Marcus & Millichap Arranges SNF Leases
After purchasing four senior care campuses in a large portfolio deal, a seniors housing owner/operator turned to Marcus & Millichap to find new tenants for the skilled nursing portions of each newly acquired campus. Each building was losing close to $1 million annually and had struggled with occupancy and expenses. While the portfolio purchase was in escrow, the buyer, which solely focused on seniors housing operations, engaged Rob Reis and Nick Stahler of Marcus & Millichap to create a market for each nursing home portion. Despite the negative cash flow, M&M targeted aggressive lease rates and sourced three separate tenants, all regional SNF operators based in... Read More »
LSS Absorbs Diakon
Two large not-for-profits announced that they were combining to create the 12th largest not-for-profit senior living organization in the country. Lutheran Senior Services, based in St. Louis, Missouri, signed an agreement to bring Diakon Senior Living operations and four CCRCs under its umbrella. Both organizations were described by Adam Marles, LSS President and CEO, as financially healthy, not-for-profit organizations that are coming together strategically in the interest of better serving seniors. That has been a common theme among not-for-profits since the pandemic, as they have often required scale to survive in a lower-occupancy and lower-margin environment. But not all have been as... Read More »
SNF Under Receivership Is Acquired in Kansas
Marcus & Millichap was brought on by a limited liability company in the sale of a skilled nursing facility in Topeka, Kansas, that was under receivership. The facility, Providence Living Center, comprises 78 beds across 24,000 square feet and focuses on senior residents with mental health needs. Rod Llanos and Colby Haugness handled the transaction, receiving multiple offers. Ultimately, a qualified buyer with experience in caring for this resident type was selected to acquire the facility. No other details were disclosed. Read More »
SLR Provides Financing for SNF
SLR Healthcare ABL announced that it secured financing for a 160-bed skilled nursing facility. The asset-based revolving line of credit amounted to $4.0 million, and this was the only debt for the borrower, which leases the facility from a related property company that has a mortgage with a bank. The borrower is a Nevada-based operator of skilled nursing, post-operative care and specialized programs including orthopedic rehab, ventilator care and wound management. Proceeds of the loan were used to refinance existing debt and provide working capital to support growth initiatives such as continuing to leverage the facility’s strong respiratory and other specialty programs as... Read More »
Chicagoland Portfolio Finds New Owner
A value-add senior care portfolio in Chicagoland traded with the help of Blueprint’s Ryan Kelly, Connor Doherty, Alex Florea, Lauren Nagle and Brooks Blackmon. The team worked on behalf of a national developer/investor, which had engaged Blueprint to create an exit strategy for more than a dozen geographically disparate, older-vintage communities that had been purchased in a sizable portfolio transaction before the pandemic. The Chicagoland portfolio featured three senior care campuses with a mix of 290 assisted living/memory care units and around 40 Medicare-only skilled nursing units. The assets opened between 1994 and 2000 and were geographically clustered in affluent Chicago suburbs.... Read More »
Publicly Traded REIT Divests in Illinois
Berkadia was engaged in the divestment of an assisted living and memory care community in Barrington, Illinois. The Berkadia Seniors Housing Team, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, closed the transaction on behalf of a publicly traded REIT. The buyer was a regional owner/operator. But no other details were disclosed. Read More »
CFG Secures $13.55 Million in HUD Loans
Capital Funding Group closed two HUD loans totaling $13.55 million to support the refinancing of two skilled nursing facilities. Both facilities are in Illinois, and together they comprise 173 beds. No other details surrounding the financing were disclosed. This announcement follows CFG’s closing of $16.25 million in bridge-to-HUD financing on behalf of a nationally recognized borrower for the acquisition of two Utah skilled nursing facilities that totaled 220 beds. This acquisition marked the borrower’s entrance into the state. Read More »
CBRE Secures Bridge Financing For Two Communities
CBRE secured bridge financing for two seniors housing communities in western Pennsylvania. Aron Will and Tim Root arranged a non-recourse loan with a sub-300 spread through a regional bank. The borrower was CPF Living Communities. Built in 2017, The Residence at Bethel Park is in Bethel Park with 130 independent living units. The Residence at Whitehall, built in 2018, is in Pittsburgh and comprises 127 independent and assisted living units. Both communities are currently managed by Grace Management, CPF LC’s wholly owned management affiliate. Read More »
G Capital Markets Closes Cash-Out Recap
G Capital Markets, a capital advisory firm based in Carmel, California, recently closed on the recapitalization of a 29-unit/59-bed assisted living community in Livermore, California. Built in 2021 by a regional owner/operator, the property leased up in 2022 and has shown consistent strong performance since then, with cash flow margins well over 40% and occupancy at 90%. Few today can boast numbers like those. The bridge-to-HUD loan was structured with a large equity-out component and sized to maximize the takeout refinancing, while allowing the borrower to submit a HUD application in 2024 without the need to wait for the typical two years of debt seasoning. GCap arranged the $15.5 million... Read More »
Cambridge Arranges Conventional Loan
Cambridge Realty Capital Companies arranged a $5.95 million conventional loan for the acquisition of Twilight Haven Senior Living, in Fresno, California. Brent Holman-Gomez, Cambridge Senior Vice President, handled the transaction. A California limited liability company obtained the fully-amortized, 25-year loan, which was underwritten by a Utah-based industrial bank. Previously owned by a not-for-profit organization, Twilight Haven comprises 60 independent living units, as well as 116 assisted living beds and 50 skilled nursing beds. The assisted living business is focused on the Medi-Cal Assisted Living Waiver program. However, the selling operator was in bankruptcy, and the... Read More »Schedule a demo
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