Meridian Capital Group’s Impressive Spring
It’s been a sizzling Spring so far for Meridian Capital Group, which has so far closed $121.5 million in financing since mid-March. The most recent financings were arranged by the trio of Ari Adlerstein, Ari Dobkin and Josh Simpson on behalf of eight skilled nursing facilities in Florida, New Jersey, Connecticut and Maryland. The largest featured both a $42.4 million acquisition financing and a line of credit for a 230-bed facility in Miami Beach. The trio arranged two other acquisition loans, including a $9.2 million loan for a 106-bed SNF in Baltimore, Maryland, and $10.2 million in financing for two facilities with 120 total licensed beds in Deland, Florida. Finally, Meridian arranged... Read More »
Affordable Housing Complex To Get A Make-Over
Cambridge Realty Capital left its comfort zone of financing skilled nursing facilities, arranging a $32.7 million HUD-insured loan that was funded by tax-exempt bonds, with owner’s equity facilitated by low-income housing tax credits. The combination refinanced a 211-unit affordable elderly housing complex in Baltimore, Maryland. The extra funds are to be used to modernize the 40-year old physical plant. We suspect there are many more of these types of buildings that need updating, in addition to more of these buildings in general to help low-income elderly as they age. Read More »
Senior Living and Veterans
Are we really doing enough for our veterans in senior living? I hope you all had a relaxing and enjoyable Memorial Day weekend. I was able to get away for a bit, but senior living is never far from my mind. With Memorial Day just two days ago, I thought it would be appropriate to mention who I ran into at the Argentum conference two weeks ago. Taking time out from retirement and sailing the world, Rick Grimes (former CEO of ALFA/Argentum and a veteran) was helping man the exhibit booth for Patriot Angels, an organization that helps veterans get the benefits they deserve. One benefit, which was new to me, is called the Aid and Attendance benefit through the Department of Veterans Affairs.... Read More »
Senior Living Investment Brokerage Expands Services
A transaction can’t get done without the financing, so the partners at Senior Living Investment Brokerage have formed Monarch Advisors LLC to help seniors housing and care owners and operators raise capital when needed. The sister company will be led by industry veteran Alec Blanc, who spent the past decade or so at Regions Bank. His 30+ years of experience and contacts will certainly go a long way to opening doors for SLIB’s clients. Based in St. Louis, Missouri, Monarch will work closely with the SLIB team when financing needs arise for their clients, but it will also seek other opportunities to raise both debt and equity for other providers. Blanc knows the SLIB team well... Read More »
ACTS Acted Again
Acts Retirement-Life Communities (ACTS) has added another LPC (CCRC) to its stable of communities, bringing the total to 23 LPCs in nine states serving approximately 9,700 residents. The latest community to join the largest not-for-profit owner, operator and developer of LPCs is The Evergreens, located in New Jersey. Founded in 1919 by the Episcopal Diocese of New Jersey, the community now has 200 independent living units, 66 assisted living beds and a 34-bed skilled nursing center on 32 acres. The “affiliation” agreement, which means that The Evergreens has become a member of ACTS, was effective last February 5. The Evergreens’ board hired Ziegler in September 2016 to... Read More »
Five SNFs in The Tar Heel State Swap Owners
Hired to either find a buyer or a new tenant for a portfolio of five skilled nursing facilities with 638 beds in North Carolina, Chris Hyldahl and Gideon Orion of Blueprint Healthcare Real Estate Advisors did both, sort of. The transaction closed within 48 days of the offer acceptance with an operator/owner that already had a presence in North Carolina. The final structure was a new lease with an option to buy, and the tenant plans on exercising that option as soon as possible. Read More »
40-Year Old SNFs: Obsolete or an Opportunity?
The aging of the skilled nursing industry is becoming a growing concern for investors in that space. Facilities built 40 years ago and over comprise a significant portion of the skilled nursing beds in the country, and many believe they are outdated and would require too much capex to modernize and attract the Medicare and private pay populations. Nevertheless, plenty of buyers still see opportunity. But what do they see that others don’t? That is the question we tried to answer in our webinar entitled, “The 40-Year Old SNF: Part II,” a sequel to our 2016 discussion. Our Editor, Steve Monroe, was the moderator, joined by Alan Plush of HealthTrust, Chad Buchanan of Tryko Partners and Andrew... Read More »
MBK Buys West Coast Senior Living Portfolio
Mitsui & Co.’s U.S.-based wholly owned subsidiary, MBK Real Estate, added nine senior living communities to its portfolio, at a price of $382 million, or about $318,000 per unit. Located in California, Washington and Arizona and totaling around 1,200 units, the communities were previously operated by West Living LLC. MBK plans to renovate them and take advantage of their proximity to its other owned/managed properties to maintain operations. The properties are projected to bring in approximately $21 million of NOI in the first year, for a 6.6% cap rate before any impact of the renovations. Read More »
Clearwater Living Makes First Purchase
A Southern California independent living community that recently changed hands is in for a smooth transition, as its in-place operator stepped in as its buyer. Located in Oxnard (about 75 miles up the coast from Los Angeles), the 136-unit community was originally developed in 2017 by The Wolff Company and operated by Clearwater Living, a regional operator of nine other communities in the West. As part of the development agreement, Clearwater was expected to take over ownership of the property, which will be the first that it owns outright. The community just opened earlier in 2018 and is currently filling up, but its location should help that fill some units, as it is adjacent to a... Read More »
Bank Leumi Finances In Florida
Bank Leumi provided a couple of Florida financings for owners of assisted living communities. First was a five-year $9.3 million acquisition loan provided to a South Florida-based owner/operator, Priority Life Care, to purchase two senior living properties in western Broward County. The Margate community features 111 licensed beds along with memory care services, while the Davie community is smaller, with just 20 beds. They join Priority’s existing portfolio of seven properties in Florida and 11 properties in seven other states. Bank Leumi also provided a $4.8 million, three-year term loan to refinance a 75-bed assisted living community in Orlando, Florida. The borrower, a Florida-based... Read More »Schedule a demo
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