• Stand-Alone MC Community Trades in Arizona

    Blueprint represented an institutional seller in the sale of its stand-alone memory care community in the Lake Havasu City-Kingman, Arizona MSA. Built in 2009, the asset features 48 units with 60 beds and received approximately $2 million in recent capital improvements. There is opportunity for occupancy growth and rental rate optimization. ... Read More »
  • Clarion Partners Continues Its Acquisition Streak

    Clarion Partners continued on its acquisition streak, adding two communities in California to its growing portfolio. The latest deal featured The Commons on Thornton and The Commons at Union Ranch, two seniors housing communities totaling 198 units in California’s Central Valley. They were previously owned and operated by MBK Senior Living, which... Read More »
  • Multiple Senior Care Acquisition Financings Close

    M&A transactions are getting done at a near-historic pace, and CIBC Bank USA recently financed three deals. The largest was $43.3 million in acquisition financing for two senior care assets in the Nashville area of Tennessee. The properties include a combined 310 independent living units, 273 skilled nursing beds and 93 assisted living/memory... Read More »
  • Olympus Retirement Living Expands

    The Zett Group closed the sale of a 63-unit assisted living/memory care community in the Boise, Idaho market. Set in the town of Emmett, Meadow View Senior Living was trending positively in its operations, but there was still some work to be done. An owner/operator engaged Blake Bozett and Spud Batt to sell the community to an undisclosed buyer.... Read More »
  • Large Senior Care Portfolio Trades Hands

    A portfolio comprising senior care assets across Washington State recently sold with the help of JCH Senior Housing Investment Brokerage. At first, only one of the assets was brought to market, but an offer emerged for the entire nine-facility portfolio. The price for the skilled nursing, assisted living and independent living campuses ranged... Read More »
Contemporary Healthcare Capital Funds Portopiccolo Purchase

Contemporary Healthcare Capital Funds Portopiccolo Purchase

New Jersey-based The Portopiccolo Group has expanded its skilled nursing holdings in the Southeast and entered the North Carolina market with its latest acquisition. The target is located in the western part of the state in Hendersonville and features 134 licensed beds, at 72% occupancy. In the end, it sold for $8.075 million, or about $60,000 per bed, at approximately 1.17x its 2018 revenue. To fund the acquisition, Coastal States Bank provided a $6.25 million senior mortgage loan and Contemporary Healthcare Fund III, LP provided a $1.358 million mezzanine loan, both structured as a unitranche loan. That included about $600,000 for future renovations. This acquisition is the fifth for... Read More »
Big Midwest Sale Gets Mezzanine Financing

Big Midwest Sale Gets Mezzanine Financing

Contemporary Healthcare Capital (CHC) announced that it provided mezzanine financing for Cascade Capital Group’s large portfolio acquisition of Upper Midwest senior care facilities from last month. The portfolio sale included five skilled nursing facilities and two assisted living communities in Minnesota and South Dakota. Their outgoing operator was on the verge of bankruptcy, adding complexity to the transaction that was handled by Rob Reis of Marcus & Millichap. The Minnesota facilities were leased to Monarch Healthcare Management and the South Dakota facilities to Eduro Healthcare. CIBC had provided the senior acquisition loan, but CHC followed that up with a $4.22 mezzanine... Read More »
Collaboration Funds Canonsburg Acquisition

Collaboration Funds Canonsburg Acquisition

A collaboration between Contemporary Healthcare Capital (CHC) and BHI helped facilitate the acquisition of a 118-bed skilled nursing facility in Canonsburg, Pennsylvania. It was thanks to a $7.95 million senior loan provided by BHI and a $1.575 million mezzanine loan provided by CHC that enabled David Simha, a skilled nursing owner/operator, to both purchase the stabilized facility and help fund its operations, in addition to providing for customary closing costs. In addition, BHI’s financing included a $600,000 line of credit and an earn-out feature of $2.1 million based on certain predetermined performance metrics. This is the first time CHC and BHI have come together to close a... Read More »
The Portopiccolo Group Picks Up Virginia SNF

The Portopiccolo Group Picks Up Virginia SNF

Contemporary Healthcare Capital worked with skilled nursing owner The Portopiccolo Group to secure mezzanine financing for its latest SNF acquisition. The targeted facility is located in Roanoke, Virginia and features 130 beds, including a 24-bed accredited ventilator unit. To fund its purchase, Portopiccolo obtained a senior loan from United Community Bank (that included a participation sold to Millennium Bank) and a $2.0 million mezzanine loan from Contemporary Healthcare Capital. About $1 million in loan proceeds will also be used for future renovations and upgrades made to the facility. Read More »
Contemporary Healthcare Capital’s Latest Mezz Closings

Contemporary Healthcare Capital’s Latest Mezz Closings

Contemporary Healthcare Capital (CHC) closed two more mezzanine financings, working with bank partners to round out the capital stacks in the two transactions. CHC first returned to Wenatchee, Washington, where it had originally closed a $6.8 million construction loan and a $1.35 million mezzanine loan in December 2014 to fund Regency Pacific Management’s development of a 55-bed skilled nursing facility. After opening in 2016, the time has now come to refinance, and CHC was tapped to provide a $2.4 million mezzanine loan. CoastalStates Bank of Hilton Head, South Carolina provided the senior portion of the total $8.4 million uni-tranche loan. Then, in Mesquite, Nevada, CHC closed a $2.5... Read More »