Publicly Traded REIT Divests to Cougar Capital Management
Berkadia announced the financing and sale of a senior living community in South Setauket, New York. Mike Garbers, Cody Tremper, Ross Sanders and Dave Fasano closed the sale transaction on behalf of a publicly traded REIT. Berkadia provided both investment sales and mortgage banking services for the 196-unit independent living and assisted living community. The community will be rebranded as The Village at South Setauket and undergo extensive capital expenditure projects. Willow Ridge Senior Living will operate the community on a go-forward basis. Steve Muth and Austin Sacco secured $15.6 million in acquisition and capex financing through Old Second Bank on behalf of the buyer,... Read More »
Ohio-Based Operator Purchases Ohio SNF
Senwell Senior Investment Advisors handled the divestment of 112-bed skilled nursing facility Memorial Gables, which is in Union County, Ohio, and was built in 2001. The facility was owned by Union County and operated as part of the Memorial Health system. The buyer was a highly regarded Ohio-based operator with a strong reputation for excellence in senior care. Ben Bohland handled this transaction. Senwell engaged more than 400 organizations nationally, with 68 signing non-disclosure agreements and ultimately 11 submitting formal offers. The selected buyer, with more than 25 years of experience in Ohio’s senior care industry, operates numerous facilities across the state and is... Read More »
Priority Life Care Is The Place To Be
Priority Life Care (PLC), based in Fort Wayne, Indiana, was just recognized as one of Fortune’s Best Workplaces in Aging Services for 2024. This comes after recognition as a Great Place to Work certification for the May 2023 to May 2024 cycle, the second year in a row it has received this certification. More than 90% of employees participated in the third-party survey with 80% affirming it as a Great Place to Work. The recognition by Fortune is just one more acknowledgement as to the management style and focus on its employees. PLC is one of the largest senior living providers in the country which has a woman at the helm. CEO and Founder Sevy Petras has made it her mission to listen to... Read More »
60 Seconds with Swett: 2024 Already Surpasses 500 Deals
The optimism in the seniors housing and care industry was palpable at the NIC Fall Conference in Washington, D.C. last week, partially because of interest rates falling for the first time since the onset of the pandemic, but also partially because of the record-setting M&A streak we have been on for most of the year, so far. We are three quarters into 2024, and we have already virtually reached 2023’s annual deal total of 511 deals, at 508 deals according to LevinPro LTC. If you include the deals made public on October 1, we have surpassed that total, with an entire quarter to go. And if the anecdotal stories of BOVs, new listings and closing pipelines are true, we are going to shatter... Read More »
Brookdale Senior Living Continues to Clean Up
Brookdale Senior Living made a series of announcements as the third quarter ended, most of which appear to be setting the stage for better times ahead and an improved capital structure. But, and there is always a but, there is still more work to be done and one large lease to be decided on. The company continues to pare down its leased portfolio, which in some cases represented a tightening noose around its neck. In the first transaction, Brookdale agreed to acquire 11 senior living communities with 1,228 units for $300 million, or about $244,300 per unit, a relatively high price point for Brookdale. It had been leasing them from a Welltower joint venture for annual cash rent of $22... Read More »
Sonida Closes Eight-Property Portfolio Deal
On the last day of the third quarter, Newmark’s team, which included Ryan Maconachy, Chad Lavender, Mills Poynor, Ben McElroy and Sarah Anderson, closed a couple of seniors housing deals featuring Class-A assets. First was a deal that we heard about in August, which was Sonida Senior Living’s purchase of eight seniors housing communities in the Southeast previously owned by Principal Senior Living Group. These eight assisted living/memory care communities, operated under Principal’s Benton House brand, total 555 units, split between 383 assisted living and 172 memory care units, and average five years old, as opposed to the 19-years-old average for properties in the surrounding... Read More »
SLIB Closes Transaction Trio
Senior Living Investment Brokerage reported a slew of closings in the last days of the third quarter. Starting in Arizona, the firm sold an assisted living/memory care community in Scottsdale, for an undisclosed price. Built in 1999 and renovated in 2017, the community has 96 units and was previously owned by a REIT looking to reinvest capital into its portfolio and into new acquisition opportunities. Meanwhile, the buyer is entering the Arizona market with the purchase, already with experience operating in Colorado. Vince Viverito and Brad Clousing handled the transaction. Next, Clousing and Daniel Geraghty worked on behalf of another REIT to sell an 118-bed skilled nursing facility... Read More »
Presbyterian Retirement Communities Obtains Bond Financing
Ziegler closed a bond financing on behalf of Presbyterian Retirement Communities, Inc., (PRC) whose obligated group is the largest group of not-for-profit CCRCs in Florida, and the 11th largest in the nation with a total of 3,863 units. (PRC) $82,270,000 Series 2024 Bonds. PRC affiliated with Florida Presbyterian Homes (FPH) in Lakeland, Florida, and the Series 2024 bonds provided for the admission of FPH in the obligated group with the refunding of its outstanding debt. Proceeds of the $82.27 million of bonds will be used to refinance the outstanding PRC Series 2014 bonds and FPH Series 2010A bonds and FPH Series 2015 bonds. In addition, the bonds will help reimburse for $50 million of... Read More »
Vincent Companies Acquires in Minnesota
Senior Living Investment Brokerage facilitated the sale of a seniors housing community in Maplewood, Minnesota. Built in 2018, Elk Ridge comprises 50 memory care units and 66 beds across 34,491 square feet on 3.16 acres. The community will be rebranded as Boden Senior Living. The seller was a national developer looking to exit the state, with this being its only remaining seniors asset in Minnesota. The buyer was an in-state owner/operator looking to grow its footprint in Minnesota. The buyer, Vincent Companies, acquired Elk Ridge for $9.45 million, or $189,000 per unit. Lifespark will operate the community going forward. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson... Read More »
Strawberry Fields REIT Buys Tennessee Campus
Another family-owned skilled nursing business has exited the industry, with Evans Senior Investments handling the sale of Mabry Health Care in Gainesboro, Tennessee. Family-owned since its founding in 1979, the facility is located just 20 miles outside of Nashville. It originally focused on skilled nursing care, but the facility expanded its services in 2005 to include assisted living. Today, the facility comprises 108 total beds/units, including 80 skilled nursing beds and 28 assisted living beds across 16 units However, despite its longstanding presence in the community, Mabry Health was struggling with considerable challenges at the time it hit the market, with 71% occupancy and a... Read More »Schedule a demo
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