• Spotlight on Senior Care M&A, Seventh Edition

    The SeniorCare Investor is releasing a mid-year update of its key valuation statistics for the assisted living, independent living and skilled nursing sectors in its latest report: Spotlight on Senior Care M&A. Check out the average prices and cap rates, as well as analysis of industry headwinds and tailwinds. Read More »
  • PACS Gets Trading Period Extension

    PACS Group is trying to right the ship as it works to restate its prior financial statements amid an investigation into its Medicare billing practices, and return to providing regular quarterly earnings statements. The New York Stock Exchange Listing Operations Committee did agree to provide PACS with an additional trading period through November... Read More »
  • Outcome Healthcare Acquires Pennsylvania SNF

    Evans Senior Investments facilitated the sale of Mahoning Valley Nursing & Rehabilitation Center, a 142-bed skilled nursing facility in Lehighton, Pennsylvania. The seller, an independent owner, faced increasing financial and operational pressures in today’s skilled nursing environment. The selected buyer was a regional operator with a... Read More »
  • Full Continuum Community Obtains Refinancing

    CBRE National Senior Housing refinanced The Pointe at Meridian, a 100-unit seniors housing community in Meridian, Idaho. Built in 2022, The Pointe at Meridian was built in 2022 and consists of 60 independent living units, including 14 townhome units, 30 assisted living units and 10 memory care units. Grace Management took over management of the... Read More »
  • Arizona Seniors Housing Development Secures Construction Financing

    Fifty Stones Capital Group closed a $39.3 million construction loan for a seniors housing community in Chandler, Arizona. The proposed development comprises 147 units with 150 beds. The opportunity came to Fifty Stones Capital Group through a local broker.  The sponsor, an experienced local developer with a focus on multifamily and senior... Read More »
Healthpeak Properties Nears Seniors Housing Exit

Healthpeak Properties Nears Seniors Housing Exit

Healthpeak Properties has nearly completed its exit from the rental seniors housing business, selling another $1 billion of assets in the first quarter of 2021, according to its latest earnings release. This comes after approximately $2.5 billion of seniors housing dispositions in the fourth quarter of 2020, so they are clearly antsy to get out.   The latest tranche of divestments included 12 properties in PEAK’s SHOP portfolio operated by Oakmont Senior Living and totaling 1,043 units. At $564 million, or $540,750 per unit, it represents the largest deal of the quarter. And considering Healthpeak’s haste to get out, commanding that sort of per-unit... Read More »
Kayne Anderson Acquires Again

Kayne Anderson Acquires Again

Kayne Anderson Real Estate Advisors has already been one of the most active acquirers during the pandemic, with its purchase of seven senior living communities from Welltower for approximately $500 million as the major highlight. We have thought that private equity, with its deep pockets and billions of dollars on the sidelines, was well positioned to take advantage of value-add deals this year and would help kick start the senior care M&A market. The M&A market hasn’t really come back to life, but private equity firms have certainly been the biggest players of the year. Just look at AEW’s acquisition of another Welltower portfolio.   Kayne Anderson recently acquired two... Read More »
Cushman & Wakefield Finances South Carolina Community

Cushman & Wakefield Finances South Carolina Community

Two years after financing a senior living project in Rock Hill, South Carolina (Charlotte MSA), Cushman & Wakefield returned to refinance the newly opened community. Operated by Harbor Retirement Associates, the community comprises 88 units and 92 beds of assisted living and memory care within the Riverwalk master planned development, which will encompass more than 1,000 single-family homes and 550 apartments, as well as extensive retail and an award-winning restaurant. Private equity firm BridgeForth Capital, the owner, only had the community open for a month before the pandemic hit, but lease-up was luckily strong beforehand.   In October 2018, Richard Swartz, Aaron Rosenzweig and... Read More »
Kayne Anderson Closes Another Acquisition

Kayne Anderson Closes Another Acquisition

Cushman & Wakefield’s Tampa-based seniors housing team led by Allen McMurtry and David Kliewer sold a 117-unit independent living community in Trinity, Florida (about 20 miles northwest of Tampa). The seller, a development group comprised of Walt Chancey of Gulf Coastal Development, Ricky Rookis of Rookis Development and Watermark Retirement Communities, recently built the five-story community adjacent to a 97-unit assisted living/memory care property that they also developed in 2016. There are one-and two-bedroom unit options ranging in size from 737 to 1,162 square feet. Designed by Chancey Architecture and Chancey Interior Design, it also features numerous amenities including... Read More »
Newmark Knight Frank Handles Welltower’s $1.3 Billion Sale

Newmark Knight Frank Handles Welltower’s $1.3 Billion Sale

There were rumors circulating last month of a major portfolio sale by one of the healthcare REITs, and given the dearth of deals in May, we clung on to the promise of it. Well, on June 1, Welltower announced not one, but two large seniors housing portfolio dispositions, along with a major medical office building sale, all combined for a roughly $1.3 billion purchase price. Ryan Maconachy and Chad Lavender of Newmark Knight Frank handled the transactions, bringing one of them from NDA to closing in just 45 days, including securing agency financing to fund it. To close any deal these days is exceedingly difficult, not only one of this scale, so well done to the Newmark team.   It certainly... Read More »