The Saga of Genesis HealthCare Continues
Genesis HealthCare was once one of the largest and most successful skilled nursing companies. But it grew too quickly, made some bad investments over the years (did we mention the billion-dollar merger with The MultiCare Companies?), and it always played the leverage game, whether with leases or debt, and usually both. Last summer, it filed for Chapter 11 bankruptcy protection for the second time, and in 2021 it came close to filing but got bailed out with a lease restructuring and a $100 million investment. It may have been better off with a BK filing five years ago. Instead, it seemed to put off the inevitable. Nearly two months ago, Pima Capital Partners appeared to be the winning... Read More »
Blue Moon/StepStone Finalize Large Recapitalization
Blue Moon Capital Partners completed a large recapitalization of five seniors housing communities that it developed over the years and were the last remaining assets within its fund, Blue Moon Senior Housing I. CBRE National Senior Housing acted as transaction advisor in the recap and arranged acquisition financing for the deal. StepStone Real Estate LP, the real estate arm of the global investment firm StepStone Group Inc. formed a joint venture with Blue Moon to take over ownership of the portfolio. Aron Will and John Sweeny, Co-Heads of CBRE National Senior Housing, acted as advisors on the transaction. Consisting of five Class-A seniors housing communities, the portfolio was... Read More »
Evans Closes Another High-Priced SNF Sale in NV
Just a month after selling a skilled nursing facility in Nevada for the highest per-bed value ever seen in the state, Evans Senior Investments returned to sell another facility in the Las Vegas MSA for the second-highest per-bed price. That is some momentum. Little was disclosed on the deal, but the 1970s-built facility has approximately 150 beds, with a significant number of private units. It also had a healthy quality mix and some behavioral patients. The facility sold to a regional owner/operator looking to grow its presence in Nevada. The high price from December was close to $325,000 per bed. We know of the sale of Horizon Ridge in Henderson, Nevada, in January 2025 for $33 million,... Read More »
Seniors Housing Communities Secure Refinances
Berkadia recently refinanced Allegro Parkland, an independent living, assisted living and memory care community in Parkland, Florida. A joint venture between Harrison Street Asset Management and Allegro Senior Living was the borrower. The community opened in March 2020 (perhaps not the best timing) and features 61 independent living, 88 assisted living and 26 memory care units. Berkadia’s Managing Directors Austin Sacco and Steve Muth, plus newly minted Managing Director Garrett Sacco and AVP – Originations Alec Rosenfeld, secured a five-year loan with a 5.95% interest rate, a 30-year amortization schedule and a 65% loan-to-value ratio. The same Berkadia team, plus Ed Williams and... Read More »
PACS Group Expands in Four States
After Senior Living Investment Brokerage announced the sale of three assets in Soldotna and Kenai, Alaska, and Caldwell, Idaho, PACS Group announced its addition of three seniors housing communities in the same locations. The Utah-based provider purchased the real estate and operations of the Alaska properties, and closed on a lease option for the Caldwell property. Vince Viverito, Jason Punzel, Jake Anderson and Taylor Graham of SLIB represented the seller, an experienced seniors housing owner/operator looking to focus on its alternative real estate investments. Occupancy varied across the assets, with Aspen Hills Senior Living in Soldonta at 73%, Forest Hills Senior Living in Kenai at... Read More »
Welltower Acquires St. Augustine Property
A seniors housing community in St. Augustine sold to Welltower in December. Silver Creek was built in 2016 with 138 units and 120,000 square feet on over 21 acres. According to the Jacksonville Daily Record, ValStone Partners sold the community to Welltower. We heard that the process was run by Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia. But no other details were disclosed. Read More »
Blueprint Handles Selectis Health Divestment
Selectis Health announced the sale of two skilled nursing facilities in Georgia. The deal included the 71-bed Providence of Sparta Health and Rehab in Sparta and the 110-bed Warrenton Health and Rehabilitation in Warrenton. They sold for $13.175 million, subject to customary prorations, holdbacks and adjustments, including a $1.3 million escrow. We understand that Michael Segal and Daniel Waldhorn of Blueprint handled the transaction. Shortly after closing, Selectis used a substantial portion of the net proceeds to pay in full certain transaction costs, an existing facility mortgage, existing note obligations, an existing contractual obligation and other miscellaneous expenses. The company... Read More »
Joint Venture Acquires Texas IL Community
12 Oaks Senior Living announced that it will assume management of a seniors housing community in a strong secondary Texas market. The company partnered with Silver Wave Capital and Capsight Investments to acquire the property. Purpose-built in 1998, Royal Estates of Wichita Falls is a well-maintained independent living community in Wichita Falls. Totaling 141 units, the community demonstrated strong historical performance and durable cash flow. However, 12 Oaks noted that one of its goals is to improve occupancy. The company also stated that it will enhance staffing support and training, upgrade care services and amenities, improve dining and hospitality operations and enrich... Read More »
Investment Firm Acquires in Missouri
Investment firm Lapis Advisers purchased a seniors housing asset out of state receivership in Kansas City, Missouri. The CCRC was distressed, having struggled with COVID-related challenges as well as a limited access to capital in recent years. Kingswood Senior Living features 185 independent living (65 of which are large duplex cottages), 34 assisted living, 23 memory care and 65 skilled nursing units. The independent living portion was built in 1995, and the assisted living section is newer. Memory care was added, and the SNF portion was heavily renovated. The campus was 87% occupied, with the independent living apartments weighing down overall occupancy. The assisted living... Read More »
Global Investment Firm Sells Community with Strong Momentum
A global real estate investment firm sold an independent living community in Iowa, engaging Blueprint’s Kory Buzin, Dillon Rudy and Steve Thomes to get the deal done. Built in 2002, the four-story community features 121 units, mostly with two-bedroom options. It appears to be The Arbordale in Urbandale, which was acquired in 2020 by Omaha, Nebraska-based active adult investor Essex Communities. Essex then converted the asset from an entrance fee model to a traditional rental model and significantly renovated the interior from 2020 to 2022. That helped the community’s position in the local market, and at the time of marketing, it was demonstrating strong operating momentum, with... Read More »Schedule a demo
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