Tampa, Fla.-based CLW Senior Housing recently represented a court-appointed receiver in the $23 million sale of an Ohio continuing care retirement community. Concordia of Ohio, a subsidiary of Concordia Lutheran Ministries, acquired Sumner on Ridgewood, a ‘Type C’ CCRC built in 2003, from Jeffrey T. Heintz of Brouse McDowell. The 64-acre property’s overall occupancy was at […]
Category: Acquisitions
McMinnville, Ore.-based senior living operator The Springs Living recently acquired a four-property portfolio in the Portland area from Grayco LLC for $65 million. The Springs Living partnered with Harrison Street Real Estate Capital LLC, a Chicago-based private equity firm, to purchase the properties and used $56 million in financing arranged by Holliday Fenoglio Fowler LP, also […]
Some senior housing holdings may go the way of the Star Wars franchise and get sold off prior to January 2013’s expected hike on the tax rate for capital gains. With President Barack Obama’s re-election and the surety of continued implementation of the Obama administration’s tax policy, the senior housing and care industry may see […]
Mergers and acquisitions is the way to go for growth in 2013, according to a GE Capital Healthcare Financial Services survey of senior housing and care industry executives. Two-thirds (66%) named mergers and acquisitions as their primary growth strategy in 2013, while 27% plan to grow organically by upgrading and repositioning existing properties. “Despite lingering […]
Chicago-based Aviv REIT recently acquired a post-acute and long-term care skilled nursing facility in Wisconsin for $7.6 million even as the company’s CEO is being sued by the family of the man who founded the nursing home investment trust. The newly-acquired property will be operated by NuCare Services Corporation under a triple-net lease with a […]
Net income for Health Care REIT, Inc. (NYSE:HCN) rose 1.8% in the third quarter ended Sept. 30, 2012 to $37.3 million following the company’s $845 million acquisition of Sunrise Senior Living (NYSE:SRZ) announced in August. However, net income applicable to shareholders fell to $0.16, down 24% compared to last year’s $0.21. HCN’s revenues jumped to […]
CNL Healthcare Trust, based in Orlando, Fla., has agreed to acquire five assisted living communities from affiliates of Capital Health Group, LLC, a senior housing developer and operator based in Media, Pa., according to a recent 8-K filing. Three of the communities are located in Maryland: The 69-unit Symphony Manor in Baltimore, the 74-unit Fredericktowne […]
A Hollywood, Calif.-based affiliate of GRE Properties recently acquired a Florida senior living facility in a $17.15 million transaction, reports the South Florida Business Journal. Lenox on the Lake is a 139-unit assisted living community in Lauderhill, Fla. that was sold by a company operating as FTMI Real Estate. Florida Southern Bankruptcy Court records show that […]
Last week, Emeritus Corporation (NYSE:ESC) agreed to purchase Nurse on Call, Inc., the largest Medicare-licensed home healthcare provider in Florida. Emeritus, the nation’s largest assisted living and memory care provider, will pay $102 million in cash for 91% of Nurse on Call’s parent company. The remaining equity will be owned by certain members of Nurse […]
The senior living industry will exhibit accelerated growth in the coming years, stimulated by an aging population and need for memory care services, says industry and market researcher IBISWorld, but most of the acquisition activity will revolve around turnaround opportunities. In the next five years, an improving economic environment combined with an aging population, healthcare […]
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