Joint Venture Acquires Cash-Flowing Communities
A trio of well-run seniors housing communities in the Southeast sold to a partnership that included a national owner and a regional operator. Brad Clousing and Dan Geraghty of Senior Living Investment Brokerage represented another regional owner/operator in the sale. The deal includes two adjacent seniors housing communities in Cumming, Georgia, and one standalone assisted living/memory care community in Oak Ridge, Tennessee. The Villas at Canterfield in Cumming featured 182 units of independent living, assisted living and memory care across 10 buildings on two parcels, and Caterfield of Oak Ridge consisted of 91 AL/MC units. There was strong cash flow across all acuity levels. The... Read More »
Owner/Operator Enters New State
Vince Viverito and Taylor Graham of Senior Living Investment Brokerage handled the sale of a distressed skilled nursing facility in rural Colorado. Built as a therapy building in 1912 and converted to a skilled nursing facility in 1964, Lamar Estates features 60 beds on 1.34 acres with 19,394 square feet in the town of Lamar. The non-performing facility was making around $200,000 of EBITDAR on $2.84 million in revenues, and at the time of sale it was 74% occupied. The seller was a private REIT based in California, and the buyer was a Florida-based owner/operator making its first acquisition in the state. No purchase price was disclosed. Read More »
Newly Built, Stabilized Seniors Communities Trade Hands
Two newly built and stabilized assisted living/memory care communities in Georgia sold to a Florida-based, full service commercial real estate platform. The marketing campaign generated multiple initial round offers from a range of different buyer profiles, and the ultimate buyer was selected after a final round process. They brought on their Florida-based operating partner to manage the communities moving forward. Brooks Blackmon, Lauren Nagle and Ben Firestone of Blueprint handled the sale on behalf of a regional developer. Built in 2020 and 2021 respectively, The Canopy at Boynton Ridge and The Canopy at Warner Robbins were purpose built and comprise 64 units of assisted living... Read More »
SNF Replaces Existing Financing with New HUD Arrangement
JD Stettin of Carnegie Capital arranged a couple of financings for two skilled nursing facilities in Texas. First, a 94-bed facility in the Wichita Falls market refinanced its existing acquisition financing with a new $8.5 million HUD arrangement. Built in the 1970s, the facility was performing well. It was purchased in December 2024 for $9.35 million, or $99,500 per bed, with a 100% loan-to-purchase-price bridge loan. So, the refinance was arranged within 10 months of acquisition and for 100% of the sponsor’s original purchase price. Stettin also arranged an acquisition loan for a 75-bed SNF in the Lubbock-Levelland market in west Texas. Built in the 1960s, the facility was not performing... Read More »
CIBC Bank’s Recent Skilled Nursing Activity
CIBC Bank USA shared its recent financing activity, totaling more than $100 million. The largest transaction saw the bank provide a $50 million term loan and a $4.0 million working capital revolving line of credit to a regional owner/operator to refinance a skilled nursing facility in northern California. Historical performance was trending positively, with occupancy and operating margins expected to improve further. Fritz Kieckhefer, Kyle Doran and Jon Roh handled the transaction. Kieckhefer, Doran and Ian Cooper then provided a $31 million term loan and a $3.0 million working capital credit line to help an operator exercise its purchase option on two SNFs and refinance a third facility... Read More »
60 Seconds with Steve Monroe: Record M&A Year, Again
You may start to get tired of hearing us talk about all the records being set, but we will never tire of it. As of November 11, we have passed last year’s record of total acquisitions in the seniors housing and care sector, now standing at over 720 deals, according to LevinPro LTC. And we thought last year was an amazing year! The good news is that pricing has been relatively reasonable so far, mostly because of still-high interest rates and lenders not getting too aggressive. What we don’t know is how long this will last. “Stupid” money that has appeared in previous rising markets has not yet reared its ugly head, but that will probably change. Everyone is looking for a growing market,... Read More »
Regional Owner/Operator Acquires in North Carolina
A skilled nursing facility with 130 beds recently sold in North Carolina. It was 53% occupied and not stabilized at the time of sale. According to LevinPro LTC, the purchase price was one of the highest per-bed prices we have seen in the state, at $21 million, or $161,500 per bed. The seller, a North Carolina-based owner/developer that had owned the facility since its construction in 1991, was divesting to exit the business and retire. The company that was managing the facility at the time of the sale was a multi-generational, one-state operator with multiple facilities in its portfolio. Despite volatility in the Medicaid rate, and capex needs, Stan Klos III of 3G Healthcare Real Estate... Read More »
Tennessee Community Trades in Receivership Sale
Blueprint recently announced a few closings involving a prominent lender and special services seller. The first was in Raleigh, North Carolina, and was handled by Kyle Hallion, Kory Buzin and Steve Thomes. Buzin and Thomes facilitated the second deal, selling Knollwood Point in Mobile, Alabama. The pair also sold The Pointe at Kirby Gate in Memphis, Tennessee. The Pointe at Kirby Gate is a 1996-vintage, 52-unit, distressed assisted living and memory care community that was struggling to rebound from pandemic-era lows. Blueprint highlighted its location and proximity to three major short term acute hospitals, targeting buyers with a presence and/or interest in Memphis. The marketing... Read More »
Northeast-Based Owner/Operator Expands in Georgia
Daniel Geraghty, Bradley Clousing and Nick Cacciabando of Senior Living Investment Brokerage were engaged in the sale of a skilled nursing facility with 100 beds in College Park, Georgia. At the time of sale, the facility was operating at a loss. The seller was a national owner of long-term care and seniors housing assets across the country, and the ultimate buyer was a Northeast-based owner/operator that is expanding its Georgia portfolio. They plan to relocate the beds within the county. Read More »
Provident Bank Funds Portfolio Refinance and Recapitalization
Tom Cassidy of Provident Bank’s Healthcare Lending team provided funding to a regional owner/operator in the Southeast. The new client, a family business, secured a $29.84 million portfolio refinance and recapitalization of four stabilized seniors housing communities in Florida. The well-performing portfolio totals more than 250 units across a mix of independent living, assisted living and memory care. The properties are located in close proximity within an extended Central Florida MSA, supporting operational and staffing synergies. At the time of underwriting, occupancy was in the 90s, and no agency staffing was utilized. As part of the recapitalization, the borrower had completed a... Read More »Schedule a demo
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