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 »
Healthcare Trust Buys in San Diego
It’s been a while since we’ve seen Healthcare Trust Inc. as a buyer in the seniors housing market. Well, the public, non-traded REIT has acquired a 91-unit/117-bed senior living community in San Diego, California, for an undisclosed price. There are 53 assisted living and 38 memory care units (64 beds) in the two-story building, which was built in 2015 on a 4.3-acre site. The quality of the building is apparently quite high, and the community was over 90% occupied. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker, Tim Hosmer and Bailey Nygard made up the Cushman & Wakefield team that served as exclusive advisor to the seller, Torrey Pines Development Group. Read More »
HHC Finance Closes Several SNF Loans
Housing & Healthcare Finance (HHC Finance) closed $24 million in HUD financing for a portfolio of three skilled nursing facilities with a total of 264 beds in Tennessee. The experienced borrower refinanced conventional debt with the transaction. Built in 1964, 1997 and 2007, the three properties ranged in occupancy from the low- to mid-80s. HHC Finance’s Capital Advisory Group also had an active August, placing close to $100 million in bridge loans for two portfolios of skilled nursing facilities in the Southeast. One of the portfolios consisted of 10 properties in Kentucky, while the other saw three facilities spread across Georgia, Alabama and Oklahoma. Read More »
Recent Senior Care M&A Deals, Week Ending September 6, 2019
Check out our recent senior care M&A deals. Long-Term Care AcquirerTargetPrice Westmont LivingAltavita Village$58 million The Ensign Group, Inc.Temple View Transitional Care CenterN/A New York owner/operatorSundance Inn Health Center & Park Valley Inn Health Center$20.5 million Cascade Capital Group, LLCLexington of Streamwood & Lexington of... Read More »
Cushman & Wakefield Closes CCRC Sale
Allen McMurtry and David Kliewer of Cushman & Wakefield’s Tampa office sold The Barrington of Carmel, a 267-unit CCRC just outside of Indianapolis, Indiana, for $61 million, or $228,500 per unit/bed. The Type A entrance-fee community has 137 independent living units, 56 assisted living units, 26 memory care units and a 48-bed nursing facility. There is also the potential to expand by another 20 to 25 IL units, but that will be on the buyer, Baptist Homes of Indiana. The buildings comprise 372,000 square feet on 19.5 acres. Built in 2013 with approximately $112 million in tax-exempt bonds and $7 million in taxable bonds, less than six years later its not-for-profit sponsor, Mayflower... Read More »
Avenida Partners with Passco on Two New Projects
Active adult developer Avenida Partners teamed up with Passco Companies, a California-based commercial real estate company, on its two latest projects in Palm Desert, California and Germantown, Tennessee. Collectively, the developments will cost around $97 million, and each community will feature 161 units and a host of resort-inspired amenities, including a pool, indoor and outdoor yoga spaces, a fitness center and plenty more. In addition, the Palm Desert community was designed in the mid-century modern style, and the Germantown community will take advantage of its location on the banks of Lake Nashuba (part of the Wolf River greenway trail system connecting to the Mississippi River)... Read More »
Cascade Capital Group Adds to Illinois Portfolio
Three acquisitions in the last month counts as a spree, right? Well, Cascade Capital Group is in the middle of one, having announced its acquisition of two Chicagoland skilled nursing facilities through its affiliate Legacy Healthcare. The deal included a 214-bed SNF in Streamwood and a 215-bed facility in Wheeling. Both fall under the Bella Terra brand, which has one other location in the Chicago area (Morton Grove) along with Montana and Utah. Last month, Cascade also added a 156-bed SNF in Aurora, Illinois, and a portfolio of four skilled nursing facilities in Florida, which sold for $49 million, or $106,500 per bed, at a 13.3% cap rate. Legacy took over management of the Aurora... Read More »Two Senior Care Centers Facilities Sell in Texas
Two Texas skilled nursing facilities formerly operated by the now-bankrupt Senior Care Centers (SCC) found a new owner with the help of Matthew Alley of Senior Living Investment Brokerage. Both built in 2008, these two SNFs each have 128 licensed beds, 51,000 square feet, and are located in growing central Texas submarkets. They were the only two SCC-operated facilities owned by a local real estate owner. One facility, in New Braunfels, was 75% occupied, while the Round Rock SNF was just 64% occupied. Not surprisingly, the operating margin was far below SNF standards, at 3.5%. Overleverage and expensive leases contributed to Senior Care Centers’ bankruptcy filing in December 2018... Read More »
Ensign Expands in Idaho
The Ensign Group grew its Pacific Northwest portfolio with the purchase of a 119-bed skilled nursing facility in Rexburg, Idaho (near the Wyoming border). The facility provides speech, physical and occupational therapy, wound care and dialysis care in addition to traditional long-term care. Pennant Healthcare, Inc., Ensign’s portfolio company based in the Pacific Northwest, will take over operations. No purchase price was disclosed, but the deal included both the real estate and operations, continuing a strategy of Ensign to own more of the real estate in its portfolio. This is the company’s first Idaho deal this year, after it acquired three facilities and 244 total beds in the Gem... Read More »
Grandbridge Finances Philly-Area Development
A brand-new senior living community is being built in the Philadelphia, Pennsylvania market with funding facilitated by Grandbridge Seniors Housing and Healthcare Finance Group. Set to open in 2020, the project will feature 160 units of independent living, assisted living and memory care in the town of Limerick. It is being developed by Vantage Point Retirement Living, a growing operator in the Mid-Atlantic with 11 senior living and active adult communities already open in Maryland, Delaware and Pennsylvania. Two more are set to open next year in Delaware and Pennsylvania (including this one being financed), with three more in the works. The construction/mini-perm loan totaled $34 million... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
