New Active Adult Community Refinances Its Construction Debt
JLL Capital Markets arranged $47 million in financing for Amaranth at North Brunswick, an active adult community in North Brunswick, New Jersey, that was recently constructed. The community has 222 units, and experienced strong lease-up. It is a luxury community with amenities such as a demonstration kitchen, yoga room, dog park and dog day spa. To retire the property’s existing construction loan, Nuveen Real Estate provided the seven-year, fixed rate loan for the borrower, Kaplan Companies. JLL’s team was led by Michael Klein, Matthew Pizzolato and Michael Meisner. Read More »
Institutional Sellers Divest Three Tennessee Properties
Tennessee has been a popular acquisition destination in seniors housing in the last couple of months, with six deals featuring nine properties since mid-May. Brooks Blackmon of Blueprint Healthcare Real Estate Advisors took part in a couple of recent Tennessee transactions. He and Kyle Hallion teamed up on the sale of a 48-unit assisted living community in Chattanooga, working on behalf of a repeat institutional REIT seller. Originally built in 2000, the community had historically operated strongly and showed well. Blueprint conducted a targeted marketing campaign and received several competitive offers within 30 days of initial marketing. An undisclosed party acquired the property as part... Read More »
Brookdale’s Occupancy Continues to Lag Industry
Brookdale Senior Living reported its June occupancy levels this week, and while there were increases, those increases lag the increases for the overall industry, and absolute levels of occupancy also continue to lag behind the industry. Weighted average June occupancy was 76.8%, 20 basis points above May but 10 basis points below the occupancy rate last September. That is not progress, even acknowledging that the first half of the year is usually bad for census. Management observed that this was a 160-basis point increase over June 2022. While looking back a year is nice, let’s hope when they do it again in October that they are not showing a small 50-basis point increase year over year.... Read More »
60 Seconds with Monroe: SNF Industry Needs To Police Itself
As many of you would suspect, I am no fan of New York’s Attorney General, Letitia James. She politicizes too many things and definitely has a partisan agenda, and one which I do not favor. But after reading through the 300-page court filing against Centers Health Care and related companies, as well as its owners, well, I found myself agreeing with her. The cases involve the poor “care” of residents in a few New York nursing homes, as well as the alleged misuse of $83 million of Medicaid and Medicare funds for other purposes, including, allegedly, the purchase of a large stake in the Israeli airline, EL AL. Money is fungible, and one cannot distinguish between cash from private... Read More »
Blueprint Runs Receiver Sale of Chicagoland MC Community
Blueprint Healthcare Real Estate Advisors represented a court-appointed receiver in the sale of a Chicago-area memory care community. Located in Vernon Hills, the 70-unit community, called Springs of Vernon Hills, was only recently built in 2015. But after falling to 58% occupancy in 2021 following Illinois’ strict lockdowns, the community was placed into receivership. The Long Hill Company, a nationally focused turnaround management firm, was selected as the court-appointed receiver. Under its management, the community steadily rebuilt its occupancy, even returning to and surpassing historical occupancy levels. The community’s financial performance also demonstrated positive... Read More »
Scribner Capital Provides JV Equity for Two-Asset Acquisition
Scribner Capital closed its 13th seniors housing equity investment since forming in 2020, to go along with three debt investments in that time, with its involvement in the acquisition of two Nashville, Tennessee-area assisted living communities. The targets were Vitality Living Franklin in Franklin and Vitality Living Hendersonville in nearby Hendersonville, which were previously owned by an affiliate of the original developer. In total, the communities feature a combined 256 units of assisted living and memory care and had faced occupancy challenges during the pandemic. However, census steadily increased during due diligence. Winterpast Capital Partners and its affiliated operating... Read More »
Sunrise, Hines and Welltower Open Another Manhattan High-Rise
Sunrise Senior Living, Hines and Welltower announced the opening of The Apsley in Manhattan’s Upper West Side. The Apsley is the joint venture’s second luxury senior living community in New York City. The first luxury senior living community by the partners was Sunrise at East 56th on the Upper East Side. It opened in December 2021 with 151 assisted living and memory care units, which was just months after Omega Healthcare Investors and Maplewood Senior Living opened Inspīr Carnegie Hill on the Upper East Side. That community is a 23-story, 215-unit assisted living/memory care building with an open-air skypark on the 17th floor separating different levels of care. Construction costs were... Read More »
Not-For-Profit Divests Senior Care Facility
A not-for-profit group decided to divest its only skilled nursing facility, citing the difficulty in operating independent SNFs in today’s market. Beth Sholom Village opened in 1980 with 120 licensed skilled nursing beds in Virginia Beach, Virginia. A seniors housing component was added in 2004 that includes 56 assisted living and 18 memory care units, bringing a continuum of care to the campus. Over the years, the campus has also benefited from limited competition and a recent Medicaid rate increase in Virginia. At the time of marketing, it was 93% occupied but operated at just a 3% margin. Its board decided to sell Beth Sholom in order to build a new senior living community that allows... Read More »
CBRE Refinances West Coast Community
CBRE arranged the refinance of The Springs at Tanasbourne, a Class-A seniors housing community in Hillsboro, Oregon, on behalf of a joint venture between an institutional partner and The Springs Living. Aron Will, Matt Kuronen and Michael Cregan of CBRE National Senior Housing arranged the financing. The community was originally developed in 2009 by Springs and is situated within the affluent west-Portland submarket of Hillsboro. It features 148 independent living, 70 assisted living and 12 memory care units. CBRE originated a $57.5 million, five-year loan with five years of interest only through its Fannie Mae DUS lending platform. Read More »
VIUM Capital Announces Q2 Financing Activity
VIUM Capital closed 11 financings totaling over $350 million in the second quarter of 2023, including bridge, HUD and tax-exempt bond financings for 57 separate properties in 10 states. One of the bridge loans was arranged to finance a family partner buy-out of a 329-bed skilled nursing portfolio in Missouri. The loan totaled $13.25 million and should be ready to be submitted to HUD in six to nine months. Another bridge loan, totaling $20 million, funded the acquisition of an assisted living portfolio in Oregon and its subsequent conversion to memory care. There were 140 units across 10 small communities. One of the HUD highlights was a $17.874 million loan arranged for a... Read More »Schedule a demo
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