Deal dynamics have not changed much in the last six months, so what events in the first quarter made the biggest impact on M&A, or at least caused the most conversation and commotion? The second Trump Administration was one of those topics of discussion.
See article at right
2024 Values
Three expert panelists convened to discuss the 2024 M&A market, where we stand on valuations for different seniors housing and care properties, and how buying strategies are evolving in 2025 as a result.
See article at right
Washington Turmoil and the M&A Market
What Were the Big Themes of the First
Quarter?
Stepping back and evaluating the first quarter of 2025, the seniors housing and care M&A market, investor sentiment, the operating environment and the capital markets continued to show steady improvement. Most people with whom we spoke in the dealmaking world are also generally very optimistic right now, looking at deal pipelines, opportunities for value-add deals still in the market, increased liquidity and perhaps narrowing bid-ask spreads. The mood at the NIC Spring Conference was sunny, if the weather was not, but it was a more measured optimism than the relative euphoria felt in the Fall Conference when the Fed made its first interest rate cut. Things are looking up, and we hear of some attractive, good-sized deals on the horizon.
The biggest shock to the market, and the talk at NIC, was the uncertainty stemming from all the actions being taken in Washington, D.C. Elections can have consequences in the M&A space, and we did hear of a number of
continued on page 23
2024 Values and 2025 Opportunities
Reviewing the March Webinar on Valuations
On March 12, 2025, The SeniorCare Investor presented a preview of its 2024 M&A and valuation statistics, derived from its proprietary deal database, and several panelists gathered to discuss the valuation statistics, as well as 2025 trends. Ben Swett, Managing Editor of The SeniorCare Investor, moderated the panel comprising JP LoMonaco, MAI, of CBRE | Valuation Advisory Services, Jason Punzel of Senior Living Investment Brokerage and Steve Munn of VIUM Capital
There was a lot to discuss, because in 2024, the seniors housing and care sector set a new record of publicly announced acquisitions, closing with 708 transactions, which surpasses the previous record set in 2022 of 506 deals. One contributing factor to the high volume of closed transactions was that large portfolios were sold to several different buyers through multiple separate transactions to optimize dollar value. It was difficult for buyers to secure financing for large portfolio acquisitions, and some of
continued on page 2
continued from page 1
the assets that were not performing would have brought down the total value if sold as a portfolio.
Our panelists discussed what conditions would encourage larger portfolios to close, and according to them, we are nearing those conditions. The capital markets are in the process of changing, with Munn noting that there is more competition in the debt markets, as lenders clean up their books and get more aggressive again with lower rates and higher leverage.
Munn added, “Lenders are hyper focused on cash flow… and I think as rents have increased, as occupancy has continued to tick up, cash flow has improved, a lot of lenders are looking at it now that ‘hey this is a year where we can really kind of open our books again and we can go maybe outside of those existing relationships and start to put out capital more aggressively.’” LoMonaco brought
Inside the World of Senior Care Mergers, Acquisitions and Finance Since 1948
This publication is not a complete analysis of every material fact regarding any company, industry or security. Opinions expressed are subject to change without notice. Statements of fact have been obtained from sources considered reliable but no representation is made as to their completeness or accuracy.
POSTMASTER: Please send address changes to The SeniorCare Investor, P.O. Box 1117, New Canaan, CT 06840.
up the point that with these capital market changes, 2025 may have lower transaction volume, but there will be bigger deals.
REITs are still major players, and they’ll go after large portfolio deals that may still have one or two nonperforming assets. There’s also more institutional capital, and other investors will start to chase the bigger deals in addition to the REITs. Punzel talked about his NIC experience, saying “We had a couple of meetings with very well capitalized private equity groups at NIC that are currently not in this space, and they weren’t asking us to send them deals directly but to introduce them to good regional owner/operators that they could joint venture with. I think we’re going to see a lot more of that.”
Most buyers are being wooed to the M&A market, rather than the development market, because of the opportunities to buy communities for “below replacement cost.” That applies to both stabilized and non-stabilized properties, from Class-A to Class-C, for the moment. And overall, average prices for seniors housing properties remained near 10-year lows. The average price per unit for assisted living communities in 2024 was $160,900, which is higher than 2023’s average of $145,400, but still lower than 2022’s average of $195,200 (and the record of $248,400 per unit in 2019).
An audience member during the webinar asked if we indeed have a shortage of 500,000 units by 2029, wouldn’t prices be going through the roof, especially given the low level of development. Munn noted that as rates come down and lenders get more aggressive, more competition will drive up prices for existing communities, and there will be capex injected into those buildings to modernize them. Punzel added to this, responding to the idea that we may not have a lot of new construction opening four to five years from now, saying “we live in a creative enough country that will find ways to adapt to it,” such as through home health care and behavioral health. LoMonaco agreed, saying that “it’s not a one or all, everybody’s going to play their role in serving these seniors, because they’re coming.”
Continuing on values, our panelists were asked where
prices are moving for Class-A, stabilized assets, which we’re hearing will be seen on the market more frequently this year compared to 2024. Average prices for Class-A assisted living communities also remained well below the average recorded in 2022, at $271,900 per unit compared with $331,000 per unit in 2022.
Munn says prices will continue to rise in this more active bidding environment, with there being some high prices out in the market right now. He did note that we still have to wait and see what they will ultimately trade for. In terms of buyer interest, Punzel believes these Class-A assets will command the most active bidding wars among institutional capital and REITs.
Moving on to the skilled nursing market, average values have continued their steady decline from their peak in 2022. In 2024, the average price per bed for skilled nursing facilities was $83,800, as opposed to $114,200 in 2022. However, LoMonaco brings up the point that “we all have to keep in mind that the vast majority of skilled nursing facilities that sell are distressed for one reason or another.” That certainly helps to drag down the average prices.
But SNF values are so state- and market-specific, so our statistics break out the top 20 states for skilled nursing prices from 2020 to 2024. The top three have been Maryland, New York and New Jersey, respectively, while Wisconsin, Illinois and Massachusetts represent the bottom three, respectively. LevinPro LTC’s Analytics page has the average values and cap rates for these 20 states. LoMonaco does note that any state can be a good state with a successful facility if you buy at the right price and implement the right team. More on this later.
But generally, in the SNF market, good operators are maximizing cash flow through patient mix, billing and ancillary service optimization. Medicaid rates have increased significantly in certain states, with values jumping by as much as $80,000 or $100,000 per bed in some situations after a rate increase. The labor situation has also stabilized in many markets with less agency and temporary staffing resulting in better performing facilities. There will still be those facilities run by small,
relatively unsophisticated operators, or by not-for-profit organizations, that are losing money. There are also some owners that bought SNFs at the height of the market in 2021 and 2022 with high-leverage, floating rate debt that are having trouble covering their capital costs, even despite turning their facilities around operationally.
To wrap up the discussion, our panelists were asked what they would buy if they had the equity to acquire today. One panelist chose a community within the seniors housing sector, while the rest of the answers were for skilled nursing facilities. Punzel would buy a Class-A property that was built in the last several years but had not stabilized yet. He would target an over-bedded market with no new construction coming into that market, and there had to be favorable demographics, too. These types of assets currently can be acquired at 50% to 60% of replacement cost, and he believes not many of these kinds of properties will be left in a year or two at a good discount.
The remaining panelists, including Swett when the question was flipped on him, would enter the skilled nursing market, but with stipulations. LoMonaco would acquire a skilled nursing facility as long as he partnered with a strong operator under a long-term master lease. Munn would acquire a SNF in a state with a historically strong and stable reimbursement. Like LoMonaco, he would partner with an experienced operator, as it’s “the real key to success in the skilled space.” Swett would also go with a SNF in a stable, attractive reimbursement state, with a sophisticated and experienced operating partner that has strong referral networks. He also touted the longterm supply and demand fundamentals in the sector that could see prices keep rising over the next decade.
If you’re looking to invest in the seniors housing or skilled nursing sector, there are many options and strategies available to buyers in the M&A market right now, especially with the capital markets environment improving. To learn more about the latest valuation and M&A statistics, inquire about our Senior Care Acquisition Report. And if you missed the webinar, LevinPro LTC and LTC News subscribers can reach out to their Account Managers for a recording (plus access to our future webinars).
SKILLED NURSING ACQUISITIONS
There were several portfolio deals announced in the skilled nursing sector, as buyers look to capitalize on long-term fundamentals, favorable reimbursement changes and the potential for additional ancillary service revenues. The largest deal saw Superior Living Foundation, Inc. , a Maryland-based, not-for-profit organization focused on providing affordable inpatient and outpatient healthcare, residential, and housing services to vulnerable populations, purchase 14 skilled nursing facilities in eastern Texas. The transaction was valued at approximately $250.2 million.
The private owner/operator seller will continue managing the facilities under the terms of the agreement. Superior Living Foundation is financing the deal through a public offering of approximately $247.3 million in tax-exempt bonds together with private debt that was purchased by the seller. Oppenheimer & Co. Inc. served as sole bookrunner for the bond sale, and Foley & Lardner LLP represented Superior Living Foundation, while Marathon
Capital Strategies, LLC served as financial advisor to the organization’s Board of Directors.
Next, The Ensign Group (NASDAQ: ENSG) was active in the M&A market, announcing several transactions across multiple states. First, Ensign acquired the real estate and operations of Citrus Heights Respiratory and Rehabilitation, a 204-bed skilled nursing facility, and Springdale Village Post Acute, a 122-bed skilled nursing facility, both in Mesa, Arizona.
