SNF Trades at High Per-Bed Price
JLL Capital Markets completed the $33 million sale of Coronado Ridge Skilled Nursing and Rehabilitation Center (formerly known as Horizon Ridge), a 121-bed/90-unit skilled nursing facility in Henderson, Nevada. The sale represents one of the highest prices per bed for a skilled nursing facility in Nevada history at $273,000 per bed. JLL’s Seniors Housing Capital Markets team, in conjunction with Managing Director Mark Winter, represented the seller, a joint venture between CREC Real Estate, LLC and The Calida Group. Built in 2017, Coronado Ridge stands two stories tall, sits on 2.3 acres and comprises 68,873 square feet. The facility is well-located to receive discharges from the... Read More »
Tremper Capital Group’s Recent Financing Activity
Tremper Capital Group announced some recent financing activity, including a $10.5 million loan secured to refinance a recently renovated assisted living and memory care community in the Dallas, Texas MSA. The three-year floating-rate bridge loan with a regional bank provides the client time to execute on the in-place business plan. This is a new lending relationship for TCG’s client. TCG also secured a land acquisition loan for a repeat client, Harbert South Bay Partners. The floating-rate loan placed with a regional bank provides Harbert with flexibility to navigate the permitting process for the development of a three-story, 170-unit independent living, assisted living and memory care... Read More »
Berry Weiss Acquires Long Island Portfolio
Jason Punzel, Dave Balow and Brad Goodsell of Senior Living Investment Brokerage facilitated the sale of an assisted living and memory care portfolio in the Long Island region of New York. Built between 1959 and 1974, the portfolio comprises four communities with a total of 567 units, 1,000 beds and 26.21 acres. There was a national marketing effort that procured a significant number of qualified offers. The ultimate buyer was downstate New York owner/operator/private investor, Berry Weiss. Weiss has many seniors housing communities under his ownership as well as other healthcare businesses. The seller was a public, non-listed REIT focused on seniors housing properties throughout the... Read More »
AEW Capital Management Acquires in Florida
JLL Capital Markets handled the sale and financing for Wellington Bay, a 283-unit seniors housing community in Wellington, Florida. JLL’s Seniors Housing Capital Markets team procured the buyer, AEW Capital Management, and secured the three-year acquisition loan through Capital One on behalf of the buyer. Built in 2019, the Class-A Wellington Bay comprises a well-performing 159-unit independent living community and The Lisbet Health Center, which offers 124 assisted living and memory care units. The 45-acre and 749,488-square-foot lakeside campus also offers the ability to expand the IL by an additional 177 units. According to South Florida Business Journal, the seller was Wellington Bay... Read More »
Cardinal Senior Living Buys High-Quality Ohio Assets
Blueprint was engaged by Gables Management Company, an owner/operator/developer, in its divestment of two newer vintage, Class-A communities in the Akron and Columbus MSAs. Built in 2017 and 2021 respectively, the communities total 198 independent living, assisted living and memory care units. Demonstrating strong performance, the communities achieved over 98% occupancy, low-30% operating margins and market leading reputations for quality and care. Blueprint procured six offers from REITs, private equity and owner/operators. The ultimate buyer was Cardinal Senior Living based in Grand Rapids, Michigan. Alex Florea, Connor Doherty and Ryan Kelly handled the transaction. Given the... Read More »
Joint Venture Secures Refinancing
First Citizens Bank announced that its Healthcare Finance business has refinanced The Bristal at Wayne, a 158-bed seniors housing community in Wayne, New Jersey. The borrower is a joint venture affiliate of Chicago-based Harrison Street and B2K Development. The same joint venture served as the community’s original developer, with Ultimate Care Assisted Living as the operator. The community was completed in 2019 at an approximate cost of $50 million, or $315,000 per unit. Read More »
New Jersey SNFs Secure Financing
MONTICELLOAM announced the closing of $39 million in total bridge and working capital financing for two New Jersey skilled nursing facilities. The sponsorship group, a repeat MONTICELLOAM client with extensive experience in the skilled nursing industry, will use the $38 million floating-rate senior bridge loan to consolidate previous loans and reduce its cost of capital. The $1 million working capital facility will be used by the sponsorship to cover the day-to-day needs of over 300 skilled nursing beds. MONTICELLOAM closed the transaction in 45 days. Read More »
60 Seconds with Swett: Rising Treasuries and Senior Care M&A
Momentum in the M&A market has continued into 2025, and there is general optimism that the new Administration that descended on Washington this week will be good for the business environment. Although there is some uncertainty around what, if any, tariffs are enacted and whether their effect on prices would potentially be blunted by falling energy costs and efficiency efforts, assuming “drill baby drill” and “DOGE” have a near-immediate effect. And we don’t know about the scale of the deportations and its impact on wages. However, if M&A activity started to take off last year due to the expectation of lower interest rates, then what effect will the 10-Year Treasury rate shooting... Read More »
PruittHealth Secures Financing in Georgia
Jay Healy and Andrew Lanzaro of Berkadia closed a $9.1 million bridge-to-HUD loan on behalf of PruittHealth to facilitate the acquisition of a skilled nursing facility. The 18-month, interest-only bridge loan represented 76.5% of the value and is prepayable at any time, putting its value at around $11.9 million, or $180,000 per bed. Berkadia anticipates closing the subsequent HUD refinance in the third quarter of this year. Built in 1966 and renovated in 2019, Southern Pines Nursing Center comprises 66 beds in Warner Robins, Georgia, and occupancy at the time of closing was 90%. It will be rebranded as PruittHealth – Warner Robins. This acquisition was made in conjunction with... Read More »
MorningStar Welcomes New President/CIO
MorningStar Senior Living announced a new President and Chief Investment Officer, Jamie Ranzan. Ranzan brings 20 years of experience in real estate development, acquisitions and operations across multiple property types, including senior living. Ranzan began her career at Ernst & Young as an auditor in the real estate group of its Orange County office. From there she joined KBS Realty Advisors in Newport Beach where she was responsible for a $1.8 billion portfolio with assets across the U.S. Her next role was CFO/BP of Corporate Finance for MBK Senior Living, responsible for acquisitions, dispositions, accounting, finance, insurance, tax and compliance. Razan relocated to... Read More »Schedule a demo
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