Harrison Street Divests Seniors Housing Portfolio
Meridian Capital Group’s senior housing and healthcare team was enlisted by Harrison Street in the divestment of a three-property seniors housing portfolio in Wisconsin and North Dakota. The communities comprise 146 independent living, 139 assisted living and 143 memory care units. New Perspective Senior Living, the in-place operator, will continue to manage the communities. Ari Adlerstein, Josh Simpson and Jesse Rauch handled the transaction. The Meridian team has closed $735 million in financing year-to-date in 2024, on top of the over $5 billion in transaction volume in 2023. Read More »
Clearwater Living Acquires Class A Community in Texas
Clearwater Living, a real estate and property management company that owns, operates and develops high-quality seniors housing communities, acquired a Class-A seniors housing community in Houston, Texas. This is Clearwater’s first Texas acquisition. The company has eleven other communities across California, Nevada and Arizona, with additional properties currently under development. Built in 2022 through a partnership between Hines (based in Houston) and Watermark Retirement Communities (based in Arizona), The Watermark at Houston Heights comprises 220 total units and will be rebranded as Clearwater at The Heights. Out of the 220 units, 201 are independent and assisted living units and 19... Read More »
Private Equity M&A Declines in Q1:24, According to Acquisition Data from LevinProHC
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Not-For-Profit Nets High Value for Tennessee SNF
Blueprint was enlisted by a not-for-profit joint venture, The Trousdale Foundation and its management company based in Cleveland, Tennessee, Trousdale Living Communities, Inc., in its divestment of a Tennessee skilled nursing facility. Built in 1982, the facility comprises 81 beds on four acres approximately 10 miles south of Sweetwater Hospital. It is the only licensed provider in the city, and generated positive cash flow as a result of census growth and a recent Medicaid rate increase. The facility never reached the marketing stage, as Blueprint presented options to the seller, which ultimately selected a New York-based provider that was looking to expand in Tennessee. The... Read More »
ESI Handles California CCRC Portfolio Acquisition
Evans Senior Investments facilitated the sale of two senior living communities in Texas on behalf of a regional owner/operator. ESI targeted seniors housing investors and secured multiple offers before a local owner/operator was selected as the ultimate buyer. Evans also announced that it represented the seller in CareTrust REIT, Inc.’s acquisition of three California CCRCs that, combined, feature 475 skilled nursing, assisted living and memory care beds/units. The total purchase price was around $60 million, or $126,900 per bed/unit. The communities are in Los Angeles, Orange and San Diego counties. The incoming operator for these three communities is Southern California-based... Read More »
Seniors Housing and Care M&A Activity Reaches 147 Deals in Q1:24
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Healthcare M&A Volume Falls in Q1:24, According to Acquisition Data from LevinPro HC
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Institutional Investor Divests Class-A Community in Illinois
Senior Living Investment Brokerage facilitated the sale of a Class-A seniors housing community in a southern submarket of Chicago, Illinois. The seller was a Midwest-based institutional investor that had partnered with Dial Senior Living on a larger portfolio. The asset had reached its investment horizon within a fund, hence the divestiture. Willow Falls comprises 188 units of independent living, assisted living and memory care in the town of Crest Hill. It was purchased by a Midwest-based owner/operator looking to expand its existing footprint in the Midwest and to enhance the assisted living and memory care components at the community, as well as improve occupancy. There was a... Read More »
In-Place Operator Purchases Two Struggling SNFs in Louisiana
Evans Senior Investments arranged the sale of two skilled nursing facilities located about 10 miles apart in southwest Louisiana on behalf of an independent owner. Built in 1970 and 1972, the facilities comprise around 350 beds and are situated in Lake Charles. Prior to the pandemic, the facilities maintained an average occupancy rate of 72%. As if the pandemic was not bad enough, in the summer of 2020, Hurricane Laura devastated the area resulting in both facilities undergoing significant renovations. Since reopening, the facilities have struggled to achieve pre-pandemic and pre-hurricane census levels. At the time of marketing, the facilities were still recovering from a census... Read More »
Berkadia Secures $48 Million in HUD Refinancings
Berkadia announced the closing of $49.4 million in 232/223f HUD refinancings across five transactions in four states. The loans carried an average loan-to-cost of 75% and an average term of 33 years. Four of the loans refinanced bridge loans closed from Berkadia’s proprietary balance sheet. Steven Muth and Rafael Nobo originated a $15.95 million 232/223f HUD loan on a 73-unit seniors housing community in Northern Virginia for a Mid-Atlantic-based owner/operator. The community featured primarily assisted living and memory care services, with some independent living units. Occupancy was 94% at the time of closing. The 35-year fixed rate loan represented 77% LTC and retired a Berkadia bridge... Read More »Schedule a demo
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