V 3 Capital Group Acquires Memory Care Portfolio
After opening its first senior living community earlier this year, V 3 Capital Group, a boutique real estate investment firm based in Florida is more than doubling down on the market, acquiring a portfolio of seven small memory care communities from a family owner/operator who was looking to retire. The company will also use the purchase to launch its Sanctuary by Strive memory care brand through its operating subsidiary, Strive Senior Living. Frank Ricci of Healthcare Realty & Development Services, LLC represented the seller, Sutton Homes, while Bobby Bridges of V 3’s own full-service commercial real estate firm, V 3 Commercial Advisors,... Read More »
A True Success Story in Oregon
About 35 years ago, an Ivy League educated pioneer decided to buy a senior living community. His friends and family thought he was nuts. In 1985, after all, it wasn’t exactly the industry where aspiring entrepreneurs went to seek their fame and fortune. So, one Shelly Smith and a financial partner bought a relatively new retirement community that only had independent living at the time, as “assisted living” was not yet in the industry vernacular. Located in Salem, Oregon, Smith started expanding the campus in the early 1990s and built one of the first assisted living communities in Oregon. After that, he added IL cottages in 1997, more assisted living units in 1997, and picked... Read More »
Ziegler Refinances Virginia CCRC With Bank Placement
Ziegler announced another bank financing after a spate of recent closings, including a construction financing for a Michigan CCRC, a refinance of a Pennsylvania CCRC and one for a CCRC in Texas, just to name a few. The most recent deal was arranged for Warm Hearth Village, a not-for-profit CCRC in Blacksburg, Virginia that was founded in 1974. It has since grown to 259 independent living units, 55 active adult units, 150 assisted living units and 60 skilled nursing beds on a 220-acre campus. There were nine outstanding direct bank placements with three different banks on the property, so ownership sought to consolidate debt and also fund about $2 million in planned campus... Read More »
Connecticut CCRC Plans Independent Living Expansion
A large not-for-profit CCRC located outside of Hartford, Connecticut is expanding its independent living offering with a $68 million project. Set on a 125-acre campus in the town of Simsbury, the community, owned by McLean Affiliates, currently consists of 88 independent living units split between 48 apartments, 13 villas and 27 cottages. There are also 74 assisted living/memory care units and 89 skilled nursing beds, bringing the total to 251 units/beds across the property. However, the expansion will add 55 new IL apartments while also taking away 12 cottages. The new units will average around 1,242 square feet in size, with monthly fees coming in at about $4,184 on... Read More »
Recent Senior Care M&A Deals, Week Ending July 17, 2020
Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice The Springs LivingLancaster Village$31.5 million Local owner/operatorSkilled nursing facility in KYN/A Americana SeniorsBrookdale DavisonN/A Regional owner/operatorIndependent living community in... Read More »Seneca Place LLC: A Key Player in M&A Activity in LevinPro Database
Seneca Place LLC, a Medicare-licensed private skilled nursing facility, has been linked to a merger or acquisition as noted in the LevinPro M&A deal database. This facility, established at 3526 Dutchmans Ln, Louisville, KY 40205, was incorporated on July 25, 2019. LevinPro, renowned for tracking M&A activity across various healthcare sectors, from hospitals and home health to medical real estate and biopharma, featured the transaction involving Seneca Place LLC in its comprehensive deal database. This database is accessible to subscribers here. Historical data from LevinPro indicates tracking thousands of deals in the skilled nursing facility sector. For more detailed deal data and... Read More »
Blueprint Announces Three Senior Care Closings
Blueprint Healthcare Real Estate Advisors previously announced a total of six transactions closing at the end of June and beginning of July, and now the details on a few of those are coming out. Michael Segal and Ben Firestone have now sold every skilled nursing facility in the eastern Kentucky town of Pikeville. Two years ago, the pair sold a 106-bed SNF located near the 250-bed Pikeville Medical Center, representing the publicly traded REIT seller. Earlier this month, they sold the other. Built in 1979 and renovated in 1987, the 120-bed facility features mostly semi-private rooms. It maintained steady occupancy above 90% and generated consistent revenues over $9... Read More »
Grandbridge Finances Florida Assisted Living Sale
Earlier this year, we learned of the sale of an 89-unit assisted living/memory care community in Pensacola, Florida. Now, it has been revealed that Grandbridge Real Estate Capital’s Seniors Housing and Healthcare Finance Group arranged the acquisition financing for the deal. Previously owned by CNL Healthcare Properties II, the property was sold alongside a 92-unit AL/MC community in Tampa to Waypoint Residential for a combined $48.85 million, or about $270,000 per unit, at a roughly 5.5% cap rate. These were the last two properties owned by CNL II, whose shareholders had approved the company’s plan for dissolution in September 2019. Both communities were... Read More »
Engel Burman Opens 15th Long Island Community
The Bristal Assisted Living just opened its 20th seniors housing community, and 15th on Long Island alone. The property is located in Mount Sinai, adjacent to Port Jefferson, and features 76 assisted living units and 44 memory care units within the “Reflections” neighborhood. Engel Burman, the developer/owner, will also include a movie theater, card room and a fitness center. Programming will also include creative arts, physical fitness classes and educational seminars, among others. Residents will be able to choose from studio to two-bedroom options, with rents ranging from $5,200 a month to $8,400 per month. Plus, there will be a memory care component in... Read More »
Second Quarter Healthcare M&A Drops
The decline in second quarter healthcare M&A probably won’t surprise many of our readers. The second quarter was the first full quarter of healthcare M&A in the shadow of the COVID-19 pandemic, and deal making took a hit as a result, as shown in results from our Deal Search Online database. Compared with Q1:20, Q2:20 dropped 20%, with 322 transactions on the books. Compared with Q2:19 (486 transactions), deal volume in Q2:20 declined even further at 34%. Source: Health Care M&A, July 2020 Long-Term Care and Physician Medical Groups were among the hardest hit sectors, declining 40% and 50% in activity compared with Q1:20, respectively. Year-over-year, the difference... Read More »Schedule a demo
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