Recent Senior Care M&A Deals, Week Ending July 26, 2019
Check out our recent senior care M&A deals. Long-Term Care AcquirerTargetPrice Baptist Homes of IndianaThe Barrington of Carmel$61 million National Health Investors, Inc.Legacy Commons of Pueblo West$7.5 million New Jersey-based owner/operator3 skilled nursing facilitiesN/A Local doctorThe Mount Vernon House$2.8... Read More »
Ventas Reports Second Quarter Results
Ventas (VTR) was the first one out of the block to report second quarter earnings, and while the results were about as expected, on the seniors housing and care side the turnaround has still not arrived. In fact, the second quarter was disappointing but not unexpected, given all the quiet industry talk about census, margins and staffing costs. One caveat is that just four companies make up two-thirds of VTR’s seniors housing and care portfolio, and one can question whether they are representative of the industry. But since two of the four are Atria Senior Living and Sunrise Senior Living, we are not talking about the dregs of the sector. For the seniors housing operating portfolio (SHOP),... Read More »
Newmark Knight Frank Closes Refi
The Newmark Knight Frank (NKF) Seniors Housing team, led by David Fasano & Sarah Anderson, recently closed on a refinance for a 145-unit IL/AL/MC community located in Brown Deer, Wisconsin. A large private equity firm with significant experience in the senior living business, along with their operating partner, New Perspective Senior Living, secured financing from a large regional lender. The relationship marked the first transaction between NPSL and the lender, and this was one of the first debt transactions that the NKF team has completed start to finish since joining NKF. Read More »
NHI Grows Its Colorado Portfolio
National Health Investors has added another property to its growing portfolio. Paying $7.6 million, or $149,000 per unit (including $100,000 of closing costs), the REIT acquired a 51-unit assisted living community in Pueblo, Colorado. Built in 1997 with an addition in 2008, the community was 96% occupied at the time of the sale. Cappella Living Solutions, which is owned by the not-for-profit Christian Living Communities and operates a portfolio of 26 communities, will take over the lease, under a 15-year term and an annual lease rate of 7.25%. The agreement included a CPI-based escalator with a floor of 2% beginning August 2020. NHI funded the deal with proceeds from its revolving credit... Read More »
IPA Seniors Housing Handles Pittsburgh Portfolio Sale
We wrote of Chicago Pacific Founders’ acquisition of a Pittsburgh, Pennsylvania-area portfolio of independent living communities last week but have now learned that IPA Seniors Housing handled the transaction. The team of Joshua Jandris and Mark Myers, plus Marcus & Millichap’s broker of record in Pennsylvania, Sean Beuche, represented the seller, a partnership between Graziano Construction and Sweetbay Senior Living. Two of the communities were recently built, one in 2017 and the other opening earlier this year. The third property was developed in 2009 and is the only one that is fully stabilized. Totaling 384 units, the portfolio sold for $75 million, or $195,300 per unit. Jordyn... Read More »
Hunt Real Estate Capital Refinances Recently-Expanded Property
After a recent expansion, a small assisted living community in Tremonton, Utah, is refinancing through Fannie Mae with the help of Brady Johnson, Andy Kitts and Heath Coryell of Hunt Real Estate Capital. Originally built in 1995, the 28-unit community was Utah-based SAL Management’s first acquisition, back in 2006. The company’s portfolio has now expanded beyond Utah to Arizona and Colorado, as well. At the Tremonton location, they recently opened 12 new units after completing an extensive renovation and expansion, which included updates to all areas of the building. With the project done, and the community stabilized, SAL obtained a $3.74 million refinance. Read More »
Lancaster Pollard Arranges Fannie Mae Financing
Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital, worked on behalf of a long-time client of theirs to refinance two senior living properties in Michigan. The borrower, The Brook Retirement Communities, obtained a $16 million loan through Fannie Mae’s Seniors Housing program, which provided a 12-year term, a low fixed interest rate and cash-out proceeds. Both of the communities being refinanced feature 62 units of independent living and assisted living. Brad Competty, Brendan Healy and Doug Harper led the transactions for Lancaster Pollard. Read More »
Soaring With Seniors
Think about the thrill for your residents, flying in the cockpit of a two-seat biplane, soaring above the land, and free of charge. Imagine you are 90 years old and living in a senior living community, and maybe a war veteran. Life may not be as exciting as it was, especially if you are not very mobile. But also imagine if, free of charge, you could spend 15 to 20 minutes flying around in a 1940’s-vintage biplane. That is the mission of Ageless Aviation Dreams, founded in 2011 by Darryl and Carol Fisher (Mission Senior Living). So far, they have completed 3,940 “missions” in 45 states for these deserving residents of your senior living communities, at no cost to you, other than getting... Read More »
Dubai-Based Private Equity Invests in U.S. Seniors Housing
A Dubai-based private equity firm jumped into the senior living market in a big way, acquiring a group of six properties for a total purchase price over $180 million. GFH Capital, a subsidiary of GFH Financial Group, will own 91% of the portfolio, while a Washington, D.C.-based real estate investment firm, Madison Marquette, is acquiring another 6%. Two of the three operating partners GFH has selected to manage the communities, JEA Senior Living, Senior Resource Group and Independence Village, have also each co-invested in their respective properties. The acquired portfolio is geographically spread out in California, Washington and Michigan, and is currently 93% occupied, on average,... Read More »
New Jersey Buyer Acquires North Carolina SNF Portfolio
Mark Davis of Healthcare Transactions Group negotiated the sale of a skilled nursing portfolio in North Carolina. Two of the three facilities are located in the Raleigh-Durham market, in the towns of Henderson and Durham, while the third is located in the northeast part of the state near the Virginia border. They totaled 297 licensed beds. Representing the seller, Mr. Davis conducted a competitive and confidential offering process, ultimately selecting a New Jersey-based skilled nursing owner/operator with a presence in North Carolina and the rest of the Southeast. The final offer exceeded the asking price, making for a happy client we are sure. Read More »Schedule a demo
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