Walker & Dunlop Inks $1.3B in Deals; CareTrust Completes $52M, 7-Property Sale

Walker & Dunlop closed $1.3 billion in long-term care and seniors housing deals during the first half of this year, the company announced this week.

The sales mark a “milestone” for the Walker & Dunlop team, marking the highest recorded sales for a comparable timeframe, and signifies the momentum in the market nationwide, according to the company.

Seniors Housing Managing Director Mark Myers said in a statement that the current environment is one Walker & Dunlop “thrives in” given its multi-tiered sales and debt platform and the team’s overall experience.

“The recent changes in market pricing, resulting in many transactions experiencing a 10%–12% reduction in pricing prior to the fed rate increases, make working with a multi-faceted team like Walker & Dunlop critical, in terms of holding on price and procuring debt,” Myers said.

CareTrust Sells 7-Property SNF Portfolio for $52M

CareTrust REIT (NYSE: CTRE) has completed the sale of a 7-property portfolio for a purchase price of $52 million, the company announced Friday.

The facilities are located in Ohio and encompass about 600 skilled nursing beds and about 100 senior living beds/units. CareTrust terminated its lease with affiliates of Trio Healthcare in conjunction with the deal closing.

The disposition is part of CareTrust’s strategy, first announced in Feb. 2022, to sell or re-tenant 32 facilities in an effort to de-risk the portfolio.

“The remaining properties are moving forward towards resolution in the coming months,” CareTrust CEO David Sedgwick said in a press release. “We continue to see a path to completing this work by year-end for the majority of the assets.”

Trio is exiting Ohio and will focus on Virginia, where the company has nine assets, according to a note from Stifel analysts.

Blueprint Facilitates Not-For-Profit’s Sale of Michigan Facility

Blueprint facilitated United Church Homes’s exit from the state of Michigan with the sale of an assisted living, skilled nursing facility.

United Church Homes first acquired Pilgrim Manor in 2016 from another not-for-profit owner, which consists of 55 licensed skilled nursing and long-term care beds and 59 assisted living and memory care units.

Once the facility was taken over there were capital improvements, interior renovations and a building expansion, according to Blueprint.

The not-for-profit ultimately decided to end operations in Michigan, with the sale of this facility, due to persistent performance challenges throughout the pandemic. This came even though the facility had several church affiliations in the local community and was a preferred provider of Spectrum Health System, the largest health system in the state.

Blueprint secured five competitive offers from both for-profit and not-for-profit acquirers, and the buyer was selected because of its “compelling proposal and reputable operating platform throughout the state.”

Cambridge Provides $22M HUD Loan to Refinance Iowa Facility

Cambridge Realty Capital Companies announced it provided a $22,267,500 HUD Lean loan to refinance The Views at Marion.

The Iowa continuum of care facility has 40 skilled care beds, 38 assisted living beds and 34 memory care beds. The Views at Marion offers skilled nursing and rehabilitation services and memory care in a specially designed memory care village setting, according to Cambridge.

The fully amortized, 40-year loan was provided using a HUD Section 232 pursuant to the Section 223(a)(7) funding program.

Ziegler Closes $30M in Financing For Florida CCRC

Specialty investment bank Ziegler closed $30,000,000 in Series 2022 Bonds for a Florida continuing care retirement community.

Vicar’s Landing, located in Ponte Vedra Beach approximately 20 miles outside of Jacksonville, includes 60 skilled nursing beds, 227 independent living units and 38 assisted living apartments.

The proceeds of the bonds will be used, along with other funds, to finance a portion of the cost of the second phase of its expansion project, fund a debt service reserve fund, fund capitalized interest and pay the cost of issuance of the Series 2022 Bonds, according to Ziegler.

The Series 2022 Bonds, issued through the St. John’s County Industrial Development Authority, are draw down bonds directly placed to Hancock Whitney Bank.

Vicar’s Landing is undergoing a multi-phased expansion less than one mile from the current campus, known as Vicar’s Landing at Oak Bridge.

“We are pleased to assist Vicar’s Landing in continuing the development of its new campus, Vicar’s Landing at Oak Bridge. The banking environment is always changing, and we are proud to help secure this financing with a new banking partner,” Ziegler Senior Living Finance Director Rob Gall said in a statement.