Newmark Closes Class-A Deal in Denver
A new seniors housing community traded in the Denver, Colorado MSA, with the help of the team at Newmark. Developed in 2017, MorningStar at RidgeGate is located in the suburb of Lone Tree within the Ridgegate master plan that features retail, cultural amenities and a 284-bed hospital nearby. The property comprises five stories over subterranean parking and has 224 total units: 124 independent living, 71 assisted living and 29 memory care. It was historically well occupied, averaging above 93% since 2020. And there was attractive in-place debt on the property, which certainly helps to entice investors (and boost the purchase price). Considering the property vintage, quality and... Read More »
Public REIT Purchases Texas Class-A Seniors Housing
Blueprint was engaged in the divestment of a Class-A seniors housing community in San Antonio, Texas. Built in two phases in 2011 and 2017, Franklin Park TPC Parkway comprises 269 independent living, assisted living and memory care units. Following the completion of a six-year freeway expansion project that affected leasing, access to the community dramatically improved. Brooks Blackmon, Ben Firestone and Lauren Nagle handled the transaction. There was a competitive marketing process with five written letters of intent from REITs, owner/operators and real estate investment firms, resulting in multiple rounds of bidding. The ultimate buyer was a public REIT that elected to maintain Franklin... Read More »
Eads Sells Its 24th & 25th Missouri Community
Patrick Byrne of Eads Investment Brokerage facilitated the divestment of two seniors housing communities in Missouri. This marks the 24th and 25th communities sold in Missouri for Eads. The Moberly community (which we believe to be Mark Twain Assisted Living) comprises 35 assisted living/independent living units and sold for $2.57 million, or $73,000 per unit. It regularly produced EBITDA around $300,000. The seller was a local owner/operator that built and expanded the community over the course of 30 years. A local owner/operator establishing its footprint in a new market bought the community. Next, PREA brought on Eads to sell its affordable seniors housing community in Concordia that... Read More »
60 Seconds with Swett: CMS Raises the Minimum Staffing Mandate
On Monday, CMS came out with its final minimum staffing standards for nursing homes, but the eventual outcome is anything but final. Despite the outcry from nursing home providers from the previous proposed mandate of three hours per resident per day, asking simple questions like how can we pay for this and where will this newly needed staff come from, CMS has now raised the minimum to 3.48 hours per resident day, which includes .55 hours for an RN and 2.45 hours that can be fulfilled by a nurse aid, now including LPNs, which were excluded from the prior version of the rule. It will also require facilities to have a registered nurse onsite 24/7. The rule will be implemented gradually over... Read More »
More Shareholder Activism
Fresh from its success in getting two people voted onto the Ventas Board of Directors, Land & Buildings is at it again, this time with National Health Investors. Like all the REITs, NHI’s managers and tenants had their share of problems during the pandemic. Who didn’t? Most of these issues are behind it, but the REIT could be in even stronger financial shape with just a few changes, which is what L&B wants to do. National Health Investors went public in 1991 and has had a long-term relationship with publicly traded National HealthCare Corporation (NHC), which leases several of its nursing homes from NHI. These 35 nursing facilities provide a solid foundation for NHI, and NHC has... Read More »
Active Adult Expansion A Hit With Investors
How often have we heard that new development is dead? Or that CCRCs (LPCs) are on their way out? Too often. But how often do you hear about an Active Adult expansion on a CCRC campus, and one with entrance fees? Not often enough. That didn’t stop Three Pillars Senior Living Communities and Cain Brothers from putting together a plan that may really change the 120-year-old CCRC in Wisconsin. Three Pillars was originally founded in 1905 as Masonic Home to provide care for indigent Masons. Today, it has a 50-bed nursing center, 17 memory care units, 52 assisted living units (CBRF), 75 catered living/assisted living units (RCAC) and 123 Type C independent living units. The rents for the... Read More »
Quarterly Investor Call #1
Skip the in-person conference, and get the latest senior care M&A and valuations data, market analysis and case studies on notable deals by watching The SeniorCare Investor’s first ever Quarterly Investor Call. Read More »
Pacifica Companies Acquires National Portfolio
Pacifica Companies, LLC, a privately owned real estate private equity firm based in San Diego, California, acquired the majority of the not-for-profit Retirement Housing Foundations’ market-rate seniors housing and skilled nursing assets. Ziegler served as exclusive sell-side advisor to RHF on the transaction, which closed in phases throughout late 2022, 2023 and the first quarter of 2024. The portfolio consists of 15 seniors housing communities across six states: California (7 communities), Florida (3), Missouri (2), Indiana (1), Kentucky (1) and South Carolina (1). There are around 3,200 market-rate independent living, 850 assisted living/memory care and 563 skilled nursing beds.... Read More »
Owner/Operator Chooses Refinance Over Sale
A national owner/operator faced with an underperforming seniors housing property in Missouri and maturing debt on the property secured a refinance thanks to JD Stettin of Carnegie Capital. The borrower, which has over 30 properties in its portfolio, acquired the 45-unit assisted living community in late 2017. Occupancy and cash flow decreased steadily since the pandemic, and the community could not cover its debt costs from operations despite cash flow being above breakeven. It did not help that some key staff members at the community had unexpectedly left. Like so many lenders did during and after the pandemic, the existing bank extended the maturity of its loan several times but... Read More »
Two Seniors Housing Communities in Indiana Trade Hands
Blueprint facilitated the divestment of two seniors housing communities in northwest Indiana. The value-add communities are in Michigan City and Merrillville and comprise 119 assisted living and memory care units. They had strong pre-pandemic financial performance but more recently benefited from a substantial Medicaid Waiver reimbursement rate enhancement that was passed in July. Connor Doherty, Ryan Kelly, Amy Sitzman and Giancarlo Riso handled the transaction, which featured multiple competitive offers. The selected buyer intends to fully reposition the communities as affordable seniors housing through the Indiana Assisted Living Waiver Program. The buyer also plans to bring on an... Read More »Schedule a demo
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