The SeniorCare Investor - July 2025 Issue

VOLUME 37 | ISSUE 7

Inside the World of Senior Care Mergers, Acquisitions and Finance Since 1948

Q2:25 Trailing Q2:24 in Activity JULY 2025

Will M&A Activity Top 2024’s Level?

M&A activity is continuing at a strong pace in

I

2025, with the first half of the year’s activity nearly even with last year, on an annualized basis. But senior care dealmaking in the United States alone has slowed more

n the second quarter of 2025, there were 176 publicly announced seniors housing and care transactions, a preliminary number that is almost certain to increase in the weeks ahead. On an annualized basis, that results in a projected 704 total deals in 2025. To compare, last year, we recorded 716 total deals throughout 2024. So, we are not far off that record pace.

considerably in the second quarter.

See article at right

The Lenders Roundtable Three expert panelists from the lending world convened for our latest webinar to discuss the current state of the capital markets, what lenders are thinking, what borrowers should

However, breaking out United States activity from the total, there are some differences. The second quarter of 2024 totaled 186 transactions, or 155 U.S. transactions, which was a new quarterly record at the time (Q3:24 surpassed it with 192 deals). On an annualized basis, U.S. deals would have projected to be 620 deals for 2024, and we finished with 593 U.S. deals. However, the second quarter of 2025 only saw 129 U.S. deals, or 516 on an annualized basis. It is still possible that 2025 will surpass last

be thinking, and what is in store for 2026.

continued on page 24

See article at right

Skilled Nursing Acquisitions.............Page 5

The Lenders Roundtable: A Recap

Seniors Housing Acquisitions...........Page 8

Panelists Were Positive on the Lending Environment

Agency Loans...................................Page 14

S

People on the Move.........................Page 26

ince the pandemic, there has been no bigger wrench thrown into the seniors housing and care M&A market than the capital markets upheaval of 2022 and 2023 when soaring inflation caused interest rates to spike and liquidity to dry up. Higher capital costs significantly depressed the prices that buyers were willing, and able, to pay, and the absence of many active lenders limited the buyer pool to mostly those that could pay in cash. Bidding wars were a thing of the past, and with prices so low, only “motivated sellers” were putting their properties on the market, and they were usually for distressed deals. Inflation, staffing shortages and the recovery from the pandemic left many properties in distressed situations, as well.

Visit us Online: www.seniorcareinvestor.com

However, once interest rates stopped rising last year, both lenders and borrowers could get behind the idea of “at least things won’t get worse,”

Conventional Loans.........................Page 17 REIT Performance............................Page 20 Acquisition Loans............................Page 22

SeniorCare_Inv

continued on page 2

The SeniorCare Investor continued from page 1

Administration (FHA) at HUD. and started putting capital out. Distress across other asset classes, and thus on the balance sheets of many banks, meant that the liquidity recovery was slow and lenders remained cautious. Interest rates also did not fall nearly as sharply as they rose (most would say they are still high), while leverage remained relatively low.

This isn’t exactly 2019 anymore, but something has returned to the capital markets: confidence. That is what Cary Tremper of Tremper Capital Group had to say when analyzing what has changed the most in the lending environment in the last 12 months on The SeniorCare Investor’s June 26th webinar “The Lenders Roundtable: A Capital Markets Update,” which was sponsored by LTC Properties (NYSE: LTC) and also featured Dave Boitano of LTC Properties, Patrick Gilbreath of KeyBank Real Estate Capital and special guest Frank Cassidy, Principal Deputy Assistant Secretary for the Federal Housing

“It boils down to confidence, both the confidence that lenders have and the confidence that credit committees have. That is confidence in the general fundamentals of the business, the trends, and that’s why we’re at a healthy spot today.” Much of that confidence also stems from the activity and terms emanating from the agency lenders.

Tremper added, “agency financing is so important to our business and it’s a reason why a lot of folks call us and call my peers to ask what’s the state of Fannie [Mae], Freddie [Mac] and certainly HUD...because they want to know where loans are sizing today...and what they need to write to in order to get loans taken off their books.”

Confidence in the agencies creates more balance sheet loans because of the assurance of lenders and borrowers to have a successful exit. And the more loans they can clear from their books, the more loans banks can issue.

HUD’s Express Lane. Confidence in the agencies Inside the World of Senior Care Mergers, Acquisitions and Finance Since 1948

ISSN#: 1075-9107 Published Monthly by: Irving Levin Associates LLC

P.O. Box 1117, New Canaan, CT 06840

Phone: 203-846-6800 Fax: 203-846-8300 info@seniorcareinvestor.com www.seniorcareinvestor.com Managing Editor: Benjamin Swett Founding Editor: Stephen M. Monroe Research Analyst: Stephanie Mallozzi Advertising: Cristina Blazek-Hearty

©2025 Irving Levin Associates LLC. All rights reserved.

Reproduction or quotation in whole or part without permission is forbidden.

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.

2

www.seniorcareinvestor.com

must have soared when HUD introduced its brand-new “Express Lane” for the Section 232 Residential Care Facilities program. And Frank Cassidy, the man behind the change, called into the webinar to discuss why the change was needed, and what results he has already seen from it.

“With a 14-year career specialized in FHA-insured financing, I had a pretty deep understanding of the 232 program; the good, the bad, and areas where it needed improvement.” So, upon joining HUD in April 2025, he and his team discussed the problem, funnily enough, of the popularity of the 232 program. That had led to a queue of over 100 projects that were taking four, five, or six months just to make their way through the queue and to get a firm commitment.

In the early days of 2025, when DOGE was driving the news cycle every day, there was legitimate concern that the HUD queue would lengthen with the early retirements some HUD employees were taking as part of larger budget cuts. Or there would be other cuts that would diminish HUD’s capacity to put capital out. The other side of the argument, but not mutually exclusive, is that a search

VOLUME 37 | ISSUE 7

for efficiency could make the HUD process easier in some way. And trying something new (that was beneficial to borrowers) seemed more possible under the new administration.

So, knowing that a sizable chunk of the loans that HUD issues are simply a foregone conclusion, meaning they will almost certainly be approved and close, Cassidy ran a beta test of this Express Lane with deals that met certain criteria. Some of the highlights include a maximum 70% loan-to-value, minimum debt service coverage of 2.0x for skilled nursing and 1.6x for non-skilled nursing on unadjusted, trailing 12-month NOI, certain quality standards, no borrower history of FHA insurance claims or defaults, the same operator in place for at least two years prior to application, and the ability to have a firm commitment decision quickly upon submittal.

Prior FHA program experience is not required, but we imagine this Express Lane will mostly be used by repeatborrowers. And if you satisfy everything, HUD will prioritize your application in the queue, which could be just a matter of weeks.

With the new program, Cassidy commented, “conceptually you could get a deal submitted and get a firm commitment in 10 to 15 days, ideally even less and then go right to closing. So, you could be submitting deals and closing them in 60 to 75 days, which puts [HUD] closer to, say, a Fannie or Freddie.” The beta test resulted in one commitment being issued three days after the application was picked up, and another one in eight days. And since launching the Express Lane, positive feedback has flowed into Cassidy’s inbox. There may be other benefits to the overall HUD 232 queue, as well, with time analyzing potential commitments being spent more efficiently.

It may have major ramifications for the wider lender environment and M&A market, as well. The assurance that a facility that meets all of the criteria for the Express Lane could lead to a mini-surge in acquisitions or interest in well-performing properties. The coverage ratio and leverage requirements would still limit the amount of debt a borrower could obtain, and thus theoretically limit the purchase price, particularly for assisted living deals

at 1.6x coverage, but the arbitrage opportunity in skilled nursing deals could boost competition for them.

M&A activity and valuations should also be helped by an increase in liquidity, as more lenders have confidence in an agency takeout, especially if Fannie Mae and Freddie Mac compete on increasingly better terms. And as HUD takes more loans off of balance sheet lenders’ books through the Express Lane, that frees up those lenders to put out more capital. And we imagine they will still prefer M&A to construction opportunities for the time being.

Increased liquidity is also coming in the form of equity, with Dave Boitano commenting “we’re seeing new equity capital entering the market, and there’s a lot of it out there right now.” Not that they are new, but LTC Properties is one of those capital providers that is looking for M&A opportunities in an equity position.

Lender Fatigue vs. FOMO. The increase in liquidity does not mean that there is no distress moving through the capital markets, or that lenders are not facing fatigue from problem loans on their books. Patrick Gilbreath commented, “Lender fatigue is absolutely real, and it’s still real. It’s probably less than it was a couple of years ago. But, many of us balance sheet providers are staring down year six or seven of a three-year deal that closed before the pandemic.”

Gilbreath added, “that said, I think the lenders that have been and remain committed to this space, will be willing to work with borrowers.” Patience in distressed situations would be reserved for “a good sponsor who is doing all the right things to try to turn an asset around and find a way to arrive at an amenable conclusion for both parties.” Extensions are also still being considered, “but they might come with some pain points in the form of a co-borrower structure, required pay downs or accelerated amortization,” Gilbreath specified.

But from the lenders’ perspective, offering extensions usually limits their ability to work on fresh, new deals.

“FOMO is kind of a real thing,” in the debt markets, commented Tremper, although capital providers are scrutinizing where they can be competitive. “From the

SeniorCare_Inv

3

The SeniorCare Investor

debt fund side of things, they get excited about the larger transactions, and they’re wiling to underwrite some risk and do business with the right sponsors… but that can be a valuable source of capital for the business.”

