Recent Senior Care M&A Deals, Week Ending October 19, 2018
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Gryphon Senior LivingNorth Georgia Assisted Living$5.8 million Partnership buyerForest View CenterN/A Chevalier International Holdings Ltd.5 senior living... Read More »
SLIB Seals the Deal
Brad Clousing of Senior Living Investment Brokerage successfully sold a 32-unit assisted living community in Dawsonville, Georgia to a private partnership that includes affiliates of Gryphon Senior Living. Also helping to facilitate the deal was the Proprietary Loan Group at Hunt Real Estate Capital, which kicked off its balance sheet lending program with a $6.2 million loan to fund not only the $5.8 million, or $181,250 per unit, acquisition but also an expansion project. Originally built in 2015 with 32 units and 37 operating beds, the community has been consistently fully occupied and now is set to expand with another 12 private units of either assisted living or memory care. About... Read More »
Greystone’s Part-II Portfolio Deal
Greystone made news at NIC when it announced it sold a five-property senior living portfolio to Hong Kong-based Chevalier International Holdings Ltd. Previously owned by a publicly-traded REIT, the portfolio consists of 570 total units in New Mexico and Washington state that were built or renovated between 1989 and 2003. It was part of a larger portfolio, which saw four other properties sold in July in Nebraska (1) and Oregon (3), also to Chevalier. In both transactions, The Avamere Family of Companies was brought in to lease the properties, which may include one more property expected to sell next month. Mike Garbers and Cody Tremper of Greystone represented the REIT seller in... Read More »
Lancaster Pollard Closes Two HUD Transactions
The ever-prolific team at Lancaster Pollard closed two more HUD financings on the back of their impressive $610.4 million haul during the 232 Lean program’s fiscal year 2018, which placed them second in terms of volume among the Lean lenders. The first closing was in Greentown, Indiana for an 84-bed skilled nursing facility and a 43-unit assisted living community. Both are owned by Putnam County Hospital (a 25-bed critical access hospital in town) and managed by Exceptional Living Centers. The hospital purchased the property in January 2018 with the help of a $6 million bridge loan provided by Lancaster Pollard Finance Co. that was underwritten concurrently with the HUD refinance. Now, the... Read More »
Blueprint Sells In Ohio and Florida
Blueprint Healthcare Real Estate Advisors has been anything but a wallflower this year in seniors housing and care deal making and continued their 2018 haul with two more transactions announced at the start of NIC. First, in Dayton, Ohio, Connor Doherty and Michael Segal sold an 87-bed skilled nursing facility that came with a lot of upside. Situated in a desirable, urban infill location adjacent to a local medical center, the facility maintained a five-star rating from CMS. Pretty good. But there were restrictive admissions criteria and a vacant floor that meant census was below market. Taking on the challenge (for an undisclosed price) will be a newly-formed, opportunistic... Read More »
Cambridge’s Cahokia Closing
Cambridge Realty Capital Companies provided a $3.9 million HUD loan to refinance the a 150-bed skilled nursing facility in Cahokia, Illinois. The fully amortizing, 35-year term loan was arranged for the property’s owner, an Illinois limited liability company, and the interest rate was not disclosed. Read More »
NIC, Valuations and Big Deals
Join me Wednesday afternoon at 4:00 pm as I moderate the NIC Valuations session. By the time you are watching this, I will be walking around the meeting rooms, receptions, and various sessions at the NIC Conference. And please join me today at 4:00 pm as I am moderating the session on valuations called, “What’s It Really Worth?” If you want to find out the answer, join us. But it is a very good question in today’s market, where capital is still abundant, but the 10-year Treasury rate has doubled in a year and a half. Occupancies are still weak across the board, but there are plenty of providers producing a healthy amount of cash flow. The minimum wage is rising across the country, but that... Read More »
KeyBank Tops HUD Rankings
There’s a new king of the HUD 232 Lean program. KeyBank Real Estate Capital unseated long-time leader Lancaster Pollard (which had topped the list since 2010 in terms of dollar volume) after closing $812.7 million in loans in FY2018, a record for single-year volume in the program and up 144% from the firm’s FY2017 volume. In that time, KeyBank also closed the largest single-asset HUD loan in history when it secured a $127 million loan for a 499-bed skilled nursing facility in New York City. Lancaster Pollard still reported an impressive $610.4 million in loan closings (good enough for second place), while Capital Funding took third place with $466.0 million. Not resting on those impressive... Read More »
Cushman & Wakefield Recapitalizes New England Seniors Housing Portfolio
Cushman & Wakefield served as the exclusive advisor to a joint venture between LCB Senior Living and Harrison Street Real Estate Capital in their recapitalization of four New England seniors housing communities. LCB had already been operating three of the properties in Massachusetts (Ipswich) and Connecticut (South Windsor and Avon) since their construction in 2014 and 2015. But the fourth property (in Lincoln, Rhode Island) was built in 2009 and acquired by LCB and Prudential Real Estate Investors in 2013 for $11 million, or $183,300 per unit. The communities market to independent living residents and allow for transitions to higher care levels including assisted living and memory... Read More »
Greystone Closes Two Bridge Financings For SNF Clients
Fred Levine of Greystone announced his latest two bridge financings that closed in Ohio and Pennsylvania, for three total skilled nursing facilities. Two of those facilities are located in Youngstown, Ohio and have undergone significant renovations in recent years. They offer subacute care, skilled nursing, pulmonary care, wound care, orthopedic rehab and outpatient therapy programs, among others. In addition, one facility has a dialysis unit, while the other offers diabetic management and a Parkinson’s program for both residents and non-residents. They received $15 million in bridge financing. Then, in the Squirrel Hill neighborhood of Pittsburgh, Pennsylvania, Mr. Levine arranged a $19.5... Read More »Schedule a demo
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