Ensign Expands Management Portfolio
The Ensign Group acquired the operations of two separate skilled nursing facilities to kick off its year. First, Ensign acquired the operations of Hearthstone Health and Rehabilitation, a 125-bed skilled nursing facility in Sparks, Nevada. The acquisition is subject to a long-term, triple-net lease. Next, Ensign announced that its affiliate acquired the operations of TriState Health and Rehabilitation Center, a 116-bed skilled nursing facility in Harrogate, Tennessee, also subject to a long-term, triple-net lease. This is Ensign’s first SNF in the Volunteer State, and its Tennessee-based subsidiary, Rocky Top Healthcare LLC, will take over operations. These acquisitions bring... Read More »
Meridian Capital Group Reports End-of-Year Activity
To close its 2023, Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed nearly $250 million in transaction volume for 20 senior housing and healthcare facilities in five states over the last month. Most notably, the team closed a bank syndicate loan totaling $155 million to refinance 15 facilities comprised of 1,935 skilled nursing beds and 46 assisted living units in Michigan and Ohio. Five banks participated in the syndicate. Meridian also arranged $41 million in financing from a commercial bank along with a $5 million A/R line to refinance a 120-bed skilled nursing facility in New Jersey. They closed $23.9 million in financing... Read More »
CIBC Finances a Virginia SNF Portfolio
As the sole lender, CIBC Bank USA provided a Virginia owner/operator with a $67.0 million mortgage facility on a portfolio of nursing homes. The portfolio has been operated by the buyer since 2021 and the financing was related to a purchase option. The skilled nursing facilities, which comprise 480 beds, have an effective age of 20 years. Historical occupancy for the facilities has been approximately 85%, and the EBITDAR margin was approximately 15%. A $4.0 million line of credit was also provided. The financing was handled by Matthew Tyler and Neal Netzel of CIBC. Read More »
Ohio-Based Investment Group Acquires in Louisiana
A seniors housing community was sold in the Louisiana capital. Sunrise at Siegen is an assisted living and memory care community in Baton Rouge. It comprises 100 units spread across a two-story building. The buyer was an Ohio-based investment group. According to Business Report, the purchase price was $29 million, or $290,000 per unit. But no other details were disclosed. Read More »
Marcus Investments Acquires in Texas
Evans Senior Investments arranged the sale of Crystal Creek at Preston Hollow in Dallas, Texas, on behalf of a regional owner/operator. Built in 2001 with a recent 2018 renovation, Crystal Creek features 119 beds with a range of care levels including skilled nursing, assisted living and memory care. At the time of marketing, occupancy in both the seniors housing and skilled nursing was rapidly declining. Due to the skilled nursing component not being licensed to accept Medicaid, the campus consistently struggled to lease up the beds with Medicare & private pay residents, which resulted in negative operating margins. Evans ran a confidential marketing process, targeting a... Read More »Schedule a demo
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