BWE Arranges Refinancing for Joint Venture
BWE arranged $308 million to refinance construction debt on two seniors housing communities on behalf of a joint venture between Columbia Pacific Advisors, LAMB Properties and Harbert South Bay Partners. Ryan Stoll and Taylor Mokris arranged the financing through an exclusive competitive process, which generated unprecedented interest and industry leading financing terms. The loan was ultimately provided by a large global lender, marking its entry into seniors housing. Dubbed Project New Horizons, the refinancing was secured for The Variel at Woodland Hills in Los Angeles, California, and The 501 at Mattison Estate in Ambler, Pennsylvania. Built in 2022, The Variel comprises 336... Read More »
Evans Handles Wisconsin SNF Deal
Evans Senior Investments represented an institutional owner/operator in the divestment of a skilled nursing facility in Wisconsin. The facility was an outlier in the seller’s portfolio and struggled to improve its occupancy since the pandemic. A growing regional operator acquired the property as a complement to its existing footprint in the state. Their presence could help with the census turnaround. Wisconsin’s recently increased Medicaid reimbursement rates and certificate of need program will also help. Read More »
CFG Closes Subordinate Financing
Capital Funding Group (CFG) closed $50.5 million in subordinate financing, which contributed to a $375.5 million loan, for the refinancing of 25 skilled nursing facilities across California, Colorado, Georgia, Maryland, West Virginia and Wyoming, featuring 3,243 beds. CFG partnered with the nationally recognized borrower to restructure two existing bridge loans into one consolidated debt capital structure. The borrower plans to eventually exit through a HUD refinance. Craig Casagrande, Tim Eberhardt and Catherine Mansel originated the transaction for the company. Read More »
Diversicare Expands in Tennessee and Enters North Carolina
Diversicare Healthcare Services completed the acquisition of three skilled nursing facilities in Tennessee (2) and North Carolina. This acquisition brings the company’s total number of facilities to 49 and marks its entrance into North Carolina. Built in 1980, Etowah Health & Rehabilitation Center, formerly known as Etowah Health Care Center, is in Etowah, Tennessee, with 120 beds. Built in 1999, Diversicare of Copper Basin, formerly known as Copper Basin Health and Rehabilitation, is in Ducktown, Tennessee, with 135 beds. The facility closed in 2017, and was vacant at the time of sale. Built in 1979, Mountain View of Bryson City, formerly known as Mountain View Manor Nursing... Read More »Yorktown Rehabilitation & Nursing Center Featured in LevinPro Database
The Yorktown Rehabilitation & Nursing Center, a Medicare-licensed private skilled nursing facility, has been spotlighted for a merger or acquisition in the renowned LevinPro M&A deal database. It is situated at 2300 Catherine St in Cortlandt Manor, New York. This facility has been operational since its incorporation on October 9, 2015. LevinPro, a leading source for tracking M&A activity across diverse healthcare sectors such as hospitals, home health, medical real estate, and biopharma, has profiled the significant transaction involving Yorktown Rehabilitation & Nursing Center in its exclusive deal database, accessible to its subscribers here. In its extensive history,... Read More »
SLIB Closes Transaction Trio
Senior Living Investment Brokerage shot out of the gates in the second quarter, announcing three closings for skilled nursing facilities across the country. First was the sale of a 105-bed SNF in Pueblo, Colorado, which was previously owned by an East Coast-based regional owner/operator that was divesting the asset to focus on its core markets. Built in 1964 with renovations and expansions in 1982, 2008 and 2018, the facility was licensed for 120 beds. Dubbed Prestige Care Center of Pueblo, the facility received several offers from buyers before a California-based owner/operator with an established presence in Colorado was selected. Vince Viverito and Nick Cacciabando handled the... Read More »
Three Buyers Purchase Florida Portfolio in Receivership
Continuum Advisors ended the first quarter with a five-property portfolio deal closed in their home state of Florida. The communities total 340 units (74 assisted living and 266 memory care) and are located across central and northern Florida. They include Superior Residences of Clermont, a 114-unit AL/MC community in the Orlando MSA, Superior Residences of Cala Hills, a 60-unit MC community in Ocala, Superior Residences of Brandon, a 46-unit MC community just east of Tampa, Superior Residences of Lecanto, a 60-unit MC community along Florida’s northwest central coast, and Superior Residences of Niceville, a 90-unit MC community on the Florida panhandle. They are roughly 20 years old and... Read More »
Blueprint Handles NHI New Jersey Acquisition
A national developer/investor engaged Blueprint in the sale of a high-performing seniors housing community in an affluent and high-barrier-to-entry New Jersey market. Built in 1999, Juniper Village at Paramus comprises 98 assisted living and 22 memory care units in Paramus. 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. Blueprint targeted a wide cross-section of operators, investors and developers, highlighting in-place cash flow, ability to drive further upside through renovations and scarcity of comparable acquisition... Read More »
Ensign’s Acquisition Spree
The Ensign Group closed several acquisitions throughout February and the beginning of April. First, it acquired the real estate and operations of Citrus Heights Respiratory and Rehabilitation, a 204-bed skilled nursing facility, and Springdale Village Post Acute, a 122-bed skilled nursing facility, both in Mesa, Arizona. Blueprint’s Amy Sitzman and Giancarlo Riso were engaged by the previous owner to explore a sale or lease of Citrus Heights, which generated revenues and EBITDAR of $12.1 million and $1.2 million, respectively, despite operating below market occupancy. The seller later decided to engage Blueprint for the sale of Springdale Village, which (like Citrus Heights) was located... Read More »
Michigan IL Portfolio Sells to Midwest-Based Owner/Operator
Berkadia announced the sale of a portfolio of five independent living communities throughout the Detroit, Michigan MSA. Brooks Minford of Berkadia Seniors Housing & Healthcare closed the 631-unit transaction on behalf of a local multifamily developer/owner/operator. The firm originally developed the portfolio, but the time had come to pass the torch to a new owner with more resources and experience in seniors housing. The portfolio was purchased by a Midwest-based owner/operator of seniors housing communities seeking to expand its footprint in Michigan. No additional details were disclosed. Read More »Schedule a demo
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