Blueprint ’s Amy Sitzman and Giancarlo Riso were engaged by the previous owner to explore a sale or lease of Citrus Heights, which generated revenues and EBITDAR of $12.1 million and $1.2 million, respectively, despite operating below market occupancy. The seller later decided to engage Blueprint for the sale of Springdale Village, which (like Citrus Heights) was located near multiple large referral sources. The facilities received seven initial offers, and the owner initially moved forward with a regional owner/operator. But after months of ongoing negotiations, the seller pivoted to Ensign. By
acquiring the real estate through its captive real estate subsidiary, Standard Bearer Healthcare REIT, Ensign was able to close on the transaction just 45 days after going under LOI.
Ensign next acquired the real estate and operations of Polaris Extended Care and Polaris Transitional Care, a skilled nursing facility with 146 beds in Anchorage, Alaska; Horizon House, a 90-unit seniors housing community also in Anchorage; Mt. Angel Health and Rehabilitation and Mt. Angel Orchard House, a senior care facility with 98 SNF beds and 50 seniors housing units in Mt. Angel, Oregon; and South Hill Rehabilitation and Care Center, a 113-bed SNF in Spokane, Washington. The real estate assets were acquired by Standard Bearer from Providence Home and Community Care (which was represented by Dan Revie of Ziegler).
Blueprint closed several other transactions this month involving skilled nursing facilities. First, a legacy owner/ operator engaged Connor Doherty and Ryan Kelly to facilitate the sale of a skilled nursing facility in Dayton,
Ohio. Grafton Oaks comprises 99 beds and was cash flow negative at the time of sale. The seller was divesting their only asset to retire from the industry.
Blueprint targeted a select group of well-capitalized investors and regional operators with a strong understanding of skilled nursing operations and Ohio regulatory considerations. Multiple groups expressed interest with the ultimate buyer being an owner looking to expand its presence in Southwest Ohio. The transaction closed in less than 55 days following LOI acceptance.
Doherty and Kelly next closed a transaction on behalf of a Midwest-based group divesting two Ohio skilled nursing assets totaling 203 beds. The seller was seeking a well-capitalized buyer with the expertise to enhance operations while maintaining high-quality care. Blueprint targeted regional and national investors with existing operational scale in Ohio. The ultimate buyer was a Cleveland, Ohio-based group with a presence in the state.
Doherty and Kelly, along with Michael Segal and Daniel
Waldhorn, were also engaged by Columbus Colony for Elderly Care Inc., a not-for-profit organization, in the divestment of its skilled nursing facility in Westerville serving the hearing and visually impaired community in the greater Columbus area.
The organization is one of only five organizations in the nation offering these specialty services to older adults. Columbus Colony was originally licensed for 150 beds but reduced its licensed capacity to 110 with an additional 11 beds being sold separately. The resulting 99-bed facility was managed by a leading provider of healthcare and senior living services. There were several qualified prospective buyers within just two weeks of marketing commencement. The seller selected Ohio’s largest owner/operator for its commitment to continuing high-quality care services for the unique needs of the community. The deal closed within 75 days of offer acceptance, and before year-end to maintain existing reimbursement rates.
In Michigan, Segal and Waldhorn were engaged by an in-state owner/operator to facilitate the off-market sale of two of its skilled nursing facilities. The facilities were deemed geographic outliers, motivating the seller to shift focus to its holdings in metro Detroit and the greater Saginaw submarkets.
The sale included 110-bed Aria Nursing & Rehabilitation in Lansing and 82-bed Allegra Nursing & Rehab Center in Jackson. At the time of sale, both facilities were generating positive cash flow with combined census and quality payor mix above 80% and 30%, respectively. Blueprint approached a limited number of potential buyers, procuring an acquisition offer from a large regional provider with an existing footprint in the state and a reputation for quality care.
Additionally, Amy Sitzman and Giancarlo Riso of Blueprint were engaged by a repeat client in the divestment of its vacant senior care community in Waco, Texas. Last operated in 2018, the community closed due to the prior operator’s inability to service above-market rent payments.
Built in 2015, the community comprises 106 assisted living units and skilled nursing beds and was well maintained by ownership. It sits on 6.7 acres, directly adjacent to Baylor Scott & White Medical CenterHillcrest, the leading acute care provider in Waco. Blueprint advised the seller to move forward with a highly competitive all-cash offer that was submitted by a leading provider of transitional skilled nursing services that was looking to enter Texas through this acquisition.
According to LevinPro LTC, in 2022, SkyWalker Property Partners and Zelevie Health acquired an asset fitting the above description from an affiliate of Kawa Capital Management. At the time, the community was known as Healthcare Resort of Waco, but was rebranded as Zelevie Health of Waco after closing. This transaction marked the investment firm’s entry into a new property sector and introduced a new provider to Texas. Blueprint represented Kawa in that deal.
While some transactions involve the sale of vacant facilities that continue to be used for skilled nursing, others see the facility repurposed for an alternative use. Blueprint’s Behavioral Healthcare Team sold a vacant skilled nursing facility on behalf of a nationally recognized institutional REIT to a buyer that will convert the building into a behavioral health facility. The existing asset is in Agawam, Massachusetts, and was identified as a potential candidate for a behavioral healthcare provider due to the strong patient demand, referral networks and reimbursement for inpatient substance abuse treatment.
Andrew Sfreddo, Shane Harmon, Gunnar Raney and Colin Segner of Blueprint targeted behavioral healthcarefocused operators that would push price and terms well beyond vacant SNF values. The ultimate winning bidder was a large, privately held, equity-backed substanceabuse provider and real estate partner.
Andrew Montgomery of Montgomery Intermediary Group facilitated the sale of a skilled nursing/supportive living facility in a small, rural Illinois market. The facility features over 130 SNF beds and SLF units and sold to a large owner group that invested alongside a growing owner/operator in Illinois. The skilled nursing component
Capture the momentum.
With accelerating market activity and improving fundamentals, our unparalleled insights and integrated platform empower you to seize emerging opportunities. Turn the moment into momentum.
originally opened in 2005, and the supportive living facility was added in 2007.
Many owners have cited difficulties in operating senior care facilities in rural markets as their reason to divest, which may have been the case here. But we understand the buyer has committed to maintaining continuity of resident care, preserving staffing levels and ensuring a seamless transition to the residents, as well as improving revenues and using scale to implement various efficiencies in the operations. Seth Kahn and Derek LaSota of Northland Networks arranged acquisition financing at 80% loan-to-cost from a Wisconsin bank for the deal.
Jeffrey Vegh and Joe Schiff of Forest Healthcare Properties handled two separate deals, one in Kentucky and one in Connecticut. First, in an off-market transaction, Forest facilitated the sale of a skilled nursing facility with 150 beds in Lexington, Kentucky. The facility had positive EBITDAR and cash flow at the time of the sale. After receiving five written offers from regional and local
groups, the ultimate emerging buyer was a repeat client of both Forest and the seller, a large private healthcare group with an existing footprint in the state. This was the seller’s only asset in Kentucky.
Next, Vegh and Schiff, in another off-market transaction, were engaged by a mom & pop to facilitate the sale of a 76-bed skilled nursing facility in Connecticut. This facility also had positive EBITDAR at the time of the sale. The buyer was an operator of AL communities and is familiar with Connecticut, but this was its first acquisition in the state.
In another Connecticut transaction, Wachusett Healthcare, a provider of skilled nursing and rehabilitation services in Connecticut, acquired Beechwood Post Acute and Transitional Care. Originally built in 1898, Beechwood is in New London with 60 beds. The purchase price was not disclosed. Wachusett has served as a consulting partner to Beechwood for the past three years.
Sticking in the Northeast, Evans Senior Investments
Aron Will Vice Chairman aron.will@cbre.com
Joshua Hausfeld
John L. Sweeny, Jr. Senior Vice President john.sweeny@cbre.com Property Sales
(ESI) facilitated the sale of six skilled nursing facilities comprising 722 beds in Massachusetts. The seller was a Massachusetts-based owner/operator. The buyer aligned with the seller’s strategic goals and emerged through a competitive three-week marketing process that attracted strong interest from institutional investors and regional operators. A key factor in the deal was ESI identifying more than $10 million in potential NOI.
EF Senior Care, an owner/operator based in Plymouth, Massachusetts, also grew its portfolio in the Bay State, having acquired the operations of a senior care campus in Lawrence, Massachusetts. Originally built in 1895, Berkeley Retirement Home comprises 44 skilled nursing and independent living beds. Berkeley Retirement Home represents EF Senior Care’s fourth management contract in the past year, and brings its beds under management to nearly 500.
SENIORS HOUSING ACQUISITIONS
One of the largest deals of the month was the closing
of two portfolio acquisitions by Brookdale Senior Living (NYSE: BKD), completing the three-portfolio, 41-property acquisition initially announced in September 2024. Through ownership of these communities, including the 11-property portfolio acquisition completed in December 2024, Brookdale is coming closer to its year-end goal of owning more than 75% of its consolidated unit count.
In one deal, Brookdale acquired five communities (686 units) previously leased from Welltower (NYSE: WELL) for $175 million, or $255,100 per unit. Averaging around 25 years in age, the communities are primarily located in affluent or very affluent markets and together comprise 270 independent living units, 170 assisted living units, 152 memory care units, and 94 skilled nursing units with weighted average portfolio occupancy greater than 90%.
The purchase price, including the benefit of a favorable purchase option discount originally signed 16 years ago, reflected a significant discount to Brookdale’s estimate of replacement cost. Welltower still achieved over a 10% unlevered IRR and 2.7x multiple on invested capital. The properties were generating annualized current cash rent
payments of $13 million.
