• PE Partnership Divests to a Publicly Traded REIT

    by | May 14, 2024 3:27 pm | Acquisitions

    Senior Living Investment Brokerage was brought on by a partnership in its divestment of an assisted living/memory care community in Freehold, New Jersey. The partnership was between Stephanie Anderson and Steve Walling, known as SilverStone HCRE, and a private equity group located in the west. During their ownership, NOI increased significantly,... Read More »

  • M&M Negotiates Lease, Purchase Option and Key Money

    by | May 14, 2024 3:25 pm | Acquisitions

    Nick Stahler and Austin Diamond of the Knapp-Stahler Group at Marcus & Millichap facilitated a lease-with-purchase-option transaction for a dually certified, 120-bed skilled nursing facility in the Dallas-Fort Worth area. The pair was also able to negotiate $500,000 of key money from the incoming operator for the landlord, a rarity in Texas... Read More »

  • Cain Brothers Secures Refinancing for New York Asset

    by | May 14, 2024 3:24 pm | Financings

    Cain Brothers advised FilBen Group on a $30.67 million HUD refinancing for Wallkill Realty Partners (dba Braemar at Wallkill), an assisted living community in New York. The proceeds on the loan will be used to refinance The Orange County Funding Corporation Assisted Living Residence Revenue Bonds, Series 2012, providing a long-term, fixed-rate... Read More »

  • 60 Seconds with Swett: The Current Lending Environment for Senior Care Properties Q&A

    by | May 14, 2024 3:22 pm | 60 Seconds

    The higher cost and scarcity of capital has made getting just about any deal done that much more difficult, from an M&A transaction to a refinancing to a new construction project. We know that we don’t need to tell most of you that. But we also know that right now is a great time to buy, that it may be the time to commence construction, and... Read More »

  • Sonida Senior Living On The Move

    by | May 13, 2024 2:37 pm | Acquisitions, Opinion

    It has taken a while, and a lot had to be done to strengthen the balance sheet over the past two years, but Sonida Senior Living is now on a path of growth, and recent announcements have shown it.  On May 9, the company closed on its first acquisition of the year with the purchase of a 100-unit assisted living and memory care community in... Read More »
Q&A With Bluma Broner of CIBC Bank USA: Lending In The Current COVID Climate

Q&A With Bluma Broner of CIBC Bank USA: Lending In The Current COVID Climate

by | Jan 11, 2021 8:56 am | Financings

Banks and other lenders will play a deciding role in when the senior care M&A and construction markets return to some sort of “normal.” Transaction activity was quite strong in the fourth quarter of 2020, particularly in December, but will we see that continue into 2021? And investors may have to change how they arrange their capital stacks. We asked Bluma Broner of CIBC Bank USA for her thoughts on lending in 2020 and how her team adapted to the unique crisis facing the industry.  Was your breakdown between acquisition loans, construction loans and refinancings similar to previous years? If not, what changed? And if you know, why?  Between March and December 2020,... Read More »
Meridian Capital Group Closes Out 2020 In Style

Meridian Capital Group Closes Out 2020 In Style

by | Jan 5, 2021 4:06 pm | Acquisitions, Financings

To say that Meridian Capital Group had a strong 2020 would be an understatement. Amid all sorts of obstacles that were only compounded by COVID-19 and widespread lockdowns, the firm closed more than $3 billion in transaction volume in 2020, with $776 million for 76 seniors housing and healthcare facilities in 16 states closed over the last six weeks of the year. To reach that kind of volume in a year like 2020 is quite the accomplishment, and we congratulate Senior Managing Directors Ari Adlerstein and Ari Dobkin, Managing Director Josh Simpson, Vice Presidents Matt Lesnik and Jesse Rauch, and Associate David Gottlieb on their efforts.  Acquisition financings seemed to dominate... Read More »
CIBC Bank Funds Another SNF Acquisition

CIBC Bank Funds Another SNF Acquisition

by | Dec 3, 2020 5:27 pm | Acquisitions, Financings

CIBC Bank USA arranged yet another acquisition loan for a Mid-Atlantic skilled nursing facility. With an effective age of 35 years, this Baltimore, Maryland facility features 130 beds. Historically, occupancy was in the 80% range, and EBITDAR margins approximated 22%. That’s more than strong for a SNF. The existing operator, who had been leasing the facility since 2015 and clearly doing a good job, is now buying the SNF.  That’s where CIBC comes in, with Tim Wurpts arranging a $20 million acquisition loan on the real estate, which comes out to nearly $155,000 per bed. So, the purchase price is almost certainly higher than that, which makes sense given the level of cash flow... Read More »
Twin Light Capital Makes Debut Investment

Twin Light Capital Makes Debut Investment

by | Nov 5, 2019 3:31 pm | Acquisitions

Newly formed Twin Light Capital completed the acquisition of 11 seniors housing communities and two development sites in Minnesota. The existing properties have 291 units with 398 licensed beds, and the two development sites have a total of 22.7 acres in Duluth and Fergus Falls. The acquired portfolio includes the Keystone Bluffs assisted living community in Duluth plus 10 Diamond Willow assisted living and memory care communities located throughout the state. The markets these communities are located in have a higher percentage of the elderly than the state as a whole. Full Circle Senior Living will continue to operate the portfolio for Twin Light. Sam Dendrinos and Kloie McCann of CIBC... Read More »