• Thank You Ortelius?

    Brookdale Senior Living just reported June occupancy, and the increases were much better than we expected for a second quarter, which historically has been a mixed bag for the industry. Let’s just say, we were impressed. June’s same-community weighted average occupancy was 81.1%, up 220 basis points year over year and up 50 basis points... Read More »
  • SLIB Sells SNF in New Jersey

    Toby Siefert of Senior Living Investment Brokerage got a skilled nursing sale in New Jersey over the finish line after survey issues caused a buyer switch-up. Built in 1980, Medford Care Center is located in the town of Medford (about an hour east of Philadelphia) and features 180 beds on an 11-acre campus. Operations were not strong, and the... Read More »
  • Carnegie Capital Celebrates 10-Year Anniversary with Texas Portfolio Deal

    Carnegie Capital, the national seniors housing debt brokerage founded and run by JD Stettin and David Farhadian, celebrated its 10-year anniversary with a $124 million, or $117,100 per bed, portfolio acquisition transaction. Carnegie provided a combination of advisory work and debt placement for the nine-skilled nursing facility portfolio with... Read More »
  • 12 Oaks Senior Living Appoints New CFO

    12 Oaks Senior Living appointed Elliott Westerman as CFO, effective immediately. Westerman has more than two decades of leadership experience across senior living, healthcare, and real estate sectors. As CFO, Westerman will oversee all aspects of financial management, including financial planning and analysis, capital structure strategy,... Read More »
  • Ensign/Standard Bearer Adds Two Facilities

    The Ensign Group acquired a couple of skilled nursing facilities through its real estate subsidiary Standard Bearer Healthcare REIT. The first purchase was for Duncanville Healthcare and Rehabilitation Center, a 124-bed SNF in Duncanville, Texas, which will be operated by a third-party operator subject to a long-term, triple-net lease. Ensign... Read More »

Grandbridge hits the Town…Village

It was recently announced that Grandbridge Real Estate Capital closed $125 million in financing to assist in the acquisition of four Town Village-brand independent living communities in four states. A joint venture between Chicago Pacific Founders and Grand Park Capital Management (owned by former Brookdale Senior Living executives John Rijos and Bill Doniger, respectively) was the buyer. According to some media outlets, the properties sold for $180 million, or approximately $220,000 per unit. Grandbridge provided $25 million in supplemental loans and also closed $100 million in assumption loans for existing Fannie Mae debt that Grandbridge had previously originated. Read More »

San Diego Solution

Aron Will of CBRE closed his latest transactions for two separate borrowers in the San Diego area. First, Mr. Will and Kevin Randles arranged a fixed rate Fannie Mae loan to refinance an 84-unit independent living community in San Diego. The owner/operator, Ray Stone Inc., had managed the community since 2005. Then, The Grant Companies refinanced the recently stabilized 102-unit independent/assisted living Phase II of its Ridge at Lantern Crest campus. Mr. Will worked with Bill Chiles and Scott Peterson on this transaction. CBRE also refinanced Phase I with a Freddie Mac loan back in 2014. Read More »
Iron Will

Iron Will

We can’t go long without seeing another Aron Will (of CBRE) transaction, or two. The first of his latest deal duo took place in California when a joint venture between Auctus Capital Partners and Och-Ziff Capital Management acquired a 54-unit assisted living/memory care community in San Francisco. Located on an irreplaceable site, the building was originally built it 1923 as a hospital but was purchased by a Mom & Pop in the 1990s who then converted it to senior care. It has some underutilized “dead space” that the JV will convert to add significantly more assisted living and memory care units. Plus, Auctus and Och-Ziff will make some cosmetic improvements to help drive operations,... Read More »
Iron Will

Capital One strikes twice

Showing off its wide array of services, Capital One announced two transactions this week across two health care sectors. First, in seniors housing, Allison Holland originated and provided a 12-year $11 million Fannie Mae loan to refinance a 72-unit assisted living community in Homosassa, Florida (about 60 miles north of Tampa). The community was built in 2009 and features a choice of studio, one- or two-bedroom units. Ms. Holland arranged the 12-year term for the borrower to take advantage of the current low interest rates. Then, in home health care, Capital One served as administrative agent and lead bookrunner for a $65 million senior secured credit facility to finance the acquisition of... Read More »
Senior living hits the slopes

Senior living hits the slopes

Three years after opening on a piece of land that was a former ski slope in North Andover, Massachusetts, a 133-unit senior living community is refinancing its debt with the help of Richard Thomas of Grandbridge Real Estate Capital. Built by Shelter Development at a cost of approximately $20 million, the community is operated by Brightview Senior Living and features 65 independent living units, 41 supportive living units and 27 memory care units. It is located on 33 acres, of which 25 have remained open space and the original ski slopes have been preserved. Mr. Thomas originated a $30.25 million floating-rate first mortgage loan through Fannie Mae’s DUS Structured Adjustable Rate Mortgage... Read More »