Kadima Healthcare Acquires SNF Portfolio from Comprehensive Healthcare
Blueprint was engaged by the Chief Restructuring Officer for Comprehensive Healthcare Management Solutions and was approved by the United States Bankruptcy Court for the Western District of Pennsylvania to handle the divestiture of nine skilled nursing facilities. The facilities were part of two separate subgroupings: Maybrook (7) and Consulate (2). The facilities are within 70 miles of Pittsburgh, Pennsylvania, and comprise 920 skilled nursing beds, 19 personal care beds and 15 independent living units. In the wake of operational challenges stemming from but not limited to the pandemic, citing declining census, staffing shortages and prior litigation, Comprehensive filed for Chapter... Read More »
Taylor Community Expands in New Hampshire
Continuum Advisors facilitated the sale of a CCRC in Meredith, New Hampshire, near the shores of Lake Winnipesaukee. Financially strained for several years, the community was sold through a court-directed process with OnePoint Partners serving as the Rehabilitation Trustee and Continuum was retained to market the CCRC for sale. Built in 2008, Meredith Bay Colony Club comprises 85 units (41 independent living, 20 assisted living and 24 memory care units) on over 11 acres with an additional 18+ acres of undeveloped land for future expansion. David Kliewer and Jay Jordan led the sale to close on November 1. The purchase price was $11 million, or $129,400 per unit. Additionally, the... Read More »
In-Place Tenant Acquires New Jersey Community
Blueprint’s Ben Firestone, Steve Thomes and Kory Buzin were engaged by a New Jersey-based investor/developer in its divestment of a seniors housing community. The ultimate buyer was the in-place tenant, Springpoint Senior Living. Built in 2022, the community comprises 60 units of assisted living and memory care in Manalapan, New Jersey. It experienced a drawn-out lease up through its first two years in operation, falling short of the census necessary to normalize staffing, marketing and other operational expenses, ultimately impacting its ability to stabilize from an NOI perspective. Blueprint approached a targeted list of qualified investors. Through a multi-round marketing effort,... Read More »
California Community Secures Refinancing
CBRE secured a Fannie Mae refinance for a seniors housing community in San Leandro, California, on behalf of the borrower, Carlton Senior Living. Built in 1997, the community features 147 units of assisted living and memory care in a high-barrier-to-entry market in the Bay Area. It was 95% occupied at the time of closing, and since owning the community, Carlton has renovated it over the years to keep it competitive in the local market. In order to reconstitute its original joint venture ownership into a closely held Tenant-in-Common (TIC) ownership structure, Carlton refinanced the property with a cash-neutral, $22.9 million loan through CBRE’s Fannie Mae DUS Lending Platform. The... Read More »
SLIB Handles Illinois MC Deal
A small, rural memory care community traded in Illinois, and for a market cap rate. Built in 2012, the community features just 46 units in the town of Taylorsville in central Illinois. It was 87% occupied, and was operating at a 14% margin on more than $2.9 million of revenues. That maybe could be improved, but it is a rural market and a small facility, as well. The private equity seller was divesting to redeploy capital into other projects. They sold the building for $4.5 million, or $97,800 per unit, at a 9.2% cap rate. The buyer was looking to continue growing their portfolio in the state. Vince Viverito, Ryan Saul and Jeff Binder of Senior Living Investment Brokerage handled the... Read More »
Texas AA Community Trades
Active adult deals have been relatively rare this year, as interest rates rose above AA’s typical cap rates, but we’ve seen a smattering of older assets trade in recent weeks. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Encore at Buckingham, a 242-unit active adult community in Richardson, Texas. Built in 2001, the asset has four stories in a garden style, with a swimming pool, heated spa, movie theater, elevator and library. The average unit size is 806 square feet. Occupancy was strong in the past year, averaging 98% occupancy. And it was operating at a healthy margin, with some room to improve. The asset sold for $36.2 million, or... Read More »
CCRC Switches From Not-For-Profit to Private Hands
Ziegler facilitated the sale of a not-for-profit, Episocopal Church-based, rental CCRC in Waterford Township, Michigan. Built in 1994, Canterbury on the Lake is a 273-bed/unit senior living campus with seniors housing and skilled nursing services. Nick Glaisner handled the transaction, which closed on October 31. The campus encountered obstacles with the physical plant over the past year, compounded by a difficult economic climate. Ziegler identified a group of qualified buyers capable of managing the campus and absorbing interim operational losses until the transaction was completed. The acquiring party, a private owner/operator based in Lakewood, New Jersey, took over as interim manager... Read More »
Not-for-Profit Buys Richmond Communities
Blueprint’s Brooks Blackmon, Kory Buzin and Lauren Nagle handled the sale of two assisted living/memory care communities in Richmond, Virginia. A national owner/operator decided to divest the properties, which could improve their occupancies. Average revenue per occupied room did remain near $8,000. Opened in 2004 and 2015, respectively, Spring Arbor of Richmond offers 70 units of assisted living and memory care while Spring Arbor Cottage of Richmond offers 48 units of memory care. The ultimate buyer emerged from a healthy bidder pool spanning private equity, local and regional operators, and there were five offers before a regional not-for-profit owner/operator was selected in an all-cash... Read More »
60 Seconds with Swett: October Broke the Monthly M&A Record
For those of us who track the seniors housing and care M&A market, October was like drinking from a firehose from the start of the month to the finish. And an active earnings week kicked things into another gear. We have to start with the 73 deals made public throughout October, which is still a preliminary number that we expect to rise, but also a record for any month, ever. That is just the sixth month ever that has surpassed 60 transactions, and only the second to surpass 70. Annualized, it also equates to 876 deals. We don’t expect that to continue, especially with earnings skewing October’s numbers slightly, but we could be entering a new era of transaction activity. The previous... Read More »
JLL Capital Markets Handles CPF Divestment
On Thursday, Ventas had announced its acquisition of 20 seniors housing communities from Chicago Pacific Founders, one of the largest deals of the year so far, at $725 million, or $244,000 per unit in cash. Now, JLL Capital Markets has revealed that it represented CPF in the transaction. JLL’s Jay Wagner had this to say on the deal: “As one of the largest seniors housing transactions closed year to date, it is a meaningful indicator that appetite for scaled seniors housing portfolios is back.” With other nine-figure deals like CareTrust REIT’s acquisition of 31 skilled nursing facilities for $500 million, The Inland Real Estate Group of Companies’ acquisition of the Clarendale Portfolio... Read More »Schedule a demo
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