• Interview with Bryan Lockard of JLL Value and Risk Advisory

    Ben Swett, Managing Editor of The SeniorCare Investor, sat down with Bryan Lockard of JLL Value and Risk Advisory to discuss JLL’s 2024 Seniors Housing and Care Investor Survey and Trends, which you can download here. Read More »
  • Wow…Sonida Senior Living

    The last company in our sector, Sonida Senior Living, finally reported fourth quarter and full-year 2023 earnings, and while pretty good, that was not even the story. The story started four weeks ago. In February, the company announced a series of capital transactions which reduced their debt, raised some equity, and provided liquidity to take... Read More »
  • Marcus & Millichap Arranges SNF Leases

    After purchasing four senior care campuses in a large portfolio deal, a seniors housing owner/operator turned to Marcus & Millichap to find new tenants for the skilled nursing portions of each newly acquired campus. Each building was losing close to $1 million annually and had struggled with occupancy and expenses.  While the portfolio... Read More »
  • LSS Absorbs Diakon

    Two large not-for-profits announced that they were combining to create the 12th largest not-for-profit senior living organization in the country. Lutheran Senior Services, based in St. Louis, Missouri, signed an agreement to bring Diakon Senior Living operations and four CCRCs under its umbrella. Both organizations were described by Adam Marles,... Read More »
  • SNF Under Receivership Is Acquired in Kansas

    Marcus & Millichap was brought on by a limited liability company in the sale of a skilled nursing facility in Topeka, Kansas, that was under receivership. The facility, Providence Living Center, comprises 78 beds across 24,000 square feet and focuses on senior residents with mental health needs. Rod Llanos and Colby Haugness handled the... Read More »
LTC Properties Divests Three ALFs in Wisconsin

LTC Properties Divests Three ALFs in Wisconsin

In the ongoing plan to reposition its relationship with Senior Lifestyle Corporation, LTC Properties has sold three assisted living communities in Wisconsin. The sales price was $35.0 million, or about $133,100 per unit.   The three communities had a combined net book value of $28.3 million, and the estimated gain for LTC on the sale is approximately $5.6 million. There was no debt on the communities, so the net sales proceeds of $34.0 million were used to pay down the REIT’s unsecured revolving line of credit.   In the first quarter this year, LTC had transitioned 11 Senior Lifestyle assisted living communities in Wisconsin, Ohio and Illinois to two... Read More »
LTC Properties Divests Three ALFs in Wisconsin

SLIB Sells Wisconsin Assisted Living Portfolio

As if their end-of-April activity wasn’t enough, the Senior Living Investment Brokerage team of Bradley Clousing and Ryan Saul kicked off May with a portfolio sale of three assisted living communities in Wisconsin. Located in the towns of Waukesha and Oshkosh, they total 255 units and were built between 2005 and 2009. The Waukesha community consists of 85 units, while the two Oshkosh properties (located one mile apart) feature 134 units and 36 units, respectively. Occupancy averaged around 80%, and the facilities wer estimated to have operated at a roughly 25% margin on over $12.84 million of combined revenues.   Local public filings revealed LTC Properties as the previous owner, and... Read More »
CBRE Closes Five Financings

CBRE Closes Five Financings

Aron Will of CBRE showed off his strength and variety this month, closing five transactions so far in May. First was a $10.2 million Freddie Mac loan arranged on behalf of Chicago Pacific Founders to acquire a 100-unit independent living/assisted living community in Easley, South Carolina. The loan came with a seven-year floating-rate term and 42 months of interest only. Mr. Will also arranged acquisition financing for a global investment manager for its purchase of two assisted living/memory care communities in Cincinnati, Ohio and Salt Lake City, Utah. Both were originally developed by CA Ventures in partnership with another institutional equity partner and Senior Lifestyle Corporation.... Read More »

Cushman & Wakefield Has Banner Month

Last week we reported on the sale of a CCRC in North Carolina where Cushman & Wakefield represented the seller. Now, the C&W Boston office has closed on two additional senior living properties in high-value transactions. The first one involved the sale of a 290-unit retirement community in Lantana, Florida, known as Carlisle Palm Beach. It has 144 independent living units, 90 assisted living units and 56 memory care units with average occupancy above 90%. It was built in 1999 and converted in 2014 to a full continuum IL/AL/MC community. Over the past five years the sellers spent $10 million converting IL units to AL. The sellers were affiliates of Senior Lifestyle Corporation and... Read More »
Enlivant Expands In Midwest

Enlivant Expands In Midwest

Enlivant expanded its presence in the Midwest with the acquisition of four senior living communities in Indiana (3) and Iowa (1). Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors represented the publicly traded REIT in its strategic exit of the assets. A national operator (which we believe to be Senior Lifestyle Corporation) also handed over the operations to the buyer, Enlivant. Built in the late 1990s, the four assisted living/memory care communities range in size from 35 units to 62 units, totaling 175 units. And although they were nearly all private pay, each community could improve their occupancy. That will be Enlivant’s task, which already has an existing... Read More »