South Denver SNF Finds New Owner
A non-performing skilled nursing facility in South Denver, Colorado, found a new owner thanks to Hap Knowles and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap. Built in 1965, Aspen Siesta features just 34 licensed beds. It was 64% occupied and generated more than $2.8 million of revenues from private pay, VA and other payor sources. But it was losing around $265,000 a year as of the most recent financials in 2023. Being a distressed, older vintage property, the facility could potentially attract interest from alternative-use buyers. So, Knapp-Stahler identified a behavioral health and substance abuse provider to purchase and convert the facility to that new use. That... Read More »
Minnesota AL Community Trades Hands
Senior Living Investment Brokerage was engaged by a Minneapolis-based, repeat client in the disposition of its last assisted living community that is in “very good condition.” The seller is divesting to focus on its remaining active adult and multifamily portfolio. Built in 2013, the community is in St. Anthony, Minnesota (Minneapolis-St. Paul MSA), with 73 units and high-end amenities. It was 74% occupied, generating $4.15 million of revenues. SLIB structured the marketing process around the seller’s desire to transfer ownership to another respected owner/operator that would continue the high standard of care for residents and support the seller’s associates. The ultimate buyer was a real... Read More »
LaVie Completes Bankruptcy Proceedings
A year ago, LaVie Care Centers filed for Chapter 11 bankruptcy for the second time since 2021. The company cited a financial restructuring designed to improve its capital structure and position it for long-term success as the reason for filing. At the time, the operator’s portfolio comprised 43 skilled nursing facilities across five states. It secured a commitment of $20 million in debtor-in-possession financing from key stakeholders, including affiliates of Omega Healthcare Investors (LaVie’s largest landlord and secured lender). On June 1, LaVie completed its bankruptcy proceedings with the Omega-LaVie master lease being assumed and assigned to a new entity, Avardis. The monthly... Read More »
Invesque Completes Commonwealth Portfolio Divestment
Invesque announced that it completed the previously announced sale of 20 seniors housing communities managed by Commonwealth Senior Living, together with its majority ownership stake in Commonwealth. Proceeds from the transaction were used to repay all property-level debt associated with the assets, extinguish all unpaid and accrued preferred equity associated with the portfolio, and to pay other transaction-related costs. Commonwealth no longer manages any Invesque-owned properties. Invesque’s portfolio now consists of 32 assets, 12 of which remain under definitive contract to be sold, subject to satisfaction or waiver of due diligence conditions in favour of the purchasers and other... Read More »
Medicare-Only Facility Sells to Midwest-Based Skilled Nursing Investor
A Texas-based regional developer of skilled nursing facilities throughout the central and southern U.S. engaged Blueprint to advise and oversee the confidential sale of Accel at Longmont, a Medicare-only skilled nursing facility located just north of Boulder, Colorado. Michael Segal and Daniel Waldhorn handled the transaction. Built in 2017, totaling 76 skilled nursing beds with 36 private rooms and 20 semi-private rooms, the facility was leased to a Texas-based provider. Following the pandemic the facility faced challenges maintaining its high census levels, primarily attributable to the shorter length of stay typical in Medicare-only, transitional care settings. Showcasing upside... Read More »
Leadership Changes in Forbright’s Healthcare Lending Group
Forbright Bank announced that Jonathan Grenier has been promoted to President of Healthcare Lending. Grenier previously served as a Managing Director of Forbright’s Healthcare Lending division, where he has worked since 2016. In that role, he co-led Forbright’s healthcare originations and underwriting, providing hundreds of skilled nursing and post-acute facilities, seniors housing and behavioral health providers with access to capital. Prior to joining Forbright, Grenier held various roles at EY and M&T Bank. As President of the Healthcare Lending group, Grenier will lead a team of experienced professionals. Jared Richards will lead healthcare originations and underwriting in... Read More »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 »Schedule a demo
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