Multiple Senior Care Acquisition Financings Close
M&A transactions are getting done at a near-historic pace, and CIBC Bank USA recently financed three deals. The largest was $43.3 million in acquisition financing for two senior care assets in the Nashville area of Tennessee. The properties include a combined 310 independent living units, 273 skilled nursing beds and 93 assisted living/memory care units. Both buildings have an effective age of 35 years and reported an average occupancy rate of 75%. The financing was handled by Matthew Tyler and Neal Netzel with CIBC. Next, the same pair closed a new $5.7 million commercial mortgage term loan for a regional operator’s acquisition of a 114-bed senior care facility in North Carolina.... Read More »
Olympus Retirement Living Expands
The Zett Group closed the sale of a 63-unit assisted living/memory care community in the Boise, Idaho market. Set in the town of Emmett, Meadow View Senior Living was trending positively in its operations, but there was still some work to be done. An owner/operator engaged Blake Bozett and Spud Batt to sell the community to an undisclosed buyer. Olympus Retirement Living will take over operations. Read More »
Large Senior Care Portfolio Trades Hands
A portfolio comprising senior care assets across Washington State recently sold with the help of JCH Senior Housing Investment Brokerage. At first, only one of the assets was brought to market, but an offer emerged for the entire nine-facility portfolio. The price for the skilled nursing, assisted living and independent living campuses ranged from $70,000 per bed to $120,000 per bed, with a total price of $55 million. Cindy Hazzard handled the deal. No additional details have been disclosed. Read More »
Stellar Senior Living and Clarion Partners’ Active March
Stellar Senior Living announced it completed three transactions with Clarion Partners in March. In one of the deals, they completed the recapitalization of The Gallery at Spokane in Spokane, Washington, which was rebranded as The Grand at Spokane. Developed in 2024 by NexCore Group, the community offers 137 independent living, assisted living and memory care units. Stellar Senior Living has operated the community since it opened and will continue to do so. In another transaction, the joint venture acquired San Martin Senior Living in Las Vegas, Nevada, and renamed it The Grand at Southern Hills. The community was completed in two phases in 2008 and 2010, and features 144 independent... Read More »
Otterbein Senior Life Affiliates with Michigan CCRC
A CCRC in Jackson, Michigan, is now a wholly owned subsidiary of Otterbein Senior Life. The campus features 318 independent living, assisted living and skilled nursing units/beds on 22 acres. Kauhale Healthcare Management began managing the community in 2022 following the purchase and refinancing of outstanding bonds by Lapis Advisers. Visa Grande Village was first opened with independent living apartments and skilled nursing services in 1972, but over a five-year period it was transitioned to a rental community. The affiliation will enable bondholders’ repayment in four years. When Kauhale took over, the campus was 71% occupied and generated $655,000 in EBITDAR. In less than four years,... Read More »
ESI Adds Capital Markets & Debt Advisory Team
Evans Senior Investments has expanded its platform to now include a dedicated Capital Markets & Debt Advisory team to source debt solutions for its clients. Complementary to its brokerage/investment sales services and benefitting from Evans’ robust lender network, the new platform will facilitate acquisition financings, refinancings, recapitalizations, working capital and portfolio-level financings. Director Hank Fuller and Senior Capital Associate Jeremy Laboe will lead the capital markets practice. The team brings direct relationships with more than 500 capital sources across banks, debt funds and agency platforms, and they will utilize Evans’ proprietary transaction database... Read More »
Optimism across the Board in BBG’s Investor Survey Results
Ben Swett, Managing Editor of The SeniorCare Investor, sat down with R.J. DeBee, Senior Managing Director – Seniors Housing & Healthcare National Practice Leader of BBG Real Estate Services, to discuss the biggest takeaways of BBG’s fifth Annual Investor Survey. Read More »
Lument Closes Freddie Mac Refinance
Lument closed a $26.8 million Freddie Mac refinance for Treeo South Ogden, a 143-unit independent living community in Ogden, Utah, approximately 30 miles north of Salt Lake City. Tyler Armstrong, Chris Cain and Taylor Russ, all managing directors with Lument, led the transaction. Treeo South Ogden was purpose-built in 2015, and has been owned and operated by Seattle-based Leisure Care. After being presented multiple options, the borrower obtained low, fixed-rate, long-term debt from Freddie Mac that funds a capex plan, extends the loan maturity and right sizes the capital stack. The loan took out bank debt and provides cash-out proceeds for future development. It has a 10-year term, five... Read More »
Berkadia Handles Detroit-Area Deal
Berkadia closed the sale of Oakleigh of Macomb, an 85-unit assisted living/memory care community in Macomb, Michigan (Detroit MSA). Built in 2019, the community has 55 assisted living and 30 memory care units. It was 91% occupied, so given its vintage and performance, we imagine it attracted significant investor interest. Berkadia represented the seller, US Capital Development (which originally developed the community), and sourced the REIT buyer, which was not disclosed. Read More »
Developer Divests MC Communities to Kalesta Healthcare
G Capital helped facilitate the sale of two memory care communities in Silicon Valley in an off-market transaction. Calson Management, a developer/operator based in Vacaville, California, had acquired Silver Oaks Memory Care in Menlo Park and Crescent Oaks Memory Care in Sunnyvale several years ago as value-add opportunities. The firm successfully turned around the communities, stabilizing operations and investing in physical plant upgrades. Silver Oaks was built in 1956 with 25 units and 43 beds, while Crescent Oaks was built in 1989 with 22 units and 36 beds. They were acquired for a combined $17 million, or $361,700 per unit, in 2018 by a fund and leased to Calson with a purchase... Read More »Schedule a demo
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