Will Brookdale Be Back In Play?
With agreements nailed down with its major REITs, buyers may start sniffing around again at a leaner and more profitable Brookdale. The announcement last week during the ASHA mid-year meeting, that Brookdale Senior Living had come to several agreements with Welltower on their various leases, was met with relief and renewed optimism for the seniors housing sector. Last Friday we reported on the details of the agreements, but most people we spoke with were hoping that as Brookdale’s financial pressures ease, the negative sentiment it had created for the industry will also start to dissipate. In addition, with the change-of-control roadblocks by the Big Three REITs now gone, always used as an... Read More »
Brookdale And Welltower Reach Agreements
Brookdale Senior Living continues to shrink, which is actually good news, and Welltower investors will be glad to see new operators to spread the risk. That is the result of a series of transactions agreed to by the two companies in a major end-of-quarter announcement. Too bad they couldn’t have done this a year or two ago, but maybe it is the new management at Brookdale. In the first of the transactions, Brookdale will pay Welltower $58 million ($14,164 per unit) to cancel leases on 37 communities with 4,095 units in two different lease pools. The leases had current negative cash flow after lease payments, and the projections were for there to be continued losses on them. They were to... Read More »
Berkadia Gets Boost From Two New Hires
Hoping to build on a successful 2017 that saw more than $1.7 billion in loans closed, Berkadia strengthened both its mortgage banking and investment sales teams with two new hires. First, joining the mortgage banking group was Brittany Robinson. With a Bachelors of Business Administration from Miami University, Ms. Robinson comes from Welltower, where she was responsible for business development initiatives, managing relationships with the REIT’s top operating partners and evaluating more than $5 billion in seniors housing, post-acute care and medical office investment opportunities. She will be based in Cincinnati, Ohio, and will report to Heidi Brunet. Then, Marcus & Millichap’s... Read More »
HCR ManorCare Deal The Future Or A Risk?
Hospitals and post-acute providers have not mixed well in the past, but ProMedica Health System hopes that changes. I keep thinking about the Welltower and ProMedica Health System acquisition of Quality Care Properties and HCR ManorCare. Given today’s valuations, ProMedica may have gotten a bit of a deal with ManorCare’s home health and hospice business. But we are still not convinced that a basically two-state hospital system will benefit from owning skilled nursing and assisted living all over the country. Will the tail wag the dog? Yes, there are a lot of unusual alliances going on in healthcare services today, with pharmacies buying insurers, and insurers buying anything they can get... Read More »Schedule a demo
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