Next, Brookdale acquired 25 communities (875 units) previously leased from Diversified Healthcare Trust (NASDAQ: DHC) for $135 million, or $154,300 per unit. This portfolio is geographically diverse, includes certain communities with performance well-above the BKD average, and ranges in community size from 19 units to 92 units. The portfolio includes 556 assisted living units and 319 memory care units with weighted average portfolio occupancy of approximately 80%. Brookdale has operated them since 2003, and the communities generated annualized current cash rent payments of $10 million. The sale price reflected an in-place cap rate on the lease’s annualized income of 7.3%.
Brookdale funded the combined $310 million cost of the two acquisitions with $69 million of cash on hand and $241 million of mortgage debt financing sourced by CBRE National Senior Housing. The company also obtained $161 million of mortgage debt from Ally Bank, an existing Brookdale lender, including a combination of new loan proceeds and the refinancing of an existing loan. The loan has an initial three-year term and two one-year extension options, exercisable subject to certain performance criteria, with a final maturity date, including extension options, of February 2030. The debt is secured by first priority mortgages on 36 communities. At the time of closing, Brookdale repaid $50 million of Ally Bank debt on 11 communities, which held a final maturity date of February 2029.
Brookdale obtained an aggregate of $130 million in loans from CBRE through its Freddie Mac Optigo® loan origination program. The non-recourse mortgage financing has a ten-year term and is secured by first priority mortgages on five communities. The debt bears interest at a fixed rate of 6.47% and is interest only for the first five years.
Another notable deal took place outside of the United States, when CareTrust REIT (NYSE: CTRE) reached an agreement with the board of directors of Care REIT plc (LON: CRT) on the terms of a recommended cash offer to be made for the acquisition of Care REIT by CR United
Bidco Ltd , a wholly-owned subsidiary of CareTrust. CareTrust has agreed to pay 108 pence in cash per ordinary share of Care REIT.
Based on the Sterling to Dollar exchange rate on March 10, the terms of the acquisition represent a Care REIT market capitalization of US$577 million and, together with the assumption of net debt of approximately US$240 million, represents a total purchase price of approximately US$817 million. The acquisition represents a 32.8% premium to Care REIT’s March 10 closing share price and a 28.1% premium to the volume-weighted average share price of Care REIT for the twelve-month period ended March 10.
Care REIT is a United Kingdom-based REIT listed on the Main Market of the London Stock Exchange focused on investing in care homes throughout the UK. It has a portfolio of 137 care homes, comprising approximately 7,500 operating beds leased to 15 operators across England, Scotland and Northern Ireland. All homes are subject to long-term, triple-net leases with a weighted average remaining lease term of 20 years and annual inflation-based rent escalators, most with a floor of 2% and a cap of 4%. Care REIT reported annual contractual rent of approximately US$66 million as of September 30, which represents an initial yield, based on CareTrust’s investment, of approximately 8.1%. Care REIT also reported portfolio EBITDARM rent coverage of 2.2x for the trailing twelve month period ending on that same date.
REIT activity continued when National Health Investors (NYSE: NHI) invested $46.3 million, or $386,000 per unit, inclusive of transaction costs, for the acquisition of a seniors housing community in Bergen County, New Jersey. Juniper Village at Paramus comprises 98 assisted living and 22 memory care units. Previously owned by a national developer/investor, the community has been operated by Juniper Communities since February 2021 and was performing well. It had strong in-place cash flow, and there was an opportunity for further upside through renovations.
Blueprint’s Alex Florea, Kory Buzin, Steve Thomes and Kevin Lukehart handled the transaction, receiving
more than 10 offers spanning REITs, private equity, developers, owner/operators and providers. NHI formed a new partnership with Juniper for the deal, leasing the community for a 15-year maturity with two five-year renewal options at an initial yield of 7.95% plus annual fixed escalators.
Newland Realty Capital, a healthcare real estate advisory and investment firm founded by Kayne Anderson veteran Max Newland in 2024, announced its first acquisition for a large community in Lantana, Florida. Known as Carlisle Palm Beach, the community was originally built in 1999 with 290 independent living, assisted living and memory care units. It has traded a few times over the years, passing from Starwood to AEW and more recently (in 2017 according to LevinPro LTC) to Bridge Investment Group. Since that acquisition, Bridge has invested in significant capex and had its affiliate Bridge Senior Living take over operations in 2023. It currently features 277 units, with a majority serving IL residents.
Newmark represented Bridge in the transaction, which closed at the end of March. Newland Realty Capital acquired the property in partnership with Cerberus Capital Management and Liberty Senior Living for a total of $87.5 million, or $315,900 per unit. Newmark also arranged bank financing totaling $56 million to fund the deal. Liberty has taken over operations and will look to improve occupancy.
With its prime location across the street from the Atlantic Ocean, the community is primed to be a very high-end option for seniors in the area, and Newland will pursue a significant capex project to upgrade the community and reposition it as a luxury Class-A asset.
Newmark followed up on its closing of Carlisle Palm Beach with the sale of Harbour Village, a well performing seniors housing community in the Milwaukee MSA. Located in Greendale, Wisconsin, the community features 142 independent living, 38 assisted living and 44 memory care units separated across three buildings. The majority (82%) of IL units are two-bedroom apartments, and a plurality of AL units (40%) also have two bedrooms.
The community was built from 1988 to 1999 and subsequently renovated in 2017 and 2024, with occupancy surpassing 90% as of October 2024. It also generated a near-40% operating margin. There are an additional 1.25 acres available for an expansion opportunity. Considering occupancy has historically been strong, there is a case for an expansion. LCS is the operator and will remain to manage it going forward.
Newmark represented the seller, Blackstone, in the deal. Tunbridge Peak bought the community for $61.1 million, or $272,800 per unit, financed by a Freddie Mac loan just under $40 million that was arranged by Newmark.
In a transaction representing last year’s trend of portfolios being broken up into several smaller transactions, Ziegler announced its role as exclusive sell-side financial advisor to Midwest Christian Villages (doing business as Christian Horizons) in the sale of its senior living and care portfolio pursuant to Section 363 of the U.S. Bankruptcy Code. The sale of substantially all the company’s assets closed in multiple transactions on or before February 28th, 2025. Nick Glaisner handled the transaction.
Christian Horizons was one of the nation’s largest not-for-profit, faith-based organizations and offered a comprehensive continuum of care that included over 1,200 independent living, assisted living, memory care, and skilled nursing units/beds. The organization served older adults in Illinois, Iowa, Indiana and Missouri.
In July, following extended financial pressures suffered from the pandemic, Christian Horizons filed for bankruptcy protection with the U.S. Bankruptcy Court for the Eastern District of Missouri and sought authorization to pursue an auction and sale process under Section 363 of the U.S. Bankruptcy Code.
Ziegler was retained to sell Christian Horizons’ portfolio of 11 seniors housing communities and its wholly owned institutional pharmacy company and led a comprehensive sales process that resulted in an active auction environment that maximized proceeds for Christian Horizons’ stakeholders. Four distinct subsets of assets, largely based on the geographical diversity of
the communities within the portfolio, were identified to initiate the stalking-horse bidding process.
In September, four stalking horses were selected. A live auction for all the assets in the portfolio was conducted on November 12th and winning bidders were approved by the bankruptcy court on November 22nd. Outstanding entrance fee refund liabilities owed to residents and employee PTO obligations were fully assumed by buyers at closing.
In another transaction fitting the same trend of portfolios being split up, Berkadia sold the final property in a 16-property seniors housing portfolio, completed through 11 separate transactions over the past 12 months. Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders represented the publicly traded REIT seller.
The portfolio comprised 16 assisted living and memory care communities, totaled over 1,200 units and spanned nine states. Eight buyers, primarily regional or local owner/operators, acquired the properties within the
Durable Capital from
Trusted Partner
portfolio. The final property, an 86-unit AL/MC community in the Knoxville, Tennessee MSA, was purchased by Cougar Capital Management
Berkadia also handled a transaction in Tulsa, Oklahoma. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders represented the seller. Originally built in 2016 as an active adult community by Avenida Partners and Carlyle Group, Cedarhurst of Woodland Hills is an independent living community with 140 units. The community has been rebranded as The Cedars at Woodland Hills, with 12 Oaks brought in to manage it. Occupancy was in the low-90s. It is in excellent condition.
Focus Healthcare Partners was the buyer, and, according to the Tulsa County Assessor’s office, it was last purchased in 2017 by an affiliate of Harbert Management Corporation for $25.872 million, or $185,000 per unit. The current purchase price was not disclosed, but Tremper Capital Group secured attractive acquisition debt from a regional bank.
Red Bank, NJ Miami, FL
Berkadia additionally handled a transaction in Michigan, selling and securing financing for Clinton Creek Assisted Living and Memory Care. The community is in the Detroit MSA and was 90% occupied at closing. It was financed with a bridge-to-HUD loan, representing 67% of the purchase price. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers handled the sale, while Jay Healy and Andrew Lanzaro completed the financing.
Matthew Alley and Brad Goodsell of Senior Living Investment Brokerage were engaged by a local partnership in its divestment of its only seniors housing asset. The buyer was a local family-owned company that intends to take advantage of the strong cash flow of the building. The community, which is in Plano, Texas, was acquired for $3.7 million, or $142,000 per unit.
Built in 2016, Bader House Memory Care sits on 2.9 acres with 12,323 square feet and features 26 memory care units with room for expansion. The community was 92% occupied at the time of the sale. It was making $1.86 million in revenues and $397,000 of EBITDAR, and sold for a cap rate of 10.7%.