Gilbreath believes, “you’ll see some debt chasing your trophy assets in particular to get back into the seniors housing space. You’ve got a beautiful asset that’s working well and you can point to the success of that as you build from there.” That interest from new or returning lenders, particularly among the banks, has been stronger for Class-A assets rather than Class-B. Generally speaking, Tremper noted that the banks “may have taken a year or six months off to kind of reprioritize things, but banks are back because of the confidence that’s provided certainty in the system from all the capital providers.” The banks are also looking for new or expanded relationships with good sponsors. Those relationships could turn into a deal per year, or more than that. That’s a good sign for continued liquidity in the space, if you have the capital connections.

But capital providers remained varied in seniors housing and care. According to Tremper, the industry “attracted capital from more debt funds into the space…[they] have a lot of different buckets of capital that can be very creative and provide different solutions... it just took time to educate them on our space, why they needed to be in this space, why it was good to be in the space, and why it represented good diversification from other asset classes.”

Boitano added, “it’s greater liquidity that dovetails with better valuations, overall attractiveness in the industry and attractiveness of the sector. And as more capital shows up, that’s going to help equity and it’s of course going to help valuations.”

REITs have been some of those active lenders, when the M&A market conditions worsened a few years ago.

Higher interest rates certainly offered attractive yield opportunities to REITs from a lending perspective, but Boitano noted that the REITs prefer to acquire real estate as opposed to lending to it.

YOUR TRUSTED INVESTMENT SALES ADVISOR SINCE 1997 BOUTIQUE BY DESIGN Built organically since 1997 and focused from the outset on providing our clients with an honest, hands-on, team-oriented approach throughout the sales process.

4

www.seniorcareinvestor.com

CONFIDENTIALITY • COMMITMENT • CREDIBILITY

CHICAGO | 630.858.2501 ST. LOUIS | 314.961.0070 W W W. S L I B I N C . C O M

VOLUME 37 | ISSUE 7

“There are circumstances where lending makes sense based on a relationships. Maybe there’s a situation where the property isn’t quite to the point where it’s going to make sense for a bank to lend on it, or even to sell yet, but it’s a great sponsor. It’s a great opportunity for a REIT to fill out a capital stack where their longer game is to acquire that property and bring it into the portfolio on an equity basis.”

REITs are not competing with banks from a cost of funds perspective (rates are touching the 8s in most cases), but they offer relief in special situations, added Boitano, “where we can maybe hit a leverage level or do something a little more creatively because it’s not the same level of regulatory oversight [as the banks].”

There were many other topics covered in the hour-long conversation, from what has changed the most in underwriting priorities from the lenders’ perspective, to best practices for borrowers with an approaching debt maturity, to 2026 predictions. You can watch the entire webinar here.

SKILLED NURSING ACQUISITIONS There were several portfolio deals in the skilled nursing sector this month. The largest saw 15 skilled nursing facilities and seven senior care campuses in the Pacific Northwest sell, marking the largest skilled nursing transaction that happened this month. The portfolio is located across Idaho, Oregon, Washington, Montana and Arizona, and features 1,584 skilled nursing beds, 90 assisted living units and 450 independent living units.

The existing management team, Cascadia Healthcare and its affiliate, Olympus Retirement Living, will continue to operate the facilities and will retain an equity stake in the real estate following the closing. The buyer was a national private healthcare real estate investment group in the post-acute sector, which secured funding from Ikaria Capital Group.

Ikaria Capital Group arranged a $270 million term loan and a $30 million preferred equity investment on behalf of the buyer. First Citizens Bank’s Healthcare Finance

THE WHITE GLOVE APPROACH TO SENIOR LIVING FINANCE Comprehensive

EXPERIENCE THAT DELIVERS RESULTS

Financing Solutions

� 100+ years sector experience

� Bridge Lending

� 950+ loans and $12B+ transactions

� Permanent Lending

� $9.2 billion in FHA/HUD loans Jason Dopoulos | Managing Principal jdopoulos@ikariacg.com

Ken Gould | Managing Principal kgould@ikariacg.com

� Asset-Based Lending � Capital Advisory

www.ikariacg.com

SeniorCare_Inv

5

The SeniorCare Investor

business led the bank syndicate in providing the first mortgage financing for the acquisition. Leveraging its expertise in bridge-to-FHA/HUD transactions, Ikaria successfully closed this complex transaction and secured the future FHA/HUD takeout.

Stacked Stone Ventures, a real estate investment firm founded by Kent Eikanas, acquired nine skilled nursing facilities for approximately $33 million, or $66,000 per bed, at a 13% cap rate. Stacked Stone bought the portfolio in a joint venture with Praxis Capital from a large institutional skilled nursing owner.

Located in Iowa, the nine facilities feature a combined 500 beds, with some assisted living units. They were around 80% occupied and operated at a healthy margin.

Accura HealthCare will continue to operate the portfolio under a NNN lease. The transaction was financed with Oxford Finance.

In another Pacific Northwest transaction, this time with a publicly traded buyer, CareTrust REIT (NYSE: CTRE), together with a large third-party healthcare real estate owner, acquired a skilled nursing portfolio comprising 10 facilities and 911 beds across Idaho, Oregon and Washington. The total purchase price was approximately $146 million, or $160,300 per bed, inclusive of transaction costs.

and seniors housing investments. This transaction was announced after closing the Care REIT acquisition in May. Another REIT, Standard Bearer Healthcare REIT, Inc., The Ensign Group’s (NASDAQ: ENSG) captive real estate company, will acquire the real estate of a skilled nursing facility in North Hollywood, California, following receipt of state regulatory approvals. Ensign has already acquired the operations of the facility, 52-bed Toluca Lake Transitional Care. The acquisition was part of the larger acquisition of seven other facilities from Providence Home and Community Care, which was announced in December. The acquisition was effective June 1.

In a separate transaction on the same day, Ensign announced that it acquired the operations of Ironwood Rehabilitation and Care Center, an 80-bed SNF in Coeur d’Alene, Idaho, and Lakeside Rehabilitation and Care Center, a 100-bed SNF also in Coeur d’Alene. These acquisitions are subject to a long-term triple net master lease with a third-party landlord.

Ryan Saul of Senior Living Investment Brokerage secured a strong price for a skilled nursing facility in Cincinnati, Ohio. Built in 1965, the facility was originally licensed for 199 beds, but the decision was made to strategically reduce the beds to 167 to save on provider tax and improve the Medicaid rate.

At closing, CareTrust provided common equity and preferred equity investments totaling approximately $141 million at an initial contractual yield on its combined investment in the joint venture of approximately 9.0%. The total investment amount was funded using a combination of cash on hand and a draw from the company’s revolving credit line, which brought the outstanding balance on the revolver to approximately $475 million. The joint venture has leased the facilities to two existing tenants that each have strong rent coverage on existing leased CareTrust properties pursuant to new 15-year triple-net leases that include extension options and annual escalators.

The facility struggled for many years. It was purchased by a Chicago-based investor in 2014 that has subsequently gone bankrupt. The lender took the property back in 2018 due to poor operational management and financial performance, and it ran the facility through receivership, employing a number of managers between 2018 and 2023. The most recent operator was finally able to improve clinical outcomes and financial performance, bringing the facility from a steep operating loss to close to breakeven. In 2024, the facility generated about $180,000 in EBITDAR on $14.025 million of revenues, with 82% occupancy.

The closing of this transaction brings CareTrust’s annual investment total to approximately $1.1 billion. In 2024, the company deployed over $1.5 billion in skilled nursing

A regional skilled nursing owner/operator stepped in to buy the facility for $14 million, or $83,800 per bed. We know it was a long, arduous ownership tenure for the

6

www.seniorcareinvestor.com

VOLUME 37 | ISSUE 7

lender/seller, but we imagine they were pleased with that price.

A non-performing skilled nursing facility in South Denver, Colorado, found a new owner thanks to Hap Knowles and Nick Stahler of the Knapp-Stahler Group at Marcus & Millichap. Built in 1965, Aspen Siesta features just 34 licensed beds. It was 64% occupied and generated more than $2.8 million of revenues from private pay, VA and other payor sources. But it was losing around $265,000 a year as of the most recent financials in 2023.

Chart a course for service.

The Senior Housing and Healthcare Lending team at Synovus offers tailored expertise in welcoming every generational wave, whether they arrive in calm or choppy economic waters.

Being a distressed, older vintage property, the facility could potentially attract interest from alternative-use buyers. So, Knapp-Stahler identified a behavioral health and substance abuse provider to purchase and convert the facility to that new use. That deal resulted in stronger pricing for the seller, with the facility trading for $3.35 million, or $98,500 per bed.

A separate skilled nursing facility in Colorado, this time just north of Boulder, also sold this month. A Texas-based regional developer of skilled nursing facilities throughout the central and southern U.S. engaged Blueprint to advise and oversee the confidential sale of Accel at Longmont, a Medicare-only skilled nursing facility. Michael Segal and Daniel Waldhorn handled the transaction.

Built in 2017, totaling 76 skilled nursing beds with 36 private rooms and 20 semi-private rooms, the facility was leased to a Texas-based provider. Following the pandemic, the facility faced challenges maintaining its high census levels, primarily attributable to the shorter length of stay typical in Medicare-only, transitional care settings. The ultimate buyer was a Midwest-based skilled nursing investor with its growing operator tenant, which put forth a compelling acquisition proposal.

