• Blueprint Advises Another SNF Sale

    Blueprint Healthcare Real Estate Advisors’ Ben Firestone and Michael Segal recently facilitated the sale of Magnolia Manor, a skilled nursing facility in Inman, South Carolina. Built in 1967, Magnolia has 176 beds, which represents over 40% of the total licensed beds in the local market and twice the capacity of the next largest competitor. ... Read More »
  • The Ensign Group and CareTrust Acquire Two Texas SNFs

    The Ensign Group and CareTrust REIT have teamed up to acquire the real estate and operations of two skilled nursing facilities in the Austin, Texas metropolitan area. CareTrust purchased the facilities for $32.5 million, or about $135,000 per bed, while The Ensign Group recently took over operations effective August 1, 2021 as part of the... Read More »
  • Walker & Dunlop Originates Financings for Four Communities

    Walker & Dunlop Managing Director Kevin Giusti and Senior Analyst Brian Neal recently originated $37.47 million in financing for four assisted living and memory care facilities: Bloom at Bluffton in Bluffton, South Carolina; Bloom at Hilton Head in Hilton Head, South Carolina; Cascades of Tucson, in Tucson, Arizona; and Regency Jackson in... Read More »
  • Newmark Summer Sales Continue

    Late last week, we profiled several of Newmark’s latest closings, but we also said that we were not finished. One deal was referenced in Welltower’s recent earnings release, as the REIT’s purchase of seven senior living communities from White Oak Healthcare Partners finally closed. The communities, averaging more... Read More »
  • Welltower Announces Big Census Gains

    Welltower released its second quarter earnings results, and its growth strategy was on full display with $1.5 billion in pro-rata gross investments from April to June, at an initial yield of 8.8%. That does not even include the largest deal, which was its proposed $1.58 billion acquisition of 86 independent living communities owned... Read More »
CBRE Finances New Senior Housing Construction in North Carolina

CBRE Finances New Senior Housing Construction in North Carolina

The Village on Morehead, a to-be-built, Class-A, 199-unit senior living complex in Charlotte, North Carolina, has secured construction financing courtesy of CBRE Senior Housing’s Aron Will, Austin Sacco and Tim Root. CBRE arranged this loan on behalf of a joint venture between Bridgewood Property Company and Harrison Street.  This 12-story independent and assisted living community will be operated by Retirement Center Management (RCM), Bridgewood’s wholly-owned management group. The Carolinas Medical Center, North Carolina’s largest hospital, is located less than a mile from the community.   CBRE originated a four-year, floating-rate loan with full term of interest only and... Read More »
PGIM Provides Financing For Harrison Street Acquisition

PGIM Provides Financing For Harrison Street Acquisition

The lending market came alive in the month of June, in tandem with the seniors housing acquisition spike. As such, PGIM Real Estate provided a $250.4 million fixed-rate, cross-defaulted and cross-collateralized loan to support Harrison Street’s acquisition of 12 of the 24 properties it bought for $1.2 billion. These 12 assisted living/memory care communities were owned by Gallaher Companies, with Oakmont Management Group as the operator. They total 1,118 units and are located in the San Francisco, Los Angeles, Ventura, Sacramento, Riverside, San Diego, Stockton, and Las Vegas metro areas. Greystone also placed financing for 16 of the 24 properties that were owned by both Gallaher and... Read More »
60 Seconds with Ben Swett: Competition For Deals in an Active M&A Market

60 Seconds with Ben Swett: Competition For Deals in an Active M&A Market

We’re not sure we have ever seen a month like this when it seemed that institutional buyers were racing to see who could announce the biggest deal. First was Welltower’s acquisition of 22 Pathway to Living communities, then came Harrison Street’s $1.2 billion purchase of 24 Oakmont communities, then Atria Senior Living acquired Holiday Retirement and Welltower jumped back in again, acquiring Holiday’s owned portfolio of 86 properties. Next, we had the Griffin American REITs 3 and 4 merging, and finally, at least of this filming, Ventas will pay $2.3 billion to purchase New Senior Investment Group. It has been a dizzying display of strength from these institutional buyers, and we are... Read More »
60 Seconds with Ben Swett: M&A Hits a High in 2021

60 Seconds with Ben Swett: M&A Hits a High in 2021

When it rains, it pours in senior care M&A. First, we noticed a significant uptick in deal activity this month, with over 30 transactions announced since June 1st. Not December’s level of activity, but we’ll take it. Then, Harrison Street announced the largest purchase in the industry in two years, spending $1.2 billion on 24 Oakmont communities. But yesterday, when we were still digesting the sale of former SNF giant Kindred Healthcare to LifePoint, Welltower made the biggest splash of all, buying Holiday Retirement’s owned portfolio of 86 independent living properties for $1.58 billion. Not only that, but Atria Senior Living will acquire the operating business of Holiday for an... Read More »
60 Seconds with Ben Swett: Competition For Deals in an Active M&A Market

Harrison Street Announces the Largest Seniors Housing Deal Since 2019

In the June issue of The SeniorCare Investor, we wondered when private equity would get off the M&A sidelines in a major way, with so much dry powder available to them. On cue, Harrison Street Real Estate Capital announced the largest seniors housing and care deal in two years, spending approximately $1.2 billion on a portfolio of 24 assisted living/memory care communities in California and Nevada. The portfolio totals 2,195 units, resulting in a per-unit price of $546,700 per unit.  Oakmont Management Group operated the whole portfolio, Healthpeak Properties owned half of the properties and California-based real estate developer Gallaher... Read More »