private pay senior living community in Rice Lake, Wisconsin for $6.5 million, or $138,300 per unit. Owned by a local husband and wife (who also developed and operated it), the campus includes a 19-unit/20-bed Community Based Residential Facility (CBRF) that was built in 2012 to provide memory care services and a 28-unit Residential Care Apartment Complex (RCAC) built in 2004 for assisted living. Set on over 14 acres, there is also the opportunity for additional development. Occupancy had been in the 90s, and although the facility remained COVID-19 free, it experienced a... Read More »
Colliers International Ushers Allina Health Out of Seniors Housing Industry
Allina Health exited the seniors housing market with the sale of its 45-unit independent living community in Cambridge, Minnesota, working with Brian Bruggeman and Louis Suarez of Colliers International to get the deal done. Built in 1988, the two-story community features both one-bedroom and two-bedroom unit options on its 4.35-acre campus adjacent to Cambridge Medical Center. There is a dining room, full kitchen, laundry room, beauty salon, lounge with fireplace, a library and an outdoor, three-season porch. Historically, occupancy was between 90% and 95%, which stayed consistent through 2020. Not-for-profit Presbyterian Homes & Services (PHS) acquired... Read More »
Senwell Senior Investment Advisors Closes North Carolina Deal
With over 50 years of operating experience in the senior care market, a family owner/operator decided to sell its 55-bed assisted living community in Wake County, North Carolina. After several unsuccessful attempts to sell the property, the owners turned to Brandon Bohland of Senwell Senior Investment Advisors to help with the disposition. The renewed process generated interest from multiple parties, and ultimately a prominent operator in the Southeast stepped in to acquire the community. Read More »
Saying Goodbye To 2020
It’s time to put 2020 to rest, and in 2021 we will all do our best. If you happen to be listening to this on Christmas Eve Hopefully you will remember it came from Steve As you know, 2020 was a terrible year And in our industry, it brought little cheer What with shortages of tests and PPE Let’s not forget those of us who ran out of TP COVID was nasty, don’t we all know And it cost the providers a lot of dough Blame was cast by the media for sure But your resilience means we will all endure There’s no time to waste, the message still needs to get out That you are a safe place to live, there is no doubt So, as we journey into another year anew I wish you health and happiness in all you... Read More »
LTC Properties Provides Rent Relief
How do you spell relief in the pandemic? Reducing the rent escalators that REITs charge their tenants. That is precisely what LTC Properties has decided to do in 2021, and we wonder if a few other REITs may follow suit. Several REITs already agreed to rent deferrals in 2020 as their tenants were struggling with census and operating costs. But those deferrals have to be paid back at some time, since they were simply “deferred.” But under LTC Properties’ plan, the 2021 rent escalator will be cut by 50% and presumably not have to be paid back. While it may be painful for LTC and its shareholders in the short-term, it was the right thing to do because many tenants... Read More »
Lument Secures HUD Refinance For Michigan Senior Care Campus
Lument recently helped Advantage Living Centers refinance its 67-bed senior care facility in Armada, Michigan. Set on a 33-acre campus, the 55-year-old facility provides skilled nursing, rehabilitation and memory care, and is the preferred provider for both Henry Ford and McLaren Macomb hospitals. It is one of 11 facilities that Advantage Living Centers owns and operates in the state. Brad Competty of Lument’s Columbus, Ohio office and Adam Walter of the Overland Park, Kansas office led the $10.8 million HUD refinance, which took out existing bank debt that Advantage Living Centers used to acquire the property in... Read More »Schedule a demo
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