O&M Investments, LLC, led by Nick Martinez and Todd Okum, expanded its footprint into Nebraska through an acquisition of a senior care portfolio. The seller was a mom & pop seeking an exit from the industry. Built in the 1970s and 1980s, the six senior care facilities are located in the Omaha MSA, comprising around 350 skilled nursing beds and approximately 60 assisted living

Contact Jennifer Lawley at (205) 868-4759 or JenniferLawley@synovus.com

Loan products subject to credit approval.

Banking products are provided by Synovus Bank.

SeniorCare_Inv

7

The SeniorCare Investor

beds. They were operating at near-breakeven at closing, with O&M increasing census since then. This purchase brings O&M’s total owned/operated facilities to 96 across 12 states. The facilities will now be managed by a seasoned regional operator.

Jeffrey Vegh and Joe Schiff of Forest Healthcare Properties handled two separate off-market skilled nursing transactions. First, they sold a 120-bed facility in a southeast state that was 85% occupied at closing. It was acquired by a regional operator that was expanding into the area.

Next, Vegh and Schiff represented a seller that was divesting a facility in Suffolk County, New York. Built in the 1970s, the facility was well-occupied and cash flowing at the time of sale, with occupancy over 90% at closing. The established buyer has facilities in the surrounding area and was looking to expand.

Two other skilled nursing transactions this month involved leases. Vince Viverito and Dave Balow of SLIB facilitated the leasehold interest sale for a skilled nursing facility in Denver, Colorado. Forest Street Compassionate Care was built in 1977 with 60 beds on less than an acre. The lessee was divesting their portfolio in order to retire and engaged SLIB to find a group that would take over the leasehold interest. They received multiple offers before selecting the one that was best aligned with the landlord and the lessee’s mission. The buyer is expanding their skilled nursing portfolio in Colorado.

Evans Senior Investments was engaged by an institutional owner to facilitate the lease of a large nursing home in New Hampshire. At the time of marketing, the facility was performing well. However, a large-scale renovation was just completed, which took 40 beds offline, offering the opportunity for a strong regional operator to significantly improve performance. There was strong interest in the asset, with ESI ultimately securing a tenant aligned with the owner’s strategic goals.

SENIORS HOUSING ACQUISITIONS In one of the more significant deals to close so far in

8

www.seniorcareinvestor.com

2025, Newmark announced the off-market sale of a large portfolio spread across the United States. Totaling 900 units of independent living, assisted living, memory care and skilled nursing, the portfolio is located in Virginia, Georgia, Maryland, Indiana and Arizona. Little else has been disclosed so far, but the portfolio sold for $418 million, or $464,400 per unit, which is one of the highest per-unit prices that we have seen so far this year. More details to follow on LevinPro LTC. The bankruptcy sale of Midwest Christian Villages (dba Christian Horizons) has finally come to a close with the sale of the final two seniors housing assets in the portfolio.

The majority of the company’s other assets closed in multiple transactions earlier this year. Congratulations to Nick Glaisner and Ryan Anders of Ziegler for seeing the whole deal over the finish line.

Christian Horizons, one of the nation’s largest not-forprofit, faith-based organizations delivering skilled nursing, assisted and supportive living, independent living, and pharmacy services to seniors in Illinois, Iowa, Indiana and Missouri, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code in July 2024. It continued to operate as usual throughout the restructuring process but began to solicit and receive bids from buyers in a marketing process run by Ziegler.

The organization’s legal advisors were Dentons US LLP and Summers Compton Wells, and its chief restructuring officer was Healthcare Management Partners, LLC. The portfolio includes more than 1,200 independent living, assisted living, memory care and skilled nursing units/beds across 11 communities in four states. There were seven locations in Illinois (Forsyth, Washington, Lincoln, two in Carmi and two in Springfield), two in Indiana (Brownstown and Crown Point) and one each in Iowa (Council Bluffs) and Missouri (Joplin).

Four of the locations are CCRCs, two are IL/AL communities, one AL community, two supportive living communities, one majority-SNF and one low-income housing property. They ranged in age from 60 years to 10 years old, and average occupancy was around 80% across the portfolio, with a small operating loss. Also

VOLUME 37 | ISSUE 7

included is an Illinois-based pharmacy business that serves the entire portfolio along with a few small facilities in Central Illinois.

The portfolio was broken up into four subsets, and the last two assets to sell were the two supportive living communities in Illinois totaling 109 units. RNG BEH CN CL MG LLC (BEH Partners) was the original stalking horse bidder and ended up as the buyer. The deal closed following receipt of HUD TPA approval. The price amounted to the assumption of the HUD loans, which totaled approximately $8.4 million, or $77,000 per unit.

An affiliate of BEH Partners also purchased Christian Horizons’ wholly owned institutional pharmacy company, SeniorCare Pharmacy. Ziegler also worked in coordination with its Pharmacy practice to ensure a smooth transition for the communities and a successful outcome for the Christian Horizons institutional pharmacy team.

Switching from the not-for-profit to the publicly traded sphere, Invesque (OTCMKTS: MHIVF) announced that it completed the previously announced sale of 20 seniors

YOUR TRUSTED PARTNER IN HEALTHCARE FINANCING

housing communities managed by Commonwealth Senior Living, together with its majority ownership stake in Commonwealth. Proceeds from the transaction were used to repay all property-level debt associated with the assets, extinguish all unpaid and accrued preferred equity associated with the portfolio, and to pay other transaction-related costs.

Real estate private equity firm Municipal Capital Appreciation Partners bought the properties and a majority ownership stake (now 70%) in the Commonwealth management platform for an undisclosed amount.

Invesque had acquired the portfolio and the management company from MCAP in 2019 for $340.4 million.

Commonwealth no longer manages any Invesque-owned properties. Invesque’s portfolio now consists of 32 assets, 12 of which remain under definitive contract to be sold, subject to satisfaction or waiver of due diligence conditions in favor of the purchasers and other customary closing conditions as previously disclosed.

CFG CLIENT

“ For over 10 years, CFG has provided us with a unique level of service for our financial needs that is hard to find.”

CFG CLIENT, LARGE MID-ATLANTIC OPERATOR

Rea Re ady to ge gett st sta arte tedd?

CapFundInc.com | 410.342.3155

SeniorCare_Inv

9

The SeniorCare Investor

In another transaction involving a publicly traded company, Sonida Senior Living (NYSE: SNDA) acquired two seniors housing communities through separate transactions. In May, Sonida acquired a memory care community in Tarpon Springs, Florida. It was built in 2017 and features 64 units. This community complements Sonida’s recently acquired central Florida assets, bringing its Florida portfolio total to eight assets. The company will implement its Magnolia Trails personalized memory care services to activate the community while leveraging its regional sales and marketing support to drive occupancy.

The purchase price was $11 million, or $171,900 per unit, funded with cash on hand and a new $9 million non-recourse mortgage from the asset’s existing lender.

The loan has an initial three-year term with two one-year extensions and carries an interest rate of SOFR+0%, which will step up by 1% in years two and three and end at SOFR+3% if Sonida elects the extension. The company expects a double-digit cap rate upon stabilization.

At the start of June, Sonida acquired an assisted living/ memory care community in Alpharetta, Georgia. It was also built in 2017 and comprises 64 AL and 24 MC units. This community is situated near Sonida’s recently acquired Atlanta assets, further leveraging operating scale through cost efficiencies, local resource pooling and enhanced marketing presence. The acquisition brings the company’s greater Atlanta portfolio total to four assets.

The purchase price was also $11 million, or $125,000 per unit, funded with cash on hand and proceeds from its senior secured revolving credit facility. Sonida expects a double-digit cap rate upon stabilization.

Senior Living Investment Brokerage was engaged by a Minneapolis-based, repeat client in the disposition of its last assisted living community that is in “very good condition.” The seller is divesting to focus on its remaining active adult and multifamily portfolio. Built in 2013, the community is in St. Anthony, Minnesota (Minneapolis-St. Paul MSA), with 73 units and high-end amenities. It was 74% occupied, generating $4.15 million of revenues.

10

www.seniorcareinvestor.com

SLIB structured the marketing process around the seller’s desire to transfer ownership to another respected owner/operator that would continue the high standard of care for residents and support the seller’s associates.

The ultimate buyer was a real estate development and investment firm looking to grow its existing presence in Minnesota and expand its relationship with an existing operating partner. Jeff Binder, Jason Punzel and Jake Anderson handled the transaction.

Punzel and Vince Viverito next announced the closing of a senior care campus in Douglas, Wyoming, in the rural eastern part of the state. Originally built in 1968, the skilled nursing portion (Douglas Care Center) was renovated in 2010, and the assisted living/memory care portion (Mountain Lodge) was added in 2018. The adjacent properties feature 74 units and 96 beds of assisted living, memory care and skilled nursing on nearly five acres. Occupancy was around 70%. Its local mom & pop seller decided to retire and divested the campus to a Utah-based regional owner/operator expanding its presence in Wyoming.

Punzel and Viverito were joined by Brad Goodsell, Jake Anderson and Taylor Graham to sell an assisted living community in Washougal, Washington. The regional owner has been slowly divesting its portfolio to retire, and this is the second community that SLIB has sold for it.

Built in 2001 with an addition in 2009, Columbia Ridge has 70 units and 52,131 square feet on roughly three acres. Occupancy was strong at 88.5%. A newer regional owner/operator looking to expand its Pacific Northwest portfolio emerged as the buyer, for an undisclosed price.

