Ziegler Closes Acquisition Financing for CCRC Group
Ziegler announced the closing of New Jersey-based FellowshipLIFE’s Series 2024 bonds and taxable term loan in an aggregate par amount of $42.5 million for the Senior Living Finance Practice. FellowshipLIFE, a not-for-profit provider of seniors housing, has an obligated group (subject of this financing) that currently consists of only Fellowship Village and is rated “BBB-” by Fitch Ratings. In connection with this financing, the obligated group will purchase a CCRC in Freehold, New Jersey, and bring it into the obligated group, which will result in no change to the current rating. Before the acquisition, the obligated group only included the Fellowship Village CCRC in Basking Ridge, New... Read More »
Sunrise Expands Horizon with 13 Added Communities
Sunrise Senior Living added 13 communities to its growing North American portfolio, with more community additions to follow in the third quarter. Sunrise now operates more than 240 seniors housing communities in the United States and Canada, serving more than 20,000 residents. First, Sunrise assumed a new joint venture ownership interest in two, high-quality assisted living/memory care communities in the suburbs of Chicago, expanding its AL/MC services in a high-performing market. Next, Sunrise assumed management of a portfolio comprising eight independent living communities in the greater Rocky Mountain area. Three additional communities are anticipated to close in the coming weeks. ... Read More »
Owner/Operator Expands in Missouri
Andrew Montgomery of Montgomery Intermediary Group represented a buyer that was not disclosed in its purchase of a skilled nursing facility in St. Louis, Missouri. Built in the late 1990s, the SNF comprises 120 beds. Current operations were not disclosed, but the facility was considered to be a “value-add” opportunity. Its previous owner, a local mom & pop, was exiting the sector with the sale. They were represented by Matt Bukhshtaber of CBRE. Meanwhile, Montgomery represented the buyer, a growing owner/operator that was expanding their existing footprint in the state of Missouri. The purchase price was not disclosed. Read More »
PE Firm Divests in Philadelphia
Blueprint was engaged by a real estate private equity firm in its divestment of a seniors housing community in Philadelphia, Pennsylvania. Built in 1988, the community comprises 114 units of assisted living and memory care. The PE firm acquired it in 2018 with a plan to execute a capex investment and repositioning strategy, subsequently investing significant capital to renovate and modernize the community, materially elevating its FF&E, common areas and resident units to a quality on par with a newer vintage product. Kory Buzin, Steve Thomes and Ben Firestone handled the transaction, marketing the opportunity as one with upside upon respositioning it to better serve the local,... Read More »
Sonida Expands Through the Addition of 10 Properties
Sonida Senior Living announced it added eight seniors housing communities and two management contracts to its portfolio. Sonida’s portfolio now consists of 70 communities. Including the two new management contracts, Sonida’s operating portfolio is now comprised of 82 communities. The growth also comes on the heels of the 160% increase in its share price in the first six months of 2024. The company executed two separate joint venture investments acquiring eight seniors housing communities in attractive submarkets within Sonida’s geographic footprint. The transactions include 790 independent living, assisted living and memory care units. The acquired assets consist of private-pay communities... Read More »
CA-Based National Owner/Operator Expands in Idaho
The Zett Group was engaged by a regional owner/operator based out of Oregon in the sale of its seniors housing community in Nampa, Idaho. The buyer was a California-based national owner/operator looking to expand their footprint in the state. Streamside Assisted Living and Memory Care features 79 units. The transaction navigated through various fire, life and safety needs that arose from the licensure inspection. Blake Bozett handled the transaction. The approach was targeted: upon securing the listing agreement, Bozett made one strategic call to the right buyer. Read More »
Local TX Owner/Operator Assumes HUD Loan for Distressed Asset
Senior Living Investment Brokerage facilitated the sale of a distressed senior care community in Houston, Texas. The seller was a regional owner/operator exiting the community due to operational challenges over the past few years. Vince Viverito, Matt Alley, Jason Punzel, Brad Goodsell and Jake Anderson handled the transaction, which generated multiple offers. Built in 1974, Treemont Health Care Center offers 70 skilled nursing beds and 42 assisted living units. The community sits on 1.28 acres and comprises 39,058 square feet. The buyer is a local owner/operator expanding its presence in the Houston market. They were able to leverage the HUD loan assumption, add the facility to the Texas... Read More »
60 Seconds with Swett: 2024 On Track for Record M&A Year
We have been saying for the past few months that we are currently on a record pace of M&A activity for seniors housing and care properties, and our preliminary results for the first half of the year show 334 publicly announced transactions. That is not only a record for any six-month period, but it is about 100 deals higher than the 236 recorded in the first half of 2023 and surpasses the 299 deals reported in the first half of 2022. Annualized, that puts 2024 deal volume at 670 transactions, which would also clearly be a record and more than 100 transactions higher than the previous annual record of 559 deals in 2022. And looking at Q2 alone, we recorded 183 transactions, which puts... Read More »
PE Firm Divests AL/MC Community to Nonprofit
A not-for-profit organization took over ownership of an assisted living/memory care community in Minnesota from a private equity firm seller. There’s a headline that falls out of the narrative of The New York Times. Senior Living Investment Brokerage’s Jason Punzel, Vince Viverito, Brad Goodsell and Jake Anderson represented the PE firm, which was selling a geographic outlier in its regional portfolio. Diamond Willow Assisted Living & Memory Care was built in 2006 in the town of Alexandria, located in between Minneapolis and Fargo, North Dakota. It offers 26 beds in 20 units on a three-acre campus. The not-for-profit buyer was aiming to expand its presence in Minnesota, both in... Read More »
Owner/Operator Purchases Distressed Texas SNF
Senior Living Investment Brokerage facilitated the sale of a skilled nursing facility in Longview, Texas. The seller was a Texas-based partnership divesting its only senior care asset. The building’s management company exited the operations three months prior to closing, which further led to the discussion of a potential sale. Built in 1972, Havencare Nursing & Rehabilitation comprises 108 beds across 24,653 square feet on 3 acres. Occupancy was 72.2% at the time of marketing. Revenues in 2023 were $5.9 million, but the facility was operating just below breakeven. The facility is also enrolled in QIPP, which provides for additional revenue not already in the financials. The purchase... Read More »Schedule a demo
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