Ziegler Tackles Three Transactions
Ziegler facilitated the sale of three transactions on behalf of not-for-profit sellers. First, a skilled nursing portfolio in Northern Ohio was sold to a for-profit buyer. Next, in a two-part transaction, a not-for-profit in Tennessee sold two CCRCs to another not-for-profit (through an affiliation) and divested the SNF portion of one campus to a for-profit buyer. The seller of the skilled nursing portfolio in Northern Ohio was a not-for-profit dedicated to providing affordable housing, healthcare and supportive services. This was its only healthcare asset in the state. The portfolio comprised three buildings consisting of 182 skilled nursing beds and 24 behavioral health beds. One... Read More »
AOG’s Foray into The Active Adult Sphere
A few years ago, we were preparing for an influx of multifamily developers and investors to flood into the seniors housing space, particularly in active adult, which was seen as an attractive add-on to their traditional multifamily portfolios with favorable demographic trends, higher (and more consistent) rents, good occupancy rates and longer lengths of stay. Active adult may have also acted as a gateway to other seniors housing sectors like independent living and assisted living for these investors. Then, interest rates rose above average active adult cap rate between 4% and 5%, and development became more difficult, not to mention expensive. But as we (and others) have noted, the... Read More »
Greystone Secures Arizona HUD Refinance
Greystone provided a $29.4 million HUD loan to refinance a skilled nursing facility in Tucson, Arizona. The permanent loan carries a 35-year term and amortization. Sandstone of Tucson Rehab Centre in Pima County comprises 240 beds in 127 units, with 43 private and 84 semi-private rooms. Eric Rosenstock handled the transaction on behalf of Sapphire of Tucson Properties. Read More »
Berkadia and Poppy Bank Close Portfolio Financings
Berkadia announced it worked with Poppy Bank to close 12 different loans totaling over $329.7 million of bridge debt in April, May and June. The 12 properties include a portfolio of six, a three-pack and three individual properties. Together, the assets comprise 1,597 units. Chris Cain and Steve Ervin secured the financing. Read More »
60 Seconds with Steve Monroe: Mad as Hell
We are halfway through the year, and I am already angry. Angry at what, you may ask? All the interference from government, both elected officials and the bureaucrats. From people who think they understand how seniors housing should work. From the unions. From the anti-PE firm groups. I always say, do a few 12-hour shifts, or move in for a few days, and then tell me what you think. It is not easy, and most people are doing the best they can. Regardless, I am mad as Hell and getting tired of it all. Except, and not to sound hypocritical, but I had to smile when I read about the investigations into A Place for Mom, a service that I always had my suspicions about. A service that many... Read More »
Focus Healthcare Partners Set for Growth, Again
A familiar buyer is set to be very busy in the next year of seniors housing M&A activity, as Focus Healthcare Partners has closed on its Focus Senior Housing Fund II LP and raised approximately $370 million in capital commitments for it. The closed-end, commingled discretionary real estate fund will target private pay seniors housing assets across active adult, independent living, assisted living and memory care, but no stand-alone memory care. Campuses with a full continuum of care would be the most attractive, too. The fund is 20% larger than its predecessor vehicle, which raised $312 million in 2017 from seven institutional investors. Fund II, by contrast, drew from 15 different... Read More »
Inspired Healthcare Acquires Class-A Community in Texas
Berkadia facilitated the sale of a Class-A seniors housing community in New Braunfels, Texas. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders handled the transaction on behalf of Biloxi, Mississippi-based LifeCare Properties, a wholly owned subsidiary of Comvest Properties. The buyer was Scottsdale, Arizona-based Inspired Healthcare Capital. Built in 2021, The Blake at New Braunfels features 71 assisted living and 41 memory care units. The community has maintained consistently high occupancy and strong NOI. It is also just one block from the Resolute Baptist Hospital, which offers a full range of services as well as emergency care and a Level II NICU. Inspired is creating a new... Read More »
CFG Originates HUD Financing Package
Capital Funding Group announced the closing of a $42 million HUD financing package on behalf of a nationally recognized borrower. The package included three loans supporting the refinance of existing bridge loans for three skilled nursing facilities: a $9.8 million HUD loan to support an 80-bed facility in Idaho, a $21.6 million HUD loan to support a 101-bed facility in Washington and a $10.6 million HUD loan to support a 108-bed facility in Washington. Tim Eberhardt and Ava Julio handled this transaction. This financing follows CFG’s recent announcement of the closing of a bridge-to-HUD loan totaling $9.75 million on behalf of a nationally recognized borrower. The loan supported the... Read More »
Dwight Capital Finances SNF Portfolio Deal
Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, financed a $142 million bridge acquisition loan for a portfolio of 10 skilled nursing facilities in prime Southeast urban markets in Georgia (Atlanta), Tennessee (Memphis), Alabama (Mobile) and Louisiana (Shreveport). The properties include Bell Minor Home, Cambridge Post Acute Care Center, Nurse Care of Buckhead, Riverside Health Care Center, Rockdale Healthcare Center, Westminster Commons, Millington Healthcare Center, Parkway Health and Rehabilitation Center, Kensington Health and Rehabilitation, and Highland Place Rehabilitation and Nursing. Altogether, the facilities total 1,371 beds. Adam Offman handled this transaction... Read More »
Mom & Pop Divests SNF to Publicly Traded Company in Iowa
Senior Care Realty was brought on by a mom & pop in their divestment of a skilled nursing facility in northwest Iowa. The seller had owned the facility for over 50 years, and was the second owner since the facility’s inception. They had plans to retire, leading to the decision to divest. Built in the 1960s with renovations since then, the skilled nursing facility is in Spencer, Iowa, and comprises more than 80 beds. Occupancy was hovering around 75% at the time of the sale, as a wing was closed during the pandemic and was not yet re-opened. The buyer was a publicly traded company, and the purchase price was $3.55 million, or around $44,000 per bed. Mark Van Den Broeke handled the... Read More »Schedule a demo
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