Cross River Bank Closings SNF Acquisition Financing
Cross River Bank’s Health Care team arranged acquisition financing for two skilled nursing facilities in the Tampa, Florida area. Totaling 240 beds, the facilities were built in the late-1980s and 2000s. Occupancy topped 90% at both locations. To fund the acquisition of the facilities plus transaction costs, Cross River arranged a $39.6 million term loan and a $4.0 million revolver. The bridge-to-HUD loan came with a three-year term. Raina Yoo served as Loan Officer for the transaction. Read More »
Las Vegas SNF Commands Premium
We had heard of a high-end skilled nursing facility being marketed for sale in Las Vegas, Nevada, at a very high price for a few months now, and it appears that the sale has closed. Evans Senior Investments announced that it sold Sandstone Spring Valley, a 160-bed skilled nursing facility that was built just 10 years ago. It features an 80-unit ventilator unit, which surely added to its value, and the facility was operating above 90% occupancy. So, we imagine it was very profitable, as well, perhaps with a margin above 15%. New, stabilized SNFs command strong prices in today’s market, almost always justified by strong reimbursement and operations, and Sandstone was no exception. There was... Read More »
Genesis Stalking Horse Raises Bid
The stalking horse bidder for Genesis HealthCare’s 298 affiliated holding companies, ancillary businesses and insurance vehicles has upped its offer, and the deal is set for an approval hearing on December 10. Genesis, which previously held the title of largest skilled nursing operator in the country, filed for Chapter 11 bankruptcy protection in July, and was operating 218 facilities in 19 states at the time. It now operates 175 facilities in 18 states. And Genesis’ portfolio once included more than 500 facilities. Bankruptcy court filings revealed that two parties submitted final bids, which were examined by all the parties involved, including its primary creditors White Oak,... Read More »
SLIB Handles Colorado SNF Portfolio Deal
A portfolio of well-run senior care facilities in Colorado sold with the help of Vince Viverito, Jason Punzel, Ryan Saul and Jeff Binder of Senior Living Investment Brokerage. Located in Fort Collins and Windsor, the four skilled nursing facilities and one assisted living community were built from 1988 and 2018 and featured 445 beds in total. The facilities also comprised 18 total acres and nearly 270,000 square feet. The seller was a local operator who had started the company in 1971 and was looking to retire. His local expertise and years of experience were instrumental in the facilities’ performance, which we understand to be very strong with occupancy above 90% and a healthy operating... Read More »
Ensign Buys Kansas City SNF
The Ensign Group acquired a 45-bed skilled nursing facility in Kansas City, Kansas, that was in need of an operational turnaround. Built in 1974 with additions in 1983 and 1995, Medicalodges Post Acute Care is set on nearly 11 acres in a residential area. It was previously owned by a Kansas-based owner/operator that was divesting in order to focus on its remaining core assets. The facility was under 70% occupied and losing around $950,000 a year on $2.9 million of revenues. That’s where Ensign will hope to do its thing to get the engine humming again. They paid $1.55 million, or $34,450 per bed. Nick Cacciabando, Jeff Binder and Ryan Saul of Senior Living Investment Brokerage handled the... Read More »Schedule a demo
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