Long-Time Lessee Acquires SNF Portfolio
To say that the buyer of a portfolio of nine skilled nursing facilities located across the eastern United States was familiar with the properties may be an understatement. That is because the Tennessee-based operator has leased the buildings since 2004 and finally jumped on the opportunity to purchase the real estate. Located in Florida, Maryland, Michigan, Tennessee and Virginia, the portfolio totals 1,167 operating beds with an average occupancy of 85.8%. To fund the acquisition, the buyer turned to Berkadia, which served as lead lender for a $52.2 million bridge-to-HUD loan for seven of the properties. The other two properties received a $24.6 million mini-perm loan through a bank... Read More »
Cushman & Wakefield’s Latest Recap
The Tampa-based Cushman & Wakefield Senior Housing team of David Kliewer, Paul Carr and Allen McMurtry followed up on their sale of a 78-bed memory care community in Florida for $19.5 million (as reported in The SeniorCare Investor earlier this month) with the recapitalization of a 114-unit senior living community also located in the southeast. Opened in 2017, the property features 28 independent living, 68 assisted living and 18 memory care units. Current occupancy is around 65%, but no other details were disclosed. Read More »
Recent Senior Care M&A Deals, Week Ending September 20, 2019
Check out our recent senior care M&A deals. Long-Term Care AcquirerTargetPrice Covenant Living Communities and ServicesInverness Village$41 million Schonberg CareSt. Margaret’s at Belleville Assisted LivingN/A Cedar CommunitiesBrookside of Commerce & Brookside of Stone Mountain$9.75 million Opal Senior LivingBristol Terrace Assisted Living$4.05... Read More »
MedCore Wraps Up Southwest Portfolio Acquisition
MedCore Partners finalized its five-property portfolio acquisition of assisted living/memory care assets in the Southwest, originally announced in February. Back then, MedCore together with its joint venture partner Trinity Private Equity Group (TNRG) acquired four newly built communities in Arizona (3) and Utah with 409 total units for approximately $98 million, or $239,600 per unit. Watermark Retirement Communities took over management of each of the properties, which were still in lease-up. SunTrust Bank provided the senior loan for the acquisition. Now, MedCore, Trinity and TNRG Development closed on the fifth property in the portfolio, a just-opened senior living community with 22... Read More »
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 »Schedule a demo
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