O&M Investments Makes Two SNF Acquisitions in Texas
A skilled nursing facility in an affluent Houston, Texas suburb found a new owner thanks to expertise of Adam Heavenrich of Heavenrich & Company. Built in 2009 on an 80-acre medical campus that is anchored by the Kelsey Seybold Clinic, the facility features 120 beds. Owned by a publicly traded REIT and operated by StoneGate Senior Living, it was around 76% occupied at the time of the sale. The property was well maintained, which a new owner could use to boost census and value. Heavenrich & Company received multiple bids on the facility and ultimately selected O&M Investments, a private equity firm led by Nick Martinez and Todd Okum. The purchase price came to $5.3 million, or... Read More »
SLIB Closes Georgia Assisted Living Sale
At the start of September, Senior Living Investment Brokerage’s Brad Clousing and Patrick Byrne closed the sale of an assisted living community in Woodstock, Georgia. The pair also assisted the buyer in assuming attractive HUD debt on the property with a 2.62% interest rate. We’re sure that motivated the buyer to get the deal done. Originally built in 1996, this community features 33 assisted living units and has historically been well occupied since then. Census dipped in recent months but shot back up to 95% right before close. In the last 12 months, the community brought in nearly $90,000 in EBITDAR on nearly $1.1 million of revenues, so that 8% margin could be improved. It is well... Read More »
Dwight Capital Acquires Love Funding
The HUD market seems to be the steadiest in the senior care lending world since the onset of COVID-19, after a few hiccups and delays earlier this year. Recently, there was a shake-up in the lending market, as Dwight Capital acquired Love Funding, the HUD lending subsidiary of Midland States Bank. Love Funding’s platform will be rebranded and integrated within Dwight Capital, while Midland States Bank will retain the existing Love Funding servicing portfolio. Read More »
Senior Capital Advisors Secures Construction Financing For Florida Property
Bruce Gibson of Senior Capital Advisors successfully closed construction financing for a to-be-built senior living campus with a unique addition to it. Located in the Westchester suburb of Miami, Florida, The Contemporary will feature 85 units of independent living along with MedSquare Place, a 33,000-square foot medical office component on the first floor of the building. We have always been a fan of adding services like these to senior care campuses, which not only add a convenience to the seniors living there but also provide some revenue diversification for the building. The added visibility for the community by patrons of the MOB doesn’t hurt either with its... Read More »
Lancaster Pollard Closes Hawaii SNF Refinance
Lancaster Pollard Mortgage Company followed up its HUD refinance of an assisted living/memory care community in Minnesota for a deal in a much more hospitable year-round climate. Doug Harper and Casey Moore of Lancaster Pollard headed to Honolulu, Hawaii (lucky guys) to arrange permanent financing for a senior living community located on the slopes of Punchbowl Crater, an extinct volcanic cone in downtown Honolulu. Owned by MW Group, Ltd., the community was built in 2003 and renovated in 2017. It currently consists of 68 independent living, 20 assisted living and 20 memory care units, and is one of six seniors housing and care properties in Hawaii operated by The Plaza Assisted... Read More »
Financial Relief For Seniors Housing
Federal financial relief may be coming to assisted living and memory care providers, but will it be enough? The folks at ASHA, Argentum and NCAL have been working overtime to obtain some federal financial relief for their private pay members to deal with the burdens associated with COVID-19. It’s supposed to be coming soon, but will it be enough? For now, the formula will be based on how it worked for Medicaid providers, which is 2% of 2019 revenues. For an 80-unit assisted living/memory care community with an average $5,000 monthly rate, that might come in at close to $80,000. If you have 50 communities, that is $4 million. Now we’re talking. For a more modest community with 50 units in... Read More »
Death “Because of” COVID
Who would have thought that a relatively short story called “Death By or With COVID” would have had so many responses from readers? It must have hit an industry chord because it does ring true. Most of the people dying in nursing homes or other senior living communities had serious health issues before COVID struck. And if it wasn’t COVID, it was going to be one of their co-morbidities, if not the 2020-2021 flu season. And then the “news story” hit that only 6% of the COVID deaths were solely from COVID. Apparently, the conspiracy theorists took to their twitter accounts, President Trump included, obviously to downplay the role that COVID has been playing. We swear, we had nothing to do... Read More »
Carnegie Capital Refinances Oklahoma SNF Portfolio
JD Stettin of Carnegie Capital structured the refinance of three skilled nursing facilities in south-central Oklahoma. Built on average 20 years ago, these facilities total 330 licensed beds in three different counties. There was a maturing loan from a large national bank on the portfolio, so in came Mr. Stettin to replace it on behalf of the local owner/operator. An Arkansas-based regional bank provided an $11.5 million loan with a five-year term. The interest rate came in below 4%, or 3.995% to be exact, and was fixed for the length of the term. That makes for a happy client, we imagine. Read More »
Capitol Seniors Housing Opens Community In Chicagoland
Capitol Seniors Housing opened a brand-new assisted living/memory care community in Chicago’s Highland Park neighborhood to be operated by Atria Senior Living. What’s the name for the new community? Appropriately, it’s Atria Highland Park. This property was designed by Richmond, Virginia-based Mosely Architects and Austin, Texas-based Studio Six 5, and features 72,000 total square feet in three stories. There are 86 units, 22 of which are in a separate memory care neighborhood that also features a salon. Other amenities across the community include a theater, art studio, fitness center and a wellness center offering health checkups and monitoring. That probably reduces the stress of not... Read More »
It’s Not As Bad As It Seems, And It Is Getting Better
We have been having a series of off-the-record conversations with CEOs in the senior living industry, and while most are a little cranky about the past six months, many are also becoming a little more optimistic and see the light at the end of the tunnel. That’s the good news. The bad news is that for most of them census remains at low levels they have never seen before. That is beginning to change as leads, tours and move-ins are now moving in an upward direction, especially in the Northeast which was hit first by the pandemic and recovered first as well. We have also been hearing that staffing is returning to more normal levels, with staffing costs for some companies... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
