• Not-For-Profit Expands Texas Footprint

    Buckner Retirement Services, Inc., a not-for-profit senior living provider, acquired a CCRC in Texas. This will be the seventh senior living community owned/operated by Buckner in the state. The seller, Lifespace Communities Inc., acquired the community in 2019 and has operated it since. Lifespace was focused on finding a buyer with similar... Read More »
  • Fast-Growing SNF Operator Files for IPO

    There may be a new publicly traded senior care company on the horizon, as PACS Group, a Utah-based skilled nursing operator with more than 200 facilities in its current portfolio, filed for an initial public offering with the SEC on March 13. It plans to list on the NYSE under the symbol PACS. The company is barely 10 years old but has grown its... Read More »
  • Ziegler Handles Chicago SNF Deal

    A for-profit buyer is taking over ownership of a not-for-profit skilled nursing facility in an affluent north Chicago suburb. Ziegler acted as advisor to the Illinois-based not-for-profit seller, with Managing Director Nick Glaisner leading the transaction and Melanie Shaffer in support.  This was an older, multi-story facility, having been built... Read More »
  • Blueprint Sells Plano Property

    Blueprint facilitated the sale of a seniors housing community in Plano, Texas. Built in the late 1990s, the community offers 65 units of assisted living and memory care. The buyer was a regional owner/operator looking to expand in the state. The seller, a developer/investor, is divesting the community after selling over 12 geographically... Read More »
  • Dwight & Co Adds to Services and Team

    Dwight & Co has expanded its seniors housing and healthcare financing solutions by launching working capital revolving lines of credit (revolvers). The company also announced a couple of new hires.  The revolvers will integrate into Dwight’s existing bridge, mezzanine, and HUD healthcare lending platform, providing a comprehensive... Read More »
Greystone Real Estate Advisors Gets It Done

Greystone Real Estate Advisors Gets It Done

Mike Garbers and Cody Tremper of Greystone Real Estate Advisors just announced a slew of transactions that closed at the end of 2017, advising the seller in each deal. First, the pair closed the sale of a 38-unit/66-bed memory care community in Tulsa, Oklahoma. A private equity group sold the community to a joint venture between a public REIT and a national operator. Then, speaking of joint ventures, an institutional private equity group and a private developer/operator teamed up to purchase a 72-unit/78-bed assisted living community in Spring, Texas from a Lone Star State-based developer. And finally, Messrs. Garbers and Tremper went to Vernon Hills, Illinois to sell a 70-unit memory care... Read More »
Invesque Invests In Dallas-Area Memory Care Communities

Invesque Invests In Dallas-Area Memory Care Communities

Invesque Inc. (formerly Mainstreet Health Investments) followed up on the completion of its acquisition of Care Investment Trust earlier this month by closing on three memory care communities in the Dallas, Texas area for $21.5 million, or about $188,600 per unit. All three communities total 114 units and are fully stabilized, with all private pay residents. Invesque added the properties to a new absolute net master lease agreement with Constant Care Management Company, featuring an initial 15-year term and two five-year extension options. The relationship doesn’t stop there, with Invesque also receiving a first right to fund and acquire the next three seniors housing projects developed... Read More »
Slowest Q4 For Senior Care M&A Since 2014

Slowest Q4 For Senior Care M&A Since 2014

Despite a strong December, when we recorded 30 long-term care transactions, the fourth quarter of 2017 was slow by all recent standards. These are preliminary numbers and may be revised upward in the coming weeks, but with just 69 announced acquisitions, Q4:17 was the least active quarter in terms of number of transactions since Q2:14, when we recorded just 63 deal announcements. Compared to the previous years’ fourth quarters, 2017 fell short significantly, down from the 93 deals recorded in Q4:16 and from the 108 deals recorded in Q4:15 (the all-time high for a quarter). There were few high-priced deals, as well, with the largest of the quarter (Mainstreet’s $425 million acquisition of... Read More »
Trilogy Health Services Makes It 11 In Michigan

Trilogy Health Services Makes It 11 In Michigan

Trilogy Health Services, better known on the development side of the skilled nursing sector, recently bought a facility in Grand Rapids, Michigan, making it the 11th facility in Trilogy’s Michigan portfolio, and 108th property overall. The facility was built in 1976 and features 60 beds. There is also an adjacent independent living/assisted living community that was not included in the sale. Trilogy has been growing at an incredibly fast pace. In the last year, the operator has opened six healthcare campuses in Indiana, two in Ohio, two in Michigan and one in Kentucky. We have to imagine these developments, particularly the new skilled nursing beds, stand out among the existing supply in... Read More »
Bank It, With KeyBank

Bank It, With KeyBank

John Randolph and Laura Conway of KeyBank Real Estate Capital’s Healthcare Group closed a couple of transactions, both involving HUD refinances. Trilogy Health Services was the borrower in both of the transactions. It first refinanced its 132-bed healthcare campus in Noblesville, Indiana with a $9.6 million loan. The facility was built in 2010 and features 49 skilled nursing, 33 assisted living and 29 memory care units. Trilogy also received a $5.7 million loan to refinance its Lafayette, Indiana skilled nursing facility. With 71 beds, it was originally built in 1969 but recently renovated in 2010. Both loans (which have 35-year amortization schedules) will also fund some repairs at the... Read More »