• Home Health vs. Assisted Living

    If people need care and full-time supervision, there is no cost comparison between assisted living and home health. Here’s a real life example. A friend recently asked for some advice (true story) about her 85-year old mother who was hospitalized, then went to a rehab facility, and then had the decision between moving back home or to an... Read More »
  • Genesis to be Delisted After Welltower Split

    When Genesis HealthCare announced last year that it may not make it in the following 12 months, you knew something had to be done. And then at the beginning of this year when its longstanding CEO, George Hager, departed, you knew that replacing one person with another was just not going to cut it. But perhaps it enabled the Board to... Read More »
  • SLIB Starts March With Six Closings

    What a month it has been for Senior Living Investment Brokerage, and it’s only been a few days. After a stellar start to February when the firm announced five transactions comprising eight seniors housing properties across the country, SLIB brokers announced six closings on the first two days of March. Four deals closed in the Southeast,... Read More »
  • A Holiday with Atria

    Last week, as part of its earnings release, New Senior Investment Group announced that Atria Senior Living would be taking over management of 21 independent living communities managed by Holiday Retirement Corporation. From a diversification perspective, this makes great sense for New Senior because Holiday had been... Read More »
  • Housing & Healthcare Finance Announces HUD Activity

    Housing & Healthcare Finance (HHC Finance) closed over $83 million in HUD loans during the month of February. The firm kicked off its activity with a $24 million loan for a large 280-bed skilled nursing facility in New Jersey. That was followed by two more HUD loans totaling $46 million closed for SNFs in Maryland and Illinois. Finally, HHC... Read More »
Northmarq Refinances Washington State Seniors Housing

Northmarq Refinances Washington State Seniors Housing

Northmarq’s Stuart Oswald, senior vice president and managing director of the firm’s Seattle office, arranged a $35 million refinance of a 136-unit senior living community in Tacoma, Washington. Built in phases from the 1980s to the 1990s, the community provides independent living, assisted living and memory care services in a combination of 61 studios, 33 one-bedroom units, five two-bedroom units and 37 units dedicated to memory care. A family has owned and operated it since opening, with the third generation now in charge, and operations have been consistently strong, even during the pandemic. Occupancy was in the 90% range.  Northmarq originally refinanced the property... Read More »
PGIM Closes Freddie Mac Financing For Colorado Community

PGIM Closes Freddie Mac Financing For Colorado Community

A Denver-area senior living community refinanced with a Freddie Mac loan arranged by PGIM Real Estate. Spectrum Retirement Communities developed the community in 2009 and has been operating it ever since. It currently features 130 independent living, 60 assisted living and 18 memory care units. Amenities include a beauty sale, bistro, fitness center, lounges and a movie theater.   To take out a previous PGIM loan, Trace Wilson, who led the transaction on PGIM’s behalf, secured a $60 million loan with a 10-year term, five years of interest only and a 30-year amortization period. There was also a floating rate.  Read More »
CBRE Refinances Stabilizing Seniors Housing Portfolio

CBRE Refinances Stabilizing Seniors Housing Portfolio

CBRE refinanced a portfolio of three seniors housing communities owned by a joint venture between LCS and Nuveen Real Estate, an affiliate of the investment management arm of TIAA. These communities feature a combination of assisted living and memory care, with 328 units in total.   Developed by a not-for-profit in 2017 and 2018, they were acquired by the joint venture in 2018 as part of a seven-property portfolio that included four other stabilized communities around the Louisville and Indianapolis MSAs totaling 360 units of assisted living and memory care. The deal represented one of the first large-scale investments in the joint venture’s $300 million capital raise, which CBRE... Read More »
CBRE Refinances Tennessee Senior Living Community

CBRE Refinances Tennessee Senior Living Community

The team at CBRE was in tune working through a Freddie Mac refinance of a senior living campus in Murfreesboro, Tennessee (Nashville MSA). According to our public M&A database, Deal Search Online, the borrower, a joint venture between Venue Capital LLC and Inspirit Senior Living, acquired the property from a local doctor and operator in January 2018 for $12.45 million, or $132,500 per unit. Built in 2001 with 68 assisted living and 26 memory care units, the community was around 85% occupied and operated at a 22% margin on $4.03 million of revenues at the time of that sale.   There was an opportunity to especially improve the memory care census, so in came Inspirit and Venue... Read More »
CBRE Handles Sarasota-Area Sale and Financing

CBRE Handles Sarasota-Area Sale and Financing

It was all hands on deck at CBRE for the sale of an Englewood, Florida (Sarasota MSA) senior living community. We wrote about the deal earlier this week when Chicago Pacific Founders (CPF) announced its acquisition of the property. Featuring 118 units of assisted living and memory care, this community opened in 2017. It is located just minutes from the water and a number of shopping centers and medical facilities. There is also an adjacent 50-acre plot that CPF also acquired to add independent living units and cottages. After leasing up at a rate of approximately six move-ins per month until stabilizing in 2019, the community was 93% occupied at the time of closing. Grace Management will... Read More »