Pacific Companies Acquires National Portfolio
Pacific Companies, LLC, a privately owned real estate private equity firm based in San Diego, California, acquired the majority of the not-for-profit Retirement Housing Foundations market-rate seniors housing and skilled nursing assets. Ziegler served as exclusive sell-side advisor to RHF on the transaction, which closed in phases throughout late 2022, 2023 and the first quarter of 2024. The portfolio consists of 15 seniors housing communities across six states: California (7 communities), Florida (3), Missouri (2), Indiana (1), Kentucky (1) and South Carolina (1). There are around 3,200 market-rate independent living, 850 assisted living/memory care and 563 skilled nursing beds. RHF... Read More »
Owner/Operator Chooses Refinance Over Sale
A national owner/operator faced with an underperforming seniors housing property in Missouri and maturing debt on the property secured a refinance thanks to JD Stettin of Carnegie Capital. The borrower, which has over 30 properties in its portfolio, acquired the 45-unit assisted living community in late 2017. Occupancy and cash flow decreased steadily since the pandemic, and the community could not cover its debt costs from operations despite cash flow being above breakeven. It did not help that some key staff members at the community had unexpectedly left. Like so many lenders did during and after the pandemic, the existing bank extended the maturity of its loan several times but... Read More »
Two Seniors Housing Communities in Indiana Trade Hands
Blueprint facilitated the divestment of two seniors housing communities in northwest Indiana. The value-add communities are in Michigan City and Merrillville and comprise 119 assisted living and memory care units. They had strong pre-pandemic financial performance but more recently benefited from a substantial Medicaid Waiver reimbursement rate enhancement that was passed in July. Connor Doherty, Ryan Kelly, Amy Sitzman and Giancarlo Riso handled the transaction, which featured multiple competitive offers. The selected buyer intends to fully reposition the communities as affordable seniors housing through the Indiana Assisted Living Waiver Program. The buyer also plans to bring on an... Read More »
Artemis/Bridgewood Acquire Texas Portfolio
CBRE was engaged in the sale of four seniors housing communities in the Dallas, Texas MSA: Village on the Park Plano (Plano), Village on the Park Denton (Denton), Village on the Park Stonebridge Ranch (McKinney) and Village on the Park McKinney (McKinney). The communities comprise 366 total units of assisted living and memory care and were built between 2014 and 2017. The buyer was a joint venture between Artemis Real Estate Partners and Bridgewood Property Company. The Aspenwood Company, Bridgewood’s affiliate property manager, will operate the communities. John Sweeny, Aron Will and Garrett Sacco handled the transaction. Additionally, Will and Adam Mincberg financed a subset of the... Read More »
Oklahoma Deal Overcomes Last-Minute Obstacles
Plains Commercial Real Estate facilitated the sale of a skilled nursing facility in Oklahoma. The SNF was under legacy ownership and management, but the seller opted to divest to enter retirement and effectively exit the sector. Built in the 1960s, Latimer Nursing Home in Wilburton features 48 beds and occupancy hovered around 63% at the time of closing. Despite being cash flow negative, the facility was approaching breakeven. Daniel Morris handled the transaction, which had a competitive bidding process. The selected buyer was a local investor with other operations and ancillary businesses in the area. To facilitate the operational transition, both parties agreed to an interim management... Read More »
The Lodge at Mallard’s Landing Secures Refinancing
Northmarq handled a $35 million refinance of a senior care campus in Gig Harbor, Washington. Built in two phases from 2010 to 2015, The Lodge at Mallard’s Landing features 147 private pay independent living, assisted living and memory care units. The three-story main building comprises 98 IL/AL units and 24 IL cottages. The separate, two-story memory care building has 25 units. Occupancy hovered over 95%. The Lodge has been managed for over 10 years by Tacoma-based Senior Services of America. The six-year loan had a fixed rate at just under 6% and was arranged by Northmarq through its relationship with a correspondent life insurance company. It features an earn-out component allowing the... Read More »
Bascom’s First Seniors Housing Acquisition of 2024
The Bascom Group, a private equity firm specializing in value-add multifamily, commercial and non-performing loans, real estate-related investments and operating companies, acquired a seniors housing community in Boulder City, Nevada, to expand its portfolio. This marks its fifth acquisition of 2024, but first in seniors housing, following the purchase of three multifamily communities and one student housing community. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage handled the transaction. Built in 1999, Homestead at Boulder City is an assisted living community with 72 units on 6.39 acres that comprises 55,305 square feet. The... Read More »
Forbright Bank Closes Three Bridge Loans
Forbright Bank’s Healthcare Lending team closed three new bridge loans in the first quarter of 2024 to help finance the acquisition of two assisted living communities and two skilled nursing facilities in the Southeast and Midwest. In total, the properties comprised around 500 beds and ranged in age from a few years to 15 years old. Renovations are also planned across the locations. In these transactions, Forbright closed more than $50 million of bridge and bridge-to-HUD financing for several well established owner/operators. Read More »
Medistar Divests to Ignite in Texas
Blueprint was enlisted by a private investor/developer, Medistar, to divest its value-add, senior care campus in Katy, Texas. Built in 2018, the campus features 70 skilled nursing beds and 78 assisted living units (with 34 beds). The campus maintained a steady lease-up trajectory that was halted due to the pandemic. With a minimal amount of dually-certified beds, it struggled to turn a profit. Occupancy throughout the marketing process varied, however, by closing it was around 40%, and the campus was losing money. Multiple interested parties proposed stepping in as interim managers to attempt to turn the campus around and prepare for disposition. An operator was selected to execute a... Read More »
60 Seconds with Swett: The Battle of the Brokers
This Thursday, April 18th at 1pm ET, The SeniorCare Investor will be hosting its first ever Quarterly Investor Call, a virtual event available to our readers that will bring together the latest M&A and valuation data from our platform LevinPro LTC, relevant deal case studies and a robust Q&A period with our audience. Editor-at-large Steve Monroe and I will be joined by three active brokers, Ryan Maconachy of Newmark, Matt Alley of SLIB and Alex Florea of Blueprint, to discuss the current dealmaking environment, everything from the transaction process to buyer and seller dynamics, to pricing and, of course, to financing all sorts of deals. So, if you are thinking about buying,... Read More »Schedule a demo
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