Capital One Finances Caddis Construction Project
A large senior living community being developed by Caddis in partnership with operator Solvere Senior Living is going up in Venice, Florida thanks in part to a construction loan provided by Capital One. Totaling $35.7 million, the loan will finance the 181-unit project, which will feature independent living, assisted living and memory care services upon completion in Summer 2020. Although managed by Solvere, the three-story community will operate under Caddis’ “Heartis” brand. It boasts water views, and will feature large common areas, a beauty/barber shop and game rooms, among other amenities. Read More »
Cushman & Wakefield’s Strong Start to February
Cushman & Wakefield’s Seniors Housing Capital Markets team has been closing a lot of business in the shortest month of the year, negotiating the sale of a couple of portfolio transactions on opposite sides of the country. First, out West, the team of Rick Swartz and Jay Wagner advised Focus Healthcare Partners in their sale of two seniors housing communities in Portland, Oregon. Including a 127-unit independent living community built in 2006 and a 58-unit assisted living/memory care community built in 2007, these communities both recently received significant capital improvements. The AL community interestingly was the last acquisition of Sunwest Management before the company went into... Read More »
Blueprint Keeps the Closings Coming
Fresh off them taking the top spot in our broker rankings for number of deals closed in 2018 (with 85), Blueprint Healthcare Real Estate Advisors announced a slew of transactions at the start of February, including two large portfolio sales. First, Ben Firestone and Michael Segal handled the sale of two skilled nursing facilities in northeast Wisconsin as part of a larger portfolio restructuring by the publicly traded REIT seller. Totaling 250 beds, the facilities were the only ones managed by the national operator in the state of Wisconsin, which prompted the sale. One location in downtown Green Bay is the largest licensed SNF in its market with 136 beds, while the other 114-bed facility... Read More »
Dwight Capital Dials in On Bridge Lending
Dwight Capital closed over $80 million in healthcare transactions in the last couple of months. The closings included four bridge loans arranged for skilled nursing facilities across the country. A large 240-bed SNF in Memphis, Tennessee obtained the largest one totaling $22.7 million, while a 109-bed facility in Atlanta, Georgia and an 82-bed SNF in Salina, Kansas received $5.3 million and $3.7 million loans, respectively. Dwight wrapped up its bridge activity with a $13.2 million arranged on behalf of two skilled nursing facilities with 256 combined beds in Ohio. Dwight Capital spread its wings and secured several other types of loans in the same span. The team refinanced a 90-bed... Read More »
Evans Senior Investments Closes in Connecticut
Evans Senior Investments traveled to Danbury, Connecticut to sell an assisted living community with a lot of room for improvement, operationally. Built in 2000, the 48-unit community was independently owned and operated but ran with unusually high expenses. Cash flow was still positive, but the operating margin fell just below 12%. Occupancy averaged 85% over the last 12 months, with a 100% private pay census. The new Maryland-based owner/operator expects to immediately improve profitability and paid $9.75 million, or $203,000 per unit, for the property. Read More »Recent Senior Care M&A Deals, Week Ending February 8, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Next Healthcare Capital15 skilled nursing facilities$204 million National Health Investors, Inc.Isles of Vero Beach$38 million Regional owner/operatorRegent Care Center of Reno$13.6 million CareTrust REIT, Inc.Oakview$8.96... Read More »
CareTrust REIT Adds to Its Illinois Portfolio
Seeking to expand a partnership that is clearly working, CareTrust REIT tacked on an extra senior care campus to its existing seven-property master lease with WLC Firm, LLC. Located in the southern Illinois town of Mt. Carmel (and right in WLC’s geographic wheelhouse), the facility features 90 licensed skilled nursing beds and 38 supportive living beds. WLC will replace the outgoing operator, which is leaving behind a sold four-star rated facility. The initial annual cash rent for the property is expected to be about $853,000, and the lease comes with a 15-year term, plus two five-year extension options. CareTrust used cash on hand to pay to purchase price, which came out to about $9.0... Read More »
NHI Adds Another Holiday Retirement Community to Master Lease
In the middle of restructuring and extending its master lease with Holiday Retirement, National Health Investors also was able to acquire a senior living community in Vero Beach, Florida. Consisting of 157 independent living and 75 assisted living units, the community was leased back to Holiday for approximately $2.6 million in rent annually. It falls under the new lease terms, which come with annual lease escalators beginning November 1, 2020 and varying between 2% and 3% depending on the annual revenue growth of the 26-property Holiday portfolio. As part of the acquisition and lease restructuring, Holiday also paid NHI $17.1 million in cash and relinquished a $10.6 million cash security... Read More »
Joint Venture Acquires Former Emeritus Community Outside of St. Louis
Veritas Senior Living and Curis Capital joined forces to acquire a 107-unit senior living community in Herculaneum, Missouri (St. Louis MSA). Previously an Emeritus-owned community (before Emeritus sold it to Platinum Healthcare in 2009 and before the Emeritus-Brookdale blow-up), the 30-year old property currently features 81 assisted living and 26 independent living units. The purchase price was not disclosed, but the property last sold for $3 million in 2009. We expect its value has risen since then. The buyers plan on adding an in-house therapy space in partnership with HealthPro. Read More »
HTG Sells Two Baltimore Brinton Woods SNFs
Healthcare Transactions Group continued its prolificacy in the Maryland M&A market with the sale of two more Brinton Woods skilled nursing facilities in Baltimore. Previously owned and operated by Brinton Woods Management Company since 2007 and 2008, the facilities are located across the city from each other. The East Baltimore SNF features a four-star rating and 225 beds, including a 16-bed ventilator unit. It draws most of its patients from MedStar Health and the Johns Hopkins Health System. In West Baltimore, the 82-bed SNF boasts a five-star rating and gets the majority of its patients from Lifebridge Health and the University of Maryland Health System. A New York-based... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