SLIB additionally handled the sale of a seniors housing community in Dallas, Georgia. The seller was the existing lender that had foreclosed on the asset. Built in 2013, the community comprises 88 assisted living and memory care units, totaling 66,961 square feet across 3.88 acres. It was 65% occupied at the time of sale, and the community’s profitability could be improved.
The buyer was a joint venture between a regional operator and an institutional capital partner. The asset fits its footprint and expertise, and the partnership intends on making a significant renovation and rebranding of the operation to reposition and stabilize the community. Dan Geraghty and Brad Clousing of SLIB handled the transaction on behalf of the seller.
Geraghty and Clousing also facilitated the sale of another seniors housing community, this time in Greenville, South Carolina, on behalf of Bob Jones University. BJU is exiting the business to focus on its core values. With a solid long-term foundation of financial performance, the asset
offers an opportunity to capitalize on existing cash flow with potential for profitability enhancement.
Built in 1927 with renovations completed between 1960 and 2014, Shepherd’s Care Assisted Living and Memory Care Community sits on 5.7 acres with 60 units across 65,762 square feet. The community was 88% occupied at the time of sale. After reviewing several offers, the seller selected a local investor partnered with a Southeast operator with an existing presence in the Greenville market as the buyer, with the intention of renovating the community and preserving the legacy of BJU.
With construction financing being more difficult to obtain, and many development projects not penciling, it is possible that those looking to grow will acquire older communities and inject significant capex into them to modernize them. It is also possible that those older, sometimes vacant communities will be repurposed for an alternative use.
We’ve seen a few transactions fitting this mold, one being handled by Bob Gaines of Colliers that involved the sale of a seniors housing community in Harrisburg, Pennsylvania. Built in 1950 and completely remodeled within the previous eight years, Butler Street Senior Living comprises 78 assisted living beds and was vacant at the time of sale. Butler Street Senior Living LLC, affiliated with Kaplan Development Group, was the seller, and the community features 57 assisted living and 11 memory care units. A not-for-profit, LHM Hospice and Social Services, was the buyer and paid $4.8 million, or $71,000 per unit, for the community. Not a bad price for a vacant building.
In another vacant property deal, Ernie Anaya of Bull Realty handled the sale of a seniors housing community in Cartersville, Georgia. Built in 2021 on 8.83 acres, Tiger Lily Estates is an assisted living and memory care community that features 48 units across five buildings with 38,339 total square feet. The community additionally offers adult day care, licensed for 23 guests.
Vacant at the time of sale, the property’s zoning supports institutional uses including behavioral and substance
abuse treatment facilities. Included in the sale are architectural work plans for Phase II to increase the size of the facility for an additional 31,940 square foot building with 49 units on 3.66 acres. The buyer and purchase price were not disclosed.
Another vacant property was sold by Blueprint when it was engaged by a public REIT in its divestment of a seniors housing community in Highland Park, Illinois. A not-for-profit organization, The Collaborative Community Housing Initiative, acquired the memory care community. CCHI will transform the community into a 45- to 50unit co-living space for adults with disabilities in an environment designed for inclusion and independence through independent living, social engagement and recreational and educational activities. Ben Firestone and Lauren Nagle handled this transaction.
A publicly traded REIT also engaged Blueprint in the divestment of its vacant seniors housing community in Houston, Texas. Built in 1995 and renovated in 2009, the community comprises 48 memory care units. It
Bringing Liquidity Back to the Debt Markets
was vacated by the prior operator in 2023, but current ownership has ensured the physical plant was well maintained to prevent deterioration.
Giancarlo Riso, Brooks Blackmon, Amy Sitzman and Lauren Nagle handled the transaction, securing multiple competitive offers and ultimately advising the REIT to move forward with an all-cash offer from an owner/ operator that Blueprint transacted with earlier in the year.
Separately, a portfolio of three Class-B seniors housing communities in tertiary markets in Northern California found a new owner with the help of Blueprint. The communities all featured assisted living, memory care and independent living services, with 205 total units and 242 licensed beds. They were originally developed in 2001 and 2002, and occupancy stood at 71%, 89% and 84%, respectively, at the time of the sale. As a portfolio, they offered an attractive opportunity for an experienced regional operator to expand its footprint.
A lender-appointed receiver oversaw the sale due to loan
maturity and the previous owner’s inability to refinance. Dan Mahoney and Scott Frazier of Blueprint represented the nationally recognized receiver seller through the structured sale process. Sherman & Roylance, led by Shep Roylance and John Sherman, was retained by the ultimate regional owner/operator buyer to secure the best outcome in the competitive process that saw it secure the highest bid with an optimal investment scenario, all-cash closing and no financing contingencies. The portfolio sold for $10 million, or nearly $50,000 per unit.
With market conditions improving, as well as occupancy, new buyers may begin to enter the seniors housing sphere. In one case, Blueprint handled the sale of a seniors housing community in West Bloomfield, Michigan, to a local home health care provider, marking its first seniors housing community acquisition. The seller was a privately held REIT focused primarily on private pay seniors housing communities throughout the U.S.
Built in 2001 with significant renovations starting in 2015, the community features 81 independent living
units and offers assisted living care services as well as respite stays. It appears to be American House West Bloomfield. Showcasing operational upside through occupancy improvement and rental rate growth, Blueprint’s process resulted in an attractive offer. The buyer secured acquisition financing from a local credit union. Michael Segal, Brooks Blackmon, Daniel Waldhorn and Lauren Nagle handled the transaction.
Walker & Dunlop ’s Gideon Orion, Tony Cassie and Sam Thompson recently facilitated the sale of a struggling, Class-A, 134-unit assisted living/memory care community in the Denver metro area. The community first opened in 2016, financed via Series 2017A and 2017B tax-exempt state bonds, and it is still among the newest senior living assets in its market. The seller, a regional not-for-profit CCRC owner/operator, took over management in late 2023 on an interim basis as part of a not-for-profit merger. They, along with the bondholders, exclusively engaged Walker & Dunlop for the deal team’s bond-financed and non-profit asset sale experience, to execute the transaction for all stakeholders within the
forbearance period.
The asset was operating with occupancy below its relevant market competitors, and it generated negative EBITDAR. W&D marketed the asset to traditional levered and unlevered investors and senior living owner/operators, as well as prospects with experience in acquiring real estate assets through assumption of tax-exempt bond debt. The competitive bidding process resulted in 15 offers and multiple bidding rounds before a regionally focused senior living owner/operator that proved they could close within the seller’s and bondholders’ required time frame was chosen as the buyer. Walker & Dunlop worked with the seller, bondholders, bondholder’s counsel and buyer to ensure a timely closing, including identifying the eventual source of capital for the deal.
In February, Tony Cassie, Brant Nelson and Sam Thompson of Walker & Dunlop facilitated the sale of a seniors housing community in Concord, California. The seller, a joint venture between a local private investor group and Agemark Senior Living , purchased the community in 2018 and conducted extensive renovations while turning around operations.
Built in the 1970s as a nursing home, the community comprises 100 assisted living and memory care units. At the time of sale, occupancy was 98%. CareTrust REIT, (NASDAQ: CTRE) in partnership with Kalesta Healthcare, acquired the community for $20.5 million, or $205,000 per unit.
A small assisted living community in rural West Virginia traded hands from one local operator to another in a deal handled by Joe Shallow and Richard Natow of The Prestige Group. Originally purpose-built by a husband and wife in 2004, the community is located in Peterstown, near the Virginia border. It features 42 beds in 28 units and operates at 100% occupancy. There were some Medicaid residents, but the majority was private pay. The community was also kept in good condition over the years and operated profitably.
The owners wished to retire and engaged Prestige to sell the property. The buyer was a physical therapist
that previously lived in the Northeast but had purchased another business in Peterstown and relocated to the area. He plans on bringing in some physical therapy services and will continue to operate the community while building a strong relationship with the local market. The community sold for $1.5 million, or $58,600 per unit, financed in part with an SBA loan.
CBRE National Senior Housing acted as the exclusive advisor on the sale of a Class-A seniors housing community in the Houston, Texas MSA. Built in 2012, the community comprises 207 units offering independent living, assisted living and memory care services. CBRE also arranged acquisition financing for the community on behalf of a joint venture between a national operator and an institutional equity partner.
John Sweeny and Aron Will represented the seller in this transaction. The sales price is undisclosed. Will and Tim Root of CBRE National Senior Housing also originated the loan on behalf of the sponsor.
Evans Senior Investments arranged the sale of a supportive living community in the south suburbs of Chicago, Illinois. Waterford Estates totals 247 units with 170 independent living, 61 assisted living and 16 memory care units. The seller was a New York-based institutional owner seeking to recycle capital.
Due to the scarcity of supportive living community transactions in Illinois, the offering generated significant interest from buyers. Following a competitive marketing process, the ultimate buyer was a growing owner/ operator with an established footprint in the state. But the purchase price was not disclosed.
Andrew Montgomery of Montgomery Intermediary Group sold an assisted living/memory care community in a smaller Mississippi market. Featuring between 30 and 40 units, the community was previously owned by a real estate private equity company. A regional owner/operator with other assets in the area emerged as the buyer, for an undisclosed price. We imagine they would use that regional scale to improve operations and profitability.
Michael Mooney and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap sold a seniors housing community in Bellingham, Washington. Built in 1978, the community comprises 66 assisted living units and 70 beds. It was not stabilized, although there was some positive cash flow and occupancy was in the mid-80s. The deal was initially marketed more than a year ago, and Stahler and Mooney eventually secured the best bid from a regional operator with a pre-existing footprint in the Bellingham market. The improving capital markets, operating and M&A environments across that period helped push that final purchase price up, as well. No additional details were disclosed.
