Active Adult Community Secures Construction Financing
Berkadia announced the construction financing of Mera Lawrenceville, a 200-unit active adult community in Lawrenceville, Georgia. Austin Sacco, Steve Muth and Garrett Sacco secured the construction financing through Texas Capital Bank on behalf of a joint venture sponsored by Sparrow Capital Partners. The community, 30 miles northeast of downtown Atlanta, is located in a master planned, by-right site in a high-barrier-to-entry market and is in close proximity to Primary Care Center of Georgia, multifamily homes and retail. Read More »
Public Finance Authority Issues Bonds to Finance AL/MC Community
Wisconsin-based Public Finance Authority plans to issue $132.4 million in bonds to finance a retirement community in Potomac, Maryland. The revenue bonds will finance the acquisition, construction and outfitting of the ISF – Potomac Senior Living rental retirement community. The project will feature approximately 68 assisted living units and 26 memory care beds. Proceeds from the bond sale will also be used to fund a debt service reserve, capitalized interest for about 31 months and cover working capital and issuance costs. The offering is structured in two tranches: $128.4 million in Senior Series 2025A bonds, which are tax-exempt, and $4 million in Senior Series 2025B bonds,... Read More »
60 Seconds with Swett: The Republican Budget and Medicaid Cuts
There will be significant political interest in what happens to Medicaid funding as Republicans work to pass a budget and tax bill with their very slim majority. Touching entitlements remains politically risky, and the party is divided on whether any Medicaid cuts would be acceptable heading into an election cycle. At this stage, per-capita caps on federal Medicaid payments to states do not appear to be under serious consideration. However, even without direct federal cuts, rulemaking changes could materially affect Medicaid-dependent providers. CMS has issued a proposed rule that aims to close what it describes as a Medicaid “tax loophole” that some states have used to inflate federal... Read More »
Sonida Senior Living Continues Upward Trend
We are at the end of the first quarter 2025 earning roll call, and Sonida Senior Living posted another solid quarter. Weighted average occupancy for its same-community portfolio (56 communities) increased by 100 basis points year over year to 86.8%, which is at the top end of many of its competitors. In addition, same-community RevPOR increased by 5.5% to $4,274 year over year, same-community net operating income increased by 19.3% to $16.1 million, and the same-community operating margin jumped by 280 basis points to 27.6%. On a sequential basis, RevPOR increased by 1.8%, same-community net operating income increased by 4.5%, and same-community net operating margin jumped by 80... Read More »
Regional Owner/Operator Purchases Turnaround SNF
Evans Senior Investments was engaged by a regional owner in a partnership with the University of Michigan Health-West Hospital to facilitate the sale of a skilled nursing facility in Wyoming, Michigan. Opened nearly 10 years ago, Healthbridge Post Acute comprises 65 beds and was experiencing operational challenges, including an annual net operating income loss exceeding $1 million. Recognizing significant upside potential on both the revenue and expense side, ESI implemented a competitive two-week marketing process, which generated substantial interest. A regional owner/operator whose capabilities align with the seller’s long-term objectives was selected as the buyer, for an... Read More »
Family Owner Divests CCRC to Not-For-Profit
Senwell Senior Investment Advisors sold a family-owned/operated CCRC in Maumee, Ohio, to a not-for-profit organization. The community had been in the seller’s family for 75 years, but they are divesting to enter retirement. Established in 1949, Elizabeth Scott Community spans 51 acres and offers independent living, assisted living, memory care and skilled nursing services. The seller was seeking a buyer with similar values committed to preserving the campus’ reputation and culture of care. Senwell generated eight qualified offers, resulting in a mission-driven CCRC operator from Indiana known for its strong track record and like-minded philosophy of care. The process involved... Read More »
HUD-Backed Seniors Housing Community Opens on Long Island
A HUD-financed seniors housing project has celebrated its grand opening in Bay Shore, New York. Netherbay at Bay Shore is a state-of-the-art assisted living/memory care community located at the historic Gulden family’s summer homestead on Long Island. It features 72 units and is operated by Meridian Senior Living. Greystone’s Lisa Fischman had originated the $26 million construction-to-permanent HUD loan in 2023, which was the only healthcare construction loan in the United States approved by HUD that year. With construction complete, the financing converts to a 40-year, fully amortizing, non-recourse, fixed, low-rate loan. Read More »
Strawberry Fields REIT Announces SNF Acquisition
Strawberry Fields REIT acquired a skilled nursing facility with 100 beds near Oklahoma City, Oklahoma, utilizing cash from its balance sheet. The facility is leased to an existing third-party operator that entered into a master lease for this facility, as well as for another facility that Strawberry Fields acquired in December 2024 (a skilled nursing facility featuring 100 beds in Oklahoma). The lease includes annual base rents of $500,000 with 3% annual rent increases and an initial term of 10 years with two options of five-year extensions. The deal was revealed in the REIT’s first quarter earnings report, along with the closing of its purchase of six senior care facilities in... Read More »
Family Office Acquires Two Communities
Berkadia was engaged by a national owner/operator in its divestment of two seniors housing communities on Florida’s east coast. The communities are in Port St. Lucie and Port Orange with 171 assisted living and memory care units. The buyer was a central Florida-based family office. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders handled the transaction. The deal follows Berkadia’s other recent Florida closing, which was handled on behalf of a national owner/operator. The property was Abbey Delray, a 505-unit CCRC 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... Read More »
Kentucky SNF Sees Active Bidding Environment
Kyle Hallion and Ben Firestone of Blueprint were engaged to sell a 54-bed skilled nursing facility located 45 minutes northwest of the Lexington, Kentucky MSA, and successfully closed the deal on May 1, approximately 30 days prior to contractual closing. The facility offered a track record of strong occupancy with clear revenue upside via CMI improvement and expense controls through operational efficiencies. Kentucky also completed Medicaid rebasing in July 2024 that made the state more attractive to incoming owners. So, following the rebasing, Blueprint targeted regionally focused investors and generated seven written LOIs. The winning bidder, a New York-based owner/operator with a... Read More »Schedule a demo
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