High-Value Mississippi SNF Deal Closes
Senior Living Investment Brokerage was engaged by SunLink Health Systems in its divestment of a skilled nursing facility in Houston, Mississippi. Built in 1969, the facility, Trace Extended Care & Rehab, features 66 beds in 50 units. SunLink sold this facility and related real estate to redeploy capital and focus on its core business. The buyer was a Mississippi-based group looking to add to its existing presence in the state. According to SunLink, the facility was sold for approximately $7.1 million, or $107,600 per bed. SunLink noted that the sale is intended to further its strategy of positioning itself for a larger transaction, which might include a merger or consolidation with a... Read More »
All-Medicare SNF in Vegas Sells
Evans Senior Investments arranged the sale of a 45-bed post-acute rehab facility in Las Vegas, Nevada. Understandably, with its newer vintage, all-Medicare census and higher and higher acuity patient base, the facility traded for a high per-bed price, at $8.5 million, or $188,900 per bed. The transaction was executed on behalf of a regional owner/operator. The facility, exclusively licensed to accept Medicare only, was built in 2015. At the time of marketing, it was 73% occupied and had struggled to maintain healthy occupancy levels in previous months. Despite that, the facility’s growth potential and the anticipated Medicare rate increase set to take effect this year presented a valuable... Read More »
Welltower to Disperse 89 Atria Properties
Several years ago, we had a rather heated discussion with Atria’s former CEO, John Moore, in the lobby of the hotel at the NIC fall conference. This was pre-COVID. It started with our comment that Atria was getting too big to be well managed, since no operator in long-term care had succeeded when they had over 500 communities, and maybe even 300. He took strong exception to that concept, insisting that if you were a good manager, like Atria, you could do well no matter the size. Let’s just say, we were right, he was wrong, and the rest is becoming history. While Atria became a very good operator, a little arrogance may have slipped in as to how good, especially during tough times. We know... Read More »
CareTrust REIT Funds SNF Portfolio Acquisition
CareTrust REIT funded $90 million of a senior mortgage loan in connection with the borrower’s acquisition of a eight-facility skilled nursing portfolio in the southeastern United States. The portfolio, comprising 1,011 skilled nursing beds and 150 assisted living beds, has been acquired by an experienced, regional health care real estate owner/operator. The loan is secured by a first priority lien on the borrowers’ ownership interest in the real estate and carries a five-year maturity with two, six-month extension options and a starting annual effective yield of 10.7%. CareTrust’s $90 million loan is part of a $165 million senior mortgage term loan with an interest rate of SOFR plus... Read More »
Ensign Adds Two Western Facilities
The Ensign Group acquired the real estate and operations of Wellsprings of Gilbert, a 32-bed skilled nursing facility in Gilbert, Arizona. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc. In a separate transaction, Ensign acquired the operations at The Springs at St. Andrews Village, a 58-bed skilled nursing facility in Aurora, Colorado. It will be operated by an Ensign affiliated operator. These latest additions bring Ensign’s portfolio to 312 healthcare operations, 29 of which also include senior living operations, across fourteen states. Read More »Schedule a demo
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