Four SNFs Receive Refinancing
MONTICELLOAM closed $87.0 million in total bridge and working capital financing for a portfolio of four skilled nursing facilities totaling 450 beds in Florida. The $80 million bridge loan carries a two-year term, with two six-month extensions, and will be used to refinance the existing debt on the four assets. The $7.0 million working capital revolver will be used to manage day-to-day operational expenses across the portfolio. Proceeds from the $80,000,000 bridge loan were used to refinance the existing debt on four skilled nursing facilities. The loan carries a 24-month term with two six-month extensions for the borrower. Read More »
Brookdale Q3 Results Disappoint
Historically, and we are going back more than 12 years, the third quarter has been the best quarter of the year for occupancy increases, and usually cash flow increases based on those census jumps. This was certainly the case for Welltower and Ventas this year, the two largest owners of seniors housing communities. Unfortunately, Brookdale Senior Living, which continues to underperform the market and lags these two REITs, leaves investors disappointed and wondering what is wrong. And dare we say disillusioned with management’s forecasts, which have not panned out at all this year. Don’t get us wrong. Occupancy has increased, but not in the way investors expected, and “little” things like... Read More »
SHOP at National Health Investors Outperforms
At National Health Investors, it seems to be all about SHOP, SHOP, SHOP. Although it is a small portfolio at just 15 properties, it is becoming mighty. September’s occupancy was 89.1%, compared with 81.2% a year ago, representing a 790-basis point increase. From July 2023, the increase was 1190 basis points. It is now the highest occupancy portfolio of the major property groups for NHI. The sequential increase from August was 60 basis points. The SHOP NOI increased 30.4% year over year and represents the highest quarterly result since the portfolio’s formation in April 2022. As we have written previously, SHOP portfolios are performing well, and REITs are expanding them. All is not... Read More »
Third Luther Manor Home Campus Sold
A Senior Living Investment Brokerage team comprising Jeff Binder, Jason Punzel, Nick Cacciabando and Jake Anderson handled the receivership sale of a senior care campus in Dubuque, Iowa. Affiliated with the two Grand Meadows campuses in Asbury, Iowa, that SLIB had facilitated the sale of in October, Luther Manor – Hillcrest Campus was previously owned by the not-for-profit Luther Manor Home, before it fell into receivership. It opened in 1969 and went through several additions through 2012 to now include 32 independent living units and 86 skilled nursing beds. The IL portion was just 59% occupied, while the skilled nursing portion was nearly full, at 98%. And the campus operated at a... Read More »
Kadima Healthcare Acquires SNF Portfolio from Comprehensive Healthcare
Blueprint was engaged by the Chief Restructuring Officer for Comprehensive Healthcare Management Solutions and was approved by the United States Bankruptcy Court for the Western District of Pennsylvania to handle the divestiture of nine skilled nursing facilities. The facilities were part of two separate subgroupings: Maybrook (7) and Consulate (2). The facilities are within 70 miles of Pittsburgh, Pennsylvania, and comprise 920 skilled nursing beds, 19 personal care beds and 15 independent living units. In the wake of operational challenges stemming from but not limited to the pandemic, citing declining census, staffing shortages and prior litigation, Comprehensive filed for Chapter... Read More »
Taylor Community Expands in New Hampshire
Continuum Advisors facilitated the sale of a CCRC in Meredith, New Hampshire, near the shores of Lake Winnipesaukee. Financially strained for several years, the community was sold through a court-directed process with OnePoint Partners serving as the Rehabilitation Trustee and Continuum was retained to market the CCRC for sale. Built in 2008, Meredith Bay Colony Club comprises 85 units (41 independent living, 20 assisted living and 24 memory care units) on over 11 acres with an additional 18+ acres of undeveloped land for future expansion. David Kliewer and Jay Jordan led the sale to close on November 1. The purchase price was $11 million, or $129,400 per unit. Additionally, the... Read More »
In-Place Tenant Acquires New Jersey Community
Blueprint’s Ben Firestone, Steve Thomes and Kory Buzin were engaged by a New Jersey-based investor/developer in its divestment of a seniors housing community. The ultimate buyer was the in-place tenant, Springpoint Senior Living. Built in 2022, the community comprises 60 units of assisted living and memory care in Manalapan, New Jersey. It experienced a drawn-out lease up through its first two years in operation, falling short of the census necessary to normalize staffing, marketing and other operational expenses, ultimately impacting its ability to stabilize from an NOI perspective. Blueprint approached a targeted list of qualified investors. Through a multi-round marketing effort,... Read More »
California Community Secures Refinancing
CBRE secured a Fannie Mae refinance for a seniors housing community in San Leandro, California, on behalf of the borrower, Carlton Senior Living. Built in 1997, the community features 147 units of assisted living and memory care in a high-barrier-to-entry market in the Bay Area. It was 95% occupied at the time of closing, and since owning the community, Carlton has renovated it over the years to keep it competitive in the local market. In order to reconstitute its original joint venture ownership into a closely held Tenant-in-Common (TIC) ownership structure, Carlton refinanced the property with a cash-neutral, $22.9 million loan through CBRE’s Fannie Mae DUS Lending Platform. The... Read More »
SLIB Handles Illinois MC Deal
A small, rural memory care community traded in Illinois, and for a market cap rate. Built in 2012, the community features just 46 units in the town of Taylorsville in central Illinois. It was 87% occupied, and was operating at a 14% margin on more than $2.9 million of revenues. That maybe could be improved, but it is a rural market and a small facility, as well. The private equity seller was divesting to redeploy capital into other projects. They sold the building for $4.5 million, or $97,800 per unit, at a 9.2% cap rate. The buyer was looking to continue growing their portfolio in the state. Vince Viverito, Ryan Saul and Jeff Binder of Senior Living Investment Brokerage handled the... Read More »
Texas AA Community Trades
Active adult deals have been relatively rare this year, as interest rates rose above AA’s typical cap rates, but we’ve seen a smattering of older assets trade in recent weeks. Institutional Property Advisors, a division of Marcus & Millichap, announced the sale of Encore at Buckingham, a 242-unit active adult community in Richardson, Texas. Built in 2001, the asset has four stories in a garden style, with a swimming pool, heated spa, movie theater, elevator and library. The average unit size is 806 square feet. Occupancy was strong in the past year, averaging 98% occupancy. And it was operating at a healthy margin, with some room to improve. The asset sold for $36.2 million, or... Read More »Schedule a demo
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