Cushman & Wakefield Sells Stand-Alone Memory Care
Allen McMurtry, David Kliewer and Paul Carr of Cushman & Wakefield sold a 78-bed stand-alone memory care community on Florida’s east coast for $19.5 million, or $250,000 per bed. The community originally opened with 66 MC beds in 2015 and then recently added 12 more beds to bring the total to 78 beds. Occupancy is over 95% and there is additional land to add assisted or independent living. Who says stand-alone memory care does not work? This one clearly does. The buyer was a Florida-based private equity investor. Read More »
Welcome To NIC
As more than 3,000 people descend on NIC in Chicago this week, we hope talk will also focus on operations and ideas and not just investments. Good luck with that one. If you can believe it, this is my 29th consecutive Fall NIC Conference. There may be 15 of us who can claim that. But boy has it changed from the days they were trying to educate capital so money would be invested in senior living. Today, there is certainly no shortage of capital. While NIC is known as a deal-making conference, there should be a lot of other things on attendees’ minds. Are they talking about affordable senior living? What about penetration rates, which seem to have stalled in the 10% to 11% range? We assume... Read More »
Monarch Advisors Funds Development in South Carolina
A Charleston, South Carolina-based developer, WV Ventures, engaged Alec Blanc of Monarch Advisors (an affiliate of Senior Living Investment Brokerage) to close construction financing for a to-be-built senior living community in southern Georgia. The 80-unit project received senior and mezzanine debt equal to 75% of its total development cost. Monarch secured the senior loan from a regional bank with a five-year term and competitive rate. The loan was structured as interest-only for the first three years and also includes a recourse requirement, which will start to burn down upon certificate of occupancy. As for the mezzanine financing, Mr. Blanc sourced the loan from a firm deploying funds... Read More »
CBRE Refinances Brookdale Portfolio
Five communities owned and operated by Brookdale Senior Living for over 10 years received a $160.3 million credit facility through Fannie Mae. Aron Will, Austin Sacco and Matthew Kuronen of CBRE arranged the debt, which is a blend of fixed-rate (about 75% of the principal) and floating-rate (the remaining 25%) with a 10-year term and five years of interest only. The loan comes in at 60% leverage and provides for asset substitutions, borrow-ups and partial releases. With the facility secured, the communities were able to refinance debt set to mature in the near-term. Totaling 945 units, 783 for independent living and 162 for assisted living, they are located in Alabama, Michigan,... Read More »
Healthcare Trust Buys in San Diego
It’s been a while since we’ve seen Healthcare Trust Inc. as a buyer in the seniors housing market. Well, the public, non-traded REIT has acquired a 91-unit/117-bed senior living community in San Diego, California, for an undisclosed price. There are 53 assisted living and 38 memory care units (64 beds) in the two-story building, which was built in 2015 on a 4.3-acre site. The quality of the building is apparently quite high, and the community was over 90% occupied. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker, Tim Hosmer and Bailey Nygard made up the Cushman & Wakefield team that served as exclusive advisor to the seller, Torrey Pines Development Group. Read More »
HHC Finance Closes Several SNF Loans
Housing & Healthcare Finance (HHC Finance) closed $24 million in HUD financing for a portfolio of three skilled nursing facilities with a total of 264 beds in Tennessee. The experienced borrower refinanced conventional debt with the transaction. Built in 1964, 1997 and 2007, the three properties ranged in occupancy from the low- to mid-80s. HHC Finance’s Capital Advisory Group also had an active August, placing close to $100 million in bridge loans for two portfolios of skilled nursing facilities in the Southeast. One of the portfolios consisted of 10 properties in Kentucky, while the other saw three facilities spread across Georgia, Alabama and Oklahoma. Read More »
Recent Senior Care M&A Deals, Week Ending September 6, 2019
Check out our recent senior care M&A deals. Long-Term Care AcquirerTargetPrice Westmont LivingAltavita Village$58 million The Ensign Group, Inc.Temple View Transitional Care CenterN/A New York owner/operatorSundance Inn Health Center & Park Valley Inn Health Center$20.5 million Cascade Capital Group, LLCLexington of Streamwood & Lexington of... Read More »
Cushman & Wakefield Closes CCRC Sale
Allen McMurtry and David Kliewer of Cushman & Wakefield’s Tampa office sold The Barrington of Carmel, a 267-unit CCRC just outside of Indianapolis, Indiana, for $61 million, or $228,500 per unit/bed. The Type A entrance-fee community has 137 independent living units, 56 assisted living units, 26 memory care units and a 48-bed nursing facility. There is also the potential to expand by another 20 to 25 IL units, but that will be on the buyer, Baptist Homes of Indiana. The buildings comprise 372,000 square feet on 19.5 acres. Built in 2013 with approximately $112 million in tax-exempt bonds and $7 million in taxable bonds, less than six years later its not-for-profit sponsor, Mayflower... Read More »
Avenida Partners with Passco on Two New Projects
Active adult developer Avenida Partners teamed up with Passco Companies, a California-based commercial real estate company, on its two latest projects in Palm Desert, California and Germantown, Tennessee. Collectively, the developments will cost around $97 million, and each community will feature 161 units and a host of resort-inspired amenities, including a pool, indoor and outdoor yoga spaces, a fitness center and plenty more. In addition, the Palm Desert community was designed in the mid-century modern style, and the Germantown community will take advantage of its location on the banks of Lake Nashuba (part of the Wolf River greenway trail system connecting to the Mississippi River)... Read More »
Cascade Capital Group Adds to Illinois Portfolio
Three acquisitions in the last month counts as a spree, right? Well, Cascade Capital Group is in the middle of one, having announced its acquisition of two Chicagoland skilled nursing facilities through its affiliate Legacy Healthcare. The deal included a 214-bed SNF in Streamwood and a 215-bed facility in Wheeling. Both fall under the Bella Terra brand, which has one other location in the Chicago area (Morton Grove) along with Montana and Utah. Last month, Cascade also added a 156-bed SNF in Aurora, Illinois, and a portfolio of four skilled nursing facilities in Florida, which sold for $49 million, or $106,500 per bed, at a 13.3% cap rate. Legacy took over management of the Aurora... Read More »Schedule a demo
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