SLIB’s Brad Clousing and Dan Geraghty facilitated the sale of Bay Port of Fort Walton Beach, a 119-unit assisted living/memory care community in Fort Walton Beach, Florida. Built in 2021, the community was well occupied at 90% and competes well in the local market. Its local hospitality owner was divesting the asset because it no longer aligned with its core investment strategy, and it was its only seniors housing asset. The buyer was a partnership between an institutional capital provider and a Southeast regional operator. No purchase price was disclosed.

VOLUME 37 | ISSUE 7

PruittHealth acquired a community in Winston-Salem, North Carolina. Built in 1997, Forest Heights Senior Living (now known as PruittPlace - Winston Salem) features 99 units with 104 beds of AL, MC and respite care services.

Residents can choose between AL services in private studios or one-bedroom suites, and MC in private or shared studios. With the addition of this community, PruittHealth now owns or operates 13 AL communities in the Southeast.

Blueprint facilitated the sale on behalf of a national, REIT-affiliated owner/operator seeking to strengthen its portfolio by divesting certain challenged properties.

Kyle Hallion, Kory Buzin and Steve Thomes handled the transaction.

This non-core asset experienced prolonged operational volatility, including muted census growth and staffingrelated expense pressures. But the seller had recently invested around $2 million in capital expenditures from 2021 to 2023, including a full interior refresh, new roof and boiler replacement. The asset saw a highly

competitive marketing process with multiple offers.

Separately, Merrill Gardens announced that it acquired The Ackerly at Sherwood, as well as two other communities, through a joint venture with PGIM. The Class-A community comprises 130 independent living, assisted living and memory care units in Sherwood, Oregon. It will be operated by Merrill Gardens, which currently manages more than 60 seniors housing communities across 20 states.

After Merrill Gardens’ announcement, Alex Florea, Kevin Lukehart and Dan Mahoney of Blueprint announced a closing which appears to have included The Ackerly at Sherwood and The Ackerly at Timberland (a 147unit community in Portland, Oregon). A JV between a regionally focused developer and local investors divested the assets. The two communities had strong in-place cash flow and offered the opportunity for continued rate growth, contributing to a highly competitive bidding process with more than 10 offers from REITs, private equity firms, alternate investors and owner/operators.

Experienced. Creative.

Results driven.

We are driving real estate finance forward with a comprehensive suite of loan solutions, innovative processes and structures, and an unrivaled team of seniors housing and healthcare experts.

Put the NewPoint platform to work for you.

FANNIE MAE | FREDDIE MAC | HUD/FHA | NEWPOINT BRIDGE NEWPOINT IMPACT | THIRD-PARTY PLACEMENTS | ADVISORY

NEWPOINT.COM Any loans or terms referenced herein are subject to receipt of a complete application, credit approval, and other conditions. This is not a commitment to lend. To view NewPoint’s complete licensing information please visit newpoint.com/licensing-disclosures. ©2025 NewPoint Real Estate Capital LLC. All rights reserved.

SeniorCare_Inv

11

The SeniorCare Investor

We believe there were several bids in the low-nine-figure range for the two properties, which would put the per-unit price above $400,000 per unit. We also suspect that given the quality of the two assets and their performance (with upside), the cap rate may be in the low-6s on in-place financials. The transaction closed with the assumption of one agency loan, one bank refinancing and the Oregon licensure process. BMO’s Healthcare Real Estate Finance group provided the refinancing, acting as the sole lender on an acquisition term loan of $41 million for The Ackerly at Sherwood.

Next for Blueprint, Jacob Gehl, Brooks Blackmon, Lauren Nagle and Dillon Rudy were engaged by an institutional private equity seller in its sale of a senior care community in Greenville, South Carolina. The Gables comprises a three-story assisted living and memory care building and an adjoining skilled nursing component with private pay and Medicare residents. The community was experiencing a strong recovery and was trending positively at the time of marketing, driven by improving private-pay demand and favorable Medicare reimbursement dynamics on the skilled side.

Emerging from a range of buyer profiles, a publicly traded healthcare REIT was ultimately selected as the buyer. The REIT was looking to expand an existing partnership with a regional seniors housing operator to execute on a growth strategy in the Carolinas.

Lastly this month for Blueprint, Andrew Sfreddo, Gunnar Raney, Shane Harmon and Colin Segner facilitated the sale of a seniors housing community in Roswell, Georgia, on behalf of a private real estate investor. The community, built in 1998 and renovated in 2021, comprised 60 units and was vacant at the time of sale. The seller was seeking a buyer that would repurpose it into behavioral health.

Within 14 days of launch, Blueprint secured a signed LOI with a leading Southeast-based provider of mental health and substance use disorder treatment services, with the closing occurring 75 days later. The provider intends to repurpose the community into a residential behavioral health facility with 80 beds.

12

www.seniorcareinvestor.com

Blueprint and the incoming owner/operator shared a mutual relationship with a land-use attorney who helped the buyer obtain zoning approval directly from the City of Roswell, avoiding a public process and entitlement hurdles common in high-affluent Atlanta suburbs. The asset traded at $93,000 per unit.

Kandu Capital, LLC, and its operating company, Bloom Senior Living, collectively known as Bloom, sold its final seniors housing community in South Carolina. The company is seeking realignment as it exits the state after a decade-long presence in the region. The 129-unit independent living/memory care community in Bluffton sold for $13.5 million on an initial investment of around $3 million. Occupancy was around 63% at the time of acquisition, but performance improved between LOI and closing, with monthly revenues increasing from between $250,000 and $260,000 to over $300,000 (or over $3.6 million annualized). NOI also trended up, from roughly breakeven to around $45,000 per month ($540,000 annualized) in May. And it’s getting better.

Silver Wave Capital and Persimmon Ventures acquired the community and will re-brand it as May River Landing.

They plan to convert half of the memory care capacity to assisted living and have Senior Living Asset Management take over operations, marking the second collaboration between Silver Wave/Persimmon and the operator.

Berkadia represented both Bloom and the undisclosed buyer in the transaction. Honigman LLP served as legal counsel to Bloom.

Prior to this transaction, Bloom divested two assisted living and memory care communities in the Bluffton and Hilton Head markets. Additionally, in recent years Kandu has divested skilled nursing, behavioral health and seniors housing assets at peak valuations of up to $225,000 per bed, while strategically redeploying capital into new seniors housing investments at less than $30,000 per unit.

Since 2021, these transactions have generated over $120 million in proceeds on total initial investments of approximately $27 million, with minimal leverage.

Bloom’s core portfolio is currently just below 100%

VOLUME 37 | ISSUE 7

occupied with record rent and NOI, as well as a strong balance sheet. And the company has new opportunities in the pipeline.

vintage assisted living/memory care communities, comprising 66 units and 72 beds, operating under an all-private-pay model.

A trio of small, well-performing assisted living communities in rural Idaho sold with the help of Blake Bozett and Spud Batt of The Zett Group. The pair represented a mom & pop who were looking to retire after nearly 25 years of operating. Terri and Carl Pendleton built the first 16-unit assisted living community in Gooding, Idaho, and added two more 16-unit buildings next to each other in Jerome, one focused on memory care that was built in 2011 and one AL building constructed in 2015. Together, they are known as DeSano Place Assisted Living.

At the time of sale, the communities were not performing, with occupancy levels on the lower end. However, the new Minneapolis-based investor and local management team are well positioned to drive occupancy and profitability.

The purchase price was $9 million, or $136,000 per unit, with financing secured through a conventional lender.

Occupancy was strong across the board, averaging over 90% across the last two years with a 95% private pay census. Under the leadership of the Pendletons, the communities also saw very little staff turnover and commanded above-market rents. Combined, they operated at a roughly 15% margin on $3.0 million of trailing-six month revenues. Pretty good for small, rural communities.

Occupancy had briefly dipped nearly a year before marketing started, but census and margin quickly rebounded, so The Zett Group highlighted the more recent T-6 financials that were more emblematic of its typical operations. That is how the buyer saw it, too. Elton Development, a Meridian, Idaho-based commercial real estate developer, paid $5 million, or $104,200 per unit, at a 9.5% cap rate.

Elton Development focuses on residential, multifamily and commercial development and has a large seniors housing development underway in Eagle, Idaho. However, with the pace of development slowing, it decided to look for cash flowing M&A opportunities. They financed this acquisition through a combination of seller financing and a loan from a local credit union.

Bob Richards and Chad Wegner of Senior Care Realty facilitated the sale of a two-property seniors housing portfolio in Madison, Wisconsin, on behalf of a Dane County-based seller. The portfolio included two newer-

JCH Senior Housing Investment Brokerage was engaged in the sale of a well-established assisted living/memory care community with 86 units and 100 beds in Inland Empire, California. JCH was tasked with confidentially marketing the community to a select group of qualified buyers. There were multiple qualified offers, with a local operator being selected for its alignment with the seller’s values and its portfolio of seniors housing communities in the region.

The buyer acquired the community for $14.125 million, or $164,200 per unit. The intent is to maintain current operations while enhancing resident experience and operational efficiencies. Both parties were represented

by Cindy Hazzard and Jim Hazzard.

A Class-A seniors housing community recently sold in Miami, Florida. Built in 2023, The Oasis at Coral Reef has 102 independent living, 71 assisted living and 28 memory care units with floor plans ranging from studio to two-bedroom residences. Located adjacent to Jackson South Community Hospital, the community features highend amenities, including a fitness room, a restaurantstyle dining room with chef-prepared meals, a beach club, recreational program rooms, weekly housekeeping, multiple pools, among many others. The community opened at various stages throughout 2023, as state licenses were issued. Thus, it was in the early stages of lease-up, with occupancy reaching 60% and cash flow turning positive.

