Sell while the iron’s hot
Continuing the firm’s impressive run so far this month, Jacob Gehl and Connor “Scratch Golfer” Doherty of Blueprint Healthcare Real Estate Advisers handled the sale of a 60-bed skilled nursing facility in Ironton, Ohio that was operationally under par. Both the census (which stood at 75% as of the end of 2015, but has been trending upward since) and cash flow (which was negative) could be improved at the 60-year old facility and required the right kind of buyer. Helping the buyer’s cause is that the facility was substantially rehabbed in 1985 and significant improvements have been made since then as well. Blueprint helped orchestrate the partnership buyer, which included a regional... Read More »
County cuts
Not all Northeast nursing facilities sold for near the regional average price per bed in 2015 (which averaged $94,100 per bed). A case in point, New York’s Warren County recently sold its struggling 80-bed skilled nursing facility in Queensbury for approximately $2.3 million, or $28,750 per bed. In 2014, the facility reported a significant loss despite being 92% occupied with a 21% quality mix. But, having been built in 1979, it could use an upgrade and some expense cuts. So it goes for many county-owned nursing facilities. Read More »
Allure of Brooklyn
Post-acute care is diversifying and specializing in more ways than one. A 200-bed skilled nursing facility in Brooklyn, New York recently opened a new 50-bed rehab and skilled nursing unit tailored to the needs of the local Chinese population. Called Longevity Garden, the fifth floor unit of the facility will feature a Chinese-inspired design, a menu consisting of Chinese entrees prepared on site and both Mandarin- and Cantonese-speaking staff, along with other dialects. The facility’s owner, The Allure Group, has been growing fast in the Brooklyn market, with five skilled nursing facilities in the borough (the fifth having been added in early 2015 at a cost of $36 million, or $132,841 per... Read More »Build up downtown
We have heard from some that there is a huge opportunity for urban seniors housing, with more seniors, and eventually (and we mean years down the road) desiring to live in a downtown setting, surrounded by shops, restaurants and entertainment outside of their own building. A few examples of developers looking to satisfy this in a big way are The Clare of Water Tower (the 53-story CCRC in Chicago that cost approximately $270 million to build) and Maplewood Senior Living’s latest development in Manhattan (with 20 stories and 214 units at a cost of $246 million), to name a couple. Columbia Pacific Advisors, a Seattle-based alternative investment firm, is now planning a 24-story, 237-unit... Read More »Schedule a demo
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