Cushman & Wakefield Coming Through with CCRC Sale
The Tampa team of Cushman & Wakefield including Allen McMurtry, Paul Carr and David Kliewer represented the seller of a 228-unit CCRC that filed for bankruptcy protection earlier this year. Developed in 2011 with three interconnected buildings that feature 125 independent living, 44 assisted living, 18 memory care and 41 skilled nursing units, the property was previously owned by the not-for-profit Senior Quality Lifestyles Corporation. It was 82% occupied at the time of the sale, and despite the February 8th bankruptcy filing stayed the course, operationally. The Woodlands, Texas-based not-for-profit Methodist Retirement Communities stepped in as the buyer, paying $20.35 million, or... Read More »
Your Census, and Sales and Marketing Staff
Continuing Steve’s Fireside Chat series, he asks are operators really managing their sales and marketing staff to get the most from them? A more hands-on approach from their Executive Directors and corporate management may help. Read More »
CBRE Refinances DiNapoli Portfolio
DiNapoli Capital Partners has refinanced five of its California senior living properties, thanks to a structured ARM loan originated by Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg of CBRE. All acquired individually over the last four years, these communities total 560 units and vary in their ages, ranging from the 1980s to 2008, but have been fully repositioned to compete with the newer builds in each of their respective markets. Integral Senior Living operates three of the communities, with two in southern California and one in northern California, and Westmont Senior Living manages the two communities in Roseville in the Sacramento area. DiNapoli spent well over $115... Read More »
Active Adult Communities – The Future?
Active adult communities are taking on a new role in the senior living continuum, and new ones are sprouting up. Find out who is buying and selling, at what cap rates, who is developing and why, and how these communities may evolve. You have all been hearing the chatter about active adult communities, something that has been around for several decades but is taking on new meaning, and significance. Next week, we will be hosting a webinar on this topic, where you can find out who is buying, selling, and at what cap rates, the risk of building today and what demographic they are really focused on and why. Will these newly developed active adult communities, with few amenities, be the... Read More »
The Ensign Group to Split Up
Talk about a surprise move. The Ensign Group announced that it will be spinning out its home health and hospice business and substantially all of its senior living operations, plus its mobile diagnostic and clinical lab operations, into a separate publicly traded company called The Pennant Group. Ensign will become a stand-alone skilled nursing company but will also continue to own the real estate of 28 of the senior living communities and lease them to Pennant. The remaining 23 senior living properties are leased from third parties. While it makes sense for Ensign to want to focus just on skilled nursing because the business is getting increasingly complex, we are not sure why they want... Read More »
Meridian Moves into Central California Communities
Griffin-American Healthcare REIT IV found a new operator in Meridian Senior Living for three of its northern California communities. Acquired as part of a five-property portfolio acquisition in June 2017 from Nazareth Healthcare, these communities were then leased to Colonial Oaks under a 15-year absolute net lease with annual rent escalators of 6.5% after the first year and 2.5% thereafter. They were 100% occupied at the time and featured a mix of assisted living and memory care services in Menlo Park (45 MC beds), Sacramento (160 AL and MC beds) and Fairfield (102 MC beds). Originally, there was a second tranche of facilities supposed to be acquired in the 2017 deal, but Griffin-American... Read More »Recent Senior Care M&A Deals, Week Ending May 3, 2019
Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice CareTrust REIT, Inc.Lakewest Rehabilitation & Skilled Care$9.06 million The Ensign Group, Inc.2 AZ senior care campusesN/A National Health Investors, Inc.Hampton Manor of Shelby$10.8 million HCP, Inc.3 seniors housing communities$113... Read More »
HCP Is Making Moves
HCP, Inc. caused a stir this month with a couple of large acquisitions totaling $558 million. The industry hasn’t seen that kind of large-scale activity in some time, as many of the REITs seemed to be biding their time, at least for big acquisitions. Occupancy woes, overdevelopment and higher labor costs seemed to be some of the causes for that added caution. HCP themselves were some of the biggest sellers recently, having sold $1.5 billion in seniors housing assets over the past five quarters. But now, HCP is jumping back into the seniors housing M&A pool with a couple of acquisitions of new, high-quality assets. The properties’ ages should help assuage some of those occupancy... Read More »
CareTrust REIT Doubles Down in Texas
CareTrust REIT just keeps on growing, adding its 212th net-leased property to its portfolio. The target, a 118-bed skilled nursing facility in Dallas, Texas, sold for approximately $10.0 million, or about $84,750 per bed, inclusive of transaction costs. The land it sits on is subject to a long-term ground lease in favor of the Dallas Housing Authority. CareTrust funded the deal with cash on hand, and leased the facility to Next Gen P, LLC under a master lease with an initial lease term of 15 years, two five-year renewal options and CPI-based rent escalators. The deal follows CareTrust’s larger acquisition of 12 former Senior Care Centers skilled nursing facilities in Texas and Louisiana... Read More »
Oxford Finance Funds Sterling Senior Care Acquisition
Maryland-based operator of senior care facilities across the Mid-Atlantic, Sterling Senior Care, acquired another Maryland skilled nursing facility, following its 2018 acquisition of a 129-bed Boonsboro facility for $15.55 million. The most recent transaction featured a 129-bed facility in Belkamp, located in northeast Maryland. To fund the deal, Sterling turned to Oxford Finance, which closed a term loan and a revolving line of credit for the company. With that financial flexibility going forward, we expect to hear of more acquisitions from Sterling Senior Care. Read More »Schedule a demo
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