Midwest-Based Operator Refinances AL/MC Communities
MONTICELLOAM, LLC, along with firm affiliates, provided a $28.5 million senior bridge financing for two Midwest seniors housing communities. The financing was originated by Karina Davydov, Senior Managing Director, Originations. The sponsor, a Midwest-based operator with a portfolio of over 40 seniors housing and healthcare properties and a returning client, will use loan proceeds to refinance the two assisted living/memory care communities in Wisconsin and Ohio with over 200 units. Read More »
ESI Closes Two SNF Deals
Evans Senior Investments handled a sale on behalf of an institutional owner/operator in California. The 64-bed skilled nursing facility is in California. The ultimate buyer was also based in California and entered into a new long-term lease agreement with Sun Mar Healthcare, a regional operator with a portfolio of skilled nursing and post-acute care facilities across the Golden State. ESI facilitated the sale of another skilled nursing facility in a separate transaction. A long-time regional owner/operator that was looking to divest a non-core asset engaged the firm. Eastview Rehabilitation & Healthcare Center, a 92-bed skilled nursing facility in Birmingham, Alabama, demonstrated... Read More »
30+ SNFs Sell to Large Owner/Operator
A portfolio of more than 30 skilled nursing facilities totaling over 4,900 beds has sold, allowing the regional skilled nursing owner/operator to exit the industry. Few details were disclosed, and the deal appears to have been done very quietly, but the portfolio spanned between five and 10 states in the Southeast and featured approximately 35 facilities. Occupancy was around 82% on average, and it was not considered to be a cap rate deal. The owner had operated the facilities for more than 20 years. The seller wished to retire and had previously tried to sell the portfolio, but those processes failed. They then engaged Stan Klos of 3G Healthcare Real Estate, who called a large... Read More »
Scribner Capital and William James Group Team Up Again
Scribner Capital and William James Group acquired two assisted living and memory care communities in Georgia. The Haven at Fayetteville, a 62-unit assisted living and memory care community that was rebranded from The Oaks, was built in 1999 and was at about 90% occupancy at closing. Located in Athens, The Haven at Cedar Shoals (formerly The Oaks) has 40 assisted living units, was built in 1998 and was about 90% occupied at close. The two local markets are fairly well occupied. William James Group provided co-sponsor equity and will manage the communities. Scribner also provided co-sponsor equity and leveraged its network of family-office and high-net-worth investors to provide... Read More »
Joint Venture Acquires Cash-Flowing Communities
A trio of well-run seniors housing communities in the Southeast sold to a partnership that included a national owner and a regional operator. Brad Clousing and Dan Geraghty of Senior Living Investment Brokerage represented another regional owner/operator in the sale. The deal includes two adjacent seniors housing communities in Cumming, Georgia, and one standalone assisted living/memory care community in Oak Ridge, Tennessee. The Villas at Canterfield in Cumming featured 182 units of independent living, assisted living and memory care across 10 buildings on two parcels, and Caterfield of Oak Ridge consisted of 91 AL/MC units. There was strong cash flow across all acuity levels. The... Read More »
Owner/Operator Enters New State
Vince Viverito and Taylor Graham of Senior Living Investment Brokerage handled the sale of a distressed skilled nursing facility in rural Colorado. Built as a therapy building in 1912 and converted to a skilled nursing facility in 1964, Lamar Estates features 60 beds on 1.34 acres with 19,394 square feet in the town of Lamar. The non-performing facility was making around $200,000 of EBITDAR on $2.84 million in revenues, and at the time of sale it was 74% occupied. The seller was a private REIT based in California, and the buyer was a Florida-based owner/operator making its first acquisition in the state. No purchase price was disclosed. Read More »
Newly Built, Stabilized Seniors Communities Trade Hands
Two newly built and stabilized assisted living/memory care communities in Georgia sold to a Florida-based, full service commercial real estate platform. The marketing campaign generated multiple initial round offers from a range of different buyer profiles, and the ultimate buyer was selected after a final round process. They brought on their Florida-based operating partner to manage the communities moving forward. Brooks Blackmon, Lauren Nagle and Ben Firestone of Blueprint handled the sale on behalf of a regional developer. Built in 2020 and 2021 respectively, The Canopy at Boynton Ridge and The Canopy at Warner Robbins were purpose built and comprise 64 units of assisted living... Read More »
SNF Replaces Existing Financing with New HUD Arrangement
JD Stettin of Carnegie Capital arranged a couple of financings for two skilled nursing facilities in Texas. First, a 94-bed facility in the Wichita Falls market refinanced its existing acquisition financing with a new $8.5 million HUD arrangement. Built in the 1970s, the facility was performing well. It was purchased in December 2024 for $9.35 million, or $99,500 per bed, with a 100% loan-to-purchase-price bridge loan. So, the refinance was arranged within 10 months of acquisition and for 100% of the sponsor’s original purchase price. Stettin also arranged an acquisition loan for a 75-bed SNF in the Lubbock-Levelland market in west Texas. Built in the 1960s, the facility was not performing... Read More »
CIBC Bank’s Recent Skilled Nursing Activity
CIBC Bank USA shared its recent financing activity, totaling more than $100 million. The largest transaction saw the bank provide a $50 million term loan and a $4.0 million working capital revolving line of credit to a regional owner/operator to refinance a skilled nursing facility in northern California. Historical performance was trending positively, with occupancy and operating margins expected to improve further. Fritz Kieckhefer, Kyle Doran and Jon Roh handled the transaction. Kieckhefer, Doran and Ian Cooper then provided a $31 million term loan and a $3.0 million working capital credit line to help an operator exercise its purchase option on two SNFs and refinance a third facility... Read More »
60 Seconds with Steve Monroe: Record M&A Year, Again
You may start to get tired of hearing us talk about all the records being set, but we will never tire of it. As of November 11, we have passed last year’s record of total acquisitions in the seniors housing and care sector, now standing at over 720 deals, according to LevinPro LTC. And we thought last year was an amazing year! The good news is that pricing has been relatively reasonable so far, mostly because of still-high interest rates and lenders not getting too aggressive. What we don’t know is how long this will last. “Stupid” money that has appeared in previous rising markets has not yet reared its ugly head, but that will probably change. Everyone is looking for a growing market,... Read More »Schedule a demo
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