40-Year Old SNFs: Obsolete or an Opportunity?

The aging of the skilled nursing industry is becoming a growing concern for investors in that space. Facilities built 40 years ago and over comprise a significant portion of the skilled nursing beds in the country, and many believe they are outdated and would require too much capex to modernize and attract the Medicare and […]

 

MBK Buys West Coast Senior Living Portfolio

Mitsui & Co.’s U.S.-based wholly owned subsidiary, MBK Real Estate, added nine senior living communities to its portfolio, at a price of $382 million, or about $318,000 per unit. Located in California, Washington and Arizona and totaling around 1,200 units, the communities were previously operated by West Living LLC. MBK plans to renovate them and […]

 

 

Bank Leumi Finances In Florida

Bank Leumi provided a couple of Florida financings for owners of assisted living communities. First was a five-year $9.3 million acquisition loan provided to a South Florida-based owner/operator, Priority Life Care, to purchase two senior living properties in western Broward County. The Margate community features 111 licensed beds along with memory care services, while the […]

 

HCR ManorCare Deal The Future Or A Risk?

Hospitals and post-acute providers have not mixed well in the past, but ProMedica Health System hopes that changes. I keep thinking about the Welltower and ProMedica Health System acquisition of Quality Care Properties and HCR ManorCare. Given today’s valuations, ProMedica may have gotten a bit of a deal with ManorCare’s home health and hospice business. But we […]

Large Skilled Nursing Portfolio Sells In Midwest

A publicly traded REIT decided to exit a number of secondary and tertiary markets in Illinois and Missouri, hiring Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors to get the job done. The portfolio featured 1,581 total licensed beds in 14 skilled nursing facilities, with 12 located in central and southern Illinois […]

Strawberry Fields Grows In Kentucky

Kentucky’s largest not-for-profit senior living and long-term care provider, Christian Care Communities, worked with Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors to sell its 92-bed skilled nursing facility in Louisville. Ideally located near multiple hospitals and other referral sources, the facility was originally built in 1962, but was recently renovated in […]