• 60 Seconds with Swett: October Smashes M&A Record

    by | Nov 4, 2025 4:20 pm | 60 Seconds, Acquisitions

    We were predicting a record-breaking end to the year in terms of M&A activity, but we are not sure we expected a 100+ deal month, with 110 transactions and counting. Just to put that in perspective, the previous record for any month was 77 deals in October of last year, and only four months had previously broken the 70-deal barrier. So this... Read More »

  • Newmark Ends October with Portfolio Closings

    by | Nov 4, 2025 3:50 pm | Acquisitions

    Newmark announced a flurry of transactions at the end of October involving various institutional firms. The largest was a portfolio of seniors housing communities in the Northeast known as “Stars and Stripes.” Word on the street is that the portfolio sold for north of $800 million, and that a sub-portfolio was valued at more than $1 million per... Read More »

  • Stacked Stone Acquires Missouri Portfolio

    by | Nov 4, 2025 3:48 pm | Acquisitions

    Stacked Stone Ventures announced the purchase of a seven-community assisted living/memory care portfolio in Missouri for $71 million, or $212,600 per unit. Totaling 334 units and 405 beds, the Oak Pointe portfolio was developed between 2015 and 2020 by an investor group called ClearPath Senior Housing, which included Jeff Binder of Senior Living... Read More »

  • Blueprint Sells Georgia Community to LTC Properties

    by | Nov 4, 2025 3:47 pm | Acquisitions

    LTC Properties divested seven skilled nursing facilities through two separate deals for $122 million in October. In those transaction announcements, the publicly traded REIT noted that it intended to redeploy proceeds for the acquisition of newer, stabilized SHOP assets. It looks like that’s what the publicly traded REIT did in Georgia at the... Read More »

  • MIG Announces Two Closings

    by | Nov 4, 2025 3:46 pm | Acquisitions

    Montgomery Intermediary Group announced a couple of transactions at the end of October. First, Andrew Montgomery sold a 120-bed skilled nursing facility in southern Illinois in a value-add deal. Built in the 1960s and 1970s, the facility had a roughly 50% Medicaid census, with between 30% and 35% private pay and 5% to 10% Medicare. It was losing... Read More »
A Fearsome Threesome: Welltower, Quality Care Properties and ProMedica Health Deal

A Fearsome Threesome: Welltower, Quality Care Properties and ProMedica Health Deal

by | Apr 27, 2018 7:02 am | Acquisitions, Opinion

We would be lying if we said we were not surprised by the announcement that Welltower will be buying Quality Care Properties for about $2 billion plus assumed debt, that ProMedica Health Systems would be buying the operating assets of HCR ManorCare, and that Welltower and ProMedica would be joint venturing. Strange bedfellows, for sure. While we are sure there was some time pressure to get the news out, we are also sure there were some unhappy analysts who were asleep at 11.58 pm on April 25 when Welltower announced to deaf ears that it moved up its second quarter earnings call to……8 hours later at the bright and early time of 8:00 am the following morning. Looks like management pulled a... Read More »
Cushman & Wakefield’s Carolina Sale

Cushman & Wakefield’s Carolina Sale

by | Apr 13, 2018 7:02 am | Acquisitions

For the second time, Prudential Real Estate Investors is selling its large senior living community in Cary, North Carolina, 14 years after the first sale. Originally built in 1999 with 80 independent living units, 36 assisted living units and 36 memory care units, the community has been operated by Kisco Senior Living since its development. During that time, Kisco has overseen several ownership changes, starting in 2004, when Prudential Real Estate Investors sold the community to Walton Street Capital for about $27.4 million, or $180,000 per unit. Walton Street added 14 IL cottages with 24 units in 2008-2009, perhaps not the best time for an IL addition. Nevertheless, Walton Street resold... Read More »
Slowest Q4 For Senior Care M&A Since 2014

Slowest Q4 For Senior Care M&A Since 2014

by | Jan 5, 2018 7:02 am | Statistics

Despite a strong December, when we recorded 30 long-term care transactions, the fourth quarter of 2017 was slow by all recent standards. These are preliminary numbers and may be revised upward in the coming weeks, but with just 69 announced acquisitions, Q4:17 was the least active quarter in terms of number of transactions since Q2:14, when we recorded just 63 deal announcements. Compared to the previous years’ fourth quarters, 2017 fell short significantly, down from the 93 deals recorded in Q4:16 and from the 108 deals recorded in Q4:15 (the all-time high for a quarter). There were few high-priced deals, as well, with the largest of the quarter (Mainstreet’s $425 million acquisition of... Read More »
KeyBank Refinances Portion of Welltower/Chinese Deal

KeyBank Refinances Portion of Welltower/Chinese Deal

by | Nov 29, 2017 7:01 am | Financings

Welltower’s sale of a 75% ownership interest in a 39-property senior care portfolio to Chinese firms Cindat Capital Management and Union Life Insurance Co, Ltd. is back in the news, with KeyBank Real Estate Capital refinancing a portion of the original acquisition financing. In what was the fourth-largest long-term care transaction (by purchase price) of 2016, at $930 million, the Chinese joint venture took over ownership of 11 seniors housing communities master leased to Brookdale Senior Living and 28 skilled nursing/post-acute care facilities leased to Genesis Healthcare. Welltower retained a 25% interest in the portfolio, and both operators stayed on to manage. KeyBank originally... Read More »
Legacy Tenant Capital Structures Create REIT Turmoil

Legacy Tenant Capital Structures Create REIT Turmoil

by | Nov 10, 2017 7:02 am | Opinion

It all started when HCP, Inc. completed a series of rent negotiations with HCR ManorCare, but to no avail. It just wasn’t enough for a long-term solution, and they ended up spinning the HCRMC portfolio into a new entity (Quality Care Properties) that was supposed to be a REIT but may end up not being one depending on the final solution. Even after those lowered rents, HCRMC defaulted on some payments to QCP, and it got messier after that. As everyone now knows, that was the tip of the iceberg. Practically every major REIT has reported “issues” with tenants, ranging from covenants broken, inability to make rent payments, and high likelihood of not being able to make rent payments in the... Read More »