Lancaster Pollard stakes its place out West
Ever-expanding, Lancaster Pollard is opening a new office in Denver, Colorado to oversee the structuring and funding of health care project financings for hospitals and senior living providers in Colorado, Wyoming, Montana and Idaho. Joining the firm to lead this new venture is Rob McAdams, who has been involved in investment sales and debt and equity structuring for the hotel and hospitality industry since 2005, most recently serving as partner at U.S. Hotel Advisors in Denver. The firm also made news with the placement of a $1.8 million bridge loan for a 118-unit assisted living community in Reno, Nevada. After being acquired in 2013, the community improved operations significantly. Now,... Read More »Average AL price deflates
Have we already seen the mountaintop when it comes to the average price per unit for assisted living sales? After four straight four-quarter periods of an average AL price per unit above $188,500 (topping out at $191,300 per unit in the four quarters ending Q3:14), that average has fallen to $183,600 per unit in the four quarters ending Q3:15. Now, to put that in perspective, the next highest yearly average was in 2012 with $164,000 per unit, so we have by no means plummeted from the peak (no bubble has burst either). But what may be true is that prices may have started falling back to earth a bit, and perhaps the highest quality portfolio sales have, for the most part, already taken... Read More »Profitable pharmacy business sells big
We are switching gears slightly with the latest announcement from Mark Myers and Josh Jandris of Marcus & Millichap. The duo recently closed the sale of a privately owned, very profitable pharmacy company that services six New York skilled nursing facilities, five of which are in the Western part of the state and one in Long Island, with a total of 1,100 beds. Serving some of the best rated facilities in the Northeast, with good prospects to grow in the region, the pharmacy sold for $15 million. Gross revenue of the company is about $17 million, and EBITDA had historically been about $2 million, representing a price/EBITDA multiple of 7.5x. Read More »New EB-5 developer hits the ground running in California
Al Rattan, a real estate developer with over 30 years of experience building residential, commercial, industrial, office, health care and senior care properties, is jumping back into the seniors housing market with his company, Continental East Development (CED). Founded in 2009, CED has already developed a number of retail, office, and medical properties, but started to take a look at seniors housing in 2011. Having already developed and operated an independent/assisted living community in Anaheim Hills, California (before selling it at full occupancy), Mr. Rattan plans to utilize large amounts of EB-5 equity (up to 60% of the development cost) raised through his USA Continental Regional... Read More »Schedule a demo
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