• JLL Announces Seniors Housing Portfolio Deal

    The JLL team got off to a prolific start this January, already handling a couple of transactions across 17 seniors housing properties. The big one involved the sale of 16 seniors housing communities previously owned by a publicly traded REIT. Totaling more than 1,800 units, these communities were located in three states and consisted of... Read More »
  • Blueprint Sells a SNF in Louisiana

    Brooks Blackmon of Blueprint Healthcare Real Estate Advisors headed down to the bayou to sell a 120-bed skilled nursing facility in Oak Grove, Louisiana (near the border of Arkansas). Built in stages from the 1960s through 1987, the facility had been owned by multiple generations of a local family since its opening, and now they are... Read More »
  • Recent Senior Care M&A Deal Chart, Week Ending January 22, 2021

    The M&A market was on fire in the last month of 2020, and got off to a fast start in 2021. Check out our recent senior care M&A deal chart. Long-Term Care   AcquirerTargetPrice Non-traded REIT16 seniors housing communitiesN/A Local individualAssisted living community in San Antonio, TXN/A Regional owner/operatorCarroll Nursing... Read More »
  • Lakeland Bank Finances Skilled Nursing Expansion in NJ

    A skilled nursing owner/operator in Morris County, New Jersey (New York City MSA) obtained financing from Lakeland Bank to expand and improve its services in the state. The $4.1 million loan will help fund renovations to underutilized space and increase the number of available licensed beds at the unnamed facility.   The... Read More »
  • Jon Harder Gets Sentence Commuted

    When was the last time anyone thought about Jon Harder, the founder and CEO of Sunwest Management who was sentenced to 15 years in prison for the “misuse of investment funds during the real estate crisis” of 2007 to 2009? Well, that is an understatement if we ever saw one. At its height, Sunwest was one of the largest senior living... Read More »
Pardoll Closes Another Personal Care Sale in Atlanta Area

Pardoll Closes Another Personal Care Sale in Atlanta Area

Marcus & Millichap’s Mike Pardoll sold yet another small personal care community in Georgia to Affinity Living Group, following his sales last month of a 23-unit property in Bainbridge (for $1.2 million, or $52,200 per unit) and a 36-unit community in Vidalia (for $1.3 million, or $36,100 per unit). Representing a private investor, he has most recently sold a 30-unit personal care community in the town of Dunwoody (north of Atlanta). Built in 1990, the property (which was operated by Sunrise Senior Living until 2010) was struggling with occupancy at 67% and had negative cash flow at the time of the sale on under $600,000 of revenues. Rents averaged about $2,800 per month, which was low... Read More »
LTC Properties, Affinity Living Group & Sunwest Management

LTC Properties, Affinity Living Group & Sunwest Management

The story of Sunwest Management keeps creeping up in the news, although not in a bad way this time, as a former Sunwest assisted living/memory care community in Spartanburg, South Carolina, just sold to a joint venture between LTC Properties and Affinity Living Group. Originally built by the former Manorhouse Retirement Communities in 1999, the 87-unit community was sold to Sunwest in 2005 for approximately $6 million, or about $69,000 per unit. The lender, however, foreclosed on the property when the community was just 50% occupied and sold it to private investor Chris Brogdon in 2010 for $4.95 million, or about $57,000 per unit. Average monthly rents fell to $2,400, from $2,625 per month... Read More »
HJ Sims & HUD Plus

HJ Sims & HUD Plus

With every seniors housing development project, it is always important to have a contingency plan. Having a trusted financing partner goes a long way, too. That is why when a joint venture led by Affinity Living Group ran into some unexpected problems during the lease-up stage of their portfolio of four newly developed assisted living/memory care communities in North Carolina, they turned to HJ Sims to arrange some additional capital. Built between August 2015 and January 2017, these communities combine for 120 assisted living and 152 memory care units, and were developed by the joint venture, with Affinity as the operator. The venture had contributed over $7 million of equity to the... Read More »

HJ Sims and HUD Plus

Affinity Living Group recently purchased a 78-unit assisted living/memory care community in Winter Park, Florida (Orlando MSA), with the help of some extra funding arranged by HJ Sims. Sims utilized its HUD Plus program to arrange a $3 million subordinate loan, which supplements Affinity’s existing bridge loan, increases its leverage to 79% and will remain outstanding after the expected HUD take-out. The acquired community was built in 1999 originally with 60 units, but an 18-unit expansion was completed in 2008. It last sold in 2005 for $5.8 million to a financial buyer, who partnered with the existing manager. However, Affinity will take over operations, with a focus of improving... Read More »
An Affinity for HUD

An Affinity for HUD

Affinity Living Group’s latest acquisition of two senior living communities in North Carolina was met with more complications than usual. Already with a senior lender on board, Affinity had to find supplemental debt that not only satisfied their own requirements, but also those of the senior lender and of a future HUD refinance. So, HJ Sims provided a $2.475 million mezzanine loan under its “HUD Plus” program, which allows a borrower to leverage up to 92.5% of the market value of a project with HUD-approved secondary financing. Sims funded the subordinate loan by placing $2.475 million of corporate taxable bonds. The communities included a total of 176 assisted living units and 40 memory... Read More »