PE Group Acquires in Kentucky
Kyle Hallion, Connor Doherty and Ryan Kelly of Blueprint facilitated the sale of an assisted living community in Richmond, Kentucky. The community was built in 2009 and comprises 49 private units. The seller was a New York-based regional owner/operator divesting to strengthen its portfolio. The buyer was a Midwest-based private equity group looking to expand its regional operating presence. The group sees an opportunity to improve operational performance and leverage economies of scale. Read More »
60 Seconds with Swett: April Already Passes 50 Transactions
Tariff turmoil? Volatile and still-high interest rates? Uncertainty surrounding Medicaid spending, labor costs and HUD’s queue length? Seniors housing and care dealmakers have looked past a lot of this noise to announce 50 transactions in the first three weeks of the second quarter, putting the market on track for the busiest M&A period ever. We know we sound like a broken record, but the start of April did feel like we reached a new level of activity, and given the conversations we’ve been having in the last few weeks, the second and third quarters may only accelerate in deal volume. For some sellers, seeing through the January 2025 rate increases was enough to enter the transaction... Read More »
Underperforming AL Community Secured for Behavioral Health Conversion
Blueprint’s behavioral healthcare team was engaged by a single-site residential behavioral healthcare provider in its search for a larger facility to meet its growth needs. The operator, a prominent first responder behavioral healthcare provider, acquired a former assisted living community near Park City, Utah, to expand its residential behavioral healthcare treatment capacity. The community was underperforming and primed for conversion given the ideal physical plant layout and substantial bed capacity. There was a limited geographic scope for relocation given the operator’s need to retain experienced and reputable staff in a lightly populated region. There were also zoning... Read More »
Washington SNF Receives HUD Refinancing
Berkadia’s Jay Healy Andrew Lanzaro arranged a $15 million loan through HUD’s 232/223(f) program for a California-based sponsor and repeat Berkadia client. The 35-year, non-recourse loan refinanced bank debt that was utilized to pay off the previous HUD loan and fund a new addition for the 99-bed skilled nursing facility located in Bothell, Washington. The new expansion will include 20 new private rooms, a therapy gym and a dining area. The 99-bed, four-star facility was originally built in 1964 and 1984. At closing, the property had a 56% quality mix. Read More »
Ziegler Handles Bond Financing
Ziegler announced the closing of Covenant Living Communities and Services $146.46 million Series 2025A tax-exempt bonds. The bonds were issued through the Colorado Health Facilities Authority. Ziegler and CLCS have been partners for over 30 years. CLCS is a not-for-profit organization established to operate a multi-site system of CCRCs on behalf of the Board of Benevolence of The Evangelical Covenant Church. It currently operates 20 communities in 11 states with over 5,900 total units, including communities inside and outside of the Obligated Group. Proceeds of the Series 2025A bonds will be used to fund approximately $85 million of new money project costs as well as to currently... Read More »
LTC Properties Welcomes Dave Boitano
LTC Properties appointed industry veteran, David Boitano, as Executive Vice President and Chief Investment Officer. This followed the promotion of Clint Malin to Co-Chief Executive Officer in December 2024. Boitano has spent most of his seniors housing and healthcare finance career at Ventas, sourcing investments, including RIDEA, with direct underwriting responsibility for more than $5 billion in transactions. He is well liked in the industry and should be a very good fit with the LTC team. LTC’s investment portfolio currently includes 189 properties in 25 states with 30 operating partners. The company is expanding its RIDEA platform. Read More »
Helios Healthcare Advisors Handles Refinancing
Helios Healthcare Advisors structured and arranged a credit facility used to refinance and consolidate existing senior debt as well as to provide construction financing for a new development. The facility was secured by a portfolio of nine assisted living and memory care communities in Louisiana. A New Orleans-based regional owner/operator engaged Helios as its financial advisor to consolidate its existing debt and capitalize a stabilized, under-levered portfolio to support the development of three new communities in the New Orleans and Baton Rouge markets. The facility was structured with a publicly traded regional lender as a 70% loan-to-value refinance secured by the nine existing... Read More »
Live Oak and Berkadia Team Up on Bridge Loan
Live Oak Bank recently closed a $34.3 million bridge loan in partnership with Berkadia Commercial Mortgage for a two-property portfolio owned and operated by BrightSpace Senior Living. The communities are located in the Nashville, Tennessee, and Boise, Idaho MSAs. The loan was structured in an A/B arrangement, with Berkadia funding the subordinate debt, and features a two-year, interest-only term. Loan proceeds were utilized to retire existing bank debt and support ongoing capital expenditures. Read More »
California Memory Care Communities Receive HUD Loans
Lument closed two HUD loans totaling $20.7 million to refinance two memory care communities in northern California. Doug Harper, managing director at Lument, co-originated the loan with Grant Goodman of G Capital. The two communities are Crescent Oaks Memory Care, which features 22 units and 36 beds in Sunnyvale, and Silver Oaks Memory Care, which consists of 25 units and 43 beds in Menlo Park. The HUD loans replaced in-place, high-cost bank debt with new low, fixed interest rates and 35-year terms and amortization schedules. The borrower was also able to fund replacement reserves and combined the two facilities under a new master lease. Read More »
Berkadia Handles Two Seniors Housing Transactions
Berkadia closed the sale of two separate assets in Florida and Georgia. First, Berkadia was engaged by a national owner/operator in the sale of a CCRC in South Florida. The property appears to be Abbey Delray, a 505-unit community originally built in 1979 in Delray Beach that features 327 independent living units, 48 assisted living units, 30 memory care units and 100 skilled nursing beds on 25.66 acres. We understand that occupancy improved throughout the marketing process. Abbey Delray was previously owned by Lifespace Communities, and the buyer was a regional owner/operator. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders handled the transaction. This was Berkadia’s 10th... Read More »Schedule a demo
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