Plains Closes Two Separate Transactions in OK and AR
Plains Commercial is starting off the second quarter strong, closing two separate seniors housing transactions in Oklahoma and Arkansas. The two communities are Glade Avenue Assisted Living (OK) and Magnolia Assisted Living (AR). Daniel Morris handled both transactions. Glade Avenue is in Bethany with 110 assisted living and memory care units spread across two adjacent buildings that were built in 1990 and 1996. The community was approximately 70% occupied at the time of sale with both private pay and Medicaid residents, and it was cash flow negative at the time of sale. That offers the buyer, a Northeast-based private investment group that will operate the community, significant upside... Read More »
Private REIT Divests Non-Core AL/MC Community
Blueprint was engaged by a private REIT in the divestment of its non-core seniors housing community in Wyoming, Michigan. The REIT focuses primarily on private pay seniors housing communities throughout the United States, and was a repeat client of Blueprint’s. Michael Segal, Daniel Waldhorn, Brooks Blackmon and Lauren Nagle handled the transaction. Built in 2015, Commonwealth Senior Living at North Byron is an assisted living/memory care community with 102 units that sits on a two-acre parcel adjacent to the University of Michigan-West Hospital campus. It was developed by Granger Group originally as First & Main at Metro Health Village. Multiple competitive offers were received... Read More »
Marcus & Millichap Closes Medicaid AL Deal
After 20 years of ownership, the operator of a small Medicaid assisted living community in Colorado decided to sell, with the help of Rob Reis of Marcus & Millichap. Over the past several years, the owner had maintained consistently strong occupancy and net income. Plus, as a result of his management style, he experienced low staff turnover. The community was built in the 1960s but recently replaced the roof and was in good shape structurally. The buyer was a local investor with an operating partner, which will run the building at a higher census by bringing unused beds back online. The transaction closed at the agreed-upon price, which was not disclosed. Read More »
SLIB Sprints to Start Q2
Senior Living Investment Brokerage was out of the gates fast at the start of the second quarter, closing a slew of transactions in the first two days of April. The first announcement involved a 90-bed skilled nursing facility in Meriden, Connecticut, being sold by a not-for-profit organization. Miller Memorial Community was built in 1975 and also features 19 active adult cottage-style apartments. The campus operated at a heavy loss during the marketing process, losing more than $1.5 million a year of EBITDAR on $7.63 million of revenues. Plus, occupancy for the SNF fell from 66% during marketing to around 50% by closing. The cottages were around 50% occupied too, and were in need of... Read More »
VIUM Capital Raises Its HUD Activity
Fresh off celebrating its four-year anniversary on April 1, VIUM Capital announced its first quarter transaction activity, which included 14 debt financings closed for 31 total properties. In total, the firm arranged $337 million in total financing during the quarter. Located across nine states from North Carolina to Oregon, 16 of the properties were seniors housing communities, two were rental CCRCs and 13 were skilled nursing facilities. VIUM closed nine HUD 232/223f refinancings, taking out VIUM bridge debt in all but one of the transactions. That marked the first quarter that VIUM’s HUD closings exceeded their bridge loan closings, and we know there are many more bridge loans... Read More »
CareTrust Acquires Three California CCRCs For $60 Million
CareTrust REIT, Inc. announced that it purchased three CCRCs in Los Angeles, Orange and San Diego counties. Together, the communities comprise 475 assisted living, skilled nursing and memory care beds/units. The incoming operator for each is Bayshire Senior Communities, an existing CareTrust tenant based in Southern California. The investments were funded using cash on hand and came to around $60 million, or $126,900 per bed/unit. Torrey Pines Senior Living is in San Diego, California, and was acquired for a total investment amount of approximately $32.3 million, inclusive of transaction costs. Annual cash rent for the first year is about $2.6 million, increasing to around $3.0 million in... Read More »
CBRE Secures Acquisition Financing For Florida SH Community
CBRE Capital Markets secured acquisition financing for a seniors housing community in Ponte Vedra Beach, Florida, on behalf of Starling, a regional senior living development and management company based in Jacksonville, Florida. Built in 2015, Starling at Ponte Vedra features 86 assisted living and memory care units. The borrower will use a portion of loan proceeds to effectuate a capital expenditure program. CBRE secured this three-year, $16.2 million loan through Live Oak Bank. Aron Will, Phil Rachels and Michael Cregan arranged the financing, while Brad Clousing and Daniel Geraghty of Senior Living Investment Brokerage handled the sale. Read More »
Helios Handles Sale, Recap and Financing
Helios Healthcare Advisors structured the sale and recapitalization of an assisted living and memory care provider in Wisconsin. Through the provider’s lender, a publicly traded regional bank with $23 billion in assets, Helios was brought into the process to advise all stakeholders on a viable path to exit the credit and assets associated with the organization. The first step was divesting the non-performing assets to regional operators including behavioral health providers in Wisconsin, which Helios handled. Then, they repackaged the remaining performing assets, brought in a new operator, and arranged the debt to recapitalize the portfolio, keeping the existing financial partner involved... Read More »
Partnership Adds Another Georgia Asset
Scribner Capital, LLC and William James Group, LLC (WJG) added to their Georgia holdings by acquiring Insignia of Newnan, a 40-unit assisted living/memory care community in Newnan, located between Atlanta and Columbus. Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage handled the transaction. The community will be rebranded as The Haven at Newnan and added to an existing joint venture that previously acquired two Georgia seniors housing communities. Those assets included River Place (40 units) in Forsyth and Sunny Grove (34 units) in Barnesville. Scribner and WJG had purchased them in July 2022 for an undisclosed price. In that deal, Scribner provided... Read More »
Florida SNFs Secure $17.4 Million in HUD Loans
Capital Funding Group announced the closing of two HUD loans totaling $17.4 million, which supported the refinancing of two skilled nursing facilities in Florida. The facilities feature a total of 261 beds. The financing was on behalf of a nationally recognized borrower. Tim Eberhardt and Ava Julio originated the transaction. This financing follows CFG’s recent announcement of the closing of two HUD loans totaling $13.55 million. The loans supported the refinancing of two skilled nursing facilities in Illinois. The facilities comprise a total of 173 beds. The financing was on behalf of a nationally recognized borrower. Read More »Schedule a demo
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