Seniors Housing

Bridge Investment Group Acquires Somerby Living Services, Including Nine Seniors Housing Communities

by John Nelson January 7, 2019

NEW YORK CITY AND BIRMINGHAM, ALA. — An affiliate of Bridge Investment Group has purchased Somerby Senior Living Services, a seniors housing operator based in Birmingham. The seniors housing firm is a wholly owned subsidiary of Dominion Partners, a Birmingham-based real estate developer. The sales price was not disclosed. The acquisition includes a nine-property portfolio of seniors housing assets located in prime markets in Alabama, Florida, Georgia, South Carolina and Tennessee. The portfolio’s unit mix includes 134 independent living villas, 771 independent living units, 393 assisted living units and 260 memory care units. Ryan Maconachy and Chad Lavender of HFF represented Dominion Partners in the portfolio sale. Sarah Anderson led HFF’s debt placement team to secure acquisition financing on behalf of Bridge. Bridge currently owns 90 properties totaling 10,600 units across two private equity funds managed by its seniors housing affiliate, Bridge Seniors Housing Fund Manager. “We are excited to further vertically integrate Bridge Seniors Housing Fund Manager through this acquisition,” says Robert Chapin, CEO of Bridge Seniors Housing Fund Manager. Bridge plans to retain David Grady, president and chief operating officer of Somerby, to lead the company post-acquisition. Somerby currently has 20 corporate-level employees and more than 1,350 property-level …

January 7, 2019

Acquisitions Company News Healthcare Maryland Multifamily New York Northeast Seniors Housing Southeast Tennessee Top Stories

Omega Healthcare Investors Agrees to Acquire MedEquities Realty Trust for $600M

by David Cohen January 2, 2019

HUNT VALLEY, MD. AND NASHVILLE, TENN. — Real estate investment trust Omega Healthcare Advisors (NYSE: OHI) has agreed to acquire MedEquities Realty Trust (NYSE: MRT) in a cash and stock transaction valued at $600 million. As part of the transaction, Omega will acquire the fee simple interest in 34 facilities operated by 11 operators in seven states. Omega will also acquire approximately $34 million in mortgage loans. Under the terms of the transaction, MRT shareholders will receive $2 in cash and 0.235 OHI shares for each MRT share owned, which represents $10.26 per share based on Monday’s closing price for OHI. The boards of directors for both companies have unanimously approved the transaction. “This acquisition reinforces our commitment to the skilled nursing and senior housing industry, while adding new asset types to our portfolio furthering our strategic objectives,” says Taylor Pickett, CEO of Hunt Valley-based Omega. “MedEquities has built a high-quality diversified portfolio, which should provide Omega with meaningful future growth opportunities.” Omega is a real estate investment trust that invests in the long-term healthcare industry, primarily in skilled nursing and assisted living facilities. As of Sept. 30, 2018, Omega’s total portfolio consisted of 917 facilities spread across 41 states and the United Kingdom. …

January 2, 2019

Acquisitions Multifamily New Jersey Northeast Seniors Housing

Cushman & Wakefield Arranges Sale of Solana Marlboro Assisted Living Community in New Jersey

by David Cohen December 20, 2018

MARLBORO, N.J. — Cushman & Wakefield Senior Housing Capital Markets has arranged the sale of The Solana Marlboro, a newly constructed, 79-unit assisted living and memory community in Marlboro. A joint venture between affiliates of Capitol Seniors Housing, Formation Development Group and Shelbourne Capital sold the property for an undisclosed price. The buyer was Kayne Anderson Real Estate. Chelsea Senior Living, the current operator, will continue to manage the community. Located approximately 20 miles south of New York City, the community is within a quarter-mile of a variety of shopping and entertainment options. The Cushman & Wakefield team involved in the transaction included Richard Swartz, Jay Wagner and Sam Dylag.

December 20, 2018

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

Blueprint Negotiates Sale of Vacant Skilled Nursing Facility in Concord, Massachusetts

by David Cohen December 19, 2018

CONCORD, MASS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing facility in Concord, a northwestern suburb of Boston. The facility was out of operation, after management challenges and a growing list of deferred capital expenditures forced its closing. The undisclosed seller sold the property to a substance abuse rehabilitation provider, which will renovate the property to serve that function. The price was not disclosed. Steve Thomes led the transaction for Blueprint.

