• Carnegie Capital Announces Latest Closings

    JD Stettin of Carnegie Capital has certainly had his hands full recently, having closed a couple of refinances in the Pacific Northwest, no easy task in the early days of COVID-19, we’re sure.   Mr. Stettin first sourced and structured a cash-out refinance of a 60-unit memory care community near Eugene, Oregon. Featuring a roughly 50-50 mix of... Read More »
  • PGIM Refinances Tennessee Senior Living Community

    PGIM Real Estate announced its latest transaction, with Executive Director Chris Fenton leading the way. It involved a $10.6 million HUD refinance of a senior living community in Ashland City, Tennessee. Built in 2015 with 100 beds in 80 units, the community provides assisted living and memory care services in a four-story building.   Thunderhawk... Read More »
  • Greystone Arranges HUD Construction Debt

    Working through HUD, Lisa Fischman of Greystone facilitated construction financing for an assisted living community to expand its Buffalo, New York-area campus. Originally built in 2003 with 110 beds in 84 units, the community is located on a 20-acre campus. Onsite amenities including a theater, physician’s office and beauty salon certainly... Read More »
  • Genesis HealthCare’s Shares Double in Value

    Leading up to Genesis HealthCare’s first quarter earnings release and conference call, the company’s share price took off. The rise started on May 22 when it jumped by 22% on high volume, but then it added another 35% on volume that was 10 times the average. In the course of four days, the price more than doubled, from $0.63 per share to $1.37... Read More »
  • Looking for Answers in the Lending Market: A Q&A with Alec Blanc of Monarch Advisors

    To get a sense of what is going on in the capital markets in this immediate post-COVID-19 world, we turned to Alec Blanc of Monarch Advisors for his own thoughts.   How has the lending environment changed from the beginning of the second quarter to now?  Overall, there is less debt capital available than there was prior to the COVID-19 crisis. ... Read More »
Senior Living Investment Brokerage’s Brookdale Sale

Senior Living Investment Brokerage’s Brookdale Sale

Sales are still getting done at Senior Living Investment Brokerage, with Brad Clousing, Jeff Binder and Patrick Burke handling the sale of a 78-unit assisted living community in Northport, Alabama. In 2019, Mr. Clousing had also sold a 161-bed skilled nursing facility in Northport, so we’re sure that experience helped in this transaction.  Built in 1999, the community is situated on about four acres along the Black Warrior River near Tuscaloosa. In addition to the 68 assisted living units, it includes 10 units and 16 beds of memory care. A Mid-Atlantic-based owner/operator bought the community, its second in the state of Alabama, and plans to invest in physical plant... Read More »
Senior Living Investment Brokerage Sells Illinois Portfolio

Senior Living Investment Brokerage Sells Illinois Portfolio

It’s not always easy to get a senior care deal done in Illinois. But Patrick Byrne and Jeff Binder of Senior Living Investment Brokerage took the challenge and sold a portfolio of three skilled nursing facilities and two assisted living communities in the central and southern part of the state. Built between 1976 and 2004, with various capital improvements made in 2011, 2014 and 2016-2018, these properties are located within 100 miles of each other. The SNFs total 286 beds, while the AL buildings combined for 97 units, with an overall average occupancy of 79%. Operations at the skilled nursing facilities had been very stable in the last three years, averaging $2.8 million in annual... Read More »
Senior Living Investment Brokerage Announces Active Start to March

Senior Living Investment Brokerage Announces Active Start to March

A slew of sales were announced by Senior Living Investment Brokerage, closing just before we headed out to NIC. And they spanned the entire senior care spectrum. First, Matt Alley and Patrick Burke represented Invesque in the REIT’s sale of an independent living community in Arlington, Texas. Built in 2002 with 178 units, comprised of 24 studio, 130 one-bedroom and 24 two-bedroom units, the community was just 67% occupied at the start of marketing. The operating margin could also be significantly improved from 4.6% on approximately $3.4 million of revenues. A small regional owner/operator saw the opportunity to add value and acquired the community for $12.45 million, or $69,900 per unit.... Read More »
Milwaukee Senior Care Complex Sells

Milwaukee Senior Care Complex Sells

A large (67,000 square feet) and old (built-in 1964) Residential Care Apartment Complex (“RCAC”) in Milwaukee, Wisconsin sold after falling on hard times. Known as St. Clare Terrace, it is made up of 59 units in a large building that sits on 2.4 acres. At the time of sale, occupancy was just 64%.  The property was placed into receivership after the former not-for-profit owner/operator defaulted on their outstanding bonds. The receiver appointed BAKA Enterprises to manage the community until it was sold. Annualized revenues were just under $1.1 million, which would put average monthly rates close to $2,400. Before debt payments, there was a negative cash flow of about $175,000.   Next... Read More »
Punzel Sells in Portland

Punzel Sells in Portland

It wasn’t a complete exit, but a local owner/operator in Portland, Oregon sold its assisted living community with the help of Brad Goodsell, Jason Punzel and Vince Viverito of Senior Living Investment Brokerage. This was the seller’s only senior living community, but they will stay on as a consultant post-closing. A regional operator with several communities in Washington acquired the property, its first in the state. Originally built in 2012 and expanded in 2018, the 47-unit/50-bed community catered to a high-acuity population. It was operating well, with 96% occupancy and a 39% margin on over $2.9 million of annual revenue. So, the incoming owner won’t change much, and why should they?... Read More »