Evans Senior Investments Launches Senior Living Marketing Venture
If the seniors housing industry is ever going to emerge from its current census slump, then rigorous and modern marketing efforts seem like a great way to start. However, many small regional operators and mom & pops have barely left the 20th century in their marketing strategies, and their websites show it. The truth is that they may have been operating just fine for years, but with a lot of new competition and a more tech-savvy clientele, that may not be an option anymore. And they will continue to lose out to the larger, national operators that can afford a comprehensive and state-of-the-art marketing strategy. Also, for the industry as a whole, better marketing can also improve... Read More »
Creativcap Continues Inaugural Year with Several More Closings
Still under a year after its launch, Creativcap has announced three more transactions, with a couple of other closings in the pipeline. First up on the brokerage side, Creativcap Advisory acted as co-broker on a $30 million sale of two senior living communities in the eastern Atlanta market. Built in the 1990s, the communities total 328 units, split among 156 independent living, 140 assisted living and 32 memory care. Combined occupancy was around 80%. A national operator had been managing the communities on behalf of the previous owner, a large private equity, alternative asset management and financial services firm based in New York City, but the Georgia-based buyer is bringing in its... Read More »
From One REIT to Another
A senior living community in the Dallas, Texas area that has recently fallen on some bad times just changed owners from one publicly traded REIT to another. Built in 1999 with 90 units of independent living, assisted living and memory care, the community was previously operated by Atria Senior Living. It had historically operated at stabilized levels, but leadership turnover and new competition (not surprising to hear from the Dallas-Fort Worth MSA) affected occupancy, which in turn led to discounting and lower cash flow. That’s an all-too-familiar combination in the seniors housing industry these days. So, the publicly traded REIT seller hired Ben Firestone, Michael Segal, Joshua Salzman... Read More »
HJ Sims Closes Financing for Connecticut SNF
HJ Sims headed back to familiar territory, arranging a refinance for a client it has been working with since 1988. On behalf of The Mary Wade Home, a skilled nursing/assisted living facility that also offers adult day care, physical rehab and transportation services in New Haven, Connecticut, the firm secured $45.8 million in both taxable and tax-exempt bonds. A portion of the financing will fund the construction of a new assisted living/memory care building on parcels of land that have been acquired over several years. The taxable financing supported those land acquisitions. Sims obtained approval from the CT Health and Educational Facilities Authority to issue the bonds, which came with... Read More »
Senior Living Residents Will Demand Choice
As we near the end of this decade, we wonder what new trials will face the seniors housing industry in the next 10 years. In the past decade, the industry has emerged from the throes of the Great Recession, gone through a construction boom that led to intense competition for labor and residents, and seen the rise of both memory care and active adult communities complementing the more traditional senior living sectors. But, the 2020s will bring new challenges, one of which will be how the industry can attract a greater share of seniors, including the baby boomers. With home health care improving its care offerings and other technological advances making it easier for seniors to stay in... Read More »
Recent Senior Care M&A Deals, Week Ending November 8, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice The Ensign Group, Inc.6 TX skilled nursing facilitiesN/A Reign Residence Management, LLCFloridian Gardens Assisted Living$12 million Allegra CareSt. George's Nursing HomeN/A Colony Hills CapitalWindfield Senior Estates$14... Read More »
Inland Private Capital Corporation Makes First Seniors Housing Acquisition
As part of its larger disposition/restructuring strategy, Capital Senior Living Corporation announced in its third quarter earnings report that it sold two non-core independent living communities in Peoria, Illinois and Springfield, Missouri, generating some healthy proceeds in the process. The communities sold for a combined $64.75 million, or nearly $205,000 per unit, resulting in $14.8 million of net cash proceeds and $44.4 million of mortgage debt off its books. Tim Cobb and Sabel Kaminski of Berkadia represented CSL in the transaction. Both built in the late-1990s and totaling around 215 units, these communities were both over 90% occupied, but rent growth was sluggish. They were in... Read More »
ORIX Acquires Hunt Real Estate Capital
ORIX Corporation USA is continuing to make waves in the senior care lending space. Two years after the firm acquired Lancaster Pollard, they have now agreed to acquire Hunt Real Estate Capital, a subsidiary of Hunt Companies, Inc. In addition to that deal, upon closing, Hunt Real Estate Capital’s President and Chief Investment Officer, James P. Flynn, will become the CEO of the combined entity. For the Hunt loan origination team, including Kathryn Burton Gray as Senior Managing Director, James Scribner, Jason Smeck and Brady Johnson, they should be reunited with their former RED Capital Group colleagues, after leaving the group in early 2018. The Lancaster Pollard, RED Capital Group and... Read More »
The Brookdale CCRC Selling Spree Continues
Brookdale Senior Living keeps shedding its CCRC holdings. Just a month after the provider agreed to sell its 51% interest in 13 CCRCs owned jointly with HCP, Inc. (now HealthPeak Properties) for $541 million, or $84,800 per unit, Brookdale is selling three more to a joint venture between Frontline Management and Onelife Investments. Mike Garbers of JLL Capital Markets represented Brookdale in the transaction. Previously owned by Emeritus, the properties total 592 units. The Easley, South Carolina community was built in 1984 and consists of 75 independent living, 86 assisted living and 60 skilled nursing units. Built in 1966, the Phoenix, Arizona property has 119 IL, 28 AL, 16 memory care... Read More »
REIT Divests Alabama Assisted Living Community
Brooks Blackmon and Ben Firestone of Blueprint Healthcare Real Estate Advisors represented a publicly traded REIT in its disposition of a struggling seniors housing community in Alabama. Featuring both assisted living and memory care (specialty care assisted living facility) units, the property was operating just below breakeven at the time of the sale and was occupied in the mid-70s. It was built in the late-1990s. An Alabama-based owner/operator saw an opportunity to turn the property around, and they bought it for an undisclosed price. The Blueprint team closed the deal just two months from the time they were engaged. Read More »Schedule a demo
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