The Eden of Las Colinas Involved in M&A Activity in LevinPro Database
The Eden of Las Colinas has been linked to a merger or acquisition in the LevinPro M&A deal database. The Medicare-licensed facility is a not-for-profit skilled nursing facility situated at 2101 W Northgate Dr in Irving, Texas. LevinPro, which tracks M&A activity across more than a dozen healthcare sectors from hospitals and home health to medical real estate and biopharma, profiled the transaction involving The Eden of Las Colinas in its deal database, which is available to subscribers here. LevinPro has tracked thousands of deals in the skilled nursing facility sector throughout its history. To see the underlying deal data, or for information on subscription options, go to... Read More »
BMO Provides Loan to Merrill Gardens and PGIM
BMO’s Healthcare Real Estate Finance group acted as sole lender on an acquisition term loan of $41 million on behalf of Merrill Gardens and an institutional investor for The Ackerly at Sherwood. The Class-A community comprises 130 independent living, assisted living and memory care units in Sherwood, Oregon. It will be operated by Merrill Gardens, which currently manages more than 60 seniors housing communities across 20 states. The company previously announced it acquired The Ackerly at Sherwood, as well as two others, through a joint venture with PGIM. Later, after Merrill Gardens’ announcement, Alex Florea, Kevin Lukehart and Dan Mahoney of Blueprint announced a closing which... Read More »
CBRE Arranges Refinance for PinPoint Commercial
CBRE National Senior Housing arranged a refinance for the PinPoint Portfolio on behalf of senior care provider PinPoint Commercial. Aron Will and Michael Cregan arranged the $62.1 million, three-year, interest only loan. The loan was provided by funds managed by affiliates of Fortress Investment Group through its core real estate lending strategy. The portfolio features five seniors housing communities that total 430 assisted living (64) and memory care (22) units. The properties were originally developed by PinPoint between 2015 and 2018, with four in Texas (El Paso, Richmond, Lubbock and Amarillo) and one in Sante Fe, New Mexico. Overall occupancy was approaching 90% at the time of the... Read More »
Diversified Healthcare Trust Closes Two Mortgage Financings
Diversified Healthcare Trust closed two fixed rate mortgage financings totaling $94.3 million, secured by six seniors housing communities managed by Five Star Senior Living, the operating division of AlerisLife Inc. The financings consist of a $64 million, five-year mortgage loan and a $30.3 million, ten-year Fannie Mae mortgage loan. Proceeds from these loans, together with cash on hand, will be used to repay the remaining $100 million of DHC’s 9.75% senior notes due June 2025. The $64 million loan bears a fixed interest rate of 6.75% and is secured by four communities totaling 1,079 units with an appraised value per unit of approximately $171,000. The Fannie Mae loan bears a fixed... Read More »
Ensign Makes Another Move
The Ensign Group acquired the operations of Toluca Lake Transitional Care, a 52-bed skilled nursing facility in North Hollywood, California. The real estate will be acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company, following receipt of state regulatory approvals. The acquisition was part of the larger acquisition of seven other facilities from Providence Home and Community Care, which was announced in December. The acquisition was effective June 1. In a separate transaction on the same day, Ensign announced that it acquired the operations of Ironwood Rehabilitation and Care Center, an 80-bed SNF in Coeur d’Alene, Idaho, and Lakeside... Read More »
CareTrust Acquires 10-Facility Skilled Nursing Portfolio
CareTrust REIT, together with a large third-party healthcare real estate owner, acquired a skilled nursing portfolio in the Pacific Northwest. The portfolio comprises 10 facilities with 911 beds across Idaho, Oregon and Washington. The total purchase price was approximately $146 million, or $160,300 per bed, inclusive of transaction costs. At closing, CareTrust provided common equity and preferred equity investments totaling approximately $141 million at an initial contractual yield on its combined investment in the joint venture of approximately 9.0%. The total investment amount was funded using a combination of cash on hand and a draw from the company’s revolving credit line, which... Read More »
Flagstar Bank Finances Two AEW Assets
Matt Huber and Ryan Zyskowski of Flagstar Bank closed two loans for AEW to finance two seniors housing properties in The Villages, Florida. AEW purchased the communities in the fourth quarter of 2024 for an undisclosed cash amount. The deal included Spanish Springs and Buena Vista. Built in 2016, Spanish Springs features 86 units of assisted living and memory care, while Buena Vista (built in 2018) has 224 units of independent living, assisted living and memory care. They were well occupied and stabilized, with Watercrest Senior Living as the operator. Read More »
60ish Seconds with Steve Monroe: For Sale
From the title of this, I am sure you thought I was going to talk about some seniors housing community or company for sale. But no, unfortunately, I am talking about the Oval Office being for sale, and it is disgusting. Although he is not the only President to pardon criminals and tax cheats, there seems to be more of a pattern with Donald J. Trump, as it pertains to our industry. It started in his first term when he commuted the 15-year sentence of Jon Harder, the founder and CEO of Sunwest Management, who in the 1990s and 2000s built up a huge portfolio of seniors housing communities, overpaying for most of them along the way. But it all came crumbling down when his lenders decided... Read More »
Knapp-Stahler Handles Receivership Sale in Utah
After a prolonged receivership process, an assisted living/memory care community in Sandy, Utah, successfully sold with the help of Chad Mundy and Nick Stahler of The Knapp-Stahler Group of Marcus & Millichap. Built around 2000, the community features an assisted living component with 44 units and 58 licensed beds plus a memory care community with 21 units and 31 beds. Census needed improvement, and the community operated at a significant loss. They were previously owned by a DST investor group (before entering receivership) and operated by SAL Management Group. ONELIFE Senior Living took over operations more recently at the direction of the bank. A regional owner/operator... Read More »
Green Courte Acquires Active Adult Community
CBRE National Senior Housing acted as the exclusive advisor on the sale and debt placement of 55 Resort at Water Valley, a 120-unit active-adult community in Windsor, Colorado, just north of Denver. John Sweeny and Aron Will represented the seller, while Will and Adam Mincberg originated a 10-year fixed-rate loan through CBRE’s Fannie Mae DUS Lending Platform on behalf of the Chicago-based private equity buyer. Built in 2019, the community is highly-amenitized and set on a 5.9-acre site. Being rebranded as Eagle’s Peak at Water Valley, it sits within a larger master-planned community, Water Valley, which comprises 1,800 single-family and multi-family residential units, as well as... Read More »Schedule a demo
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