In another transaction handled by the Knapp-Stahler Group, Michael Inforzato and Justin Knapp facilitated the sale of a seniors housing community in Rhode Island. The well-established, fully occupied community comprises 31 assisted living units and 62 beds. The community primarily serves Medicaid Waiver residents with a strong behavioral health component, and has a significant waiting list. Three competitive letters of intent were secured within a few months of marketing. The buyer and purchase price were not disclosed.
Stahler and Chad Mundy also closed a seniors housing deal in Standpoint, Idaho. Alpine Vista Senior Apartments comprises 55 independent living units and is the only full-service, stand-alone independent living option in Bonner and Boundary counties. The property has room for expansion, which can help meet the area’s increasing demand. The buyer was an equity investor entering the seniors housing space through this transaction.
We have not seen many other active adult communities trade recently, but Green Courte Partners ’ sixth investment fund, Green Courte Real Estate Partners VI and its affiliates, acquired one this month. 55 Resort at Water Valley comprises 120 units in Windsor, Colorado, just north of Denver in the Water Valley master-planned development. The community will be rebranded as Eagle’s Peak at Water Valley. This acquisition expands GCP’s national senior living portfolio, managed by its wholly owned operating platform, True Connection Communities, to 21 communities with approximately
3,300 units. GCP is committed to acquiring similar communities as it grows its active adult portfolio.
Elevation Financial Group announced the acquisition by Elevation Real Property Fund VIII of Reunion Court of Kingwood in Houston, Texas. The asset was acquired for $7.25 million, or $38,000 per unit. Built in 2000, Reunion Court of Kingwood comprises 120 independent living, 42 assisted living and 28 memory care units. Elevation will repurpose the independent living building into senior apartments and the community will be rebranded as King’s Preserve at Kingwood.
The capital expenditure plan includes a new secured access and camera system, repairs to HVAC systems, sidewalk and parking lot improvements and fresh paint. The previous owner, a large private equity group, infused a considerable amount of capital into improving and maintaining the community over the past several years. Nearly $5 million was invested into the asset to upgrade unit interiors, improve the common areas and institutionally maintain the systems and mechanical components of the property prior to Elevation’s purchase. This acquisition represents the seventh purchase for Fund VIII, following the acquisition of King’s Reserve properties in Indiana, Tennessee, Florida, Georgia, Texas and Virginia. Fund VIII now has two assets in the Houston area, enabling it to drive efficiencies and operations of each asset.
JustLiving Communities, a not-for-profit organization that partners with industry leaders (and was previously known as New England Life Plan Communities), acquired a seniors housing community in Wheaton, Illinois. Built in 1993, Wyndemere Senior Living is a CCRC with 446 units. It comprises 238 independent living units, 77 assisted living units and 131 skilled nursing beds. The seller was a joint venture between LCS and a private equity partner. According to LevinPro LTC, it was previously sold to LCS for $45 million in 2010 and again in 2015. LCS will continue to manage the community.
There were a couple of mergers/acquisitions of whole operating companies this month, as well. First Lisa Widmier of Vant.Age Pointe Capital Management &
Advisory, which has executed several billion dollars in transactions under Widmier, facilitated the merger between Spring Arbor Senior Living and Allegro Management Company, which have come together under a new holding company, Allegro Living. Allegro Living will serve seniors in 53 seniors housing communities across 13 states in the Northeast, Mid-Atlantic, Southeast and Midwest. Spring Arbor adds its 35 communities and more than 2,200 units to Allegro’s 18 communities and more than 2,300 units. These communities will continue to operate under the same name and same team, as the goal of the merger is growth rather than restructuring.
Second, Solera Senior Living expanded its portfolio through the acquisition of SageLife. SageLife’s portfolio includes five high performing seniors housing communities in Maryland, Massachusetts and Pennsylvania. This acquisition brings Solera’s growing portfolio to 14 properties spanning nine states, including a growing concentration in the Mid-Atlantic. In conjunction with the acquisition, founder of SageLife, Kelly Cook Andress, will join Solera’s Advisory Board.
The communities that are now under Solera’s management include Plush Mills (an independent and assisted living community in Wallingford, PA), Daylesford Crossing (an AL and memory care community in Malvern, PA), Village Crossing at Worman’s Mill (AL/ MC in Frederick, MD) and Artisan at Hudson (IL/AL/MC in Hudson, MA). This announcement comes less than a month after Solera assumed management of the former BrightView Bethesda Woodmont Assisted Living and Memory Care community upon its acquisition by Focus Healthcare Partners.
AGENCY LOANS
We have been hearing how Fannie Mae is getting more aggressive in the seniors housing lending spere, which means more liquidity and stability in the permanent financing market. In one deal, Aron Will, Andrew Behrens, and Adam Mincberg originated a cash-out, $18.5 million, 10-year fixed loan through CBRE’s Fannie Mae DUS Lending Platform on behalf of Carlton Senior Living for Carlton Senior Living Pleasant Hill – Downtown. The
refinance allowed Carlton to reconstitute its original joint venture ownership into a closely held Tenant-in-Common ownership structure.
Originally built in 1997, the community features a total of 119 assisted living and 12 memory care units with 24 beds in Pleasant Hill, California. Carlton Senior Living has renovated the community since development.
Following a renovation in 2024, the community demonstrated sustained operational performance enabling Carlton Senior Living to refinance the 97% occupied community at its loan maturity with a new Fannie Mae loan, after the asset’s attractive economics allowed it to keep the loan with Fannie. The renovations have been highly accretive to additional leasing and entailed courtyard additions, new furniture, fixtures and equipment (FF&E), remodeling of the dining room/ café, living rooms, and lobby/hallways, interior unit renovations and more.
Sam Butler of the Fort Worth office of Colliers Mortgage closed a $24 million HUD loan for the refinance of The Pillars of Mankato in Mankato, Minnesota. Built in 2019, the community features 118 units across 146,138 square feet on 3.9 acres. There are 98 independent and assisted living units plus 20 memory care units.
According to LevinPro LTC, The Pillars of Mankato was acquired at the end of 2023 by an out-of-state real estate investment firm that partnered with the in-place operator to manage the community. Jason Punzel, Jake Anderson, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the 2023 transaction. Today’s HUD loan, closed by Colliers, carries a 35-year term/amortization.
CBRE’s Aron Will and Matthew Kuronen also originated $130 million in loans through its Freddie Mac Optigo loan origination program for Brookdale Senior Living’s (NYSE: BKD) acquisition of five communities comprised of 533 independent living, assisted living and memory care units across four states. The non-recourse mortgage financing has a ten-year term with five years of interest only.
CONVENTIONAL LOANS
CBRE additionally sourced $161 million through a three-year floating rate loan from Ally Bank, an existing Brookdale Senior Living (NYSE: BKD) lender, including a combination of new loan proceeds and the refinancing of an existing loan. The $161 million loan has an initial three-year term and two one-year extension options, exercisable subject to certain performance criteria, with a final maturity date, including extension options, of February 2030. The debt is secured by first priority mortgages on 36 communities. In conjunction with the closing of the new loan facility, Brookdale refinanced $51 million of existing Ally Bank debt and obtained an additional $110 million in new loan proceeds.
Newly formed Ikaria Capital Group is formalizing an arrangement with CareTrust REIT (NASDAQ: CTRE) to provide capital to the seniors housing and nursing home sector. The Ikaria team, which is led by White Oak Healthcare Partners alums Jason Dopoulos and Ken Gould, has worked with CareTrust on several debt transactions since 2022, and this marks a continuation of that relationship. The Ikaria team will also continue to provide debt origination, underwriting, and asset management services.
CareTrust’s investment priority will still be on acquiring real estate through accretive transactions but will look to add to its debt investments, which can offer attractive yields. The REIT closed approximately $1.5 billion of investments in 2024, several of which resulted from its relationship with Ikaria’s principals, and it hopes to deploy around $500 million of new capital to opportunities coming from the Ikaria team over the next several years.
There is a high volume of loan maturities in the seniors housing sectors in 2025, and in one transaction, Helios Healthcare Advisors structured the recapitalization of a 300-bed assisted living and skilled nursing portfolio in the San Francisco MSA. Facing that pending maturity with its existing lender, the borrower (AEC Living) engaged Helios to structure a refinance across two owned/operated assisted living communities and one skilled nursing property that was subject to a triple-net lease with a
large public health district. All assets were geographically clustered and located in very high-income markets in the Bay Area.
Helios secured a financing solution through a family office that sponsored a commercial real estate debt-fund. The total loan amount was $12 million and closing occurred within 30 days of term sheet execution. Along with retiring all senior debt, cash proceeds were also funded to support operations and general corporate purposes. The funding provided the borrower with a runway to continue stabilizing operations but also additional operating capital to invest into the communities.
Capital Funding Group announced it financed over $41 million across three transactions from mid-February to early March. The transactions supported four skilled nursing facilities and an assisted living and memory care community spread throughout the country and were executed on behalf of nationally recognized borrowers.
First, in February, CFG secured a $27 million bridgeto-HUD loan for the refinancing of three SNFs in South Carolina and Missouri that comprise 397 beds. CFG refinanced and upsized the debt on a portfolio, allowing the borrower to recoup operational losses resulting from a re-tenanting process.
