Brookdale Senior Living Continues to Clean Up
Brookdale Senior Living made a series of announcements as the third quarter ended, most of which appear to be setting the stage for better times ahead and an improved capital structure. But, and there is always a but, there is still more work to be done and one large lease to be decided on. The company continues to pare down its leased portfolio, which in some cases represented a tightening noose around its neck. In the first transaction, Brookdale agreed to acquire 11 senior living communities with 1,228 units for $300 million, or about $244,300 per unit, a relatively high price point for Brookdale. It had been leasing them from a Welltower joint venture for annual cash rent of $22... Read More »
Sonida Closes Eight-Property Portfolio Deal
On the last day of the third quarter, Newmark’s team, which included Ryan Maconachy, Chad Lavender, Mills Poynor, Ben McElroy and Sarah Anderson, closed a couple of seniors housing deals featuring Class-A assets. First was a deal that we heard about in August, which was Sonida Senior Living’s purchase of eight seniors housing communities in the Southeast previously owned by Principal Senior Living Group. These eight assisted living/memory care communities, operated under Principal’s Benton House brand, total 555 units, split between 383 assisted living and 172 memory care units, and average five years old, as opposed to the 19-years-old average for properties in the surrounding... Read More »
SLIB Closes Transaction Trio
Senior Living Investment Brokerage reported a slew of closings in the last days of the third quarter. Starting in Arizona, the firm sold an assisted living/memory care community in Scottsdale, for an undisclosed price. Built in 1999 and renovated in 2017, the community has 96 units and was previously owned by a REIT looking to reinvest capital into its portfolio and into new acquisition opportunities. Meanwhile, the buyer is entering the Arizona market with the purchase, already with experience operating in Colorado. Vince Viverito and Brad Clousing handled the transaction. Next, Clousing and Daniel Geraghty worked on behalf of another REIT to sell an 118-bed skilled nursing facility... Read More »
Presbyterian Retirement Communities Obtains Bond Financing
Ziegler closed a bond financing on behalf of Presbyterian Retirement Communities, Inc., (PRC) whose obligated group is the largest group of not-for-profit CCRCs in Florida, and the 11th largest in the nation with a total of 3,863 units. (PRC) $82,270,000 Series 2024 Bonds. PRC affiliated with Florida Presbyterian Homes (FPH) in Lakeland, Florida, and the Series 2024 bonds provided for the admission of FPH in the obligated group with the refunding of its outstanding debt. Proceeds of the $82.27 million of bonds will be used to refinance the outstanding PRC Series 2014 bonds and FPH Series 2010A bonds and FPH Series 2015 bonds. In addition, the bonds will help reimburse for $50 million of... Read More »
Vincent Companies Acquires in Minnesota
Senior Living Investment Brokerage facilitated the sale of a seniors housing community in Maplewood, Minnesota. Built in 2018, Elk Ridge comprises 50 memory care units and 66 beds across 34,491 square feet on 3.16 acres. The community will be rebranded as Boden Senior Living. The seller was a national developer looking to exit the state, with this being its only remaining seniors asset in Minnesota. The buyer was an in-state owner/operator looking to grow its footprint in Minnesota. The buyer, Vincent Companies, acquired Elk Ridge for $9.45 million, or $189,000 per unit. Lifespark will operate the community going forward. Jason Punzel, Brad Goodsell, Vince Viverito and Jake Anderson... Read More »
Strawberry Fields REIT Buys Tennessee Campus
Another family-owned skilled nursing business has exited the industry, with Evans Senior Investments handling the sale of Mabry Health Care in Gainesboro, Tennessee. Family-owned since its founding in 1979, the facility is located just 20 miles outside of Nashville. It originally focused on skilled nursing care, but the facility expanded its services in 2005 to include assisted living. Today, the facility comprises 108 total beds/units, including 80 skilled nursing beds and 28 assisted living beds across 16 units However, despite its longstanding presence in the community, Mabry Health was struggling with considerable challenges at the time it hit the market, with 71% occupancy and a... Read More »
Horizon Health Grows in Illinois
Haven Senior Investments facilitated the sale of a seniors housing community in Eastern Illinois. Willowbrook Senior Living was founded by a memory care specialist and registered nurse, with the community being designed with the needs of memory care residents in mind. Two Willowbrook buildings comprised of 24 units in Marshall were included in the transaction and will be rebranded as Willowbrook – Horizon Health, following not-for-profit Horizon Health’s entry into the seniors housing space. One of the buildings will be repurposed for medical offices and the other will continue to serve memory care residents. The local seller as operator is assisting with the transition as Horizon... Read More »
American Healthcare REIT Acquires All of Trilogy
Nine years after purchasing the majority interest in the parent company of seniors housing and care operator Trilogy Health Services, American Healthcare REIT has now bought out its minority partner, bringing its ownership stake in Trilogy to 100%. The deal was prefaced by a purchase agreement in November 2023, when AHR gained the option to buy NorthStar Healthcare Income’s 24% membership interest in Trilogy REIT Holdings, the parent organization of Trilogy Health Services, for between $240.5 million and $260 million, depending on the purchase date (they had until September 30, 2025). AHR also could use a combination of cash and the issuance of new convertible preferred stock. Executing... Read More »
Regional Owner/Operator Acquires in Central California
Blueprint was engaged by a Northern California owner/operator in its divestment of a seniors housing community in Central California. The community features 50 units of assisted living and memory care in Tracy. It was positioned as a value-add opportunity predicated on an incoming operator obtaining the Assisted Living Waiver Program certification. Amy Sitzman, Giancarlo Riso and Scott Frazier handled the transaction, which included a highly targeted marketing process with significant interest. Under Blueprint’s advice, the seller selected a regional owner/operator that is well-versed in the California ALW Program as the buyer. Read More »
Strawberry Fields Purchases 15th Tennessee Facility
Strawberry Fields REIT, Inc. acquired a senior care facility in Gainesboro, Tennessee, marking its 15th facility in the state. The facility comprises 83 skilled nursing beds and 28 assisted living units. It was added to an existing Infinity of Tennessee Master Lease. Strawberry Fields paid $6.7 million, or $60,000 per bed/unit. The acquisition will increase the REIT’s annual rents by $670,000 and is subject to 3% annual increases. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
