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AcquisitionsCompany NewsNewsSkilled Nursing

Welltower Moves 124 Skilled Nursing Facilities from ProMedica to Integra Joint Venture

by Jeff Shaw

TOLEDO, Ohio — Welltower (NYSE: WELL), the largest owner of seniors housing in the United States, has announced plans to transition 147 skilled nursing facilities from its joint venture with ProMedica Senior Care to a new partnership with Integra Health. In addition to transferring the operations, ProMedica will surrender its 15 percent interest in the assets and Integra will acquire that same stake. The financial terms of the move were not disclosed. ProMedica will also “provide significant working capital support for the new operators to ensure a smooth transition of …

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FinanceNews

Berkadia Arranges $177M in Seniors Housing Finance Transactions

by Jeff Shaw

NEW YORK CITY — Berkadia Seniors Housing & Healthcare, a New York-based financial services firm, has arranged $177 million in financing across seven deals completed from July 15 through the end of October. Bianca Andujo, Ed Williams, Jay Healy, Rafael Nobo and Chris Cain of Berkadia Seniors Housing & Healthcare completed the financings. In mid-July, Williams arranged a $13.7 million loan for a 100-unit assisted living and memory care property in Arizona through HUD’s 232/223(f) refinance program. The HUD loan was limited to 70 percent of value to qualify for …

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AcquisitionsAssisted LivingNewsWisconsin

SLIB Negotiates Sale of Wickshire Madison in Wisconsin

by Jeff Shaw

MADISON, Wis. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Wickshire Madison, an assisted living community in Madison. The property was built in 1992 on a 2.5-acre plot. A Northeast-based private REIT sold the property to a private regional company looking to expand in the Midwest. The price was not disclosed. Daniel Geraghty and Ryan Saul of SLIB handled the transaction. “The asset is a well-run community, being 100 percent occupied, which will make for an excellent addition to the buyer’s growing Wisconsin portfolio,” says Geraghty.

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AcquisitionsArizonaNewsOperations

12 Oaks Senior Living Acquires Operations of Copper Canyon in Tucson, Arizona

by Jeff Shaw

TUCSON, Ariz. — 12 Oaks Senior Living has acquired the operations of Copper Canyon Memory Care & Transitional Assisted Living in Tucson. 12 Oaks Senior Living intends to expand and enhance the service offerings at this community while restoring stability and planning for long-term growth. Copper Canyon augments four other senior living properties that 12 Oaks currently manages for the same ownership group. The previous operator was not disclosed.

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FeaturesFinanceInvestmentNews

InterFace Panelists: Debt Markets Tightening as Transactions Slow

by Jeff Shaw

Macroeconomic conditions are slowing the pace of seniors housing transactions and squeezing the availability of capital. Inflation and rising interest rates are making deals more expensive to finance. Debt providers are tightening their underwriting terms, while equity investors sit on the sidelines worried about shrinking margins. Overall, the outlook for the upcoming year looks choppy, according to investors and lenders speaking at France Media’s sixth annual Interface Seniors Housing Midwest conference. But they’re still bullish on the long-term prospects of the seniors housing market, with demand set to pick up …

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DevelopmentNewsTexas

MedCore Partners, ACRON USA Start Phase II of Spring Cypress Senior Living in Cypress, Texas

by Jeff Shaw

CYPRESS, Texas — MedCore Partners and ACRON USA have started the second phase of construction at Spring Cypress Senior Living in Cypress, a northwest suburb of Houston. Phase I, co-developed with Houston-based The National Realty Group, opened in 2018 and offers 80 units of assisted living and memory care. Phase II represents the addition of 138 active adult and independent living residences to include apartments, cottages, and townhomes, plus a memory care expansion of 12 units. At completion, the community will contain 230 units of luxury senior living on the …

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AcquisitionsCompany NewsMinnesotaNews

Lifespark to Acquire Home Care Company Livio Health, Receives Investment Stake from Blue Cross and Blue Shield of Minnesota

by Jeff Shaw

ST. LOUIS PARK and EAGAN, Minn. ­— Lifespark, a senior health company based in St. Louis Park, has agreed to acquire Eagan-based Livio Health, a wholly owned subsidiary of Blue Cross and Blue Shield of Minnesota that provides in-home health services to people with chronic and complex illness. The purchase agreement will integrate all operational components of Livio Health, as well Livio Health employees, into the current systems and capabilities of Lifespark throughout the state. Concurrent with the announcement, Blue Cross has secured a minority owner stake in Lifespark through …

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AcquisitionsArizonaAssisted LivingNews

Blueprint Brokers $45M Sale of Assisted Living Community in Arizona

by Jeff Shaw

ARIZONA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 150-unit “behavioral assisted living” community in Arizona. A regional developer, owner and operator sold the asset to a private equity firm for $45 million, or $271,000 per unit. The property was 70 percent occupied, approximately 90 percent of which was Medicaid resident census. The property was originally built in 1987 as a hotel, though was converted to an assisted living community in 2016 after undergoing a nearly $10 million renovation. The operator had established a unique relationship …

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ArizonaCCRCDevelopmentFinanceNews

Ziegler Arranges Bond Financing for La Posada CCRC Owner Near Tucson

by Jeff Shaw

ORO VALLEY, Ariz. — Ziegler has arranged bond financing for La Posada, a continuing care retirement community (CCRC) owner in metro Tucson. La Posada was incorporated in 1996 to acquire the CCRC known as La Posada at Park Centre in Green Valley, approximately 30 miles south of Tucson. Originally constructed in 1987, Park Centre has grown to include 490 independent living apartments, 34 freestanding Park Centre homes, 17 freestanding Pavilion homes and 135 assisted living apartments. La Posada at Pusch Ridge will be the second location for this emerging system …

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AcquisitionsNewsSkilled NursingSouth Carolina

Ensign Group Acquires 120-Bed Lila Doyle Post Acute in Seneca, South Carolina

by Jeff Shaw

SENECA, S.C. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of Lila Doyle Post Acute, a 120-bed skilled nursing facility located in Seneca, approximately midway between Atlanta and Charlotte. The real estate at Lila Doyle Post Acute is located on the campus of Prisma Health Oconee Memorial Hospital and was acquired by a subsidiary of Standard Bearer Healthcare REIT Inc., Ensign’s captive real estate company, pursuant to a 30-year ground lease with extension options. “This acquisition created a perfect opportunity for our continued growth in South Carolina,” …

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