The skilled nursing sector does not need any more bad news, but it received some this week. The Centers for Medicare and Medicaid has issued a new rule that will prohibit SNFs that receive Medicare or Medicaid payments (so that would be the overwhelming majority) from requiring residents to resolve any disputes through a formal […]
Grant Saunders, Sarah Belmont and Charlie Sloop of KeyBank Real Estate Capital all went to work to recapitalize a portfolio of eight seniors housing and care properties owned by Sentio Healthcare Properties, Inc. First, Saunders and Belmont helped the Orlando-based public, non-traded REIT refinance five of its properties, located in Texas, Florida, New Jersey and […]
We know how long skilled nursing acquisitions can take in the state of New York. That didn’t stop Maximus Healthcare LLC from acquiring Briody’s Health Care, an 82-bed skilled nursing facility in Lockport, New York (just outside of Rochester). It was first announced back in May 2015 that Maximus intended to acquire the facility, which […]
We have a new publicly traded healthcare REIT. MedEquities Realty Trust priced its 19.9 million share IPO at $12.00 per share, which was at the low end of the potential range of $12.00 to $14.00 per share. It opened at a slight discount of $11.50 per share yesterday in a day that the overall market […]
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In an unusual move, a large California owner has asked the state to allow it to close three of his SNFs in one county. My friend Steve Moran had an interesting blog post yesterday about the largest skilled nursing facility owner in California. Apparently, he owns five of the six nursing facilities in a somewhat […]
An acute-care operator based in New York is not only expanding its geographic reach, but also its acuity offerings. The company already owns several post-acute/senior care assets in New York, but is launching into the Midwest with the acquisition of a 200+-unit/bed senior care campus in the Toledo, Ohio area for an undisclosed price. Built […]
The owner of a skilled nursing facility in Gibonsburg, Ohio is planning an addition to its 99-bed property, but also wanted to refinance its existing debt. So, they went to Cambridge Realty Capital Companies, which provided a $5.266 million HUD loan. That financing included both a six-month construction loan and a 34-1/2-year fully-amortizing permanent loan, […]
What would you pay for an empty assisted living/memory care community? What about a nearly-finished 48-unit memory care community in Williamsburg, Virginia whose previous owner filed for bankruptcy? Well, Jacksonville, Florida-based investment bank/brokerage firm WM Dougherty & Co. (WMD) purchased that unfinished site for $7.5 million, and has plans to invest another $2 million to […]
You almost never see a single senior care property sell for over $100 million. In fact, only two had ever been recorded with a higher price: a 423-unit/bed CCRC for $165 million in 2007, and a 499-bed skilled nursing facility for $105.5 million in 2015. Now, there is a third. Joshua Jandris, Charles Hilding and […]