National Operator Acquires in Arizona
A court-appointed receiver engaged Senior Living Investment Brokerage to sell Heritage Village, a 128-unit assisted living/memory care community in Mesa, Arizona. Prior to the sale, the property had operational and public relations challenges due to several previous events associated with the former operator. It will be getting a fresh start under the ownership of a national operator with a regional presence in Arizona. Built from 2009 to 2013, the community features a total of 192 beds and sits on 4.5 acres. It was 57% occupied, and lost approximately $900,000 on $6.0 million of revenues. Brad Goodsell and Ryan Saul handled the sale process, which saw multiple offers. The community... Read More »
Convivial Jacaranda Trace Secures Financing
The Florida Local Government Finance Commission is selling $231.1 million of senior living revenue bonds for the Convivial Jacaranda Project in Venice, Florida. The commission will be issuing $227.6 million in Series 2025A tax-exempt fixed rate bonds, and $3.5 million in Series 2025B taxable fixed rate bonds. The issuer will loan the proceeds of the sale of the bonds to Convivial Jacaranda Trace to finance and refinance the original debt related to the purchase of an existing senior living community, and all or a portion of costs relating to the acquisition, construction and equipping of additional independent living units and assisted living units. Interest for the Series 2025A bonds will... Read More »
Pacifica Senior Living Goes Bust
In what can only be said is a surprising move, Pacifica Senior Living filed for bankruptcy, but not the usual Chapter 11 bankruptcy protection that would allow them to restructure their assets and debts and continue to operate. No, this is a Chapter 7 bankruptcy filing, meaning the company will dissolve, liquidate what remains, and will be gonzo. And this after more than 45 years in business. The California-based privately-owned company had grown to just under 100 communities, making it one of the larger seniors housing companies in the country. In its largest transaction, it purchased 15 properties from Retirement Housing Foundation for $180.5 million in 2024. We have heard they suffered... Read More »
Goodman Group Acquires Minnesota Asset
The Goodman Group announced an acquisition of a seniors housing community in its home state of Minnesota. The deal comes about six months after Kevin Carden joined the firm to lead its seniors housing and multifamily acquisition and development arm with Michael Leonard. Carden previously held roles at Greene Park Capital, REDICO, Ziegler and Classic Residence by Hyatt. Goodman executed on a 1031 exchange, trading out a multifamily property for a 97-unit assisted living/memory care community in Eagan, Minnesota (Minneapolis MSA). The institutional-quality asset was built in 2017 by a local developer, which had Ebenzer as the property’s manager. Operations were strong, with nearly full... Read More »
CareTrust Makes Two Acquisitions in California
CareTrust REIT announced two separate acquisitions in California with a total investment amount of approximately $55 million. The investments were funded using cash on hand. First, the REIT acquired a skilled nursing and assisted living campus in Los Alamitos, California. The campus includes a 150-bed skilled nursing facility (Alamitos West Health and Rehabilitation) and a 68-unit/140-bed RCFE (Katella Senior Living Community). CareTrust’s acquisition of the campus was completed through a joint venture with a third-party healthcare real estate owner. At closing, CareTrust provided a combined common equity and preferred equity investment totaling approximately $24 million at an... Read More »
BWE Arranges Refinancing for Joint Venture
BWE arranged $308 million to refinance construction debt on two seniors housing communities on behalf of a joint venture between Columbia Pacific Advisors, LAMB Properties and Harbert South Bay Partners. Ryan Stoll and Taylor Mokris arranged the financing through an exclusive competitive process, which generated unprecedented interest and industry leading financing terms. The loan was ultimately provided by a large global lender, marking its entry into seniors housing. Dubbed Project New Horizons, the refinancing was secured for The Variel at Woodland Hills in Los Angeles, California, and The 501 at Mattison Estate in Ambler, Pennsylvania. Built in 2022, The Variel comprises 336... Read More »
Evans Handles Wisconsin SNF Deal
Evans Senior Investments represented an institutional owner/operator in the divestment of a skilled nursing facility in Wisconsin. The facility was an outlier in the seller’s portfolio and struggled to improve its occupancy since the pandemic. A growing regional operator acquired the property as a complement to its existing footprint in the state. Their presence could help with the census turnaround. Wisconsin’s recently increased Medicaid reimbursement rates and certificate of need program will also help. Read More »
CFG Closes Subordinate Financing
Capital Funding Group (CFG) closed $50.5 million in subordinate financing, which contributed to a $375.5 million loan, for the refinancing of 25 skilled nursing facilities across California, Colorado, Georgia, Maryland, West Virginia and Wyoming, featuring 3,243 beds. CFG partnered with the nationally recognized borrower to restructure two existing bridge loans into one consolidated debt capital structure. The borrower plans to eventually exit through a HUD refinance. Craig Casagrande, Tim Eberhardt and Catherine Mansel originated the transaction for the company. Read More »
Diversicare Expands in Tennessee and Enters North Carolina
Diversicare Healthcare Services completed the acquisition of three skilled nursing facilities in Tennessee (2) and North Carolina. This acquisition brings the company’s total number of facilities to 49 and marks its entrance into North Carolina. Built in 1980, Etowah Health & Rehabilitation Center, formerly known as Etowah Health Care Center, is in Etowah, Tennessee, with 120 beds. Built in 1999, Diversicare of Copper Basin, formerly known as Copper Basin Health and Rehabilitation, is in Ducktown, Tennessee, with 135 beds. The facility closed in 2017, and was vacant at the time of sale. Built in 1979, Mountain View of Bryson City, formerly known as Mountain View Manor Nursing... Read More »Yorktown Rehabilitation & Nursing Center Featured in LevinPro Database
The Yorktown Rehabilitation & Nursing Center, a Medicare-licensed private skilled nursing facility, has been spotlighted for a merger or acquisition in the renowned LevinPro M&A deal database. It is situated at 2300 Catherine St in Cortlandt Manor, New York. This facility has been operational since its incorporation on October 9, 2015. LevinPro, a leading source for tracking M&A activity across diverse healthcare sectors such as hospitals, home health, medical real estate, and biopharma, has profiled the significant transaction involving Yorktown Rehabilitation & Nursing Center in its exclusive deal database, accessible to its subscribers here. In its extensive history,... Read More »Schedule a demo
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