Ross Sanders, David Fasano, Cody Tremper and Mike Garbers of Berkadia represented the seller, Florida-based Royal Senior Care, in the transaction. Winterpast Capital

SeniorCare_Inv

13

The SeniorCare Investor

Partners, a real estate private equity and development firm based in Brentwood, Tennessee, emerged as the buyer. Winterpast will bring on its affiliate, Vitality Living, to manage the community. CBRE’s Aron Will and Adam Mincberg secured a bridge loan from Forbright Bank for the acquisition.

The loan has a three-year term with two one-year extension options. Local media in Florida put the purchase price at $41.23 million, but we believe that is just for the real estate, and the real price was closer to $50 million.

A few additional seniors housing transactions closed this month. In its first out-of-state transaction, Michiganbased Meiser Commercial Real Estate facilitated the sale of a five-property seniors housing portfolio in the Baltimore, Maryland market, on behalf of a family seller.

The portfolio includes 79 assisted living units with 80 beds and was 95% occupied at the time of closing.

Renovations were completed in 2019, and three of the buildings are on the newer side. The undisclosed buyer acquired the portfolio for $13.25 million, or $167,700 per unit, at an 11.8% cap rate, using the same lender that held the previous loan on the property. The transaction closed smoothly.

Helios Healthcare Advisors structured the sale and arranged joint venture equity for the acquisition of two assisted living/memory care communities in Alabama on behalf of separate sellers. Helios was initially engaged by the Episcopal Diocese of the Central Gulf Coast to identify a buyer that would preserve the legacy of Murray House Assisted Living, a historic assisted living community located in Mobile, Alabama.

Helios identified an operator with extensive experience in the industry that had recently established a new operating platform. However, faced with challenges associated with capitalizing the transaction, the buyer engaged Helios to assist in arranging an equity investment from a local real estate investor. The buyer has a substantial renovation planned for Murray House which includes modernizing existing common areas and resident units along with the addition of a dedicated memory care wing.

14

www.seniorcareinvestor.com

Given the buyer’s appetite to expand and backing from their newfound partnership, Helios then approached Community Health Systems (CHS), an Orange Beach, Alabama-based healthcare organization operating a diverse portfolio of healthcare related entities throughout Alabama and the United States. Through its 501(c) (3) affiliate, Community Senior Life, CHS considered a sale of Haven Memory Care on Halcyon, a high-quality, standalone memory care community in Montgomery, Alabama. Shortly thereafter, the organization engaged Helios to facilitate the off-market sale of the community.

Helios worked with both sellers to successfully close the transactions within two weeks of each other.

Lastly, Minnetonka, Minnesota-based New Perspective Senior Living added five communities to its portfolio in the first half of 2025, significantly expanding its presence in the state. Each community is located in a suburb of Minneapolis/St. Paul, including in White Bear Lake, Oakdale, Golden Valley, Rosedale and Minnetonka. They all provide assisted living and memory care services.

Two of the locations (White Bear Lake and Oakdale) were formerly under The Waters Senior Living brand, while the remaining three were previously Sunrise Senior Living properties.

The additions bring New Perspective’s portfolio to 45 communities across Minnesota, North Dakota, Wisconsin, Illinois, Indiana, Ohio, Pennsylvania and Missouri.

AGENCY LOANS Representing one of the largest seniors housing refinances in recent years, Berkadia closed $627.2 million in agency financing for Project Raven. Project Raven is a 35-asset seniors housing portfolio with 4,395 independent living, assisted living and memory care units. The portfolio spans 15 states. Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld handled the financing on behalf of an institutional borrower.

The transaction was a roughly five-month process and refinanced existing debt.

Several additional agency loans closed this month,

VOLUME 37 | ISSUE 7

DEEP ROOTS. FRESH VISION.

MERIDIAN’S SENIOR HOUSING & HEALTHCARE FINANCE EXPERTISE RUNS DEEP — AND WE’RE INVESTING IN ITS FUTURE. WITH SEASONED LEADERSHIP AND A REFINED FOCUS ON MARKET INTELLIGENCE AND CLIENT SUCCESS, OUR HEALTHCARE PLATFORM REMAINS A CORNERSTONE OF THE FIRM’S GROWTH.

EXPERIENCE THE STRENGTH OF MERIDIAN.

AMY HELLER Senior Managing Director aheller@meridiancapital.com 301.641.3633

AVI BEGUN Managing Director abegun@meridiancapital.com 516.316.9413

BUILDING THE FUTURE, ONE RELATIONSHIP AT A TIME.

SeniorCare_Inv

15

The SeniorCare Investor

including a number of HUD transactions. We suspect that activity in the HUD space will increase with the launch of its new “Express Lane” process, which enables applications that meet low-risk criteria to jump the queue and have a commitment issued swiftly. Watch the replay of our recent webinar, The Lenders Roundtable: A Capital Markets Update (sponsored by LTC Properties), to learn more about the new process.

Jay Healy and Andrew Lanzaro of Berkadia Seniors Housing & Healthcare closed four HUD 232/223(f) loans totaling $64.4 million in aggregate proceeds. The loans were obtained on behalf of three sponsors and are secured by three seniors housing communities and a skilled nursing facility spanning Hawaii, Texas and Washington. Each loan carries a fully amortizing 35-year term.

The first transaction was an $18 million refinance for a San Marcos, Texas-based owner/operator of assisted living and memory care communities. The proceeds were used to retire bank construction debt and convertible ownership debt utilized to develop the 94-unit AL/MC community in College Station, Texas. The community opened in 2020 and had an occupancy rate of just under 90% at the time of closing.

The second transaction was an $18.5 million loan secured by an 82-unit, 2004-vintage AL/MC community in Lihue, Hawaii. The borrower is a Bellevue, Washingtonbased owner/operator and repeat customer of Berkadia.

HUD loan proceeds were used to refinance maturing agency debt and fund capital improvements. The community (which is the only one of its kind on the island of Kauai) was nearly 100% occupied at the time of closing.

Berkadia also closed a $15 million HUD loan for the same client to refinance a Berkadia and Live Oak Bank A/B bridge loan, as well as mezzanine debt. The HUD loan is collateralized by a 99-unit AL community in Newcastle, Washington, that was originally developed by the sponsor in 2008.

Lastly, Berkadia secured a $13 million refinance for a Fort Worth, Texas-based owner/operator of SNFs. The

16

www.seniorcareinvestor.com

HUD loan paid off a Berkadia bridge loan that previously funded the purchase of the 1987-built, 120-bed skilled nursing facility in El Paso. The sponsor has operated the facility since 2018 and was able to leverage the equity they created through operations to secure 100% of cost on the acquisition financing.

Lument closed a $60 million Freddie Mac loan to refinance Park Terrace, a 180-unit assisted living/ memory care community in Rancho Santa Margarita, California. Kisco Senior Living owns and operates the property, which was built in 2000 with renovations and additions from 2023 to 2025. Lument’s Chris Cain, managing director based in Dallas, led the transaction.

The loan has a fixed interest rate, 10-year term with seven years interest only, 30-year amortization, and allows for cash-out proceeds. It refinanced an existing agency loan.

The firm followed that with a $26.8 million HUD loan for a three-site, non-contiguous, 203-unit affordable senior apartment community in Brooklyn, New York. West End Gardens I and II are in the Borough Park neighborhood, while Webster Terrace is in Kensington. The loan features a competitive, fixed interest rate, and a fully amortizing 35-year term. Lument’s Paul Weissman, senior managing director and head of affordable housing production, and Andrew Nicoll, director of FHA production, led the transaction. The deal also saw the renewal of all three HAP (Housing Assistance Payments) contracts, with 200 of the 203 units remaining protected under subsidy.

CBRE National Senior Housing arranged a Fannie Mae loan assumption of a portfolio of seniors housing communities on behalf of an institutional client, taking out an original CBRE-originated loan in the process.

The portfolio features five assets that feature 435 independent living and assisted living units and are spread across Oregon and Washington. Through CBRE’s Fannie Mae DUS Lending Platform, Aron Will and Adam Mincberg facilitated the $64.6 million assumption of a loan that CBRE originated in 2017.

Tremper Capital Group closed an agency refinance for a 133-unit seniors housing community in the Pacific Northwest. Opened in 2022, the community features

VOLUME 37 | ISSUE 7

independent living, assisted living and memory care services and was a strong performer, with nearly 100% occupancy. The operator, Merrill Gardens, has clearly done a great job at the location.

The borrower wished to take out the original construction debt and had received quotes from life insurance companies and banks. But Freddie Mac offered the best combination of terms and provided a $42.9 million loan with a 10-year term and an impressive six years of interest only. The interest rate was also fixed at 5.93%.

CONVENTIONAL LOANS Locust Point Capital announced the final close of its third seniors housing credit fund, and it topped the firm’s predecessor vehicle by 56%. That performance reflected strong interest from the firm’s existing limited partners, as well as from a group of new institutional investors.

Locust Point Private Credit Fund III totaled $668 million in capital commitments, and with it, the credit investment

firm will target sub-$50 million transactions within its core strategy of providing structured credit solutions to experienced seniors housing owner/operators. Fund III also reflects Locust Point’s continued investment in its technology and operating infrastructure, enabling the firm to scale effectively while enhancing portfolio oversight.

