• 60 Seconds with Steve Monroe: Brookdale Senior Living, What’s Next?

    So, the big vote occurred last week, and shareholders of Brookdale Senior Living have spoken. We are sure that the recent increases in occupancy convinced some shareholders to stick with management and its “plan.” But the nominees from activist shareholder Ortelius Advisors were not off-the-wall candidates. It was an excellent group, and despite... Read More »
  • Optalis Healthcare Acquires Michigan Portfolio

    Blueprint was engaged by Michael F. Flanagan, the duly appointed receiver of Spartan Holdco, LLC, et al. and approved by the Oakland County Circuit Court to run a marketing process sourcing qualified overbids for the auction sale of the SKLD (Skilled Living and Development) portfolio. Dubbed Project Spartan, the portfolio comprises eleven skilled... Read More »
  • National REIT Divests to Cougar Capital Management

    Haven Senior Investments facilitated a transaction between a national REIT and a real estate development firm based in Boston, Massachusetts. The seller, Summit Healthcare REIT, divested a seniors housing community in Littleton, New Hampshire, The Village at Riverglen. Built in 2002, The Village at Riverglen features 60 beds across 50 independent... Read More »
  • CFG’s H1 Financing Volume

    Capital Funding Group’s bridge-to-HUD and HUD teams financed more than $930 million across 50 transactions in the first half of 2025. These financings included 14 HUD loans, 21 bridge loans and 15 accounts receivable loans for clients across the country. Managing Director of Real Estate Craig Casagrande originated a few transactions throughout... Read More »
  • Stabilized Class-A IL Community Secures Refinancing

    Greystone arranged a $43.5 million debt placement to refinance a seniors housing community in Oregon. The 142-unit property is a recently built and stabilized Class-A independent living community. The community had strong trailing cash flows, on a shorter trailing period, but an upward trend. The financing was sourced by David Young.  The... Read More »
Quality Care Properties Getting Ready To Deal

Quality Care Properties Getting Ready To Deal

Timing is everything. In the April issue of The SeniorCare Investor, we wrote about what the decline in financial performance at HCR ManorCare (HCRMC) from the 12-month period ending September 30, 2016 to the 12-month period ending December 31, 2016. Annualized EBITDAR dropped by $5.5 million which, although not a big number, was enough to cause fixed coverage to drop a little to 1.10x for the December 31 full-year period. At the property level, however, the coverage increased to 0.84x, a ratio that is still unacceptable and not sustainable. The company’s skilled nursing facilities are at 82.6% occupancy, which is also low for a company of its quality, and the 60 assisted living/memory... Read More »

National Health Investors Partners Ravn Senior Solutions

National Health Investors continues to grow at a steady pace. In the last 10 months, the REIT has publicly announced seven transactions, comprising 43 senior care or seniors housing properties. Just last month, NHI acquired five seniors housing communities operated by Senior Living Management. Now, it is purchasing two assisted living/memory care communities in North Carolina and entering into a new operating relationship at the same time. The adjacent communities are located in the town of Hendersonville (about 20 miles south of Asheville), with one being built in 1999 with 26 AL and 13 MC units, and the second opening in 2002 with 47 AL units. NHI funded the transaction with borrowings... Read More »

A value-add opportunity in Whitehouse?

As our former President jetted off to California on Inauguration Day, a California-based public REIT moved out of Whitehouse, Texas, with the sale of its 120-bed skilled nursing facility. Located in the Tyler MSA, this facility was 88% occupied at the time of the sale with a 24.5% quality mix. But the REIT seller considered the property non-core (the previous operator was also looking to exit), and the buyer, a New York-based owner/operator with a notable presence in East Texas, saw a value-add opportunity. It paid $6.42 million, or $53,500 per licensed bed, and Chris Hyldahl and Gideon Orion of Blueprint Healthcare Real Estate Advisors handled the transaction. Read More »

Net-worth nets results

A high net-worth healthcare real estate investor saw quite the value-add opportunity in a portfolio of five assisted living communities located throughout Central Florida. The properties were perhaps fated to change hands, as they were acquired by the seller (a publicly traded REIT) as part of a large merger a few years ago, but were not seen as “core” communities. There is some work to be done too. Built from the mid-1980s to the early-1990s, the buildings need some capex. And despite a stable occupancy in the mid- to high-80s, a significant portion of the census was Medicaid payors. Under management of a national operator (which had been in place for a short time before the REIT took... Read More »
No Worries in Missouri

No Worries in Missouri

The trio of Ben Firestone, Michael Segal and Josh Salzman, Esq. from Blueprint Healthcare Real Estate Advisors sold three rural skilled nursing facilities in the southeast corner of Missouri on behalf of a public REIT owner. The facilities were the only three in the state to be managed by the Texas-based tenant. So management could perhaps be tightened by an in-state operator, as the portfolio’s census had fallen in recent years to below 50% in the six months ended March 2016, annualized. Cash flow was also negative at two of the facilities, and not trending well. The age of the buildings did not help matters, with one facility built in 1967, although the other two in the early-1990s. But... Read More »