December 19, 2018

California Development Multifamily Seniors Housing Western

Joint Venture to Develop 338-Unit Seniors Housing Community in Los Angeles

by Amy Works December 19, 2018

LOS ANGELES — South Bay Partners Inc., through a joint venture with LAMB Properties LLC, has acquired two parcels totaling 2.7 acres in the Woodland Hills neighborhood of Los Angeles. Plans call for an eight-story midrise seniors housing community on the property. Named The Variel, the Class A community will feature 215 independent living units, 94 assisted living units and 29 memory care units. Construction is slated to begin in early 2019. The development will be located within a mile of a variety of dining and shopping options, plus the 264-bed Kaiser Permanente Woodland Hills Medical Center. Pre-leasing will begin in fourth-quarter 2019 in advance of a planned opening in fourth-quarter 2020. Los Angeles-based West Bay Senior Living will operate the community upon opening.

December 19, 2018

Loans Multifamily Seniors Housing Utah Western

PGIM Provides $17.2M Loan for Independent Living Community Near Salt Lake City

by Amy Works December 19, 2018

SOUTH JORDAN, UTAH — PGIM Real Estate Finance has originated a $17.2 million Fannie Mae Choice refinancing for Legacy Retirement Center, an independent living community in the Salt Lake City suburb of South Jordan. Western States Lodging owns the 162-unit community, along with 16 other seniors housing properties in Utah, Nevada, Arizona and Colorado. An assisted living and memory care community is located adjacent to the property. David Stein and Christopher Fenton of PGIM Real Estate Finance originated the 10-year, fixed-rate loan, which will help fund upgrades to the units and common areas at the community.

December 19, 2018

Development Multifamily Northeast Pennsylvania Seniors Housing

LCB Breaks Ground on 84-Unit Seniors Housing Community in Pennsylvania

by David Cohen December 18, 2018

GLEN MILLS, PA. — LCB Senior Living has broken ground on The Residence at Chadds Ford, an independent living, assisted living and memory care community in Glen Mills, located west of Philadelphia and north of Wilmington, Del. Once completed, the community will offer 84 luxury apartment units. The Residence at Chadds Ford will be LCB’s flagship community in the area. The property is located near a variety of shopping and recreation. LCB’s portfolio includes properties in Massachusetts, New Hampshire, Rhode Island, Connecticut, Vermont and Pennsylvania.

December 18, 2018

Features Seniors Housing

Skilled Nursing Occupancy Increases Slightly, May Be First Sign of Recovery

by Jeff Shaw December 18, 2018

ANNAPOLIS, Md. — The skilled nursing occupancy rate saw a slight uptick in the third quarter of 2018, increasing 14 basis points to 82.2 percent, according to data from the National Investment Center for Seniors Housing & Care (NIC). Despite the increase, occupancy is still a full percentage point below year-earlier rates and has been on a sharp slide for the last three to four years. NIC is an Annapolis-based nonprofit data firm serving the seniors housing industry. The skilled nursing occupancy data is gleaned from 1,449 reporting facilities in 47 states. NIC experts expressed surprise at the increase, given that occupancy typically declines or stays flat between the second and third quarter of a year. The increase may be the first signs of recovery on the horizon. “The 83 to 87 age cohort over the last couple years was decreasing as far as growth rate. Starting 2018 that cohort is now growing,” says Bill Kauffman, senior principal at NIC. “From a seasonality perspective we generally do not see an increase from the second quarter to the third quarter. That’s notable. We won’t call it a new trend yet — we want to see more data over the next year, …

December 18, 2018

California Development Loans Multifamily Seniors Housing Western

Lancaster Pollard Provides $36M HUD Financing for 145-Unit Seniors Housing Development Near Los Angeles

by Amy Works December 17, 2018

FOUNTAIN VALLEY, CALIF. — Lancaster Pollard has provided $36 million in fixed-rate, HUD-insured financing for the construction of Park View Estates. The 145-unit seniors housing community will be located in Fountain Valley, approximately 35 miles southeast of Los Angeles. Welbrook Senior Living and Sunshine Retirement Living are developing the property, which is adjacent to Fountain Valley Regional Hospital. Once completed, the community will offer 106 assisted living units and 39 memory care units. The project is scheduled for completion in 2020. Jason Dopoulos led the transaction for Lancaster Pollard.

December 17, 2018

Development Florida Multifamily Seniors Housing Southeast

BRP Senior Housing to Build $150M Assisted Living Community in South Florida

by Alex Tostado December 14, 2018

DELRAY BEACH, FLA. — BRP Senior Housing Management has acquired a 15-acre site for $9 million in Delray Beach to build a $150 million, 279-unit assisted living community. SB Architects is designing the project, which will comprise a three-story building, courtyards and a central lobby. The property will offer multiple dining choices, a movie theater, fitness center, pool, yoga studio and game rooms. Trez Forman Capital of Boynton Beach, Fla., financed the land acquisition, and Al Rex of Walker & Dunlop is the project’s financing adviser. Construction is expected to begin in the summer, with opening slated for 2021.

December 14, 2018

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