Seniors Housing and Care M&A Activity Reaches 147 Deals in Q1:24
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Healthcare M&A Volume Falls in Q1:24, According to Acquisition Data from LevinPro HC
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Institutional Investor Divests Class-A Community in Illinois
Senior Living Investment Brokerage facilitated the sale of a Class-A seniors housing community in a southern submarket of Chicago, Illinois. The seller was a Midwest-based institutional investor that had partnered with Dial Senior Living on a larger portfolio. The asset had reached its investment horizon within a fund, hence the divestiture. Willow Falls comprises 188 units of independent living, assisted living and memory care in the town of Crest Hill. It was purchased by a Midwest-based owner/operator looking to expand its existing footprint in the Midwest and to enhance the assisted living and memory care components at the community, as well as improve occupancy. There was a... Read More »
In-Place Operator Purchases Two Struggling SNFs in Louisiana
Evans Senior Investments arranged the sale of two skilled nursing facilities located about 10 miles apart in southwest Louisiana on behalf of an independent owner. Built in 1970 and 1972, the facilities comprise around 350 beds and are situated in Lake Charles. Prior to the pandemic, the facilities maintained an average occupancy rate of 72%. As if the pandemic was not bad enough, in the summer of 2020, Hurricane Laura devastated the area resulting in both facilities undergoing significant renovations. Since reopening, the facilities have struggled to achieve pre-pandemic and pre-hurricane census levels. At the time of marketing, the facilities were still recovering from a census... Read More »
Berkadia Secures $48 Million in HUD Refinancings
Berkadia announced the closing of $49.4 million in 232/223f HUD refinancings across five transactions in four states. The loans carried an average loan-to-cost of 75% and an average term of 33 years. Four of the loans refinanced bridge loans closed from Berkadia’s proprietary balance sheet. Steven Muth and Rafael Nobo originated a $15.95 million 232/223f HUD loan on a 73-unit seniors housing community in Northern Virginia for a Mid-Atlantic-based owner/operator. The community featured primarily assisted living and memory care services, with some independent living units. Occupancy was 94% at the time of closing. The 35-year fixed rate loan represented 77% LTC and retired a Berkadia bridge... Read More »
Investor Divests to Investor in Tennessee
Working on behalf of a national developer/investor, Blueprint closed the sale of another older vintage seniors housing community as part of a larger divestment of over a dozen geographically disparate communities. The assets were purchased in a sizable portfolio transaction before the pandemic, but operational headwinds forced a portfolio re-prioritization and de-levering effort. The seller also wanted to preserve liquidity. Kyle Hallion and Alex Florea most recently sold a 48-unit assisted living community in a southeast suburb of Memphis, Tennessee. Built in 1997, the community featured 70 licensed beds, and like the other assets, its performance struggled after the pandemic. Blueprint... Read More »
Berkadia Closes Transaction Trio
The Berkadia team consisting of Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders closed out the first quarter with three transactions arranged on behalf of a publicly traded REIT. The largest property sold was a 104-unit assisted living/memory care community in Florence, Kentucky. Located about 10 miles southeast of Cincinnati, Ohio, the community was built in 2007 and was not performing at the time of the sale, with the Cincinnati Business Courier reporting that occupancy recently improved from under 50% to 60%. It appears to be Inspirations of Florence, which was previously operated by Grace Management. Multiple sources identified the buyer as a partnership between a... Read More »
Plains Closes Two Separate Transactions in OK and AR
Plains Commercial is starting off the second quarter strong, closing two separate seniors housing transactions in Oklahoma and Arkansas. The two communities are Glade Avenue Assisted Living (OK) and Magnolia Assisted Living (AR). Daniel Morris handled both transactions. Glade Avenue is in Bethany with 110 assisted living and memory care units spread across two adjacent buildings that were built in 1990 and 1996. The community was approximately 70% occupied at the time of sale with both private pay and Medicaid residents, and it was cash flow negative at the time of sale. That offers the buyer, a Northeast-based private investment group that will operate the community, significant upside... Read More »
Private REIT Divests Non-Core AL/MC Community
Blueprint was engaged by a private REIT in the divestment of its non-core seniors housing community in Wyoming, Michigan. The REIT focuses primarily on private pay seniors housing communities throughout the United States, and was a repeat client of Blueprint’s. Michael Segal, Daniel Waldhorn, Brooks Blackmon and Lauren Nagle handled the transaction. Built in 2015, Commonwealth Senior Living at North Byron is an assisted living/memory care community with 102 units that sits on a two-acre parcel adjacent to the University of Michigan-West Hospital campus. It was developed by Granger Group originally as First & Main at Metro Health Village. Multiple competitive offers were received... Read More »
Marcus & Millichap Closes Medicaid AL Deal
After 20 years of ownership, the operator of a small Medicaid assisted living community in Colorado decided to sell, with the help of Rob Reis of Marcus & Millichap. Over the past several years, the owner had maintained consistently strong occupancy and net income. Plus, as a result of his management style, he experienced low staff turnover. The community was built in the 1960s but recently replaced the roof and was in good shape structurally. The buyer was a local investor with an operating partner, which will run the building at a higher census by bringing unused beds back online. The transaction closed at the agreed-upon price, which was not disclosed. Read More »Schedule a demo
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