Owner/Operator Exits SNF Sector
An independent owner/operator exited the skilled nursing sector through its divestment of Sunrise Country Manor, which has 80 beds in Milford, Nebraska, and features a mix of private and semi-private units. It maintained an 83% occupancy rate at the time of the sale. A regional operator looking to expand its footprint in Nebraska acquired the facility. After outside financing fell through late in the process, the buyer opted for an all-cash purchase to preserve the exit timeline. Evans Senior Investments handled the deal, highlighting nearly $380,000 in annual revenue growth through enhanced Medicaid reimbursement and Medicare Part B alignment. Additionally, ESI identified more... Read More »
Assisted Living Providers Join Forces
Majestic Residences recently expanded its footprint, adding 17 assisted living communities and six in active development, through its acquisition of Avendelle Senior Living. Avendelle will be integrated into the Majestic Residences platform, with Avendelle’s corporate team retained. The combined organization will operate under the Majestic Residences’ unified brand, systems and growth strategy. This brings Majestic Residences’ portfolio to 34 senior care assets plus more than 10 in development. Financial terms of the deal were not disclosed. Read More »
Investor Secures Financing and Acquires Class-A Community
BWE’s Seniors Housing Capital Markets Team sold and financed The Capstone at Station Camp, which sits in the Nashville, Tennessee MSA. Built in 2021, the Class-A assisted living and memory care community comprises 100 units in Gallatin. It is operated by TerraBella Senior Living. BWE represented the seller, Hunt Midwest. The buyer was a Texas-based healthcare investor, and BWE arranged non-recourse acquisition financing for them through a regional bank. The financing includes a significant potential future earnout. Charley Bissell, Ryan Stoll and Taylor Mokris led the deal, which was structured with a contingency for the procurement of acquisition financing meeting specific leverage,... Read More »
Multiple SNFs Sell in Separate Transactions
A large skilled nursing company sold its 181-bed skilled nursing facility to a private investment firm based in New York, exiting South Carolina in the process. The buyer had an existing skilled nursing footprint, and will be leasing this facility to a regional operator. The building was older, built in the 1980s, and was around 80% occupied at the time of closing. Jeffrey Vegh and Joe Schiff of Forest Healthcare Properties handled the deal, as well as two others in different states. A private equity firm exited Florida through its sale of a 120-bed skilled nursing facility in the Panhandle. The facility was performing well at the time of sale, with occupancy hovering between 85% and 90%.... Read More »
Morgan Stanley and Foundry Commercial Exit Spring Arbor Portfolio
Morgan Stanley Investment Management, through funds managed by Morgan Stanley Real Estate Investing, and Foundry Commercial have completed their exit from the Spring Arbor Senior Living portfolio through the sale of the remaining 11 assets. The seniors housing communities, located in Maryland and Virginia, comprise 795 assisted living and memory care units and were more than 90% occupied in recent years. The buyer, an undisclosed S&P 500 company that is focused on seniors housing, paid $296 million, or $372,300 per unit. JLL Capital Markets handled the sale. In 2022, Morgan Stanley and Foundry Commercial acquired the Spring Arbor portfolio from HHHunt through an off-market... Read More »Schedule a demo
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