From Not-For-Profit to For-Profit
Jeffrey Vegh and Joe Schiff of Forest Healthcare Properties were brought on by a not-for-profit in their divestment of a skilled nursing facility with an assisted living component. The facility comprises 99 SNF beds and 28 AL units in Cincinnati, Ohio, and at the time of marketing occupancy was hovering around 80%. The building is on the older side, but it has been renovated since opening. However, it was not performing well. Navigating this tough capital markets environment, Vegh and Schiff secured a local buyer. The for-profit, Ohio-based operator with several locations in the area has the opportunity to make several changes on the expense side to bring the facility to breakeven. Read More »
REIT Divests in Florida
A Florida-based owner/operator bought an older assisted living community located about 50 miles north of Tampa, in a deal handled by Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage. Originally built as a hotel in 1925 and converted to assisted living in 1984, Noble Senior Living at Brooksville has 85 units of AL and memory care. Since its conversion, it has received significant capital upgrades to both the interior and exterior of the asset. Its publicly traded REIT seller was exiting the last remaining assets in this portfolio, prompting the sale. The in-state buyer has existing locations in the region, so the asset fits well into its geographic portfolio.... Read More »
CFG Arranges Acquisition Financing for CA SNF Deal
It was announced that Capital Funding Group arranged acquisition financing for International Equity Partners and Cypress Healthcare Group’s purchase of three skilled nursing facilities in California. The not-for-profit Eskaton sold the facilities to exit the stand-alone SNF space, and it was represented by Ziegler in the process. The sale included the 99-bed Eskaton Care Center Manzanita in Carmichael, the 148-bed Eskaton Care Center Greenhaven in Sacramento and the 149-bed Eskaton Care Center Fair Oaks in Fair Oaks. All were built around 1980 and were losing millions on $42.1 million of 2022 revenues. The transition process required Attorney General approval, which was given in September.... Read More »
Minneapolis-Area Community Trades, Again
The Inland Real Estate Group of Companies, an Illinois-based commercial real estate investment group, bought a seniors housing community located in Edina, Minnesota, from an entity affiliated with Prudential Financial. Built in 2013, the community is The Waters of Edina, which comprises 139 independent living, assisted living and memory care units with amenities including an indoor pool and a theater. Inland bought the community for $41.7 million, or just over $300,000 per unit, with The Waters remaining as the operator. The Prudential entity previously purchased the community in 2016 for at least $51 million, according to a state filing. In 2017, Prudential also purchased another Waters... Read More »
Mom & Pop Exits Seniors Housing Business
A Mom & Pop owner/operator enlisted the assistance of Senior Living Investment Brokerage to handle the sale of a seniors housing community that had never achieved stability. This community represented the seller’s sole seniors housing asset, marking their departure from the sector as they enter retirement. Built in 2010, this assisted living/memory care community comprises 55 units and 88 beds in Menifee, California. It was under 60% occupied and was losing nearly $350,000 on $2.94 million of 2022 revenues. The buyer was an owner/operator based in Los Angeles, California, that intends to self-manage the community. Their strategy includes making limited cosmetic updates and refocusing... Read More »Schedule a demo
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