SNF Operator Makes First Purchase in MA
An institutional owner decided to divest its skilled nursing facility in East Boston, Massachusetts, in order to recycle capital and shift its investment focus. Evans Senior Investments marketed the facility to a group of regional and national buyers before an experienced regional operator stepped in to make its first purchase of a facility, for an undisclosed price. Evans helped the new owner by facilitating a regional capital partner for the deal. Built more than 50 years ago, the facility featured 165 beds, including a number of three-bed wards. It was 83% occupied but held a two-star CMS rating with an abuse icon from CMS. Other operational challenges included high agency staffing... Read More »
Regional Owner/Operator Acquires in Arizona
Blueprint facilitated the sale of a seniors housing community in Phoenix, Arizona. Amy Sitzman, Giancarlo Riso, Jacob Gehl and Dillon Rudy handled the transaction, which closed 112 days from LOI signing. Developed in phases between 2015 and 2017, the community encompasses nine residential homes arranged in a neighborhood setting in Litchfield Park. There are 89 total assisted living/memory care units. The community accepts private pay and ALTC (Arizona Medicaid) residents and was approaching stabilized occupancy at the time of marketing. It is projected to experience favorable year-over-year rate growth given the lack of new or planned competing developments within the local market.... Read More »
Third Luther Manor Home Campus Sold
A Senior Living Investment Brokerage team comprising Jeff Binder, Jason Punzel, Nick Cacciabando and Jake Anderson handled the receivership sale of a senior care campus in Dubuque, Iowa. Affiliated with the two Grand Meadows campuses in Asbury, Iowa, that SLIB had facilitated the sale of in October, Luther Manor – Hillcrest Campus was previously owned by the not-for-profit Luther Manor Home, before it fell into receivership. It opened in 1969 and went through several additions through 2012 to now include 32 independent living units and 86 skilled nursing beds. The IL portion was just 59% occupied, while the skilled nursing portion was nearly full, at 98%. And the campus operated at a... Read More »
Kadima Healthcare Acquires SNF Portfolio from Comprehensive Healthcare
Blueprint was engaged by the Chief Restructuring Officer for Comprehensive Healthcare Management Solutions and was approved by the United States Bankruptcy Court for the Western District of Pennsylvania to handle the divestiture of nine skilled nursing facilities. The facilities were part of two separate subgroupings: Maybrook (7) and Consulate (2). The facilities are within 70 miles of Pittsburgh, Pennsylvania, and comprise 920 skilled nursing beds, 19 personal care beds and 15 independent living units. In the wake of operational challenges stemming from but not limited to the pandemic, citing declining census, staffing shortages and prior litigation, Comprehensive filed for Chapter... Read More »
Taylor Community Expands in New Hampshire
Continuum Advisors facilitated the sale of a CCRC in Meredith, New Hampshire, near the shores of Lake Winnipesaukee. Financially strained for several years, the community was sold through a court-directed process with OnePoint Partners serving as the Rehabilitation Trustee and Continuum was retained to market the CCRC for sale. Built in 2008, Meredith Bay Colony Club comprises 85 units (41 independent living, 20 assisted living and 24 memory care units) on over 11 acres with an additional 18+ acres of undeveloped land for future expansion. David Kliewer and Jay Jordan led the sale to close on November 1. The purchase price was $11 million, or $129,400 per unit. Additionally, the... Read More »Schedule a demo
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