• Private Equity And Nursing Homes

    There have been a lot of stories in the media about private equity and nursing homes, often by The New York Times, which seems to have a “thing” about the nursing home industry. All that we have seen has been negative in varying degrees, mostly dealing with cuts in staffing, declining quality of care and increased leverage.   But a... Read More »
  • Summit LTC Management Acquires East Texas SNF

    The Blueprint Healthcare Real Estate Advisors team worked together to sell a 112-bed skilled nursing facility located near the University of Texas Health, East Texas campus in Athens, Texas. Built in 1987, the facility has mostly semi-private rooms. It historically operated well while enrolled in QIPP, but a new local competitor put downward... Read More »
  • Monticello Funds Wisconsin Acquisition and Refinance

    MONTICELLOAM, LLC (Monticello) and its affiliates recently structured first lien debt for a portfolio of three senior care facilities in Wisconsin. The purpose of the debt was two-fold, with a portion going towards the acquisition of an assisted living/skilled nursing property and the remaining amount refinancing two skilled nursing facilities.... Read More »
  • Cambridge Realty Capital Lowers Rate On 16 Facilities

    Cambridge Realty Capital announced a slew of HUD loan modifications in the first half of 2020. The lender worked on behalf of borrowers with a combined 16 healthcare facilities that all had HUD mortgages. They are located in Illinois, California, Ohio, Texas, New Jersey and Iowa. In total, Cambridge funded over $200 million in loan modifications,... Read More »
  • Brookdale, Genesis Report Tough Quarters

    Brookdale Senior Living and Genesis HealthCare, the two largest providers, were not spared from COVID’s devastation in the second quarter. The two largest providers in their respective sectors, Brookdale Senior Living in seniors housing and Genesis HealthCare in skilled nursing, did not escape COVID’s wrath. No one expected they would.... Read More »
Merrill Gardens Buys Big

Merrill Gardens Buys Big

Merrill Gardens, known more developing seniors housing communities than acquiring them, has acquired Blue Harbor, a Portland, Oregon-based company that currently manages 21 communities in 13 states. The seller was Fortress Investment Group. For Merrill Gardens, it is somewhat of a two-fer, as Blue Harbor’s CEO, Tana Gall, is joining Merrill Gardens as its CEO, replacing David Eskenazy who announced his retirement last month. What’s more, Gall was president of Merrill Gardens from 2013 to 2015 before leaving to start her own consulting company, but was then recruited by Blue Harbor. She also worked at Leisure Care for 19 years, rising to be president there. Not a bad resume. Merrill Gardens... Read More »
All Hands On Deck For CBRE’s Latest Sale

All Hands On Deck For CBRE’s Latest Sale

CBRE had their hands full in a large Dallas-area CCRC sale, representing one of the selling entities and the buyer in the transaction, in addition to arranging a two-part acquisition financing totaling over $120 million. Totaling 1,104 rental units, which is separated out into 37% skilled nursing, 28% independent living, 24% assisted living and 11% memory care units, this portfolio was owned by Fortress Investment Group and Life Care Services, which held a lease-hold interest and operated (and will continue to operate) the communities. Properties ranged from 153 units to 267 units and were approximately 35 years old, all located in the Dallas MSA. Aspect Investment Partners, a global... Read More »
Reading the Holiday tea leaves

Reading the Holiday tea leaves

As most of you have read recently, Walker & Dunlop closed its largest loan ever (almost double the size of its $670 million financing that the company closed earlier in 2015) in the form of a $1.27 billion seven-year adjustable-rate Freddie Mac loan secured by 78 Holiday Retirement independent living properties. The financing, led by Russell Dey and Laura Beaton of W&D, comes out to approximately $144,400 per unit, which if you assume a 75% loan-to-value, is almost identical ($192,500 per unit) to the average price per unit Holiday properties have sold for in the last few years ($193,800 per unit, according to our records). Since 2013 Holiday has sold, in nine transactions, 231... Read More »

Seniors Housing Weekly Update – Another Holiday Sale For Fortress

June 23, 2015. 60 Seconds with Steve Monroe. New Senior Investment Group pays $640 million for 28 Holiday Retirement Communities… It has been eight years since Fortress Investment Group closed on its acquisition of Holiday Retirement Corporation for $6.6 billion, or $188,500 per unit. It saw occupancy drop from around 90% to well below 80% in less than three years. There was high turnover among the staff. There were some debt extensions to give it more time. Did we mention the Great Recession hit a year after closing the deal? A lot can happen in eight years, including continued low interest rates which help keep valuations up. This week, they announced another portfolio sale, this... Read More »