Vacant Harrisburg Property Trades
Bob Gaines of Colliers facilitated the sale of a seniors housing community in Harrisburg, Pennsylvania. Built in 1950 and completely remodeled within the previous eight years, Butler Street Senior Living comprises 78 assisted living beds and was vacant at the time of sale. Butler Street Senior Living LLC, affiliated with Kaplan Development Group, was the seller, and the community features 57 assisted living and 11 memory care units. A not-for-profit, LHM Hospice and Social Services, was the buyer and paid $4.8 million, or $71,000 per unit, for the community. Not a bad price for a vacant building. Read More »
Sonida Senior Living Grows For The Future
The last to report 2024 earnings in our sector, Sonida Senior Living turned in a decent fourth quarter, but maybe not as good as they were hoping for. They are looking to the future, however, and not past performance, and are gearing up for growth. While the same-community occupancy of 86.6% in the fourth quarter is certainly above average for the industry, the year-over-year increase of just 70 basis points was below average. Many providers are still putting out census growth numbers that will not be sustainable as communities begin to stabilize, so increasing by 70 basis points in the future will look pretty good. But we are not there yet, especially with new development still way... Read More »
60 Seconds with Swett: The Demand for SNFs
We had a fantastic webinar last week that covered our recently published valuation statistics from The Senior Care Acquisition Report but also how valuations, the lending environment and M&A strategies are changing in 2025, so far. Jason Punzel of Senior Living Investment Brokerage, Steve Munn of VIUM Capital and JP LoMonaco of CBRE joined me for the discussion and all had fascinating and useful takeaways on the current state of the market. I ended the webinar with a question about what type of property each panelist would purchase themselves, if they had the equity to finance the rest of the acquisition with debt. Although much of the webinar centered around the seniors housing... Read More »
NHI Acquires in New Jersey
National Health Investors invested $46.3 million, or $386,000 per unit, inclusive of transaction costs, for the acquisition of a seniors housing community in Bergen County, New Jersey. Juniper Village at Paramus comprises 98 assisted living and 22 memory care units. The community has been operated by Juniper Communities since February 2021. The lease has a 15-year maturity with two five-year renewal options at an initial yield of 7.95% plus annual fixed escalators. Read More »
Growing Owner/Operator Acquires Illinois SNF/SLF
Andrew Montgomery of Montgomery Intermediary Group announced a couple of transactions in Illinois and Mississippi. First was for a skilled nursing/supportive living facility in a small, rural Illinois market. The facility features over 130 SNF beds and SLF units and sold to a large owner group that invested alongside a growing owner/operator in Illinois. The skilled nursing component originally opened in 2005, and the supportive living facility was added in 2007. Many owners have cited difficulties in operating senior care facilities in rural markets as their reason to divest, which may have been the case here. But we understand the buyer has committed to maintaining continuity of resident... Read More »
Berkadia’s Recent Activity
Berkadia Seniors Housing & Healthcare handled two separate transactions in Michigan and Tennessee. First, Berkadia sold and secured financing for Clinton Creek Assisted Living and Memory Care. The community is in the Detroit MSA and was 90% occupied at closing. It was financed with a bridge-to-HUD loan, representing 67% of the purchase price. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers handled the sale, while Jay Healy and Andrew Lanzaro completed the financing. Next, Fasano, Sanders, Tremper and Garbers were brought on to facilitate the sale of a 16-property seniors housing portfolio. The portfolio comprises over 1,200 units across nine states. The final asset in... Read More »
Regional Owner/Operator Purchases Seniors Housing Portfolio
A portfolio of three Class-B seniors housing communities in tertiary markets in Northern California found a new owner. The communities all featured assisted living, memory care and independent living services, with 205 total units and 242 licensed beds. They were originally developed in 2001 and 2002, and occupancy stood at 71%, 89% and 84%, respectively, at the time of the sale. As a portfolio, they offered an attractive opportunity for an experienced regional operator to expand its footprint. A lender-appointed receiver oversaw the sale due to loan maturity and the previous owner’s inability to refinance. Dan Mahoney and Scott Frazier of Blueprint represented the nationally recognized... Read More »
Minnesota Community Secures HUD Refinance
Sam Butler of the Fort Worth office of Colliers Mortgage closed a $24 million HUD loan for the refinance of The Pillars of Mankato in Mankato, Minnesota. Built in 2019, the community features 118 units across 146,138 square feet on 3.9 acres. There are 98 independent and assisted living units plus 20 memory care units. According to LevinPro LTC, The Pillars of Mankato was acquired at the end of 2023 by Tunbridge Peak LLC, an out-of-state real estate investment firm affiliated with Peak Capital Partners, that partnered with the in-place operator to manage the community. Jason Punzel, Jake Anderson, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the 2023... Read More »
Solinity’s New Development
Solinity has partnered with the Scott County Economic Development Authority to develop a 100-acre multigenerational, mixed-use community in Scott County, Virginia, called Riverside. The development will feature a range of housing options, including age-restricted housing, such as active adult, independent living, assisted living and memory care units. Additionally, the community will offer non-age-restricted housing, workforce housing, restaurants, retail spaces, a children’s daycare and green spaces. Solinity has selected DKLEVY as the architectural and design firm for the master plan, and Solinity Marketing is the agency responsible for branding and marketing the project. A key... Read More »
EF Senior Care Expands its Footprint
EF Senior Care, an owner/operator based in Plymouth, Massachusetts, grew its long-term care portfolio this month, having acquired the operations of a senior care campus in Lawrence, Massachusetts. Built in 1895, Berkeley Retirement Home comprises 44 skilled nursing and independent living beds. Berkeley Retirement Home represents EF Senior Care’s fourth management contract in the past year, and brings its beds under management to nearly 500. Read More »Schedule a demo
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