Concurrently with the announcement, Locust Point revealed its promotion of Dan Contardi, Co-Founder and formerly Executive Managing Director, to President, formalizing his leadership across the firm’s investment, operational and strategic initiatives. Since its founding in 2015, Locust Point Capital has raised more than $1.6 billion in capital commitments across its investment vehicles.

KeyBank provided $750 million in financing for a portfolio of 11 Class-A seniors housing properties in Arizona, California, Oregon, and Georgia. The Senior Housing Realty Trust portfolio is owned by Senior Resource Group (SRG), Public Service Pension Investment Board

NIC

2025 FALL CONFERENCE

AUSTIN, TX | SEPTEMBER 8 - 10

The NIC Fall Conference is the Can’t-Miss Event of the Year!

With more than 3,000 owners and operators, capital providers, and partners in attendance, the opportunities to shape the future of senior living can’t be beat.

Join industry leaders to explore: Policy shifts and the impact of today’s healthcare landscape Market trends and what’s ahead in the next 12–24 months Investment strategies and insights in a changing capital landscape Evolving consumer preferences—from wellness to AgeTech Opportunities in the booming Active Adult and middle-market segments

Learn More and Register Today! fallconference.nic.org

SeniorCare_Inv

17

The SeniorCare Investor

(PSP), and Welltower. The proceeds were used for the refinancing of these stabilized properties, utilizing an interest-only, six-year term loan with a national life company. KeyBank closed the loan in less than 45 days after the term sheet was executed.

CBRE National Senior Housing arranged a refinance for the PinPoint Portfolio on behalf of senior care provider PinPoint Commercial. Aron Will and Michael Cregan arranged the $62.1 million, three-year, interest-only loan.

The loan was provided by funds managed by affiliates of Fortress Investment Group through its core real estate lending strategy.

The portfolio features five seniors housing communities that total 430 assisted living and memory care units. The properties were originally developed by PinPoint between 2015 and 2018, with four in Texas (El Paso, Richmond, Lubbock and Amarillo) and one in Sante Fe, New Mexico.

Overall occupancy was approaching 90% at the time of the refinance. Pegasus Senior Living has operated the portfolio since 2024 and will continue to manage the portfolio under a third-party management contract.

Diversified Healthcare Trust (NASDAQ: DHC) closed two fixed rate mortgage financings totaling $94.3 million, secured by six seniors housing communities managed by Five Star Senior Living, the operating division of AlerisLife Inc. The financings consist of a $64 million, five-year mortgage loan and a $30.3 million, ten-year Fannie Mae mortgage loan. Proceeds from these loans, together with cash on hand, were used to repay the remaining $100 million of DHC’s 9.75% senior notes due June 2025.

The $64 million loan bears a fixed interest rate of 6.75% and is secured by four communities totaling 1,079 units with an appraised value per unit of approximately $171,000. The Fannie Mae loan bears a fixed interest rate of 6.36%, is interest only for the first three years, and is secured by two communities comprising 464 units with an appraised value of approximately $142,000 per unit.

Based on the 2024 NOI of the six collateral communities, the appraised value reflects an implied cap rate of 5.8%, or approximately $162,000 per unit.

18

www.seniorcareinvestor.com

Since March 2025, DHC has closed on an aggregate of $343 million of mortgage financings secured by 27 SHOP communities. On a combined basis, these financings reflect an average per unit valuation of approximately $174,000 and a weighted average interest rate of 6.55%.

Now that the company has completed the financings to repay its 2025 notes with attractive valuations for the collateral assets, it is turning its attention to paying off the balance of its 2026 notes. DHC intends to address this maturity with proceeds from a combination of $330 million to $380 million of asset sales and new financings.

In another transaction involving Diversified and Five Star, Diversified closed a new $150 million secured revolving credit facility. The facility is secured by 14 seniors housing communities with 2,632 living units managed by Five Star. DHC has already paid its 2025 notes in full with refinancing and asset sale proceeds, so this revolving credit facility provides the company with enhanced liquidity and financial flexibility to support its general business needs.

The revolving credit facility has an initial term of four years, with two six-month extension options, subject to certain conditions, and bears interest at a rate equal to SOFR plus a spread of 250 to 300 basis points, depending on DHC’s net leverage ratio. In connection with the financing, the average per unit valuation of the communities was approximately $184,000.

Citibank, N.A. served as administrative agent, lead arranger and book running manager. Bank of America, N.A., Morgan Stanley Bank, N.A., PNC Bank, National Association and Royal Bank of Canada acted as codocumentation agents.

Cushman & Wakefield secured an all-cash, $40 million equity raise for the recapitalization of the Seascape at Naples, offering an attractive basis with strong upside potential. Built in 2018, this Class-A seniors housing community is in Naples, Florida, with 196 independent living, assisted living and memory care units.

John Alascio, Aaron Graves and Jason Blankfein of Cushman & Wakefield’s Equity, Debt & Structured

VOLUME 37 | ISSUE 7

Finance group advised the owner, Distinctive Healthcare, alongside seniors housing specialists Jason Skalko from Cushman’s Investment Sales team and David Young of Greystone.

Within the first month of taking over operations, Distinctive accelerated leasing for the asset, putting it on a path to stabilization much sooner than originally projected. The operator is looking to continue expanding its footprint in this market.

The Newmark Seniors Housing Team announced the closing of the refinance of two newer-vintage seniors housing communities in Virginia. Both communities saw strong leasing activity during the marketing process, and Newmark closed with a regional bank that provided nonrecourse financing at competitive terms. The loan totaled around $88 million.

Built in 2021, The Providence Fairfax is a seven-story seniors housing community with 124 assisted living and 30 memory care units. Built in 2022, The Landing

Alexandria is a nine-story seniors housing community in Alexandria with 40 independent living units, 89 assisted living units and 42 memory care units.

Bloom Senior Living and Kandu Capital recently refinanced an Indianapolis, Indiana, property that it acquired in October 2023, and already added value to it. Formerly owned and operated by Enlivant, Bloom at Kessler was in a distressed state when Bloom took over operations, with occupancy at 39% and an annual loss of around $1 million. It was purchased for $2.135 million, or just $35,000 per unit.

Since the purchase, Kandu and Bloom have spent just over $200,000 in capex and $600,000 in working capital, bringing occupancy to 84% and raising rates to $5,100 per unit. Revenues and EBITDA keep improving, as well, with stabilized EBITDA estimated between $1.0 million and $1.2 million. Using a cap rate of 8.0%, that would put the value between $12.5 million and $15 million.

Bloom/Kandu has now refinanced the property with $2.5

30th Edition | 2025

Order Today!

The 2025 Senior Care Acquisition Report

The 2025 Senior Care Acquisition Report is included with the SeniorCare Investor as part of an LevinPro LTC News subscription.

SeniorCare_Inv

19

The SeniorCare Investor

the low-200s.

million of non-recourse debt from its regional lending partner, Commerce One. The plan is to take the loan out with agency debt, after additional stabilization. Part of that turnaround includes a rebrand, a new management team and adding the Medicaid Waiver program.

It was an active month for Tremper Capital Group, which also closed a $34.15 million refinance for StoryPoint Troy, a seniors housing community in Troy, Ohio. StoryPoint Senior Living originally developed the property in 2016, and this refinance takes out the original construction bonds. Occupancy was also healthy at this property, in the mid-90s for the last several years, and it operated at a strong margin.

BMO’s Healthcare Real Estate Finance group acted as sole lender on a real estate term loan refinancing for La Posada, a Class-A, 333-unit CCRC in Palm Beach Gardens, Florida, owned by Kisco Senior Living. Originally opened in 2004 and with a major renovation and addition completed in 2018, the campus offers independent living (245 units), assisted living (30 units), memory care (18 units) and skilled nursing (40 beds) on an irreplaceable site in Palm Beach Gardens. Occupancy was strong at 93%, and the community operated at a healthy margin.

The campus was also looking to add more rental contracts for its units, which should help improve its profitability.

KeyBank provided a three-year loan with a floating rate spread in the low- to mid-200s. The deal marks a new lending relationship between CommonSail Investment Group (StoryPoint’s parent company) and KeyBank. Cary Tremper and Matt Miller worked on both transactions.

Tremper additionally refinanced construction debt on a seniors housing property in central Florida that opened in 2021. The 250-unit community saw delays in opening and needed more time to continue executing the business stabilization plan.

Cary Tremper and Matt Mill of Tremper Capital Group arranged a $45 million loan from BMO to refinance the property, growing the relationship between Kisco and the national bank. The loan featured a five-year term, three years of interest only and a floating rate spread in

The borrower had extended its construction loan, but

REITs Company

Ticker

Current Price 6/30/25

CareTrust REIT

CTRE

30.60

Current Yield

Stock Market Cap (In Millions)

2025 % Change

52-Week Range High Low

$ 5,843

15.4%

$33.15

$ 24.79

6.8

5,728

30.8

36.85

14.79

17.51

7.0

12,516

-12.4

23.26

16.64

34.61

6.6

1,603

0.5

39.89

31.70

American Healthcare REIT, Inc.

AHR

36.74

Healthpeak Properties, Inc.

