CareTrust REIT Adds Skilled Nursing Portfolio

CareTrust REIT Adds Skilled Nursing Portfolio

The skilled nursing portfolio deals keep on coming, this time from a familiar source. CareTrust REIT announced its acquisition of four skilled nursing facilities in Texas, around the Dallas-Fort Worth metro area. Totaling 554 skilled nursing beds and 24 assisted living beds, they are currently leased to operating affiliates of The Ensign Group, and have been since Ensign took over operations more than a year ago from Senior Care Centers, which was going through bankruptcy proceedings at the time.  The facilities include Beacon Harbor Healthcare & Rehabilitation in Rockwall, Rowlett Health & Rehabilitation Center in Rowlett, Crestwood Health & Rehabilitation in Wills Point and... Read More »
CIBC Finances New Jersey SNF Acquisition

CIBC Finances New Jersey SNF Acquisition

There was another acquisition financing closed by CIBC Bank USA, following the bank’s funding of an Indiana skilled nursing portfolio acquisition and cash-out refinance of a SNF in eastern Kentucky earlier this month. The recent transaction was arranged for a 55-bed skilled nursing facility in northeastern New Jersey. With an effective age of 10 years and occupancy in the 90% range, the facility was operating strongly at EBITDAR margins around 15%. That makes for quite a desirable acquisition.  So, a local operator that had been leasing the facility bought it for an undisclosed price but utilizing a $6.3 million acquisition loan from CIBC. As a result of the... Read More »
Benchmark Senior Living Acquires New Hampshire Seacoast Senior Living

Benchmark Senior Living Acquires New Hampshire Seacoast Senior Living

Benchmark Senior Living added to its Northeast portfolio with the acquisition of an assisted living community that has been in operation in Rye, New Hampshire for over 20 years. The property last sold in 2017, when EvoLve Senior Living acquired it for $12 million, or $300,000 per unit, with the help of a $10 million mortgage provided by National Health Investors. That loan featured an initial term of five years with renewal options and an interest rate of 8.0%, which NHI funded from its revolving credit facility.   Built in 2013, it features 40 units with 64 licensed beds of memory care. It was developed by Sanctuary Care for approximately $13 million and is licensed for 64 beds. However,... Read More »
Recent Senior Care M&A Deals, Week Ending November 20, 2020

Recent Senior Care M&A Deals, Week Ending November 20, 2020

Another week, another couple of skilled nursing portfolio deals (plus a few others). Check out our recent senior care M&A deal chart! Long-Term Care   AcquirerTargetPrice CareTrust REIT4 skilled nursing facilities in TX$47.6 million Priority Healthcare Group5 skilled nursing facilities in VT$46.6 million United Church Homes, Inc.Harbor Woods Living at Brunswick & Harbor Woods Living at NilesN/A Benchmark Senior LivingEvoLve at... Read More »
Merrill Commercial Real Estate Closes Another Oregon Transaction

Merrill Commercial Real Estate Closes Another Oregon Transaction

The second property in the receivership sale of a four-facility portfolio in Oregon has sold, with Mike Merrill of Merrill Commercial Real Estate representing the receiver in the deal. This transaction involved a 69-unit independent living community in North Bend, near Coos Bay where the first property of the portfolio sold in August (handled by Tyler Merrill). In fact, the four properties represented a continuum of care for the local area.   The North Bend community was built in 1986 and its census steadily improved throughout due diligence to reach 80% at the time of the sale. It was bringing in around $340,000 in NOI on approximately $1.74 million of trailing 12-month revenues... Read More »
Private Equity Investor Acquires Dallas Seniors Housing Community

Private Equity Investor Acquires Dallas Seniors Housing Community

Joshua Salzman, Michael Segal and Alex Florea of Blueprint Healthcare Real Estate Advisors represented a REIT in its divestment of a 170-unit seniors housing community in Dallas, Texas. Originally built in 1987, community received a thorough renovation in 2013 and additional capital improvements since 2016.   Following a previous operator transition, the REIT owner converted the remaining assisted living units to independent living, resulting in the community being fully focused on independent living. Occupancy had initially dropped after the conversion, but the community was repositioned as an affordable independent living option, and census steadily improved as a... Read More »