After a busy Spring growing its medical office building portfolio, Griffin-American Healthcare REIT IV jumped back into the senior care M&A market to acquire eight skilled nursing facilities in Missouri, at a price of $88.2 million, or $79,300 per bed. The portfolio, comprising 1,112 licensed beds, is well performing and will be leased under a […]
When buyers value a skilled nursing facility, or any senior living property, it is always the absolute level of cash flow (NOI) that matters, not the operating margin or expense ratio. Buyers are purchasing a stream of net cash flow, and that net cash flow is going to provide the returns to capital providers. As […]
After acquiring and expanding a 59-unit assisted living/memory care community in Nacogdoches, Texas, the time had come for its owners to refinance, with the help of Capital One. Originally built with 36 assisted living units in 1996, the community was previously owned by RWS Healthcare, a portfolio company of private equity firm Windward Health Partners. […]
A large CCRC is being built in Durham, New Hampshire thanks to a $110.48 million bond financing closed by Ziegler. There is clear interest in the development (and the marketing team must have done its job well), as once the community began accepting pre-sale deposits on January 15, 2018, it took just over a month […]
Everyone talks about the disruption factor coming to seniors housing, but nobody knows what it is. Can we innovate before it comes? So, I have been attending the Senior Living Innovation Forum this week, a “smallish,” invite only conference with about 250 attendees. The point of it is to bring in industry insiders and some […]
Charlie Shoop of KeyBank Real Estate Capital has been hard at work arranging two financings from two different agencies. First, through Freddie Mac, Mr. Shoop originated a $26 million loan to facilitate the acquisition of a 175-unit independent living community in Dallas, Texas. The floating-rate loan came with a seven-year term, four-year interest only period […]
Jacob Gehl, Connor Doherty and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors represented a not-for-profit senior care community in the Cincinnati, Ohio suburb of Mason in its sale to another not-for-profit entity. After first opening in 1997, the 267-bed/unit property was operated by the Jewish Home of Cincinnati and offers a full continuum of […]
Just over a year after opening, a 130-unit senior living community in Folsom, California (Sacramento MSA) has already stabilized, leaving one of its partners to look for an exit. A joint venture between developer Tenfold (formerly Shamrock Holdings), operator Artēgan and a global investment manager originally opened the community in February 2017 and oversaw an […]
Despite its stated strategy to own more of the real estate in its portfolio of over 230 healthcare properties, The Ensign Group shunned its recent practice and acquired just the operations of a 140-bed skilled nursing facility in Sun City West, Arizona. Reporting 87% occupancy at the time of the sale, the facility will be […]
For the fifth year in a row, there has been a perfect correlation between the average price per bed and the expense ratio of those skilled nursing facilities sold, according to the 23rd Edition of The Senior Care Acquisition Report. This makes perfect sense but does not always happen when you have skilled nursing facilities […]