Next, in February, CFG secured an $8 million bridgeto-HUD loan, which included $1 million in capital expenditures, for the acquisition of a 95-bed SNF in Connecticut. Lastly, CFG secured a $6.7 million bridgeto-HUD loan on behalf of Cascadia Senior Living & Development to support the acquisition of an 84-unit and 86-bed assisted living and memory care community in Yakima, Washington. Cascadia owns/operates three other buildings in Yakima, which are collectively 99% occupied and have a 28% NOI margin.
These transactions follow CFG’s announcement that highlighted the closing of a $93.8 million bridge-to-HUD loan on behalf of a nationally recognized borrower. The deal supported financing for nine SNFs with 969 beds in Utah. CFG also provided $11 million in accounts receivable financing to support the working capital needs
of the portfolio.
Berkadia Seniors Housing & Healthcare announced the closure of $26 million in bridge-to-HUD loans across three transactions for an El Segundo, California-based sponsor. Jay Healy and Andrew Lanzaro closed the loans on behalf of the repeat client. Berkadia anticipates closing all three subsequent HUD refinancings in the second half of 2025.
The first transaction involved a $6 million bridge-to-HUD loan to facilitate the acquisition of a 48-bed memory care community in Jackson County, Oregon, for a joint venture between the sponsor and a Medford, Oregonbased operator that has managed the community since 2022. Constructed in 2016, the community had a 90% occupancy rate at closing with deposits increasing occupancy to 96% shortly thereafter. The 18-month, interest-only bridge loan represented just over 67% of the purchase price ($8.96 million, or $187,000 per unit).
The second transaction was an $11.06 million bridge-toHUD loan to refinance senior and related party debt on
an 87-unit assisted living and memory care community in Lancaster County, Pennsylvania. The community was developed in 2001, and the sponsor has owned it since 2015. The community maintained a 95% occupancy rate at closing. The bridge loan represents 73% of the property’s value ($15.15 million, or $174,000 per unit) and carries a term of 18 months.
Lastly, Healy and Lanzaro closed an $8.96 million bridge-to-HUD loan to facilitate the acquisition of a 60unit assisted living (30) and memory care community (30) in Macomb County, Michigan. Developed in 2019, Clinton Creek Assisted Living and Memory Care had a 90% occupancy rate at closing. The 18-month bridge loan was sized to 67% of total costs (putting the purchase price around $13.4 million, or $223,000 per unit). Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia represented the seller in the sale.
BMO’s Healthcare Real Estate Finance group announced that it closed on a $58 million term loan with IRA Capital related to a 252-unit seniors housing community
in Lynnwood, Washington. The property consists of independent living, assisted living and memory care units. Living Care Lifestyle (LCL) manages the asset.
According to LevinPro LTC, IRA and an institutional partner (with substantial dry powder) acquired Quail Park of Lynnwood in June 2024 from a joint venture. The joint venture seller included CA Senior Living, Goldman Sachs and LCL. At the time, the buyer noted that it intended on investing additional capital to update common areas and amenities. JLL Capital Markets represented the seller in the transaction.
Developed in two phases in 2014 and 2020, Quail Park comprises 252 units and sits on 15 acres in Lynnwood. The first phase featured 85 IL/AL and 45 MC units. The community was fully leased with a waitlist. The second phase, through two expansions, added 96 AL apartments and 26 IL units split among 13 duplex cottages. Of the new AL apartments, 16 were enhanced, providing highacuity AL services. At the time of the sale, the community’s occupancy was hovering around the mid-80s, with $5 to $6 million a year in NOI. Several weeks post-acquisition, the community’s performance increased.
SLR Healthcare ABL provided an $8 million asset-based revolving credit facility to a Midwest based senior living operator. The operator manages more than 30 skilled nursing facilities across multiple states. Proceeds of the credit facility were used to refinance existing debt and provide additional liquidity for operations. The transaction was referred to SLRHC by an existing client.
Next, JLL Capital Markets secured a $42.9 million bridge loan refinancing to take out the construction loan for a seniors housing community in St. Louis Park, Minnesota. Scott Loving, Scott Streiff, Gary Marchiori and William Hintz of JLL worked on behalf of the borrower, Roers Companies , in arranging the 2.5-year, floating-rate refinance.
Built in 2023, Risor of St. Louis Park comprises 170 units across six stories. Of the 170 units, 18 are affordable seniors housing units, while the remainder are active adult units. The unit mix consists of studios, one-, two-
and three-bedroom layouts. The community is situated in one of the most affluent suburbs in the metro area, with an average household income around $150,000.
Oxford Finance closed a $256.85 million senior credit facility for a client in California. Proceeds were primarily used to refinance four skilled nursing facilities featuring 356 total beds and acquire thirteen skilled nursing facilities with 1,451 total beds across the state. The acquired portfolio featured facilities built from the late 1960s to the late 1970s, with occupancy in the low- to mid-90s. They were previously owned by a third-party real estate owner and an owner/operator that was retiring. A regional owner/operator was the buyer and had a strong existing relationship with Oxford. The transaction closed just 20 days after term sheets were signed.
Franklin Templeton, operating under the parent company
Franklin Resources, Inc. (NYSE: BEN), and its specialist investment manager, Clarion Partners , announced Clarion Partners Real Estate Income Fund’s entry into the seniors housing sector through a debt investment in The Pearl at Boulder Creek, a seniors housing community with 116 independent living and assisted living units in Boulder, Colorado. CPREX is a closed-end tender offer fund that provides individual investors with access to institutional-quality private real estate through stable, well-leased, cash flow-producing properties across the U.S.
One of the takeaways from the NIC Spring Conference earlier this month was that more lenders seemed willing to jump back into the market, possibly offering more competitive terms to get deals, as well. Tremper Capital Group has seen that firsthand with one of its latest financings.
The borrower was Focus Healthcare Partners, looking to finance its acquisition of Cedarhurst of Woodland Hills in Tulsa, Oklahoma. Originally built in 2016 as an active adult community by Avenida Partners and Carlyle Group, Woodland Hills features 140 independent living units and has been rebranded as The Cedars at Woodland Hills, with 12 Oaks brought in to manage it. Occupancy was in the low-90s, and it is in excellent condition. It
was last purchased in 2017 by Harbert Management Corporation, according to the Tulsa County Assessor’s office, for $25.872 million, but the current purchase price was not disclosed.
Most of the appetite among active lenders and those looking to get back into the space has been for stabilized, higher-quality deals, so the Tulsa acquisition attracted term sheets from a variety of lenders, including banks, agencies, lifecos and others. Tremper Capital Group brought the deal to market at the start of 2025, and Focus ended up going with an existing regional bank relationship, which was able to offer terms that were competitive with the agencies and lifecos. The loan featured a five-year term and attractive fixed interest rate, but other details were not disclosed. Cary Tremper and Jonathan Propst of TCG arranged the loan.
If more lenders start competing for these Class-A, stabilized deals and start offering more attractive terms, then we could see continued upward pressure on pricing for these assets. That could in turn lure more sellers to market with their high-quality properties, and the cycle will continue.
Tremper Capital Group also closed a couple of refinances in the first quarter. Matt Miller and Austin Benacquisto first arranged an $11 million loan for an assisted living/ memory care community in Orange County, California, arranged on behalf of a top California-based sponsor. The 99-unit community was built in the 1990s and was well occupied above 90%. It was also profitable, but when TCG began sourcing a refinance of the previous bank loan in the second quarter of 2024, debt service coverage was around 1.0x and very little interest was shown at the time. Perhaps that kind of deal would have gotten more interest in today’s market.
A regional bank did offer a term sheet, with the stipulation that the deal close in 2025. The non-recourse loan featured a three-year term and decent floating interest rate. Performance did improve at the community, and the bank was rewarded for its early commitment with better coverage and nice terms from its perspective.
In addition, Miller and Tremper closed a $39 million refinance for a seniors housing community in a primary market in Arizona. Built around five years ago and featuring a majority of independent living units (with around 200 units in total), the community opened during the pandemic and had some early operating difficulties. It has since fully stabilized, and the borrower was looking to refinance its existing construction loan. TCG arranged a new bank loan with a three-year term for a repeat client.
BMO’s Healthcare Real Estate Finance group closed on a $36.25 million facility for Focus Healthcare Partners to finance the acquisition of a seniors housing community in Bethesda, Maryland. Focus will bring on Solera Senior Living to manage the community.
Built in 2019, Brightview Bethesda Woodmont comprises 92 assisted living and 21 memory care units and will be rebranded as Modena Reserve at Bethesda. Occupancy was around 86% when Focus acquired the community. Newmark handled this sale and arranged the five-year acquisition financing, with a three-year interest-only period, from BMO.
MONTICELLOAM announced the financing of a $25 million mezzanine loan for a skilled nursing facility in Staten Island, New York. The sponsorship group, a longstanding MONTICELLOAM client, has an existing footprint with a portfolio spanning the East Coast. The loan proceeds will be used to recapitalize the existing equity in the 300-bed facility.
Greystone provided a $33 million bridge loan to refinance a 190-bed skilled nursing facility in Connecticut. The facility provides long-term care and rehabilitation, Alzheimer’s and dementia care, wound care & IV therapy, and therapeutic recreation. The bridge loan carries a twoand-a-half-year term with an extension option, and the borrower intends to pursue permanent financing from HUD. The financing was originated by Fred Levine.
Greystone also provided $29.9 million in bridge financing for the acquisition of a portfolio of six skilled nursing facilities in Rhode Island. The bridge financing was originated by Ryan Harkins and Christopher Clare, both
Managing Directors at Greystone. The skilled nursing facilities include Bayberry Commons (120 beds in Pascoag), Eastgate Nursing & Rehabilitation Center (76 beds in East Providence), South Kingston Nursing & Rehab Center (112 beds in West Kingston), West Shore Health Center (149 beds in Warwick), Village House Nursing & Rehabilitation Center (95 beds in Newport) and Elmwood Nursing & Rehabilitation Center (70 beds in Providence).
