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The Year’s Biggest MOB Deal Could Be A Foreclosure

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Although Ventas did not delineate the MOBs that are included, a search of the RevistaMed database found that Santerre is listed as the owner of about 100 properties. The largest is the 169,000 square foot Elm Plaza at 908 N. Elm St. in Hinsdale, Ill. (PHOTO CREDIT: OfficeSpace.com.)

Most healthcare real estate (HRE) professionals seem to agree that, primarily due to higher interest rates, 2023 medical office building (MOB) sales volume will pale in comparison to recent years.

So the recent announcement that an 88-asset MOB portfolio is about to change hands is big news – and could very well end up being the year’s largest transaction. But, ironically, higher interest rates are exactly what are driving the deal.

Chicago-based Ventas Inc., the nation’s second largest healthcare real estate investment trust, announced on March 31st that it intends to foreclose on a large HRE portfolio that was put up as collateral for a 2019 loan.

 

Source: HREI

Ventas Acquires $58 Million Behavioral Healthcare Facility Near Dallas

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Ventas has purchased a 101,608-square-foot healthcare facility in Plano, TX for $58 million from Cawley Partners.

The three-story property, located at 5120 Legacy Dr., is fully-leased to Denver-based, Eating Recovery Center. The tenant utilizes the facility for both inpatient and outpatient eating disorder treatment.

The acquisition represents Ventas’ first investment in an inpatient behavioral health facility.

The acquired property was originally built in 2016 by VanTrust Real Estate as a speculative office project. In 2018, Cawley Partners acquired the vacant property and secured a lease with ERC. The lease offered ERC a phased occupancy structure, which provided time for the tenant to increase operations, prior to occupying the entire building.

Cushman & Wakefield’s healthcare capital markets team, including Travis Ives and Gino Lollio, represented and advised Cawley Partners on the disposition of the facility.

“Ventas is one of the largest and most respected ownerships of healthcare real estate in the world,” says Ives. “Historically behavioral health facilities have been considered somewhat of a ‘niche’ asset within healthcare real estate, but this transaction may be a watershed moment for the industry as others take notice of Ventas’s entry into the space.”

“In a healthcare real estate market where yields continue to compress, experienced investors are starting to look outside of the typical MOB box towards emerging micro-niches to secure optimal returns with comparable low-risk and strong operational performance,” says Lollio.

 

Source: GlobeSt.

Ventas Inc. Completes $2.3 Billion Acquisition Of The New Senior Investment Group Inc.

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Ventas, Inc. and New Senior Investment Group Inc. announced that Ventas has completed its acquisition of New Senior in an all-stock transaction valued at approximately $2.3 billion, including New Senior debt assumed or repaid by Ventas.

Under the terms of the merger agreement, New Senior stockholders are entitled to receive 0.1561 shares of newly issued Ventas common stock for each share of New Senior common stock that they owned immediately prior to the effective time of the merger.

“The acquisition of the New Senior portfolio positions Ventas to capture the powerful senior housing upside at a cyclical inflection point, adds a high quality independent living portfolio in advantaged markets with positive supply and demand fundamentals, and builds on existing relationships with leading operators and our deep experience in independent living at an attractive valuation that is accretive to Ventas,” said Debra A. Cafaro, Ventas Chairman and CEO. “I commend Susan Givens and her excellent team for their professionalism and accomplishments.”

Ventas’s third quarter 2021 guidance issued on August 6, 2021 excluded any contribution or impact from the Transaction.

Effective today, shares of New Senior common stock will no longer be traded on the New York Stock Exchange.

Ventas, an S&P 500 company, operates at the intersection of two powerful and dynamic industries – healthcare and real estate. As one of the world’s foremost Real Estate Investment Trusts, Ventas’s portfolio of approximately 1,300 properties is buoyed by the demographic tailwind of a large and growing aging population. Ventas uses the power of capital to unlock the value of senior living communities, life science, research & innovation properties, medical office & outpatient facilities and other healthcare real estate, working with leading care providers, developers, research, educational and medical institutions, innovators and healthcare organizations. Ventas has followed a successful strategy that endures: combining a high-quality diversified portfolio of properties and capital sources to manage through cycles, working with industry leading partners, and a collaborative and experienced team focused on producing consistent growing cash flows and superior returns on a strong balance sheet, ultimately rewarding Ventas stakeholders.

New Senior Investment Group Inc. is a real estate investment trust with a diversified portfolio of senior housing properties located across the United States. New Senior is one of the largest owners of senior housing properties, with 103 properties across 36 states.

 

Source: yahoo! finance