Schonberg Care Invests in New Orleans
Schonberg Care, a family-owned operator of senior living communities in the Southeast, recently added an assisted living/memory care community in New Orleans to its growing portfolio. Originally built in 1898 as the Belleville Elementary School, the building was converted to senior living in 1989. It currently has 53 assisted living and memory care units ranging from 300 to 800 square feet. Units offer a kitchenette, living room, private bath and separate bedroom. There is also a courtyard patio with fountains and tropical landscaping. Schonberg acquired the community earlier this summer and has been hard at work ever since, overseeing a $1 million renovation of the property that was just... Read More »
The Brookdale/Land & Buildings Saga Continues
Many of you may have seen Brookdale Senior Living’s proxy statement filed in response to activist shareholder Land & Buildings’ efforts to put former HCP CEO Jay Flaherty on the company’s Board of Directors, presumably to further its own demands to split Brookdale into an OpCo and PropCo in order to “maximize value for all Brookdale shareholders.” All we can say is, well done to Brookdale and CEO Cindy Baier for standing up to this pressure. We can’t say that we have always supported the decisions made by Brookdale executives and the Board, starting with its acquisition of Emeritus Corp. in 2014. Many pages in The SeniorCare Investor over the years have been dedicated to this topic. We... Read More »
Blueprint Sells Successful SNF in Maryland
Despite strong operations, a Maryland skilled nursing facility was deemed to be non-core and slated for sale in a transaction led by Steve Thomes and Joshua Salzman of Blueprint Healthcare Real Estate Advisors. Located just outside of Baltimore in a sought-after market, the 63-bed/34-unit facility was acquired by an experienced skilled nursing investor and operator looking to grow their presence in the state. It was approximately 76% occupied with a 25% quality mix and reported about $5.34 million in revenues. The purchase price came to $6 million, or $100,000 per licensed bed, a high value that reflects both the strong performance and desirable location. Read More »
Propero’s Second Tender Loving Care Deal
Lancaster Pollard’s Propero Seniors Housing Equity Fund teamed up with Tender Loving Care Management (TLC) for the second time to provide equity for a to-be-built senior living community in Florida. Three years ago, Propero helped finance the construction of a $63 million, 242-bed project in Ocala that was going to offer assisted living, memory care and skilled nursing services. BMO Harris Bank provided a $30 million construction loan, while Propero fronted the equity that minimizes TLC’s own upfront capital requirements but at the same time provides a clear path to ownership. For the most recent project in Brooksville, Florida, Propero again provided equity to complement a bank loan to... Read More »
Elevation Financial Group Acquires Four Properties
Elevation Financial Group is making a name for itself in the affordable seniors housing market, having just announced two acquisitions comprising four properties in two states. First, the Orlando, Florida-based real estate private equity firm entered the Virginia market, acquiring a community in Lynchburg and one in Petersburg for a total of $1.3 million, or just $12,600 per unit. The 56-unit community in Lynchburg was originally a hospital built in 1911 but converted to senior apartments in 1973 and was renovated in 2002. The Petersburg location has 47 units and was originally built in 1918 as a junior high school. It was converted to its current purpose in 2000. The seller, Omni New York... Read More »
Confluent/HRA Enters Connecticut Senior Living Market
Confluent Senior Living and Harbor Retirement Associates are entering the Connecticut market with their development of a 113-unit assisted living/memory care community in the greater Hartford area. Set to break ground this month, the project is set on a 5.8-acre site in the town of South Windsor and will feature 65 assisted living and 48 memory care units. It is located a half-mile from a high-end, outdoor mall with specialty shops and restaurants and one mile from The Shoppes at Buckland Hills, which feature big-box retail, dining and entertainment. Amenities will be plentiful at the property, including a barber and beauty salon, fitness and wellness center, bar/lounge, club room,... Read More »
2019 NIC Takeaways
The record crowd of 3,300 attendees were mostly positive about the market despite the headwinds. After spending four days last week in Chicago with my 3,300 best friends, my one big takeaway is the continued positivity that brought a record crowd to NIC. Not everyone was positive, but more capital keeps coming into the sector for a reason, even though returns have softened. One topic that kept on coming up was that new development is beginning to slow. But what many people forget is that a national statistic has little meaning for a particular market. Some areas are slowing down because they got way overbuilt, but others keep on chugging along, like Sarasota, Florida, despite the... Read More »
SLIB Closes Florida and Georgia Sales
Cedar Communities, a New York-based private equity firm that targets undervalued, small to mid-sized assisted living communities, continued its expansion in the Southeast with the purchase of two personal care homes in northern Georgia. Built in the 1990s, both communities were recently updated, have good local reputations and limited competition in the area. Their owner decided to exit the seniors housing industry, prompting the sale. The Commerce location features 54 units, 12 of which are independent living cottages, and the Stone Mountain property has 40 personal care units. They were well occupied at 93% and operated at a 25% margin on approximately $3.34 million of revenues. That... Read More »
JCH Sells Marin County Assisted Living Community
Jim and Cindy Hazzard of JCH Senior Housing Investment Brokerage headed to Marin County, California to sell a boutique 29-unit assisted living community in the affluent town of Mill Valley. Originally constructed as a skilled nursing facility but converted to assisted living over 15 years ago, the community was underperforming with an operating margin around 14% on about $1.6 million of revenues. The physical plant was in good shape, and there was limited competition in the area, but the community was the seller’s last one in northern California. So, a little attention and a renovation should go a long way in improving operations. After a refurbishment, rents could also be raised to... Read More »
Meridian Capital Moves Past $2.3 Billion
Meridian Capital Group’s seniors housing and healthcare team is having quite a year, reaching $2.31 billion in transaction volume in 2019, so far. That volume is through a total of 63 transactions closed across 27 states for skilled nursing, assisted living, memory care and independent living properties. Helping achieve that impressive level, the group, which is led by Ari Adlerstein, Ari Dobkin and Josh Simpson, closed a couple of very large transactions in the last month, most notably a $241 million acquisition financing for 19 skilled nursing facilities and 2,175 total beds in the Northeast and Mid-Atlantic. The trio was also responsible for arranging the $157 million in financing used... Read More »Schedule a demo
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