• Thank You Ortelius?

    Brookdale Senior Living just reported June occupancy, and the increases were much better than we expected for a second quarter, which historically has been a mixed bag for the industry. Let’s just say, we were impressed. June’s same-community weighted average occupancy was 81.1%, up 220 basis points year over year and up 50 basis points... Read More »
  • SLIB Sells SNF in New Jersey

    Toby Siefert of Senior Living Investment Brokerage got a skilled nursing sale in New Jersey over the finish line after survey issues caused a buyer switch-up. Built in 1980, Medford Care Center is located in the town of Medford (about an hour east of Philadelphia) and features 180 beds on an 11-acre campus. Operations were not strong, and the... Read More »
  • Carnegie Capital Celebrates 10-Year Anniversary with Texas Portfolio Deal

    Carnegie Capital, the national seniors housing debt brokerage founded and run by JD Stettin and David Farhadian, celebrated its 10-year anniversary with a $124 million, or $117,100 per bed, portfolio acquisition transaction. Carnegie provided a combination of advisory work and debt placement for the nine-skilled nursing facility portfolio with... Read More »
  • 12 Oaks Senior Living Appoints New CFO

    12 Oaks Senior Living appointed Elliott Westerman as CFO, effective immediately. Westerman has more than two decades of leadership experience across senior living, healthcare, and real estate sectors. As CFO, Westerman will oversee all aspects of financial management, including financial planning and analysis, capital structure strategy,... Read More »
  • Ensign/Standard Bearer Adds Two Facilities

    The Ensign Group acquired a couple of skilled nursing facilities through its real estate subsidiary Standard Bearer Healthcare REIT. The first purchase was for Duncanville Healthcare and Rehabilitation Center, a 124-bed SNF in Duncanville, Texas, which will be operated by a third-party operator subject to a long-term, triple-net lease. Ensign... Read More »
Sabra and Sienna Senior Living Join Up In Canada

Sabra and Sienna Senior Living Join Up In Canada

Sienna Senior Living has announced a strategic joint venture with Sabra Health Care REIT to purchase a $243 million (C$307.5 million) portfolio of eleven private-pay retirement residences in Ontario and Saskatchewan. This will be Sienna’s first venture into the Saskatchewan retirement market, with four of the 11 properties located in the province. The other seven properties are in various cities in the Greater Toronto Area of Ontario, where Sienna already maintains properties. Extendicare Inc. is the seller, and the portfolio represents all of its currently owned private-pay retirement properties in Canada. Both Sienna and Sabra will have 50% ownership of the high-quality, entirely... Read More »
Greystone Rocks Georgia Deal

Greystone Rocks Georgia Deal

The Greystone Real Estate Advisors team of Mike Garbers and Cody Tremper recently represented a REIT owner in its sale of a 57-unit assisted living community in Marietta, Georgia. The community was considered to be a value-add opportunity for the new owner, a joint venture between an institutional investor and Surpass Senior Living. Built in 1998, it was on the older side in the overdeveloped Marietta market and could improve operationally. But, the new owner plans to invest some capital in the building to spruce it up. No purchase price was disclosed. The deal comes on the heels of two large closings for Greystone north of the border, including Chartwell Retirement Residences’ purchase of... Read More »
Public Companies Spring Into Action This June

Public Companies Spring Into Action This June

Public companies have made a statement so far in June, with a couple of REITs, one publicly traded operator and two foreign firms announcing acquisitions this week. First, across our border, Ontario-based Sienna Senior Living added one more Ontario retirement community to its portfolio. The 70-unit community in the town of Kingston sold for approximately $7.27 million, or $103,860 per unit. Then, across the Atlantic, Paris-based senior care operator Korian added about 1,000 beds, and eight long-term care/assisted living facilities, to its Belgium portfolio, which now numbers over 9,500 units. The Senior Assist group sold the facilities, five of which opened in the last 18 months. Now to... Read More »
Greystone goes to Freddie Mac

Greystone goes to Freddie Mac

Greystone provided more than $49.4 million in Freddie Mac loans to refinance two assisted living/memory care communities in Carmichael, California and Denver, Colorado. First, Oakmont Senior Living received a $25.15 million loan, with a 10-year fixed rate and 30-year amortization, for its newly constructed 71-unit AL/MC community in Carmichael. Then, Spectrum Retirement Communities obtained a $24.25 million loan to refinance its 97-unit AL/MC community in Denver. The Freddie Mac Capital Markets Execution loan carried a seven-year term and three years of interest-only. Scott Kavel and Cary Tremper led the way for Greystone on these transactions. Also from Greystone, Mike Garbers and Cody... Read More »
The thaw in Canada

The thaw in Canada

The Canadian senior care M&A market seems to have thawed this Spring, with a hefty acquisition. Sienna Senior Living paid CAD$255 million ($201.7 million) acquisition of eight retirement/senior care communities in British Columbia. Known as the Baltic properties (though certainly not a Monopoly reference due to their quality), the portfolio includes two private pay independent living communities and six senior care communities that include both long-term care and assisted living. Plus, Sienna purchased a 50% interest in Pacific Seniors Management General Partnership, the current manager of the Baltic properties, as well as options to acquire up to 100% of two newly built seniors... Read More »