• Chicagoland Portfolio Finds New Owner

    A value-add senior care portfolio in Chicagoland traded with the help of Blueprint’s Ryan Kelly, Connor Doherty, Alex Florea, Lauren Nagle and Brooks Blackmon. The team worked on behalf of a national developer/investor, which had engaged Blueprint to create an exit strategy for more than a dozen geographically disparate, older-vintage communities... Read More »
  • Publicly Traded REIT Divests in Illinois

    Berkadia was engaged in the divestment of an assisted living and memory care community in Barrington, Illinois. The Berkadia Seniors Housing Team, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, closed the transaction on behalf of a publicly traded REIT. The buyer was a regional owner/operator. But no other details were... Read More »
  • CFG Secures $13.55 Million in HUD Loans

    Capital Funding Group closed two HUD loans totaling $13.55 million to support the refinancing of two skilled nursing facilities. Both facilities are in Illinois, and together they comprise 173 beds. No other details surrounding the financing were disclosed. This announcement follows CFG’s closing of $16.25 million in bridge-to-HUD financing on... Read More »
  • CBRE Secures Bridge Financing For Two Communities

    CBRE secured bridge financing for two seniors housing communities in western Pennsylvania. Aron Will and Tim Root arranged a non-recourse loan with a sub-300 spread through a regional bank. The borrower was CPF Living Communities.  Built in 2017, The Residence at Bethel Park is in Bethel Park with 130 independent living units. The Residence at... Read More »
  • G Capital Markets Closes Cash-Out Recap

    G Capital Markets, a capital advisory firm based in Carmel, California, recently closed on the recapitalization of a 29-unit/59-bed assisted living community in Livermore, California. Built in 2021 by a regional owner/operator, the property leased up in 2022 and has shown consistent strong performance since then, with cash flow margins well over... Read More »
National Health Investors Divests Eight Holiday Properties

National Health Investors Divests Eight Holiday Properties

National Health Investors completed the sale of eight independent living communities operated by Holiday Retirement for $115 million, or $126,500 per unit. The REIT expects to realize a gain on the sale of up to $2 million, and there is one more property to sell of the original nine that NHI had slated for divestment earlier this month. Rental income for these eight properties, excluding the impact of any straight-line rents, for the six months ended June 30, 2021 was $4.2 million. The purchase price for that property should be close to $15 million. The institutional buyer of the portfolio was not named.  There may be further action on NHI’s remaining 18 Holiday... 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 »
Ventas Buys New Senior Investment Group

Ventas Buys New Senior Investment Group

Don’t you just love it when a plan comes together? Just when Welltower announced a deal to buy Holiday Retirement Corporation’s 86 owned assets, and Atria Senior Living agreed to buy Holiday itself, Ventas steps in and buys New Senior Investment Group. New Senior owns 77 Holiday-managed communities, 21 communities that have recently been switched from Holiday management to Atria, 15 other communities managed three other providers, and one large community triple-net leased to Watermark Retirement Communities. At the end of the first quarter, just four communities were managed by other companies, so things must have moved during the second quarter. Jay... 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 »
Dissecting the Holiday Retirement Deal

Dissecting the Holiday Retirement Deal

Welltower announced the acquisition of Holiday Retirement’s owned portfolio of 86 independent living communities for $1.58 billion, or just about $152,000 per unit. Simultaneously, Atria Senior Living said that it was acquiring Holiday’s operating business for an undisclosed price. Either of these announcements would normally be major news, but they also come on the heels of Harrison Street’s $1.2 billion purchase of 24 properties operated by Oakmont Senior Living and a very busy June (so far) with more than 30 individual transactions already made public. Perhaps the tide has turned for investment activity in seniors housing and care.  The Welltower deal also represents yet another... Read More »