Bloom Exits South Carolina’s Seniors Housing Market
Kandu Capital, LLC, and its operating company, Bloom Senior Living, collectively known as Bloom, sold its final seniors housing community in South Carolina. The company is seeking realignment as it exits the state after a decade-long presence in the region. The 129-unit independent living and memory care community, which is in Bluffton, sold for $13.5 million on an initial investment of approximately $3 million. Occupancy was around 63% at the time of acquisition, but performance improved between LOI and closing, with monthly revenues increasing from between $250,000 and $260,000 to over $300,000 (or over $3.6 million annualized). NOI also trended up, from roughly breakeven to around... Read More »
Improving Ohio SNF Sees Strong Price
Ryan Saul of Senior Living Investment Brokerage secured a strong price for a skilled nursing facility in Cincinnati, Ohio. Built in 1965, the facility was originally licensed for 199 beds, but the decision was made to strategically reduce the beds to 167 to save on provider tax and improve the Medicaid rate. The facility struggled for many years. It was purchased by a Chicago-based investor in 2014 that has subsequently gone bankrupt. The lender took the property back in 2018 due to poor operational management and financial performance, and it ran the facility through receivership, employing a number of managers between 2018 and 2023. The most recent operator was finally able to... Read More »
Stacked Stone Ventures Makes Major SNF Acquisition
Stacked Stone Ventures, a real estate investment firm founded by Kent Eikanas, has made a major acquisition in the skilled nursing sector, acquiring nine skilled nursing facilities for approximately $33 million, or $66,000 per bed, at a 13% cap rate. Stacked Stone bought the portfolio in a joint venture with Praxis Capital from a large institutional skilled nursing owner. Located in Iowa, the nine facilities feature a combined 500 beds, with some assisted living units. They were around 80% occupied and operated at a healthy margin. Accura HealthCare will continue to operate the portfolio under a NNN lease. The transaction was financed with Oxford Finance. Read More »
Maryland Assisted Living Portfolio Trades Hands
In its first out-of-state transaction, Michigan-based Meiser Commercial Real Estate facilitated the sale of a five-property seniors housing portfolio in the Baltimore, Maryland market, on behalf of a family seller. The portfolio includes 79 assisted living units with 80 beds and was 95% occupied at the time of closing. Renovations were completed in 2019, and three of the buildings are on the newer side. The undisclosed buyer acquired the portfolio for $13.25 million, or $167,700 per unit, at an 11.8% cap rate, using the same lender that held the previous loan on the property. The transaction closed smoothly. Read More »
Financing Secured for New Jersey SNF Acquisition
MONTICELLOAM announced the financing of a $33.6 million senior bridge loan for the acquisition of a skilled nursing facility in New Jersey. The floating-rate loan has a 30-month initial term for the borrower group, a longstanding client of MONTICELLOAM, that will use the financing towards the purchase of a northeastern New Jersey facility totaling 180 beds. Read More »Schedule a demo
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