Health Systems as Sellers in Three Transactions
Cain Brothers advised on a trio of senior care transactions involving health systems as sellers, which could be a growing trend, particularly among any resource-constrained systems. Conversely, other systems may see the need to own skilled nursing beds in the future in order to control the transfer of their post-acute patients to SNFs and free up acute care beds. The first deal involved Bristol Health, a small health system in central Connecticut, selling Ingraham Manor, a skilled nursing facility in Bristol, near Hartford. Cain Brothers served as sell-side advisor on the deal, which closed on October 21. Built in 1987, Ingraham Manor has 128 beds. Bristol Health had noted there were... Read More »
Large Ohio Operator Takes on Vacant SNF Beds
Senwell Senior Investment Advisors facilitated the sale of 26 skilled nursing beds from a facility in Ohio and coordinated the repurposing of the real estate for future behavioral health services. The owners made the decision to close the facility after determining that the small size of the building prevented it from achieving the operational efficiencies and economies of scale necessary for long-term success in the long-term care industry. Patients were transitioned to the seller’s nearby facility, maintaining continuity of care. Senwell capitalized on Ohio’s limited four-year cycle for transferring beds from overbedded to underbedded counties, securing the sale of the beds to a large... Read More »
Not-For-Profits Secure Bond Financings
Ziegler announced the successful pricing of $34.0 million Series 2025 bonds for The Chapel Hill Residential Retirement Center, Inc. d/b/a Carol Woods. Carol Woods is a North Carolina not-for-profit organization incorporated in July 1972 by a group of local citizens to develop, own and operate a CCRC in Chapel Hill, North Carolina. Currently, Carol Woods operates on 120-acres of wooded land with 315 independent living units, 89 assisted living beds and 30 skilled nursing beds. In addition, Carol Woods operates a CCRC without a lodging program known as Early Acceptance that currently serves approximately 180 members. Proceeds of the Series 2025 bonds will be used by Carol Woods to... Read More »
Ventas Posts Healthy Q3 With Robust Acquisition Activity
Among the earnings results trickling out this month, it will be impossible to overshadow Welltower’s announcement with $14 billion in new investment activity and another great quarter of seniors housing operating portfolio (SHOP) performance improvements. But Ventas reported healthy results, too, and some significant acquisition volume. Ventas reported attributable net income per share of $0.14, up from $0.05 a year earlier for a gain of 180%. Normalized FFO per share also jumped 10% to $0.88, compared with $0.80 in Q3:24. On the operational front, the SHOP turned in a good performance, with same-store cash NOI rising 16% year-over-year to $232.4 million, led by the U.S. portfolio with a... Read More »
Senior Care Campus Components Sell to Separate Buyers
Senwell Senior Investment Advisors facilitated two separate transactions involving the assisted living and skilled nursing components of a senior care campus in Mansfield, Ohio. The seller, a local not-for-profit, faced significant operational and financial challenges, prompting an urgent need for a transition. Senwell was engaged to identify solutions that would preserve resident care and avoid closure. Despite limited financial and operational information available, partners were identified for both assets. The assisted living community was sold to a regional assisted living operator specializing in Medicaid Waiver programs that intends to reposition the entire campus to serve waiver... Read More »
Skilled Nursing Portfolio Secures Funds
MONTICELLOAM, LLC announced that the firm, along with firm affiliates, funded $48.10 million in combined bridge and working capital funding for a three-facility skilled nursing portfolio in North Carolina. The transaction included a $45.6 million bridge financing and a $2.5 million working capital line of credit. The borrower, a returning client, will use loan proceeds to refinance a 300+ bed skilled nursing portfolio. Read More »
Autumn Lake Healthcare Acquires Maryland SNFs
First Citizens Bank’s Healthcare Finance business provided $338 million in financing to affiliates of Autumn Lake Healthcare for the acquisition of 12 Maryland skilled nursing facilities with over 1,500 beds. Based in Howell, New Jersey, Autumn Lake Healthcare’s portfolio includes 66 skilled nursing facilities totaling more than 8,200 beds in Connecticut, Maryland, New Jersey, Wisconsin and West Virginia. The Maryland Commission released a notice detailing the transfer of the real property and bed rights of the following 12 facilities: LG-OHI Frederick LLC, d/b/a Autumn Lake Healthcare at Ballenger Creek LG-OHI Clinton, LLC d/b/a Autumn Lake Healthcare at Bradford Oaks... Read More »
Central Florida Portfolio Secures Financing
Grace Hill Capital, a seniors housing capital advisory firm founded by Adam Shealy, closed a refinance and recapitalization of a four-community independent living, assisted living and memory care portfolio in Central Florida. The portfolio comprises five buildings totaling 257 units, operated by a regional provider with a proven record of performance and resident care. The new five-year, fixed-rate loan totaled $29.84 million. It came with an interest rate of 6.25%, 12 months of interest-only payments and a 70% loan-to-value ratio, providing proceeds to buy out existing limited partners, reduce the cost of capital, and enhance ownership’s long-term flexibility. Grace Hill Capital... Read More »
CCRC Enters Phase Three of Master Plan
Ziegler announced the successful closing of Friendship Village of Tempe’s $107.525 million Series 2025AB bonds through the Industrial Development Authority of the City of Tempe, Arizona. Tempe Life Care Village, Inc. owns and operates a CCRC known as Friendship Village of Tempe (FVT) in Tempe, Arizona. FVT consists of a 536-unit retirement center, a 128-bed skilled nursing center, a 67-unit assisted living building, 24 memory care beds and a 14-bed hospice unit in the Health Center that is leased to a hospice provider. The bonds will be used to fund Phase Three of the corporation’s campus master plan. Phase Three is a new five-story building known as the Ironwood building, with 69... Read More »
Bullish Move by Welltower
Welltower has been a growth and M&A machine under the leadership of Shankh Mitra. As of October 27, the REIT has closed or has under contract close to $14 billion of pro rata gross investments across the U.S., Canada and the United Kingdom this year. These include more than 700 seniors housing properties with more than 46,000 units. Not too shabby. We have covered some of these transactions in other stories, but what really caught our eye was the announcement that Mitra and four other key executives are going to put their future compensation where their strategy is, or something like that. They are “all-in” on increasing shareholder value, which is a good thing, as long as no corners... Read More »Schedule a demo
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