SNF Goes from Private to a Not-For-Profit
Blueprint Healthcare Real Estate Advisors was tasked with facilitating the sale of a skilled nursing facility on behalf of a New York-based real estate investment firm. The transaction was handled by Ryan Kelly, Steve Thomes, Connor Doherty and Andrew Sfreddo, and it involved a bifurcated process between Blueprint’s Seniors Housing & Care group and Blueprint’s Behavioral Healthcare group. Known as South Dennis Health Care, the facility encompasses 128 beds and is situated in Dennis, Massachusetts. Both skilled nursing investors and alternative use investors were targeted as potential buyers, with Housing Assistance Corporation Cape Cod, a not-for-profit, emerging as the winning... Read More »
Phorcys Partners with SilverPoint on Acquisition
Phorcys Capital Partners made its second acquisition in a month with the purchase of Inspired Living Lewisville in Lewisville, Texas (Dallas MSA). The alternative asset manager made the acquisition in partnership with SilverPoint Senior Living, an operator with six locations in Texas and Oklahoma, including another assisted living/memory care community in the town of Lewisville. Opened in 2018, the community consists of 106 AL and 43 MC units, with 135,000 square feet in three stories. There are also numerous amenities, including a poker room, pool hall, fireplace lounge, piano balcony, tiki bar, fishing pier, dog park and putting greens. It was developed by Florida-based Validus Senior... Read More »
Monarch Advisors Releases Two More Closings
Alec Blanc of Monarch Advisors arranged a new loan to fund a partnership buyout for an Indiana CCRC with a total of 197 skilled nursing beds and independent living units. The borrowers, two of four partners, engaged Monarch to source $17.0 million of senior debt for the transaction. Monarch was successful at securing a bridge-to-HUD commitment from a national bank lender. The two-year interest-only loan, priced at SOFR plus 2.85%, fully funded the repurchase of the membership interests of the exiting partners, with the remaining partners rolling over their equity. In addition to the repurchase, proceeds will be used to fund up to $1.3 million of capital expenditures plus closing costs.... Read More »
SLIB Creates Active Bidding Environment for Indiana Campus
Ryan Saul of Senior Living Investment Brokerage generated an active, and aggressive bidding environment for a senior care campus in Mulberry, Indiana. The property, which includes 159 skilled nursing beds and 38 independent living units, was built between 1976 and 1997. Occupancy was 80% across the SNF beds, and the IL units were full. The operating margin was very strong, at 22% on more than $14.5 million in revenues. There is also 82+ acres of adjacent farmland and an adjacent vacant building that was included in the sale. A private partnership of four individuals, with two of them looking to retire, was the seller. Ultimately, the other two partners bought out the retiring ones, which... Read More »
Bloom Senior Living Blooming Again
We have often wondered, and have often been asked, how do buyers decide to buy a community (or two) that is losing money with very low occupancy? How do you have the confidence to go into that market, lose money for several months, maybe several hundred thousand dollars or more, and know that you can increase census from 30% or 40%, which is crucial to get cash flow positive again, and maybe up to 90%? The answer is, 1) you have to know the market, 2) you have to understand why you were able to do the same thing a few years ago, and 3) you have to be able to roll up your sleeves, get your hands dirty, and focus on operations. Some companies can do this, but not enough of them. Let’s just... Read More »Schedule a demo
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