Ziegler Prices Bonds for North Carolina CCRC
Ziegler announced the pricing of Carolina Meadows, Inc.’s Series 2024 bonds. Carolina Meadows is a North Carolina not-for-profit that was incorporated in 1983 to develop, own and manage a CCRC in Chatham County, North Carolina, just south of Chapel Hill. The community comprises 476 independent living units, 78 assisted living units (with 95 beds in operation) and 79 skilled nursing units (with 86 beds in operation). It is the 20th largest not-for-profit single-site CCRC in the United States, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to develop, own and operate a replacement skilled nursing facility that will total approximately 122,000 square feet. The... Read More »
BWE Secures Refinance for Virginia IL/AL/MC Community
BWE secured $47 million to refinance a seniors housing community in Richmond, Virginia. Built in 2015, Discovery Village at the West End comprises 219 units of independent living, assisted living and memory care. There is a 124-unit independent living building and a 95-unit assisted living and memory care building. Discovery Senior Living manages the community, which was 93% occupied at the time of the refinancing. Ryan Stoll and Taylor Mokris of BWE arranged the financing on behalf of a large private equity investor. There was strong interest in the financing opportunity from a variety of capital sources. Read More »
Local RCFE Owner/Operator Grows in California
Sherman & Roylance handled the sale of a seniors housing community in California. The assisted living/memory care community is in Whittier and comprises 18 units with 32 beds. The seller was a long-standing family owner/operator, and the buyer was a local RCFE (Residential Care Facilities for the Elderly) owner/operator looking to expand its portfolio. Shep Roylance, John Sherman, Chris Minnery & Michael Belcher handled the transaction, which involved a combination of investor capital and seller financing. The purchase price was $4.4 million, or $137,500 per bed. No additional details were disclosed. Read More »
JLL Expands Alternatives Group
JLL hired Senior Director Will Childs and Director Brian Spillers to focus on seniors housing and healthcare properties within its alternatives group, led by Executive Managing Director Bryan Lockard. Childs will focus on providing specialized seniors housing valuation and market study services of single assets to large portfolio transactions throughout the United States. Clients served include a broad base of local and national investment firms, property owners, development and operating companies, commercial and investment banks, insurance companies and REITs. Bringing experience and relationships from over 15 years in the seniors housing industry, Childs will expand JLL’s seniors... Read More »
Brookdale’s June Occupancy Should Be Higher
Brookdale Senior Living reported June and second quarter 2024 occupancy, and while census increased, is it enough to carry them through next year’s winter season? Probably not, unless they have a huge July and August, which is possible, but not likely. Weighted average occupancy for June came in at 78.2%, up 10 basis points sequentially, but still below every month in the fourth quarter last year. Month-end occupancy was a little better, at 79.7%, up 20 basis points from May and up 50 basis points from April. But that 79.7% occupancy at the end of June is exactly the same as the end of September last year. That is not progress. The press release had a great line. “Both June and... Read More »
All-Cash Buyer Purchases AL/MC Community in Washington
The Zett Group was engaged by an owner/operator in the divestment of a seniors housing community it had owned for 33 years in Central Washington. The community comprises 60 units of assisted living and memory care. The buyer was an owner/operator based out of Seattle. Blake Bozett handled the transaction, having called nearly every owner/operator in the state and procuring five offers. Ultimately, an all-cash buyer was identified. Recognizing the typically slower licensure process in Washington, The Zett Group recommended closing on an interim agreement until the full change of ownership was approved. Randi Nathanson and Parisa Zarelli of Lane Powell PC led the closing, ensuring all... Read More »
Joint Venture Acquires Two Communities in Michigan
JLL arranged the sale of two seniors housing communities in the Detroit, Michigan MSA. JLL represented the seller and procured the joint venture buyer, spearheaded by MedCore Partners. American House Senior Living Communities assumed management of both communities. Built in 2017, Anthology of Troy comprises 93 assisted living/memory care units in Troy. The community will be rebranded as American House Somerset. Built in 2018, Anthology of Rochester Hills features 91 assisted living/memory care units in Rochester Hills. It will be rebranded as American House Hampton Village. Jay Wagner, Rick Swarts and Jim Dooley handled the transaction. No additional details were... Read More »
Pace Secures Financing for Minnesota CCRC
Pace Loan Group closed a $7.1 million PACE loan on a 134-unit new construction, market-rate senior living community in St. Francis, Minnesota. The 20-year loan complements a $30 million qualified tax-exempt loan on the project using Series 2023A bonds with Sunrise Bank as the senior lender. The project team also included Pope Architects and Bauer Design Build. Vista Prairie at Eagle Point comprises 59 independent living, 43 assisted living and 24 memory care units as well as eight skilled nursing beds. Construction began in June and is expected to be completed by 2025, with a total project cost of $46.58 million, or approximately $350,000 per unit. Vista Prairie Communities, which... Read More »
60 Seconds with Swett: Overturning Chevron and the Effects on M&A
There has been a lot of news to analyze from Washington, D.C. in the last couple of weeks, and the result of the 2024 election will certainly impact the operational and investment landscape in senior care. But we are still wrapping our heads around perhaps the most consequential news of late for the industry, which was the Supreme Court’s overruling of the Chevron doctrine, the 40-year judicial standard that had given a lot of leeway for administrative bodies to interpret statutes and implement regulations across the country. The case overturning Chevron is known as Loper. Now, it is up to the courts to determine those administrations’ regulatory powers, and ultimately Congress will... Read More »
Regional Owner/Operator Acquires Ohio SNF (with HUD Debt)
Blueprint was brought in in the divestment of a skilled nursing facility in Ohio. Purpose-built in 2015 as a transitional care facility in a northeastern suburb of Akron, the SNF comprises 80 beds and presents numerous paths to stabilization with strong fundamentals and attractive in-place HUD financing. Both regional and national acquirers were targeted, resulting in offers from five credible groups. The selected bidder was a regional owner/operator with significant experience in northeast Ohio, allowing for a quick HUD Transfer of Physical Assets Approval. The transaction closed before the end of June, enabling the facility to remain eligible for the Quality Incentive Payment... Read More »Schedule a demo
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