Blueprint Handles Large Pacific Northwest Disposition
Amy Sitzman, Dan Mahoney and Blake Bozett of Blueprint Healthcare Real Estate Advisors handled the sale of eight small assisted living communities divided evenly between Washington and Oregon. News of the deal came out in June with two separate acquisition financing announcements from JD Stettin of Carnegie Capital, the first for the Oregon communities and the second for the Washington ones. Totaling 321 units of assisted living, the portfolio was previously owned by a joint venture between Sabra Health Care REIT and private equity group TPG, with Enlivant as the operator. They were struggling operationally and seen as value-add opportunities. The new owner will also convert a number of... Read More »
Returning Home To Assisted Living
After being pulled out of her assisted living community because of the pandemic, a mother asks to return “home.” In the June issue of The SeniorCare Investor we wrote about how an industry professional lost the argument with his younger sister about moving their mother out of her assisted living community and into the sister’s home. As it turns out, the sister should have listened to him. The sister and her husband were very accommodating, giving up their master bedroom with bath and moving into the guest room. The problem was that this meant the mother was living on the second floor, and since she already had two hip replacements, she was afraid to go up and down the stairs.... Read More »
Fairstead Acquires Another Section 8 Senior Apartment Community
It’s been less than a month since Fairstead, a fully-integrated real estate firm focused on the development, acquisition and operation of affordable and mixed-income housing, purchased a 123-unit affordable senior apartment complex in Sunrise, Florida. But, the firm is doubling down on its strategy and acquired another complex in South Florida. Its newest target is Gould House, a 101-unit Section 8 seniors housing apartment building in Boca Raton. Located in the 100+ acre Jewish Federation of South Palm Beach County Campus, the 30-year old community will receive a $6 million renovation, including upgrades made to all apartments, new kitchens, bathrooms, lighting, HVAC, flooring and... Read More »
Four Refinancings From Lancaster Pollard
Lancaster Pollard announced a series of refinancings for both skilled nursing and seniors housing clients, for over $70 million in total volume across four transactions. First up, Oriol Health Care, a family-owned business, obtained a $16.2 million HUD loan to consolidate their debt with one lender, eliminate interest rate risk associated with a swap, fund repairs and also reimburse capital expenditures at its 123-bed skilled nursing facility in Holden, Massachusetts. The Oriol family built the facility in 1965 but recently expanded it to include a respiratory care unit, a home health care business and therapy services. They own one other facility in the state. Aaron Becker and Adam Walter... Read More »
JLL Handles Youngstown, Ohio Sale
A large senior care campus in Youngstown, Ohio sold earlier this year in a deal handled by Mike Garbers of JLL Capital Markets. Previously owned by a not-for-profit, it was built in stages and now features approximately 300 units spanning the whole senior care spectrum. It was considered a value-add opportunity with some capex needs, and private ownership can usually come in and make some quick expense adjustments at a former not-for-profit operation. Indeed, a for-profit owner stepped in to buy the property at an undisclosed price. This was their first acquisition, but the principal does have experience in seniors housing operations. The deal apparently closed pre-COVID, so some... Read More »
From Atria Senior Living to Elegance Living
Baltimore, Maryland-based Elegance Living, LLC recently named Josh Krull as its CEO. After 13 years at Atria Senior Living. Most recently serving as Senior Vice President – Operations Chief of Staff, Krull worked closely with Atria’s COO to oversee operations of communities across North America. He will be taking over leadership of a company with 46 communities under management in 16 states and approximately 4,150 units, which include 750 units under development. The new developments are located in California (587 units), Washington (73 units) and Virginia (90 units). Two of the communities in California (in Dublin and Novato) are set to open later this year, as... Read More »
CIBC Bank Closes Two Cash-Out Refinances
CIBC Bank USA announced a couple of cash-out refinances for skilled nursing clients, both deals closing last week. The first was arranged for Strawberry Fields REIT to recapture equity at its 72-bed skilled nursing facility in Muncie, Indiana, which the REIT acquired in November 2019 for $3.15 million in cash. Built in 1972, the facility was operating at the time of the sale at 72% occupancy, with a 72% Medicaid, 19% private pay and 9% Medicare census. It is also part of an Indiana county hospital UPL tie-up with Henry County Hospital and is being consulted by Infinity Healthcare Management. Strawberry Fields REIT had been leasing and subletting the property from the seller since... Read More »
Ziegler Secures Short-Term and Long-Term Debt for CCRC Client
The bank bond placements keep coming from Ziegler, and the specialty investment bank has already announced several in the last few weeks for not-for-profit CCRC clients. The latest was arranged for a 362-bed/unit CCRC in Manheim, Pennsylvania, that is sponsored by the not-for-profit Pleasant View Communities. Just like Ziegler’s refinance of a CCRC in Texas announced last week, Truist was involved in the deal, as was Fulton Bank, to provide both short-term and long-term debt. A couple of planned expansion projects spurred the refinance. Opened in 1954 and growing to include 152 independent living apartments and cottages, 95 personal care (assisted living) units and 115 skilled nursing... Read More »
Recent Senior Care M&A Deals, Week Ending June 26, 2020
It was a slow week, but some senior care deals were still announced. Check out our latest senior care M&A deal chart. Long-Term Care AcquirerTargetPrice Hampstead Development PartnersJackson ApartmentsN/A Tryko PartnersHarlee Manor/Springfield CommonsN/A Cadence Living/Dylan InvestmentsTanner... Read More »
Carnegie Capital Secures Acquisition Financing For Washington State Portfolio
JD Stettin of Carnegie Capital is at it again, returning to the Pacific Northwest to close on acquisition financing for a portfolio of assisted living communities in Washington State. This closing comes just a couple of weeks after Mr. Stettin arranged $7.74 million in acquisition financing for four assisted living communities in rural Oregon. The details of that deal can be found here. Back to Washington State, where the four other assisted living communities are located. Previously owned by Enlivant, they totaled 185 units, but the new owner, a private fund based in Arizona, will initiate a conversion project resulting in 193 units, split between 87 for assisted living... Read More »Schedule a demo
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