• Q2 Senior Care M&A Falls To Seven-Year Low

    Well, we can’t say we aren’t surprised. COVID-19 and the economic ramifications stemming from social distancing and quarantine measures took a toll on seniors housing and care M&A, leaving the sector with just 59 publicly announced transactions in the second quarter. Back in early April, we said the second quarter’s deal total would... Read More »
  • Senior Living Investment Brokerage Announces Four Closings

    The floodgates opened at Senior Living Investment Brokerage. Just as we entered July, the firm announced four closings for three skilled nursing facilities and a memory care community. Jason Punzel, Brad Goodsell and Vince Viverito first represented a local owner/operator in their sale of a 59-unit memory care community in Springfield, Oregon... Read More »
  • Blueprint Handles Large Pacific Northwest Disposition

    Amy Sitzman, Dan Mahoney and Blake Bozett of Blueprint Healthcare Real Estate Advisors handled the sale of eight small assisted living communities divided evenly between Washington and Oregon. News of the deal came out in June with two separate acquisition financing announcements from JD Stettin of Carnegie Capital, the first for the Oregon... Read More »
  • Returning Home To Assisted Living

    After being pulled out of her assisted living community because of the pandemic, a mother asks to return “home.” In the June issue of The SeniorCare Investor we wrote about how an industry professional lost the argument with his younger sister about moving their mother out of her assisted living community and into the sister’s home.... Read More »
  • Fairstead Acquires Another Section 8 Senior Apartment Community

    It’s been less than a month since Fairstead, a fully-integrated real estate firm focused on the development, acquisition and operation of affordable and mixed-income housing, purchased a 123-unit affordable senior apartment complex in Sunrise, Florida. But, the firm is doubling down on its strategy and acquired another complex in South Florida. ... Read More »
Greystone Goes To Canada

Greystone Goes To Canada

Greystone Real Estate Advisors closed back-to-back portfolio sales in Canada. Mike Garbers and Cody Tremper, together with TD Securities, represented the seller of 10 senior living communities located throughout the greater Toronto and Ottawa areas. The 10 communities had 1,245 units, of which 1,045 were independent supportive living and 200 were assisted living. All but two were built or renovated in the past 10 years. Sienna Senior Living paid $298 million, or $239,400 per unit (C$382 million).   In their second transaction, they sold four communities in the greater Edmonton area in Alberta. The 775-unit portfolio included 450 independent supportive living units, 237 assisted living... Read More »
Skilled Nursing Facility Turnaround a Priority

Skilled Nursing Facility Turnaround a Priority

Revera, Inc., a Canadian senior care operator, has at last completed the sale of its portfolio of Northeast skilled nursing facilities, with the sale of a struggling 96-bed skilled nursing facility in Barre, Vermont. The deal was a long time coming and part of a four-property portfolio, which included facilities in Connecticut, New Jersey and Massachusetts that sold in 2015 and 2016. The parties agreed that each transaction would close as change of ownership was approved, and Barre was the last one. The property has seen better days. Built in 1972, the single-story facility with a majority of semiprivate units was recently designated a special focus facility by CMS. Occupancy and the... Read More »

Health Care REIT looking North, again

In its existing RIDEA joint venture with Revera, Inc., Health Care REIT purchased Regal Lifestyle Communities, a Toronto-based operator of 23 independent living communities with more than 3,600 units. The joint venture, with HCN owning 75% and Revera 25%, will pay CAD$12.00 per share (a 27.1% premium), or approximately US$623 million ($173,100 per unit), for the portfolio, assuming CAD$359 million (US$ 291.9 million) of debt with a weighted average interest rate of 3.8% and an average maturity of four years. The initial cash yield is expected to be 6.1%, with HCN investing US$248.8 million in the transaction. The communities, located in Ontario (13), Quebec (7) and one each in British... Read More »

The largest just got larger

The largest provider of skilled nursing in the country, Genesis HealthCare, increased its facility ownership to 23% of its inpatient sites with the acquisition of 24 skilled nursing facilities with 3,056 total beds for $240 million, or $78,500 per bed. The facilities, owned by Revera, Inc. and generating approximately $280 million in 2014 revenue, are located in New Jersey (8), Vermont (5), Washington (3), Connecticut (2), Massachusetts (2) and one each in Maryland, Virginia, New Hampshire and Rhode Island. Under the agreement, Genesis will acquire the real estate of 20 of the 24 facilities, and will enter into long-term lease agreements with Health Care REIT for the remaining four. In the... Read More »