Skilled Nursing Portfolios Sell in the Northeast
Halfway through 2018, Blueprint Healthcare Real Estate Advisors has so far announced 34 closings, making the prospect of breaking their 2017 record of 53 deals even closer. The firm closed June out with two more transactions featuring skilled nursing divestments in the Northeast. First, in New Jersey, Ben Firestone, Chris Hyldahl, Michael Segal and Gideon Orion sold four skilled nursing facilities totaling 654 beds for an undisclosed price. Located in high-barrier-to-entry markets near New York City and along the Jersey Shore, the facilities have undergone several extensive renovations, including adding new memory care units, ventilator units and outpatient therapy space. The buyer is an... Read More »
Walker & Dunlop Closes Five HUD Financings
Working on behalf of Saber Healthcare Group and Regency Senior Living, Kevin Giusti of Walker & Dunlop went through HUD to arrange five financings for five separate senior care properties located in three states. The transactions include a $14.5 million financing for a senior living community in Fort Oglethorpe, Georgia, $12 million for an assisted living/memory care community in Morristown, Tennessee, and three loans totaling $13.65 million for three properties in Ohio. One of the properties with existing short-term bank and agency debt was able to refinance into a single loan that also funds a planned 16-unit addition. Read More »
Brookdale And Welltower Reach Agreements
Brookdale Senior Living continues to shrink, which is actually good news, and Welltower investors will be glad to see new operators to spread the risk. That is the result of a series of transactions agreed to by the two companies in a major end-of-quarter announcement. Too bad they couldn’t have done this a year or two ago, but maybe it is the new management at Brookdale. In the first of the transactions, Brookdale will pay Welltower $58 million ($14,164 per unit) to cancel leases on 37 communities with 4,095 units in two different lease pools. The leases had current negative cash flow after lease payments, and the projections were for there to be continued losses on them. They were to... Read More »
Ryders Health Management Secures Financing For Connecticut Acquisition
Ryders Health Management acquired a 90-bed skilled nursing facility in eastern Connecticut, thanks to financing provided by both Contemporary Healthcare Capital and CoastalStates Bank of Hilton Head, South Carolina. Located in the town of Windham, the facility was previously owned by Affinity Healthcare but went into receivership following Affinity’s bankruptcy filing in 2016, its second in just six years. Now, the facility will complement Ryders’ six other SNFs located throughout Connecticut. To acquire the property and invest $1.55 million in capital improvements, Ryders obtained a $1.454 million mezzanine loan from Contemporary and a $4.725 million senior loan from CoastalStates... Read More »
Berkadia Gets Boost From Two New Hires
Hoping to build on a successful 2017 that saw more than $1.7 billion in loans closed, Berkadia strengthened both its mortgage banking and investment sales teams with two new hires. First, joining the mortgage banking group was Brittany Robinson. With a Bachelors of Business Administration from Miami University, Ms. Robinson comes from Welltower, where she was responsible for business development initiatives, managing relationships with the REIT’s top operating partners and evaluating more than $5 billion in seniors housing, post-acute care and medical office investment opportunities. She will be based in Cincinnati, Ohio, and will report to Heidi Brunet. Then, Marcus & Millichap’s... Read More »
Buyers Paid Up For Larger Seniors Housing Communities
According to the 23rd Edition of The Senior Care Acquisition Report, the average price paid per unit rose for all size groupings of seniors housing communities sold in 2017, which includes independent living and assisted living properties. Once again, the larger seniors housing communities commanded the higher prices (averaging $260,100 per unit), as these institutional properties can take advantage of scale to increase cash flow, and thus value. The smallest properties accounted for the smallest average price per unit, at $167,300, and are typically made up of smaller, “B” properties. However, this grouping also includes boutique memory care communities that, while small, charge more for... Read More »
Is Apollo Global Management Entering Our Space, Again?
After a disastrous outing 20 years ago, Apollo may see better opportunities this time around. The rumors are swirling that private equity giant Apollo Global Management is putting its toe back in our market after a long absence. The rumor is that Apollo is buying 22 senior living communities from HCP, Inc. that are operated by Brookdale Senior Living. HCP previously disclosed that it is under contract to sell the portfolio for $428 million, or about $154,000 per unit, but never disclosed the buyer. Either Apollo is getting a deal, or these are older properties not performing too well, based on the relatively low price point. The last time we recall Apollo making a major investment in the... Read More »
HUD, Fannie Mae and A Bank, Oh My!
Spreading the love this month, Lancaster Pollard worked with HUD, Fannie Mae and a bank to close its latest three transactions. Quintin Harris led the way on the HUD deal, closing an $11.7 million refinance to replace short-term, floating-rate commercial bank debt on a 95-unit senior living community in St. Michael, Minnesota. Moving forward, the community’s owners, Tealwood Senior Living and its partners, will be able to invest in the physical plant and better serve its residents. On the Fannie Mae financing, Casey Moore arranged a 12-year loan for an 89-bed memory care community in Olympia, Washington. Originally built in 1996, the community had an existing 10-year Fannie Mae loan that... Read More »
After Five Years of Ownership, Tryko Partners Refinances PA SNF
Five years after acquiring a 97-bed skilled nursing facility in Easton, Pennsylvania, Tryko Partners is turning to Housing & Healthcare Finance (HHC Finance) to refinance it through HUD. Originally built in 1960, the facility still had a lot of upside back when it was sold by Signature HealthCARE in 2013. It is located directly across the street from the 196-bed Easton Hospital and featured a good quality mix, with 22% Medicare, 11% private pay and the remainder Medicaid. Occupancy was 84% at the time, as well. However, it was an orphan property for the seller five years ago. The operating margin was just around 4% on $8.55 million of revenues at the time of the sale, but Tryko... Read More »
Greystone Deals in North Dallas
Mike Garbers and Cody Tremper of Greystone Real Estate Advisors represented a publicly traded REIT in its disposition of a 256-unit independent living community in North Dallas, Texas. The property is well located near several medical centers and boasted high occupancy as well. No purchase price was disclosed, but 12 Oaks Senior Living will take over the operations on behalf of the Dallas-based real estate company buyer. Read More »Schedule a demo
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