Performing SNF Sells in Delaware
Evans Senior Investments successfully sold a skilled nursing facility in Dover, Delaware. Courtland Manor was previously owned by an independent owner/operator that was represented by the Evans team. Built in 1986, the 70-bed facility boasted a consistent five-star CMS rating. It also maintained high occupancy rates, in the high 80% range prior to the pandemic and never dropping below 70% after it. But the owner decided it was a good time to exit the long-term care industry. They may have been right, with SNF values staying above pre-pandemic prices, on average, according to the recently released 29th Edition of The Senior Care Acquisition Report. Facilities with positive cash flow... Read More »
Montgomery Executes Two SNF Transactions
Andrew Montgomery of Montgomery Intermediary Group has wrapped up a couple of skilled nursing transactions in the Midwest, including a portfolio deal in Indiana. That transaction featured three skilled nursing facilities in the Indianapolis area, totaling 458 beds. The locations are outside of the previous owner’s footprint, and they wanted to focus on other states. Meanwhile, the undisclosed buyer is actively growing within the SNF sector across the country. They will be stepping into a value-add operation, as the facilities, which were losing money, are in need of a turnaround. The purchase price was not disclosed. Next, Montgomery was brought on to sell a 112-bed skilled nursing... Read More »
Brighton Care Group Acquires in Oregon
Brighton Care Group, a growing family-owned operator of senior care facilities run by Roddy and Michael Radnia, is on the M&A move, having just acquired Markham House in Portland, Oregon. Built in 1995, the 54-unit assisted living community was previously owned and operated by Leisure Care and was in need of a turnaround. However, occupancy gains have already been made, with Brighton taking census from 66% to 80% in the last month (and still climbing). In addition, the Radnia’s have made other improvements, including simplifying processes, updating marketing plans for more local and grassroots lead generation, implementing new technology, updating the exterior and widening... Read More »
Meridian Capital Group Kicks Off 2024
Starting off 2024 on a positive note, Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $375 million in transaction volume for 23 seniors housing and healthcare facilities in the first two months of the year. This activity follows more than $5 billion closed by the platform in 2023. The highlight was the closing of $260 million in debt from a commercial bank for the refinance of 12 skilled nursing facilities totaling 1,512 beds in the Northeast and $78.3 million in acquisition financing from a finance company and mezzanine lender for eight skilled nursing facilities comprising 705 beds in Minnesota. Meridian also arranged $13... Read More »
National Developer/Investor Divests in Florida
Blueprint was engaged by a national developer/investor in its divestment of a value-add, but newer vintage, Class-A seniors housing community in Lake Worth Beach, Florida. As part of a broader portfolio review, the ownership group decided to divest to de-lever and conserve liquidity within the fund that held this community. Built in 2019, this community comprises more than 110 assisted living and memory care units. While the community never stabilized, it did experience positive lease-up momentum in 2022 and early 2023 and was around breakeven at marketing launch. Alex Florea, Kyle Hallion, Brooks Blackmon and Kory Buzin handled the transaction. Blueprint targeted operators and investors... Read More »Schedule a demo
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