The Saga of Genesis HealthCare Continues
Genesis HealthCare was once one of the largest and most successful skilled nursing companies. But it grew too quickly, made some bad investments over the years (did we mention the billion-dollar merger with The MultiCare Companies?), and it always played the leverage game, whether with leases or debt, and usually both. Last summer, it filed for Chapter 11 bankruptcy protection for the second time, and in 2021 it came close to filing but got bailed out with a lease restructuring and a $100 million investment. It may have been better off with a BK filing five years ago. Instead, it seemed to put off the inevitable. Nearly two months ago, Pima Capital Partners appeared to be the winning... Read More »
Blue Moon/StepStone Finalize Large Recapitalization
Blue Moon Capital Partners completed a large recapitalization of five seniors housing communities that it developed over the years and were the last remaining assets within its fund, Blue Moon Senior Housing I. CBRE National Senior Housing acted as transaction advisor in the recap and arranged acquisition financing for the deal. StepStone Real Estate LP, the real estate arm of the global investment firm StepStone Group Inc. formed a joint venture with Blue Moon to take over ownership of the portfolio. Aron Will and John Sweeny, Co-Heads of CBRE National Senior Housing, acted as advisors on the transaction. Consisting of five Class-A seniors housing communities, the portfolio was... Read More »
Evans Closes Another High-Priced SNF Sale in NV
Just a month after selling a skilled nursing facility in Nevada for the highest per-bed value ever seen in the state, Evans Senior Investments returned to sell another facility in the Las Vegas MSA for the second-highest per-bed price. That is some momentum. Little was disclosed on the deal, but the 1970s-built facility has approximately 150 beds, with a significant number of private units. It also had a healthy quality mix and some behavioral patients. The facility sold to a regional owner/operator looking to grow its presence in Nevada. The high price from December was close to $325,000 per bed. We know of the sale of Horizon Ridge in Henderson, Nevada, in January 2025 for $33 million,... Read More »
PACS Group Expands in Four States
After Senior Living Investment Brokerage announced the sale of three assets in Soldotna and Kenai, Alaska, and Caldwell, Idaho, PACS Group announced its addition of three seniors housing communities in the same locations. The Utah-based provider purchased the real estate and operations of the Alaska properties, and closed on a lease option for the Caldwell property. Vince Viverito, Jason Punzel, Jake Anderson and Taylor Graham of SLIB represented the seller, an experienced seniors housing owner/operator looking to focus on its alternative real estate investments. Occupancy varied across the assets, with Aspen Hills Senior Living in Soldonta at 73%, Forest Hills Senior Living in Kenai at... Read More »
Welltower Acquires St. Augustine Property
A seniors housing community in St. Augustine sold to Welltower in December. Silver Creek was built in 2016 with 138 units and 120,000 square feet on over 21 acres. According to the Jacksonville Daily Record, ValStone Partners sold the community to Welltower. We heard that the process was run by Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia. But no other details were disclosed. Read More »Schedule a demo
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