Evans Senior Investments Closes Two Sales
Evans Senior Investments announced a couple of transactions last week. First, the firm represented a regional owner/operator in the sale of two senior living/skilled nursing properties in Michigan. Each community had positive cash flow at the time of sale, but with the potential for some improvement under new ownership. It should help that 100% of the senior living census at both properties was 100% private pay, and the skilled nursing featured a high mix of Medicare residents. Then, Evans headed to Anderson, South Carolina to sell a struggling skilled nursing facility on behalf of its single-asset independent owner/operator. Built in 1965, with additions in 1974 and 1980, the 181-bed... Read More »Recent Senior Care Deals, Week Ending September 13, 2019
Check out our recent senior care M&A transactions. Long-Term Care AcquirerTargetPrice Local owner/operator2 PA seniors housing communities$7.45 million NY-based owner operator2 skilled nursing facilities in Inman, SCN/A Not disclosedTimberridge Rehabilitation & Nursing CenterN/A BHI Senior LivingThe Barrington of Carmel$61... Read More »
Access Industries Acquires JEA Senior Living
Access Industries, a private industrial group also with a focus on institutional real estate announced its acquisition of a long-time owner/operator in the senior living space, JEA Senior Living. While the companies have combined, their relationship began earlier this year when Access purchased 10 of JEA’s senior living communities in Washington, Oregon, Texas, Tennessee and Indiana. JEA’s current portfolio numbers some 50 properties across the U.S., with a focus on memory care. Other properties are still in various stages of development. The Access/JEA combination should prime JEA for further expansion (primarily through acquisitions but some developments, as well) and allow the operator... Read More »
Northwind Group and KeyBank Finance Peace Capital Acquisition
Peace Capital and its affiliated operator Complete Care Management acquired a senior care portfolio number some 930 beds in Ocean County, New Jersey, for approximately $169 million, or about $181,700 per bed. The financing for the deal came from a couple different sources. As part of its effort to deploy up to $1 billion into senior living and healthcare properties, New York City-based private equity firm Northwind Group provided a $26 million mezzanine loan for the acquisition. Meanwhile, KeyBank Real Estate Capital underwrote and closed the $131 million in senior financing and expects to lead the refinance of the portfolio with HUD debt. Jonathan Slusher and Ran Eliasaf led the mezzanine... Read More »
Persimmon Refinances Pennsylvania Portfolio
Patrick Shearer of KeyBank Real Estate Capital’s Commercial Mortgage Group secured $28 million of HUD financing for three seniors housing communities in Pennsylvania owned by Baltimore-based Persimmon Ventures, LLC and operated by Live Cardinal. All three communities offer assisted living and memory care services. Built in 1994 in Landisville, the largest property has 135 beds in 115 units and received a $16 million loan. A 59-unit community, which was built in 1987 in the town of Millersville, got an $8 million loan. The smallest community has just 45 units but 85 total beds. Built in 2000, it was acquired from The Hollinger Group for $3.8 million, or $84,400 per unit, at a 9.2% cap rate.... Read More »
Lancaster Pollard Secures Another Agemark/Protective Life Financing
Grant Goodman, Doug Harper and Casey Moore of Lancaster Pollard worked on behalf of Agemark Senior Living Communities to refinance its 36-unit memory care community in Kearney, Nebraska. Placed with Protective Life Insurance Company, the $8 million term loan also allowed Agemark to extract equity from the property. The parties involved in this transaction have been seeing a lot of each other in the past year. Lancaster Pollard and Agemark have worked together to close three transactions through Protective Life in that time. Most recently, Agemark refinanced two other Nebraska memory care communities with 10-year, fixed-rate financings. Read More »
Cushman & Wakefield Sells Stand-Alone Memory Care
Allen McMurtry, David Kliewer and Paul Carr of Cushman & Wakefield sold a 78-bed stand-alone memory care community on Florida’s east coast for $19.5 million, or $250,000 per bed. The community originally opened with 66 MC beds in 2015 and then recently added 12 more beds to bring the total to 78 beds. Occupancy is over 95% and there is additional land to add assisted or independent living. Who says stand-alone memory care does not work? This one clearly does. The buyer was a Florida-based private equity investor. Read More »
Welcome To NIC
As more than 3,000 people descend on NIC in Chicago this week, we hope talk will also focus on operations and ideas and not just investments. Good luck with that one. If you can believe it, this is my 29th consecutive Fall NIC Conference. There may be 15 of us who can claim that. But boy has it changed from the days they were trying to educate capital so money would be invested in senior living. Today, there is certainly no shortage of capital. While NIC is known as a deal-making conference, there should be a lot of other things on attendees’ minds. Are they talking about affordable senior living? What about penetration rates, which seem to have stalled in the 10% to 11% range? We assume... Read More »
Monarch Advisors Funds Development in South Carolina
A Charleston, South Carolina-based developer, WV Ventures, engaged Alec Blanc of Monarch Advisors (an affiliate of Senior Living Investment Brokerage) to close construction financing for a to-be-built senior living community in southern Georgia. The 80-unit project received senior and mezzanine debt equal to 75% of its total development cost. Monarch secured the senior loan from a regional bank with a five-year term and competitive rate. The loan was structured as interest-only for the first three years and also includes a recourse requirement, which will start to burn down upon certificate of occupancy. As for the mezzanine financing, Mr. Blanc sourced the loan from a firm deploying funds... Read More »
CBRE Refinances Brookdale Portfolio
Five communities owned and operated by Brookdale Senior Living for over 10 years received a $160.3 million credit facility through Fannie Mae. Aron Will, Austin Sacco and Matthew Kuronen of CBRE arranged the debt, which is a blend of fixed-rate (about 75% of the principal) and floating-rate (the remaining 25%) with a 10-year term and five years of interest only. The loan comes in at 60% leverage and provides for asset substitutions, borrow-ups and partial releases. With the facility secured, the communities were able to refinance debt set to mature in the near-term. Totaling 945 units, 783 for independent living and 162 for assisted living, they are located in Alabama, Michigan,... Read More »Schedule a demo
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