• 60 Seconds with Swett: Navigating the Next Five Years in Seniors Housing M&A

    Are we entering the golden age of seniors housing? Next year, the first baby boomers will start turning 80, and with the current lack of new construction, occupancy rates are already rising before the real demographic wave hits. Many investors, both veterans and those new to our space, will feel pressure to grow their seniors housing holdings to... Read More »
  • Blackstone Sheds Another Asset from Its Seniors Housing Portfolio

    Blueprint handled a couple of sales in Florida and Nevada. The first in Florida involved a global private equity firm selling a 145-unit assisted living and memory care community in Boca Raton, Florida. Ben Firestone, Dillon Rudy and Jacob Ghel of Blueprint facilitated The Atrium at Boca Raton’s ownership transfer. The community presented certain... Read More »
  • CareTrust REIT Establishes SHOP Platform

    Three Texas seniors housing communities with 270 assisted living and memory care units were acquired by CareTrust REIT, Inc. The publicly traded REIT purchased the communities for $40 million, or $148,100 per unit. This marks the first investment of CareTrust’s SHOP platform. The communities were 86% occupied at the time of acquisition and will... Read More »
  • Ensign Grows Through Separate Transactions in Three States

    The Ensign Group, Inc. increased its portfolio through three separate acquisitions in Kansas, Arizona and Colorado. The publicly traded provider expanded its growing Midwest footprint through its Kansas acquisition of the real estate and operations of Willow Point Rehabilitation and Nursing Center, a 45-bed skilled nursing facility in Kansas... Read More »
  • Developer/Operator Divests to PE Firm

    A developer and operator sold Rivertown Ridge, a Class-A seniors housing community in the Grand Rapids suburb of Wyoming, Michigan, to a private equity firm. This community, built in 2020, features 152 units of independent living, assisted living and memory care, and has exhibited strong performance.  The seller, Redstone Homes, was... Read More »

Cushman & Wakefield Has Banner Month

Last week we reported on the sale of a CCRC in North Carolina where Cushman & Wakefield represented the seller. Now, the C&W Boston office has closed on two additional senior living properties in high-value transactions. The first one involved the sale of a 290-unit retirement community in Lantana, Florida, known as Carlisle Palm Beach. It has 144 independent living units, 90 assisted living units and 56 memory care units with average occupancy above 90%. It was built in 1999 and converted in 2014 to a full continuum IL/AL/MC community. Over the past five years the sellers spent $10 million converting IL units to AL. The sellers were affiliates of Senior Lifestyle Corporation and... Read More »
Development for Denver joint venture

Development for Denver joint venture

A joint venture between three different parties enlisted the help of Aron Will from CBRE to help finance a to-be-built senior living community in Denver, Colorado. Blue Moon Capital Partners, MGL Partners and Leisure Care are set to break ground in September on a 163-unit independent living, assisted living and memory care community located near the heart of the Denver Tech Center. Mr. Will secured a $28.7 million, non-recourse floating rate loan, with a six-year term and 48 months of interest only, provided by a regional bank. The community is set to open in Spring 2017. Read More »

Blue Moon pays up out West

We discuss in the July issue of The SeniorCare Investor the lack of high-valued transactions in June (and for the rest of the year), but one notable exception was Blue Moon Capital Partners’ acquisition of two assisted living communities in high barrier-to-entry markets in California. Belmont Village Senior Living developed the two assisted living/memory care properties in Thousand Oaks, California and Scottsdale, Arizona. Built in 2011 and 2012, respectively, the communities were close to full occupancy by the time of the sale. Blue Moon Capital Partners, which matches institutional capital investors with seniors housing operators, was the buyer, with Belmont Village owning a minority... Read More »

Develop in Dover

LCB Senior Living is breaking ground on its 12th development next month in Dover, New Hampshire, with the help of a couple of partners. Cushman & Wakefield Senior Housing Capital Markets arranged a $15.1 million non-recourse construction loan to fund the development of the 76-unit senior living community. Sitting of 19.4 acres in a mixed-use development, which includes a new hotel, a medical office building, a bank and coffee shop, the building will feature independent living, assisted living and memory care services. Berkshire Bank provided the loan to LCB and its joint venture partner, Blue Moon Capital Partners. Read More »

Building Boston

Aaron Rosenzweig, Jim Dooley and Rick Swartz of Cushman & Wakefield recently arranged $16.3 million in construction financing and joint venture equity for LCB Senior Living and Blue Moon Capital Partners to develop an 80-unit senior living community in Shrewsbury, Massachusetts. Located about 35 miles west of Boston on a 5.4-acre site, the three-story building will feature 60 independent/assisted living units (though all AL-licensed) and 20 memory care units. C&W arranged a five-year loan at 65% loan-to-cost, provided by M&T Bank. At an estimated cost of $25 million, or $310,000 per unit, the project is expected to break ground this month, with an opening scheduled for... Read More »