• Genesis HealthCare’s Legacy Liabilities Lead to Bankruptcy Filing

    Genesis HealthCare has filed for Chapter 11 bankruptcy protection, listing its 298 affiliated holding companies, ancillary businesses and insurance vehicles in its submission to the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division. It is one of the largest skilled nursing operators in the country and operates 218... Read More »
  • Cindat Capital Management Invests in Colorado Community

    Cindat Capital Management, a middle-market real estate private equity platform focused on seniors housing and opportunistic investments, announced its first investment from its Senior Housing Credit Platform. It was a unitranche debt investment in The Pearl at Boulder Creak, a 116-unit, Class-A independent living and assisted living community... Read More »
  • MedCore Divests to Publicly Traded Healthcare REIT

    Ziegler announced its role as exclusive sell-side financial advisor to MedCore on the sale of Parkview on Hollybrook, a 189-unit rental CCRC in Longview, Texas. The property has been on a long road to stabilization. It was originally bought in a bankruptcy auction in 2016 for $20.7 million by Thrive FP when it was in the middle of development. 12... Read More »
  • Forbright Bank’s H1 Activity

    Forbright Bank reported its activity for the first half of the year from its healthcare and HUD lending teams, announcing more than $500 million in loans closed for acquisitions, recapitalizations, working capital, and HUD financings for healthcare providers across the country. One of the largest transactions was a $60 million revolving loan to... Read More »
  • Large SNF Portfolio Secures Financing

    MONTICELLOAM, LLC announced the closing of $218.3 million in combined bridge, mezzanine, and working capital financing for 18 skilled nursing facilities across Kentucky. The transaction includes a $179.3 million senior bridge loan and a $29 million mezzanine loan, which the sponsor plans to use to restructure and upsize the existing debt on the... Read More »
Griffin-American Healthcare REITs III and IV to Merge

Griffin-American Healthcare REITs III and IV to Merge

Griffin-American Healthcare REIT III, Inc. (GAHR III) and Griffin-American Healthcare REIT IV, Inc. (GAHR IV) have entered into a definitive merger agreement so that GAHR IV will acquire GAHR III in a tax-free, stock-for-stock transaction. The newly merged company will be renamed American Healthcare REIT, with approximately $4.2 billion in combined healthcare real estate assets.  Immediately prior to the acquisition, GAHR III will also acquire the business and operations of American Healthcare Investors, LLC (“AHI”), the co-sponsor of both REITs, and the external advisors of GAHR III and GAHR IV. Combining these entities and the capabilities in acquisitions, asset management,... Read More »
Blueprint Handles Large Louisiana Portfolio Deal

Blueprint Handles Large Louisiana Portfolio Deal

So, it begins. Brooks Blackmon and Steve Thomes of Blueprint Healthcare Real Estate Advisors announced the firm’s first 2020 closing, selling a portfolio of five seniors housing communities in Louisiana. Representing the Georgia-based owner/operator who had originally developed the communities, the pair found a buyer in a joint venture between Griffin-American Healthcare REIT IV and Georgia-based Senior Solutions Management Group (SSMG). Built in the late-1990s, the communities boasted a good reputation in their local markets and historically stable operations. However, the previous owner was looking to refocus on development in their home state, so a sale was pursued. SSMG entered the... Read More »
Meridian Moves into Central California Communities

Meridian Moves into Central California Communities

Griffin-American Healthcare REIT IV found a new operator in Meridian Senior Living for three of its northern California communities. Acquired as part of a five-property portfolio acquisition in June 2017 from Nazareth Healthcare, these communities were then leased to Colonial Oaks under a 15-year absolute net lease with annual rent escalators of 6.5% after the first year and 2.5% thereafter. They were 100% occupied at the time and featured a mix of assisted living and memory care services in Menlo Park (45 MC beds), Sacramento (160 AL and MC beds) and Fairfield (102 MC beds). Originally, there was a second tranche of facilities supposed to be acquired in the 2017 deal, but Griffin-American... Read More »
Griffin-American IV Closes Fourth Quarter Acquisition in Michigan

Griffin-American IV Closes Fourth Quarter Acquisition in Michigan

Griffin-American Healthcare REIT IV announced a number of transactions that they closed in the fourth quarter of 2018. Most of them involved medical office building portfolios, but one saw the acquisition of five assisted living communities in Michigan for an undisclosed price. Totaling 302 units with locations in Grand Rapids, Holland, Howell, Lansing and Wyoming, the communities were previously owned and operated by Vista Springs Assisted Living, which promptly leased them back to continue as operator through 2033 under an absolute net lease structure. This is the first tranche closed of a larger Michigan assisted living portfolio, so we await Part-II. Read More »
Another Missouri Purchase For Griffin-American Healthcare REIT IV

Another Missouri Purchase For Griffin-American Healthcare REIT IV

Griffin-American Healthcare REIT IV returned to Missouri yet again to acquire an assisted living community in the St. Louis suburb of Warrenton. The single-asset transaction follows two portfolio deals for the REIT in the Show Me State, which included eight skilled nursing facilities bought for $88.2 million and two skilled nursing facilities that were a part of a 24-property (the rest located in Illinois) acquisition for a combined $78.5 million. G-A IV acquired the Warrenton property in a RIDEA structure with the incoming operator, Meridian Senior Living, and will own 98% of the JV. Built in 2000, the 53-unit community was 91% occupied, with a 100% private pay census, and in the past... Read More »