Diversified Healthcare Trust (NASDAQ: DHC) closed a $140 million mortgage financing secured by 14 seniors housing communities in nine states with 1,375 units that are managed by Five Star Senior Living, an operating division of AlerisLife Inc. This non-recourse, three-year loan has an initial maturity date of March 31, 2028, and two one-year extension options, subject to certain conditions. DHC intends to use the loan proceeds to redeem a portion of its outstanding 9.75% senior notes due 2025.
The loan has a variable interest rate based on SOFR plus a margin of 2.5% per annum with 24 months of interestonly payments and two six-month extension options of the interest only period, subject to certain conditions. In connection with this financing, DHC purchased a one-year interest rate cap with SOFR strike rate equal to 4.5%. The loan to value ratio on the financing is approximately 62% and the implied cap rate of the collateral communities based on the appraised value is 7%, or $164,000 per unit. The loan also allows for a portion of the principal to be prepaid with a prepayment penalty of 2% in year one, 1% in year two and no penalty thereafter.
As previously disclosed, DHC has executed three additional term sheets with various lenders for total loan proceeds of approximately $200 million. The loans are expected to close in the next 45 days.
BONDS
JLL recently handled two separate financings in Arizona/ California and Minnesota. First, JLL and HJ Sims arranged $239.68 million in tax-exempt and taxable bond financing for the Integrated Senior Foundation - Ativo Portfolio, a three-property seniors housing portfolio totaling 430
units in Arizona and California.
Due for completion in 2027, Avito of Sundance will offer 207 units (102 independent living units, 75 assisted living units and 30 memory care beds) in Buckeye, Arizona. Built in 2021, Ativo of Yuma comprises 55 assisted living and 24 memory care units in Yuma, Arizona. Scheduled for completion in 2026, Avito of Santa Clarita will feature 144 units (51 independent living, 85 assisted living and 28 memory care beds) within the Sand Canyon Plaza master-planned community in Santa Clarita, California.
On behalf of Integrated Senior Foundation, JLL’s Seniors Housing Capital Markets team, in collaboration with the bond underwriting team of HJ and JLL Securities, secured fixed-rate financing with a final maturity of 40 years. The financing consisted of $218.25 million of publicly offered tax-exempt senior series 2025A bonds, $5.92 million of taxable senior series 2025B bonds and $15 million of tax-exempt subordinate 2025C bonds.
Ziegler announced its closing of $230.25 million of Series 2025 bonds for a Texas not-for-profit organization, Bella Vida Forefront Living (formerly known as Bella Vida at La Cantera Forefront Living). The proceeds will be used, together with other available funds, for the purpose of financing and refinancing the cost of acquiring, developing and constructing a new retirement community, including the refinancing of Bella Vida’s outstanding Series 2023 bond anticipation notes. They will also be used to fund a debt service reserve fund, fund capitalized interest through March 1, 2027, and pay costs of issuance of the Series 2025 bonds.
Forefront Living, a Texas not-for-profit organization, is the parent and sole corporate member of Bella Vida. Forefront provides management and organization services to Bella Vida, as well as its other affiliates (Forefront Living Hospice, Presbyterian Village North, Forefront Living Foundation, The Outlook at Windhaven and Empowered Living Services).
Bella Vida is planning to develop and own a retirement community in San Antonio, Texas, that will be known as Bella Vida. The site comprises 26.7 acres approximately 15 miles northwest of downtown San Antonio. The
community will consist of 204 independent living units including 164 apartments and 40 villas, as well as 16 memory care units.
Next, Ziegler announced the closing of Westminster’s $83.94 million Series 2025 bonds issued through the New Hope Cultural Education Facilities Finance Corporation. Westminster is a Texas-based not-forprofit organization that owns Westminster, a CCRC in Austin. The CCRC sits on nine acres and includes 367 independent living, 36 assisted living and 38 memory care units as well as 85 skilled nursing beds. Life Care Services has provided management services to the community since 1981.
Proceeds of the Series 2025 bonds will be used, together with other available funds, to finance the costs of campus improvements (the Phase IV project), refinance the outstanding Series 2016 bonds and pay the costs of issuance of the 2025 bonds. The Phase IV project is the final part of a multi-phased expansion of the community and consists of new construction and renovation to existing buildings designed to enhance building connectivity and amenities.
Ziegler additionally announced the closing of Fairview’s $7.5 million Series 2025A bond anticipation notes (BANs) through the Connecticut Health and Education Facilities Authority. Not-for-profit Fairview has a 70-acre campus on the Groton, Connecticut waterfront, and it features several facilities providing rehabilitation services and options for independent living. Fairview currently has 164 total units consisting of 100 skilled nursing beds and 64 independent living beds.
The BANs will be used to fund predevelopment costs for a campus repositioning project with the objective of transforming the current healthcare-oriented campus into a more modern and sustainable CCRC model. As part of the project, Fairview plans to discontinue nursing operations and construct a new 175-unit independent living building with associated common areas (less four demolished units), 18 new independent living cottages, in addition to the construction of 42 assisted living apartments and 28 memory care units.
In contrast to most bond anticipation note financings, Fairview had begun collecting Priority Club deposits in October and at the time of the pricing BANs in January, had collected 220 Priority Club members. The development consultant on the project is Greystone.
The Series 2025A BANs will have a subordinated mortgage, subordinate to Fairview’s outstanding bank loan with Chelsea Groton Bank. The proceeds of the Chelsea Groton loan were used to partially fund the initial predevelopment costs of the project. The Series 2025A BANs are structured as a capital appreciation bond which will accrue interest until the permanent financing in late 2026 at which point all principal and accrued interest would be paid back in full.
Finally, Colorado Health Facilities Authority plans to issue $148.6 million of bonds to pay for certain costs linked to long-term care facilities operated by Illinois-based notfor-profit organization Covenant Living Communities and Services. Covenant operates a continuing care system of retirement communities, assisted living communities and skilled nursing facilities on behalf of the Board of Benevolence of The Evangelical Covenant Church
The authority will loan the proceeds from the Series 2025A revenue bonds to Covenant, which will use them for the payment of the costs of acquiring, constructing, remodeling, renovating and equipping long-term care facilities. The proceeds will also be used to refund certain outstanding bonds of the authority. Interest on the bonds is payable on each June 1 and December 1. Ziegler is serving as the lead manager on the issuance.
Washington Turmoil...cont. from pg. 1
investors deciding to go forward with deals after President Trump’s victory in November, pleased that at least one variable (the results of the election) was gone. Perhaps the usual business-friendly nature of a Republican administration also helped.
However, that business-friendly reputation has been tested in the last couple of months, with President Trump’s penchant for off-the-cuff comments on tariffs,
and who these tariffs will apply to, causing significant uncertainty on pricing, supply chains and their overall effects on the economy. If it is all 3D chess, bluffs and negotiating tactics, and we instead see very different final versions of the tariffs, that does not take away from the short-term uncertainty that prospective buyers, sellers and lenders in the M&A market hate.
For senior care providers, mostly those with Medicare and/or Medicaid revenues, there is the added uncertainty of DOGE’s impact on reimbursement rates. Cuts, in all likelihood, would not come directly from DOGE, but rather from changes in the federal contribution to Medicaid payments to states or from increased scrutiny on waste, fraud and abuse in these programs. Politically, much will be made about any perceived “cuts” to these programs, but as the skilled nursing sector is a lower-cost provider of care (and the current administration cares about limiting government spending or waste), any negative effects on that sector could be limited. Same with Medicaid waiver programs for assisted living services, which also can be seen as money savers for the government by providing care in lower cost settings. Increased usage of Medicare Advantage would not be good for SNFs’ bottom lines, and Dr. Oz and the Trump Administration have shown favor to the program in the past.
But with all the talk around these potential threats to the industry, most people followed it up with “we just don’t know.” No one knows the final outcome with tariffs, or their effect of prices, interest rates, supply chains, etc. Nobody knows if SNFs will see less Medicare and Medicaid revenue as a result of cuts recommended by DOGE. Dr. Oz is also a relative unknown when it comes to public policy. And any trickle-down effects from immigration policy on staffing costs are still unknown.
We can forgive anyone for feeling some whiplash from all of the words, bluster, threats and actions emanating from Washington, D.C., in the first quarter, including buyers, sellers or lenders that hesitated doing deals as a result. But if there was an effect on M&A activity, it was minor. The first quarter registered 175 publicly announced deals, down about 7% from the 189 deals announced in the fourth quarter of 2024. That is a preliminary number
and is likely to rise, but that total is the lowest for any quarter since the first quarter of 2024, when 154 deals were publicly disclosed.
Looking at the monthly trend, a slow January dragged down Q1’s total, with just 46 deals being made public, or the lowest monthly total since February 2024. To put that figure in perspective, the average monthly deal count in 2023 was around 40 deals, but that shot up to 59 deals per month in 2024. So, the M&A market rose to a new level that shows few signs of regressing. January may have just been an anomaly, as February’s deal count rose to 60 transactions and jumped again to 69 deals in March.
Most of the deals that were announced in the first quarter of 2025 still featured struggling or value-add properties, with their owners motivated to divest a property with maturing debt or a property that was being bailed out financially. That follows the same market dynamics as 2024 and 2023. There were some exceptions, of course, but we are still waiting for the luxury, stabilized, Class-A properties and large portfolios to not only hit the market (we know that some are working their way through the marketing and closing processes right now) but to close.
