Senior Living Dealbook: Cougar Capital Management Closes $71m Acquisition; Nhi Announces $89.2m In Investments

Transactions

Cougar Capital Management closes $71M acquisition

Cougar Capital Management, a Boston-based private real estate investment firm, announced it closed on the $71 million acquisition of a five-property portfolio throughout the Greater Rochester, New York metropolitan area.

The assets were acquired out of a receivership, and daily operations will be managed by Willow Ridge Senior Living, according to a press release.

Following the acquisition, Cougar Capital Management now owns 12 communities in the Rochester area, the release states.

Midwest Health expands Kansas City metro footprint

Midwest Health acquired Homestead Estates Memory Care of Overland Park to expand its footprint in the Kansas City metropolitan area.

Midwest Health took over management of the community since July, and now fully owns the community, according to a press release.

The operator now owns 16 senior living communities in the Kansas City area, the release states.

MMG closes on Philadelphia sale

MMG closed on the sale of The Pavilion, a 295-unit independent senior apartment community operating under a Housing Assistance Payments contract, totaling $23 million.

The community is a “critical affordable housing asset serving low-income seniors and had become severely distressed following fraud committed by the original ownership group,” a press release states.

The community was purchased by Steele Properties of Colorado.

Health Wave Partners makes first acquisition

Health Wave Partners announced its first acquisition and operational partnership through Clearwater at North Tustin in Santa Ana, California.

The acquisition “reflects Health Wave Partners’ focus on investing in high-quality real estate in markets with strong demographic and economic fundamentals,” a press release states.

“Closing our first acquisition is an important milestone for our platform, and we are proud to partner with Clearwater Living,” Philip Kayden, chief investment officer at Health Wave Partners, said in the release. “We are excited to build on this momentum in 2026 as we continue investing in senior housing, where an unprecedented supply–demand imbalance is creating a compelling investment opportunity.”

Touchmark expands Texas footprint

Touchmark expanded its Texas footprint with the acquisition of The Hacienda at Georgetown.

Following the acquisition, the community was renamed to Touchmark at Georgetown, a press release states.

As part of the transition, Touchmark will retain existing team members, according to the release.

Berkadia announces three-property closing

Berkadia sold three Class A senior living communities in the St. Louis metropolitan area.

The communities include The Grande at Creve Coeur, The Grande at Laumeier Park and The Grande at Chesterfield, according to a press release.

The transaction was completed on behalf of a private equity firm, the original developer/operator seeking to exit the St. Louis market, the release states.

SLIB sells residential care apartment complex

Senior Living Investment Brokerage sold a residential care apartment complex and community-based residential facility in Wisconsin.

The community was originally built in 2012 and had an addition completed in 2019, a press release states.

Jason Punzel, Ryan Saul and Jake Anderson handled the transaction, the release states.

SLIB facilitates memory care sale

Senior Living Investment Brokerage closed on the sale of a 48-unit memory care community on Dec. 22.

At the time of the sale, the community was “fully stabilized and received a ton of interest from buyer groups, receiving more than eight qualified offers,” according to a press release.

The community was sold by Trinity Investors to a Southeast-based owner and operator looking to expand its portfolio, the release states.

Financings

NHI announces $89.2M in investments

National Health Investors (NYSE: NHI) announced completed $89.2 million across four transactions.

The financings included $52.1 million for the acquisition of a 107-unit assisted living and memory care community in Jamison, Pennsylvania; $7 million for the acquisition of a 56-unit assisted living and memory care community in Anniston, Alabama; $18.8 million for a mortgage note receivable secured by a 94-unit assisted living and memory care community in Mount Pleasant, South Carolina; and $11.3 million for a mortgage note receivable secured by a 141-unit independent living facility in Wichita Falls, Texas, according to a press release.

NHI has completed $392.4 million in investments in 2025, and has a pipeline of $214 million in signed letters, the release states.

Coastal States Bank closes $8.5M refinance

Coastal States Bank closed on an $8.5 million loan for Mission Senior Living.

Proceeds from the loan were used to “refinance the indebtedness on a 66-unit, stabilized assisted living and memory care community in Fernley, Nevada, according to a press release.

The community was developed by Mission Senior Living in 2014.

Management

12 Oaks assumes management of Royal Estates of Wichita Falls

12 Oaks Senior Living has assumed management of Royal Estates of Wichita Falls, a 141-unit senior living community in Wichita Falls, Texas.

A press release states 12 Oaks partnered with Silver Wave Capital and Capsight Investments to acquire the community.

12 Oaks has a plan to rejuvenate the community, including “enhanced staffing support and training, upgraded care services and amenities, improvements to dining and hospitality operations and enriched resident-centered programming,” the release states.

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