DOC

LTC Properties

LTC

4.4%

National Health Investors

NHI

70.12

5.1

3,277

3.1

86.13

65.13

Omega Healthcare Investors

OHI

36.65

7.3

10,977

-2.3

44.42

33.43

Sabra Health Care REIT

SBRA

18.44

6.5

4,358

8.2

20.03

15.11

Diversified Healthcare Trust

DHC

3.58

1.1

883

59.8

4.24

2.00

Ventas

VTR

63.15

3.0

28,301

8.8

71.36

50.88

Welltower

WELL

153.73

1.7

98,276

23.1

158.55

102.92

20

www.seniorcareinvestor.com

VOLUME 37 | ISSUE 7

the time had come to refinance. Banks are usually not interested in financing such non-stabilized assets, so a few alternatives were presented to the borrower before a REIT emerged as the ultimate lender. The REIT provided a $42.3 million loan with a five-year term, full term of interest only, a competitive fixed rate and no recourse.

Operations are on the upswing, so hopefully the lender made the right decision.

The closings from Tremper kept on coming, with a couple more refinances of construction loans on seniors housing properties. The first was closed for a 124-unit assisted living/memory care community in the Florida panhandle.

Built in 2021, the community experienced a strong leaseup, with occupancy exceeding 90%. This community is part of an ongoing, programmatic development joint venture between the regional owner/operator, a prominent private equity firm and several high-net-worth individuals.

Their eventual goal is to sell the panhandle property, but they needed more time for operations to fully stabilize.

So, the JV took out the previous bank construction loan with a $28 million loan from a regional bank. The loan featured a three-year term and two years of interest only, with a floating rate.

Finally, Tremper also arranged a construction loan take-out for a Class-A, 87-unit assisted living/memory care community in San Clemente, California. Opened in September 2024, the community leased up very quickly, reaching 60% by March 2025. The borrower wished to monetize some of that performance by taking out some equity and recapitalizing the construction lender. They received a new loan from Live Oak Bank and C-PACE financing from Nuveen, totaling $55 million.

Canyon Partners Real Estate provided a $47 million senior loan to refinance American House Oak Park, a 174unit seniors housing community in Chicago. Affiliates of AEW Capital Management and REDICO were the joint venture borrowers. Newmark arranged the financing.

Located in the Oak Park neighborhood, the property

SeniorCare_Inv

21

The SeniorCare Investor

comprises 74 independent living, 65 assisted living and 35 memory care units.

AEW additionally financed two seniors housing properties in The Villages, Florida, with those loans being closed by Matt Huber and Ryan Zyskowski of Flagstar Bank. AEW purchased the communities in the fourth quarter of 2024 for an undisclosed cash amount. The deal included Spanish Springs and Buena Vista. Built in 2016, Spanish Springs features 86 units of assisted living and memory care, while Buena Vista (built in 2018) has 224 units of independent living, assisted living and memory care. They were well occupied and stabilized, with Watercrest Senior Living as the operator.

Greystone provided a $51.5 million bridge loan to refinance a portfolio of senior care facilities in Oklahoma.

The financing was originated by Fred Levine. The portfolio comprises 633 skilled nursing beds and 71 assisted living beds across six facilities. The bridge loan carries a two-year term with an extension option, and the borrower intends to pursue permanent financing from HUD. Procida Funding & Advisors secured a $140 million loan for The Plaza Grande, an active adult development in Cherry Hill, New Jersey, with 507 units. Madison Realty Capital and Pearlmark provided the financing. Madison Realty previously provided a construction loan for the project in 2021. Additionally, Procida Funding has worked with Madison Realty on several construction loans.

The flexible, customized financing supports the completion and leasing of The Plaza, which has been 20 years in the making. Development began in 2004 under Turnberry Homes as part of a plan to repurpose the former Garden State Park racetrack. But development was halted with around 250 units unfinished, until Procida Funding came in and resumed construction. The building is already significantly leased.

Lastly, MonticelloAM, along with a firm affiliate, closed $28 million in bridge financing for two seniors housing properties in Wisconsin. Karina Davydov originated the transaction through the firm’s bridge lending platform.

The floating-rate senior bridge loan has a 24-month initial term with two extension options. The sponsor 22

www.seniorcareinvestor.com

is an experienced Midwest operator and repeat client of MonticelloAM that plans to use the loan proceeds to refinance the existing debt on two assisted living communities near Madison and Milwaukee, comprising 170 beds.

ACQUISITION LOANS Jeremy Warren of Montgomery Intermediary Group had to utilize some creativity to close an acquisition loan for a skilled nursing facility in southern Illinois. Owned by a highly motivated seller, the 50+ year old facility features 112 beds. That seller was unable to provide official financial statements for the facility, making finding a lender and closing the financing a more difficult prospect.

But Warren found a regional bank based near the facility that was willing to get involved because of the experience and regional presence of the buyer, an Illinois-based operator with a significant portfolio in the state. There was a large disparity between the appraised loan-tovalue and the eventual loan-to-cost, helping to facilitate the 80% LTC. The purchase price was not disclosed. The bank presented its term sheet quickly and closed the transaction just 40 days afterwards.

Separately, CIBC Bank USA provided a $3.4 million loan for the acquisition and capital improvements of an assisted living community in Illinois, along with a $1 million working capital revolving line of credit. The seller is exiting the industry, and the borrower, a regional operator, sees significant room for improvement upon completion of renovations and adjustments to the resident mix, which will help grow occupancy and operating margins.

Occupancy is in the mid-70% range.

CIBC also closed a new $13 million commercial mortgage term loan for a 120+ bed skilled nursing facility near Boston, Massachusetts. The facility is owned and operated by a high-quality, national skilled nursing operator. With an effective age of 20 years, the skilled nursing facility currently posts strong operating results with occupancy averaging 89% and EBITDAR margins of 20%. The financing was handled by Matthew Tyler and Neal Netzel.

VOLUME 37 | ISSUE 7

PANELISTS:

2nd Quarter Investor Call

Ben Swett, Managing Editor, The SeniorCare Investor (moderator)

July 17, 2025 at 1 pm Eastern Sponsored by

Daniel Revie, Managing Director & Practice Head, Ziegler

About the Webinar The SeniorCare Investor is convening a panel to discuss the latest seniors housing and care M&A data, relevant case studies on recent transactions and answer all audience questions. It’s an industry event that you don’t want to miss.

Scott Hougham, Head of Strategic Partnerships, Sage

Michael Feinstein, Managing Director, Focus Healthcare Partners

Register Today

www.levinassociates.com/2507webinar

Powered by LevinPro LTC

SeniorCare_Inv

23

The SeniorCare Investor

In another transaction, Greystone provided a $26 million bridge loan for the acquisition of a skilled nursing facility in California. The loan includes a 15-month term with a 12-month extension option at a floating rate and is fullterm interest-only. Greystone intends to lead the borrower through a permanent financing solution with a HUDinsured loan. The financing was originated by Christopher Clare and Ben Rubin.

MonticelloAM announced the financing of a $33.6 million senior bridge loan for the acquisition of a skilled nursing facility in New Jersey. The floating-rate loan has a 30-month initial term for the borrower group, a longstanding client of MonticelloAM, that will use the financing towards the purchase of a northeastern New Jersey facility totaling 180 beds.

Lastly, KeyBank Community Development Lending and Investment provided $43.6 million in construction loans and arranged $7.6 million in permanent loans for the acquisition and rehabilitation of Lee Plaza in Detroit, Michigan. The 15-story, Art Deco historical landmark will be converted to affordable senior apartments. The building will include a total of 182 units, with 117 units restricted to individuals 55 years or older and 65 units available to families. All tenants are required to earn at or below 50% and 60% of area median income.

Q2:25 M&A Activity...cont. from page 1 year’s record M&A levels, if Q3 and Q4 are as busy as dealmakers are telling us they will be. But it was always going to be a difficult prospect to beat 2024’s M&A activity, especially if more assets are sold in portfolios rather than in single-asset transactions. Remember, in 2024, many portfolios were broken up because financing was much easier for small acquisitions. Only U.S. transaction data is considered in the remaining analysis, with foreign transactions being excluded.

On the bright side of things, this time last year, there had been no interest rate cuts by the Fed yet, CMS was still moving forward with its staffing mandate, and the operating environment was improving but arguably not at the pace it is today. The pace of deal making was simply remarkable given the headwinds and still mostly consisted of distressed or value-add properties.

Many assets sold as their owners believed that the environment would not improve substantially anytime soon. Motivation to divest varied from holding periods coming to an end, to lenders losing patience, to mom & pop retirement plans that had already been delayed by COVID.

The project, which was acquired by the city and subdivided into three separate condo units, will be completed in three phases. KeyBank financed the first two phases, Lee Plaza I, floors 2-5 and Lee Plaza II, floors 6-10. The third phase Skyview, floors 11-15, has not closed. Kory Clark and Kyle Kolesar of KeyBank CDLI structured the financing.

Much of this uncertainty has eased, with there being higher levels of confidence throughout the operating environment and the capital markets, which was one of the main themes of our June 26th webinar called The Lenders Roundtable: A Capital Markets Update (see other lead story on page 1).

The project received additional funding through Historic Tax Credit equity totaling $46.7 million, as well as lowincome housing tax credit equity from other banks. The City of Detroit provided $27.7 million in soft financing and Invest Detroit and the Michigan State Housing and Development Agency (MSHDA) also contributed to the project. The sponsor and developers, Ethos Development and The Roxbury Group, are Detroit-based real estate development firms that helped redevelop the city’s downtown and nearby districts.

Of course, there is still some level of uncertainty, particularly surrounding the current political landscape (potential of Medicaid cuts, immigration policies, and the impact of tariffs, to name a few), but so far, we have not seen a substantial impact on deal making as a result.