When looking at the properties-per-deal ratio, it appears that the first quarter of 2025 saw a dip in deal size from 3.58 properties per deal in Q4:24 to 2.90 properties per deal in Q1:25. At first glance, that Q1:25 ratio still surpasses the ratios in Q3:24 (2.67 properties per deal) and Q2:24 (2.64 properties per deal) and is the secondhighest ratio since the first quarter of 2022. But two of the three biggest deals of Q1:25 were foreign, including Welltower ’s (NYSE: WELL) purchase of the Amica Senior Lifestyles portfolio of 31 properties in Canada for approximately US$3.185 billion and CareTrust REIT’s (NASDAQ: CTRE) $817 million planned acquisition of Care REIT plc. The largest U.S.-based deal announced in the quarter was Welltower’s proposed acquisition of NorthStar Healthcare Income and its 40 communities for an approximate enterprise value of $900 million.
When stripping the quarter of foreign deals, the propertiesper-deal ratio drops to 2.09 in Q1:25, down from 2.55 in
Q4:24 and also falling short of Q3:24 and Q2:24. So, by that measure, portfolio deals are not, necessarily, “back” yet. On the skilled nursing side, there were a few portfolio deals announced in the quarter, such as Superior Living Foundation’s $250 million acquisition of 14 SNFs in Texas and Sabra Health Care REIT’s (NASDAQ: SBRA) divestment of nine SNFs for gross proceeds of $56.5 million, which closed in December 2024. Who knows what large deals may have been planned at February’s eCap Conference in Doral, Florida, however. We hear it was yet another productive conference for dealmakers, and there are certainly opportunities for SNF investors in states with newly implemented or proposed Medicaid rate increases. Or the possible unfavorable reimbursement and regulatory changes in other states that will prompt owners to get out.
What could bring more portfolios to the market?
Continued operational improvements would encourage more owners to sell portfolios (hopefully receiving a portfolio premium and limiting time and fees) rather than separating out the non-performers that could drag down
1st Quarter Investor Call
April 24, 2025 at 1 pm Eastern
Sponsored by
About the Webinar
We're several months into 2025, and the capital markets and operating environment have improved enough that we're seeing new, bigger and better quality deals and loans hit the market that would not have closed in most of 2024. Some property types are also seeing bidding wars that are pushing prices up.
In the latest Quarterly Investor Call run by The SeniorCare Investor, a new set of expert panelists from the brokerage, investing and lending worlds present case studies on these deals that you would not have seen six to 12 months ago. Learn what new opportunities are coming in 2025, and join the conversation.
www.levinassociates.com/2504webinar
overall pricing and limit the buyer pool if in a portfolio. Higher prices and lower cap rates would also motivate more types of sellers that it is a better time to divest. A lot would depend on interest rates for cap rates to drop meaningfully. And if there were more buyers that were ready and able to buy whole portfolios, that could also convince some sellers that they may have some pricing power in a deal process with more bids.
Increased liquidity would help bring more buyers to the table, which has been dominated by the big REITs and other all-cash buyers, with some exceptions. We are hearing of a real increase in liquidity, with more banks looking to do more deals, particularly for stabilized or partially-stabilized assets, and for big deals too. Some are big banks, some have been sidelined for the last couple of years, and some have been active but want to do more. Theoretically, that would lower the acquisition costs if there was more competition among banks and if debt funds are not the only option for some deals. We’ve already seen a few bank deals that have been very competitive with agency and lifeco terms.
PANELISTS:
Ben Swett, Managing Editor, The SeniorCare Investor (moderator)
Kyle Hallion, Senior Director, BLUEPRINT
Cory Wake, CFA | Principal, Silver Wave Capital
David Young, Managing Director, Greystone
We think success should breed success, as well, with some high per-unit prices, low cap rates and favorable debt terms attracting more high-quality deals. And prices will rise, cap rates could fall and competition among lenders could see terms and leverage get better for the borrower. The lack of construction investment should allocate more dollars to M&A, as well, and for high-end assets that still trade for below replacement cost and for cap rates higher than when their owners bought them three to five years ago.
Much rests on where interest rates will go in 2025, and the macroeconomic moves surrounding tariffs, labor supply, inflation and unemployment could have very different outcomes. We’ll see how Liberation Day goes, first. A lot could change by the time this newsletter hits your desk, too.
PEOPLE ON THE MOVE
Sabra Health Care REIT (NASDAQ: SBRA) announced that Talya Nevo-Hacohen, Sabra’s Chief Investment Officer, Treasurer and Executive Vice President, will be retiring effective December 31. Nevo-Hacohen helped build Sabra into a $6.5 billion enterprise with 399 investments from a newly formed REIT with 86 properties leased to a single tenant. Nevo-Hacohen is expected to remain in a consulting role with Sabra pursuant to a two-year consulting arrangement.
Darrin Smith, Sabra’s Executive Vice President, Investments, is expected to take on the role of Sabra’s CIO effective January 1, 2026. Smith has over 30 years of real estate experience, and has been with Sabra for five years. A seamless transition is anticipated.
Separately, there was some buzz at the NIC Spring Conference about a certain dealmaking duo that have closed $15 billion in their careers jumping from one brokerage firm to another, and the news has now come out that Josh Jandris and Brett Gardner have both made the move from Walker & Dunlop to Cushman & Wakefield. They join Florida-based Jason Skalko, who was hired as a Managing Director at C&W in early 2024 to revive the senior care investment sales business after
the exodus of its seniors housing team to JLL in 2023.
Jandris and Gardner will each serve as Vice Chair in the Chicago office and will represent institutional and privatecapital investors in dispositions across the continuum of care, including skilled nursing facilities, assisted living and memory care communities, independent living communities, CCRCs and age-restricted communities. They have closed investment sales of seniors housing properties totaling more than $15 billion in their careers.
According to The SeniorCare Investor’s latest Broker Rankings , Walker & Dunlop closed a total of 28 transactions in 2024, and Cushman & Wakefield closed three as it started ramping up its seniors housing production. Those W&D deals were closed across the Jandris/Gardner team (which also included Mark Myers for much of the year before he moved to SVN Senior Living Advisors on January 1, 2025), as well as from Tony Cassie, Gideon Orion, Sam Thompson, Alex Vice and Nick Hall.
Meridian Capital Group announced that Amy Heller has joined the firm’s seniors housing and healthcare group as a Senior Managing Director focusing on healthcare related debt brokerage. Heller will support the strengthening of Meridian’s seniors housing and healthcare group, overseeing the development of new and innovative solutions for clients across the firm’s advisory and underwriting capabilities.
Heller is an industry veteran with more than two decades of experience in healthcare finance. She founded and served as President and co-Chief Lending Officer of the Healthcare and Housing and Urban Development (HUD) lending divisions at Forbright Bank, where she built and led teams responsible for managing nearly $3 billion in healthcare loans. Prior to Forbright, Heller held leadership roles at HealthCare Financial Partners, Heller Financial and CapitalSource Finance.
Solinity, a seniors housing developer, named William H. Holly and John Moore as Partners in Development to spearhead investor relations in the growth of the company’s development and acquisition pipeline.
Solinity has a $300 million pipeline for new development and community acquisitions in the southeastern United States for expansion in 2025.
With over three decades of industry experience, and a native of Coral Gables, Holly began his career with the Codina Bush Group before holding executive roles at Cushman & Wakefield. In 2002, he founded Holly Real Estate, where he championed sustainable development. Most recently, he served as founder of Patton Real Estate Group and brings his expertise to Solinity Development
Clearwater Living announced that Danielle Morgan has been promoted to CEO. As Clearwater approaches 20 seniors housing communities under management, Morgan will assume an overall leadership role overseeing the expansion of its operations, including strategic initiatives, growth opportunities and maintaining culture.
With more than 30 years of experience, Morgan is an experienced leader in the financial services and senior living industries. Since joining Clearwater in 2017,
Morgan has worked to help provide strategic leadership and implement long-term growth strategies. Before joining Clearwater, Morgan served as chief operations officer of MBK Senior Living for 10 years. She is a member of the executive board for the American Senior Housing Association
Additionally, Clearwater announced that Kristine Delgado was promoted to chief revenue officer and will drive revenue growth across all channels by aligning sales with strategic business objectives and leveraging innovation to build high-performing sales teams.
Delgado has over 27 years of experience in the industry. During her career, she has provided oversight to more than 130 seniors housing communities. She has served as Clearwater’s senior vice president of sales and marketing since 2017. Founder Tony Ferrero will continue as chairman for Clearwater and remain focused on Clearwater’s investment and development opportunities. Additionally, Ferrero plans to expand Clearwater Living’s parent and affiliated company, InSite Realty Advisors.
Target Our Audience and Build Your Brand
Let us help build your 2025 campaign. Secure your space today to reach key decisions-makers in the Seniors Housing & Care and Healthcare M&A industries. Advertising Opportunities include:
Prospecting, market studies, due diligence and deal comps all in one tool
The most comprehensive seniors care and healthcare M&A database now bolstered by the most up-to-date facility and ownership-level data in the industry.
Improve your deal prospecting by identifying thousands of active organizations and individuals
Get granular deal, facility and ownership data on tens of thousands of healthcare sites nationwide
Find fragmented markets with little corporate penetration and highlight who is selling
See who is growing their Medicare/Medicaid market share in your sector or local market
Gain insights into healthcare sectors and learn which markets are getting the most investor attention
