Not-For-Profit Divests in Minnesota
Senior Living Investment Brokerage was brought on by a large, national not-for-profit in its divestment of a seniors housing community in Coon Rapids, Minnesota. The seller was looking to consolidate its portfolio to focus on core communities. The buyer was a joint venture between an in-state owner and an in-state operator trying to grow its footprint in Minnesota. Built in 1999, The Homestead at Coon Rapids has 53 assisted living and memory care units, with occupancy at 69%. The community sits on three acres and comprises 31,195 square feet. The purchase price and financials were not disclosed. Jason Punzel, Brad Clousing and Jake Anderson of SLIB handled the transaction. Read More »
Seniors Housing Asset Divested for Behavioral Health Conversion
Blueprint’s Behavioral Healthcare team advised an owner in the sale of an existing seniors housing/memory care community in Indianapolis, Indiana, to be converted to an inpatient residential substance use disorder clinic. The asset was underwritten as both seniors housing and a behavioral healthcare conversion candidate. Blueprint deployed a behavioral healthcare marketing campaign given the undersupply and strong demand from behavioral providers to operate within the state. There was strong initial interest within the first few weeks of marketing and the buyer ultimately selected has an existing footprint within the state. The buyer also intends to deploy significant capital improvement... Read More »
SNF Portfolio Trades in California
A portfolio of six skilled nursing facilities in California was finally sold in multiple phases, with the two last facilities closing after the completion of HUD debt assumption and state regulatory approvals. The facilities sold for $154 million in total, and while the combined beds were not disclosed, pricing was reportedly strong on a per-bed basis and possibly a record for any portfolio SNF deal in the state, again on a per-bed basis. Gideon Orion of Walker & Dunlop facilitated the sale, his third over $150 million closed in the last 12 months. Located in Southern California, the facilities were on the older side (typical of the state), having been built from the 1960s to the... Read More »
Monarch Sources SNF Acquisition Debt
Mission Health Communities, a private multi-state operator of senior care facilities, recently engaged Alec Blanc of Monarch Advisors to source acquisition debt for the purchase of a 78-bed skilled nursing facility in Topeka, Kansas. The behavioral-focused facility was already operated by Mission Health, making for a seamless transition. Occupancy hovered between the high-80s and low-90s, and the facility was profitable, benefiting from a significant rate increase in Kansas effective July 1, 2023. Mission Health had taken over operations after the facility entered into receivership. Mission Health obtained a $2.1 million senior loan from a local bank to fund the deal. Monarch structured... Read More »
Marcus & Millichap Closes Two SNF Deals
The Knapp-Stahler Group at Marcus & Millichap closed a couple of skilled nursing deals on the eve of the eCap conference in Miami, so a celebratory pina colada by the pool sounds appropriate. First, Nick Stahler and Austin Diamond sold an 85+ bed facility in East Texas to a regional owner/operator that was selected for its proven track record and ability to close “all cash” in an expedited time frame. The facility had historically struggled with occupancy (it was in the mid-50% range at the time of closing), and rising expenses due to inflation created further challenges. There was clearly room for improvement in those areas, plus in the payor mix and in additional revenue via... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