24

www.seniorcareinvestor.com

The decrease in uncertainty and the increase in confidence has resulted in a more aggressive buyer environment. Dollar volume is ticking back up through both price increases and frequency and size of portfolio

VOLUME 37 | ISSUE 7

deals. Dan Geraghty of Senior Living Investment Brokage said, “There is attractive and larger transaction pricing than we have seen in past quarters.”

LevinPro LTC’s database supports this, with publicly disclosed dollar volume rising to $2.1 billion in Q2:25, up from $552.6 million in Q2:24, when valuations for seniors housing assets remained persistently low and portfolio deals were exceedingly rare.

Showcasing the increase in dollar volume, in the second quarter Newmark announced that it facilitated the sale of a large portfolio comprising 900 independent living, assisted living and memory care units, selling for $418 million, or $464,400 per unit. This is one of the highest per-unit prices that we have seen so far this year. We also saw Welltower (NYSE: WELL) spend $991 million on 48 skilled nursing facilities (announced in April) and CareTrust REIT’s (NYSE: CTRE) purchase of 10 skilled nursing facilities for $146 million.

The increase in dollar volume reflects a combination

of a shift in investor behavior and inventory. In 2024, most transactions only witnessed a handful of bids.

Comparatively, in 2025, the bidding environment has been much more active, with participants ranging from REITs, to private equity, to regional and local operators. In regard to REIT buyers specifically, Geraghty has noticed that there’s been, “aggressive pricing and demand for performing assets.”

In 2024, most of the assets that sold were distressed or value-add, however, Nick Glaisner of Ziegler said, “We’re seeing a steady uptick in M&A across all asset classes, and not all of it is distressed.” According to Geraghty, more assets are beginning to stabilize due to the lack of new development, and there has been strong demand for these in-place, stabilized operations, especially those with a full continuum.

For these types of assets, pricing is starting to get more and more aggressive. Dillon Rudy of Blueprint agrees, adding that, “For value-add assets there’s not a crazy amount of aggressive pricing, but there’s

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: • Print/Publication Ads • Digital Banner Ad Campaigns • Thought-Leadership Sponsorships • Lead Generation Options Download our Media Kit - Book Your Campaign Today! www.levinassociates.com P.O. Box 1117, New Canaan, CT 06840 advertising@levinassociates.com (203) 846-6800

Download Our Media Kit

SeniorCare_Inv

25

The SeniorCare Investor

aggressive interest which can lead to pricing that exceeds expectations.”

anticipating the third quarter to have more closings than the first half of 2025.”

With the current investor environment, now may be a good time for sellers to divest. Robin Gestal of Haven Senior Investments notes that, “for owner/operators considering a potential sale, now may be the most favorable market environment we’ve seen in recent years. With heightened buyer demand and constrained supply, current conditions offer a compelling opportunity to maximize value.”

Additionally, Rudy said that there are a lot of Q3 and Q4 closings slated firm-wide at Blueprint, with there being “a lot on the market, and it will be interesting to see what percentage of it trades, but I’d expect to see continued aggressive acquisition activity from a solid sector of the market.”

Amid favorable selling conditions, portfolio activity remains an area to watch. Q2:25 saw 18 publicly announced portfolio transactions (deals with three or more assets) that included the real estate and operations of assets. Eight of those 18 transactions included six or more assets, with the biggest portfolio transaction comprising 48. Comparatively, Q2:24 saw 28 publicly announced portfolio transactions, with 12 including six or more assets, and the biggest portfolio transaction featuring 15.

While Q2:24 saw a higher level of portfolio transactions with six or more assets, 2024 as a whole tended to have small portfolio transactions. One reason for this was that transactions that would have comprised larger portfolios were broken up and/or could not be financed, with distressed assets being sold separately in order to not bring down the value of the others.

For some time now there has been chatter about an increase in large portfolio deals with stabilized assets in 2025. We can’t definitively say that these types of transactions are back, as many of the larger portfolios are on the market and need time to trade, but there have been signs that they are (see Newmark’s portfolio deal on page 8).

As we move into the third quarter of this year, the outlook points to continued positive momentum with increased activity and a greater presence of stabilized assets, plus some (but relatively fewer than 2024) distressed ones. Bob Richards of Senior Care Realty noted that the firm “has several deals under contract, and we are

26

www.seniorcareinvestor.com

In terms of what will trade, there is no singular asset class.

Geraghty noted that we will begin to see more stabilized assets, and Glaisner stated that “While the number of COVID-induced distressed assets in the market is shrinking, expect plenty of distress to work through the market the remainder of this year and into next.”

There may also be a new cohort of buyers entering the market. Richards noted that the firm “continues to see strong demand from buyers who are looking to expand their footprint in the seniors housing space as well as those looking to make their first acquisition.” Gestal says there is a “growing pool of new entrants in the sector, further intensifying demand for a limited number of quality properties,” noting that Haven is seeing a lot of doctors and doctor groups as new buyers.

The potential entrance of new buyers signals the growing confidence in the sectors’ long-term fundamentals, which can help drive M&A activity, and pricing. And higher prices could encourage more sellers off the M&A sidelines, snowballing into higher deal volume and higher prices.

PEOPLE ON THE MOVE Macquarie Asset Management, which has over 35 years of experience in the real estate sector and a current network of 15 specialist operator investments globally, announced the launch of Health Wave Partners, a seniors housing platform aimed at targeting investments in modern seniors housing assets alongside established operators. The platform will focus on investing in what it views to be compelling, high-quality properties and will partner with experienced operators in regions with strong demographic and economic fundamentals.

VOLUME 37 | ISSUE 7

Health Wave Partners will aim to capitalize on the strength of Macquarie’s extensive experience and demonstrated track record of growing and institutionalizing specialist operators by partnering with global institutions to deliver attractive risk-adjusted returns. Macquarie’s real estate team believes the seniors housing sector is poised for growth given a shift in demographics driving demand and a current undersupply.

Health Wave Partners will be led by a management team that comprises John Cobb (CEO), Philip Kayden (CIO), Elliot Pessis (COO), Sean O’Malley (Managing Director, Finance) and Holden Torrens (Director of Investments).

The team collectively brings more than 75 years of experience in the seniors housing sector and has collectively been involved in over $50 billion worth of healthcare real estate transactions.

Kiser Group, a leading multifamily brokerage firm, has announced the launch of its new Seniors Housing Division with the addition of industry veteran Mark Myers as Partner. This strategic expansion reflects the firm’s commitment to meeting the evolving needs of investors and operators in the growing senior living sector.

With more than 30 years of experience and a national reputation for excellence, Mark brings unparalleled expertise to Kiser Group. Since 1995, he has closed more than 800 seniors housing transactions across 44 states, totaling over $12 billion in volume. More recently, Myers worked at SVN Senior Living Advisors, and before that he worked at Walker & Dunlop and Marcus & Millichap for many years.

Forbright Bank announced that Jonathan Grenier has been promoted to President of Healthcare Lending.

Grenier previously served as a Managing Director of Forbright’s Healthcare Lending division, where he has worked since 2016.

In that role, he co-led Forbright’s healthcare originations and underwriting, providing hundreds of skilled nursing and post-acute facilities, seniors housing and behavioral health providers with access to capital. Prior to joining Forbright, Grenier held various roles at EY and M&T Bank.

As President of the Healthcare Lending group, Grenier will lead a team of experienced professionals. Jared Richards will lead healthcare originations and underwriting in his role as Managing Director. Brent Hodges will lead portfolio management in his position as Director of Healthcare Lending and Jon Camps will continue to lead all HUD lending in his role as Managing Director. Jim Pieczynski will continue to serve as a Senior Advisor with the Healthcare Lending team.

Grenier’s promotion comes after a strong start to the year for Forbright Bank’s Healthcare Lending division.

The team is on track to close more than $500 million in the first half of 2025 across loans for acquisition, recapitalization, working capital and HUD financing for nationwide healthcare providers.

Willow Valley Communities appointed Lisa Hawthorne (formerly known professionally as Lisa Legeer) as its new President and Chief Executive Officer. Following a comprehensive national search, Hawthorne was selected for her leadership, industry experience, and vision for the future of senior living.

Hawthorne brings more than 28 years of expertise in senior living and health care, spanning development, operations, marketing and finance. She played a pivotal role in more than 100 senior living community developments nationwide, including startups, expansions, repositioning projects, and related financing transactions.

Most recently, Hawthorne served as Chief Strategy and Integration Officer at LifeSpire of Virginia, a not-forprofit senior living organization comprising five life plan communities and a continuing care at home program.

Finally, Laura Fischer has assumed the role of President of Integral Senior Living (ISL), effective June 30, 2025 following the retirement of Collette Gray. Laura joined Discovery Senior Living in May 2024 as Chief Operating Officer at ISL, a Discovery Senior Living management company, bringing more than 23 years of operational and leadership experience in the senior housing industry.

Laura has also served as a Director on the Board for the California Assisted Living Association since 2021.

SeniorCare_Inv

27

The SeniorCare Investor

Need help valuing a senior care deal?

LTC Deal Valuation Tool: Advanced Pricing Intelligence for Senior Care Properties Get an estimated value of any type of seniors housing or skilled nursing property using LevinPro LTC’s newly launched property valuation tool. This tool is for anyone assessing an acquisition, advising on a sale or wanting to know where property valuations are today. An essential part of your workflow, the LTC Deal Valuation Tool adds another datapoint to your decision-making.

28

www.seniorcareinvestor.com