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 »
Contemporary Nails Nashville Acquisition Financing
Contemporary Healthcare Capital helped affiliates of Opal Senior Living to acquire a 115-bed assisted living/memory care community in Nashville, Tennessee. Opal received a $500,000 mezzanine loan from Contemporary and an accompanying senior loan from CoastalStates Bank. In addition to funding the acquisition, the combined financing also provided for about $300,000 in additional property renovations and upgrades. Previously a skilled nursing facility until it was substantially renovated and converted to assisted living, the community features 60 AL beds and 55 MC beds, and it is one of only two senior living properties in the Nashville metro area to accept Medicaid waiver... Read More »
Blueprint’s Deal Bonanza
Was it just us, or did it seem like every time we left a meeting at the NIC Conference in Chicago last week, there was another Blueprint Healthcare Real Estate Advisors announcement in our inbox? We exaggerate…a little. The firm announced four deals during the conference, starting with one that we had learned about last month that saw Regional Health Properties sell four skilled nursing facilities in Alabama, Georgia and Oklahoma to affiliates of MED Healthcare Partners for $28.5 million. The existing operators were retained at all locations. Brooks Blackmon, Trent Gherardini and Ben Firestone led the way on the deal. Then, in Inman, South Carolina, Blueprint sold two skilled nursing... Read More »
Pardoll Closes Another Personal Care Sale in Atlanta Area
Marcus & Millichap’s Mike Pardoll sold yet another small personal care community in Georgia to Affinity Living Group, following his sales last month of a 23-unit property in Bainbridge (for $1.2 million, or $52,200 per unit) and a 36-unit community in Vidalia (for $1.3 million, or $36,100 per unit). Representing a private investor, he has most recently sold a 30-unit personal care community in the town of Dunwoody (north of Atlanta). Built in 1990, the property (which was operated by Sunrise Senior Living until 2010) was struggling with occupancy at 67% and had negative cash flow at the time of the sale on under $600,000 of revenues. Rents averaged about $2,800 per month, which was low... Read More »
Evans Senior Investments Closes Two Sales
Evans Senior Investments announced a couple of transactions last week. First, the firm represented a regional owner/operator in the sale of two senior living/skilled nursing properties in Michigan. Each community had positive cash flow at the time of sale, but with the potential for some improvement under new ownership. It should help that 100% of the senior living census at both properties was 100% private pay, and the skilled nursing featured a high mix of Medicare residents. Then, Evans headed to Anderson, South Carolina to sell a struggling skilled nursing facility on behalf of its single-asset independent owner/operator. Built in 1965, with additions in 1974 and 1980, the 181-bed... Read More »Recent Senior Care Deals, Week Ending September 13, 2019
Check out our recent senior care M&A transactions. Long-Term Care AcquirerTargetPrice Local owner/operator2 PA seniors housing communities$7.45 million NY-based owner operator2 skilled nursing facilities in Inman, SCN/A Not disclosedTimberridge Rehabilitation & Nursing CenterN/A BHI Senior LivingThe Barrington of Carmel$61... Read More »
Access Industries Acquires JEA Senior Living
Access Industries, a private industrial group also with a focus on institutional real estate announced its acquisition of a long-time owner/operator in the senior living space, JEA Senior Living. While the companies have combined, their relationship began earlier this year when Access purchased 10 of JEA’s senior living communities in Washington, Oregon, Texas, Tennessee and Indiana. JEA’s current portfolio numbers some 50 properties across the U.S., with a focus on memory care. Other properties are still in various stages of development. The Access/JEA combination should prime JEA for further expansion (primarily through acquisitions but some developments, as well) and allow the operator... Read More »
Northwind Group and KeyBank Finance Peace Capital Acquisition
Peace Capital and its affiliated operator Complete Care Management acquired a senior care portfolio number some 930 beds in Ocean County, New Jersey, for approximately $169 million, or about $181,700 per bed. The financing for the deal came from a couple different sources. As part of its effort to deploy up to $1 billion into senior living and healthcare properties, New York City-based private equity firm Northwind Group provided a $26 million mezzanine loan for the acquisition. Meanwhile, KeyBank Real Estate Capital underwrote and closed the $131 million in senior financing and expects to lead the refinance of the portfolio with HUD debt. Jonathan Slusher and Ran Eliasaf led the mezzanine... Read More »Schedule a demo
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