Juniper Communities Jumps on Pennsylvania Property
New Jersey-based Juniper Communities added another Pennsylvania senior living property to its portfolio with the acquisition of a 103-unit assisted living/memory care community in Chestnut Hill (Philadelphia MSA). With the deal, Juniper now owns or operates 12 properties in the Keystone State. The campus is centered around a stone mansion built in 1865 set alongside sprawling grounds and walking paths. There was an addition in 1986 that added common areas plus AL units, and another addition in 1998 that added memory care units, AL units and even more common areas. Carlyle Senior Living acquired the community in 2006 for $8 million, or $77,700 per unit. How times have changed. We’re unsure... Read More »
SunTrust Secures CCRC Financing
An established CCRC in Ridgeland, Mississippi is set to expand its memory care services with a loan provided by SunTrust Bank in hand. Opened in the mid-1980s, the community includes the full continuum of care from independent living and assisted living to rehabilitation therapy and skilled nursing services. However, the time had come to replace its 13-unit memory care building with a new 40-unit community. With the expansion, the CCRC will then be able to accept male residents in need of memory care, an option not previously possible due to size and design restrictions. Construction should start this summer and is set to open next summer. The property’s owner, Wakefield Capital, obtained... Read More »
The Forgotten Middle
There may be more than 14 million boomers that will not be able to afford seniors housing plus their health care needs. It is time to address the issue. We have been saying it for years. The largest unmet need in seniors housing is the bulging middle income cohort, which some researchers have defined as between the 40th and 80th percentile in terms of financial resources. In other words, the largest cohort. When they really start to need it in 10 years, more than 14 million seniors will not be able to afford the current assisted living or independent living models, plus the other health care needs they will have. Unfortunately, this has not been a secret. But it is one that has largely... Read More »
Alley Nails Two Central Texas Sales
Matthew Alley of Senior Living Investment Brokerage closed a couple of his transactions right in his wheelhouse in central Texas. That makes 107 seniors housing and long-term care assets sold in the Lone Star State for Mr. Alley. First, he sold a 174-bed skilled nursing facility in San Marcos (30 miles south of downtown Austin), working on behalf of the previous not-for-profit owner. The SNF market in Texas seems to have become more attractive to buyers, with the QIPP program entering its third year, two bills in the state legislature that if passed would increase the per-Medicaid resident pay out, PDPM going into effect later this year, and CMS’ proposed 2.5% national increase to the... Read More »
CCRC With Potential Sells in Northern Virginia
The team at IPA Seniors Housing highlighted a CCRC’s highly desirable location in the affluent Washington, D.C. suburb of Fairfax, Virginia, to sell the asset to an affiliate of Focus Healthcare Partners. Andrew Hilding, Mark Myers and Joshua Jandris represented the seller, Thompson Associates, in the sale, which did not disclose a price. The property, built in phases from 1980 to 1986, consisted of 306 total beds, including 96 skilled nursing beds and the rest coming with either independent living or assisted living services. Age apparently is holding the community back from competing well in the high-income market, so Focus plans to complete a substantial renovation of it. It has the... Read More »
CIT Helps Refinance Florida Assisted Living Portfolio
CIT Group, through its Healthcare Finance business, served as sole lead arranger for a $64 million loan used to refinance three assisted living communities in Florida owned by the borrower, Virtus Real Estate Capital. Totaling more than 350 AL and memory care units, the properties are located in Clermont, Stuart and Tavares, Florida. That comes out to over $180,000 per unit in financing. Not bad for these central Florida locations. Read More »
May’s M&A Deal Boom
Do buyer’s see a bottom? That is one explanation for the incredibly busy start to May, which has seen 21 acquisitions announced, so far, according to our M&A database DealSearchOnline. And that does not include deals that may bubble to the surface in the coming weeks. So, with seniors housing occupancy still relatively low and the labor supply and cost problem not diminishing, why are so many increasing their interests in the senior care market? Those problems may well be the answer, if buyers believe we are at an operational bottom for the industry. It seems a number of big companies are betting that’s the case, with a number of them announcing large acquisitions and initiatives that... Read More »
Another Valuation Metric for the 2018 Seniors Housing M&A Market
In a year when both the assisted living and independent living average cap rates rose, how did the sectors’ average Gross Income Multiples (GIM) change year over year? Well, they accordingly fell off their 2017 levels, mirroring their changes in cap rate, according to The Seniors Housing Acquisition & Investment Report. The average independent living GIM fell to its lowest point in five years at 5.0x, while the assisted living GIM dropped 70 basis points to 3.2x, also a five-year low. The difference between the sectors can be explained by the higher risk of owning assisted living communities. The IL market, on the other hand, has seen far less new construction and more stable occupancy... Read More »Recent Senior Care M&A Deals, Week Ending May 10, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice United Church Homes, Inc.Brookdale Miami TownshipN/A AMS Acquisitions LLCGillette Towers$13 million Kandu Capital, LLCWellington at Kokomo$5 million Methodist Retirement CommunitiesMirador$20.35... Read More »
Love Funding Funds Florida Development
A new assisted living community will open in New Smyrna Beach, Florida, thanks to a $16.3 million HUD loan secured by Ken Charbauski of Love Funding. Located at the site of the former Alba Court Inn Hotel, which was built in 1895 and demolished in 2010, the community will feature 88 assisted living and 21 memory care beds in 93 total units. Adjacent to the four-story building will also be a 4,000-square foot adult day care center being renovated from a shuttered church. Urbanus Development, based in San Juan, Puerto Rico, is the project’s developer, with Miami Beach-based MIA Senior Living coming in as the operator. The non-recourse loan featured a 40-year term following the construction... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
