JLL Handles Youngstown, Ohio Sale

JLL Handles Youngstown, Ohio Sale

A large senior care campus in Youngstown, Ohio sold earlier this year in a deal handled by Mike Garbers of JLL Capital Markets. Previously owned by a not-for-profit, it was built in stages and now features approximately 300 units spanning the whole senior care spectrum. It was considered a value-add opportunity with some capex needs, and private ownership can usually come in and make some quick expense adjustments at a former not-for-profit operation.   Indeed, a for-profit owner stepped in to buy the property at an undisclosed price. This was their first acquisition, but the principal does have experience in seniors housing operations. The deal apparently closed pre-COVID, so some... Read More »
Carnegie Capital Secures Acquisition Financing For Washington State Portfolio

Carnegie Capital Secures Acquisition Financing For Washington State Portfolio

JD Stettin of Carnegie Capital is at it again, returning to the Pacific Northwest to close on acquisition financing for a portfolio of assisted living communities in Washington State. This closing comes just a couple of weeks after Mr. Stettin arranged $7.74 million in acquisition financing for four assisted living communities in rural Oregon. The details of that deal can be found here.  Back to Washington State, where the four other assisted living communities are located. Previously owned by Enlivant, they totaled 185 units, but the new owner, a private fund based in Arizona, will initiate a conversion project resulting in 193 units, split between 87 for assisted living... Read More »
Recent Senior Care Deals, Week Ending June 19, 2020

Recent Senior Care Deals, Week Ending June 19, 2020

Transaction volume may be light these days, but deals are still getting done. Check out our recent senior care M&A deals! Long-Term Care   AcquirerTargetPrice Tryko PartnersHopkins Manor$14.5 million Tryko PartnersHarlee Manor/Springfield CommonsN/A Elevation Financial GroupKennington Pointe$26.5 million Cadence Living/Dylan InvestmentsTanner... Read More »
Ignite Medical Resorts Takes Over Oklahoma SNF

Ignite Medical Resorts Takes Over Oklahoma SNF

Ignite Medical Resorts formally took over operations of a short-term rehab/skilled nursing facility in Bartlesville, Oklahoma. Owned by Sabra Health Care REIT since 2014, this facility was previously operated by Vision Health, which chose to exit the industry along with its two other Oklahoma locations in Norman and Oklahoma City (also taken over by Ignite). Originally built in 1989, it was significantly renovated to become one of the more high-end, transitional care facilities in the market. All of the rooms are private and fitted with ensuite bathrooms, HDTVs and recliners. Amenities are also plentiful and range from full-service restaurant dining to a coffee shop to an on-site... Read More »
Tryko Partners Buys Two SNFs

Tryko Partners Buys Two SNFs

With more than 4,500 skilled nursing and assisted living beds under management, plus another 2,000 independent living units, Tryko Partners, and its operating affiliate Marquis Health Services, is certainly becoming a senior care powerhouse in the northeast and mid-Atlantic areas. And they keep on adding to their portfolio, even during the pandemic.  Most recently, they purchased a 173-bed facility on six acres in Springfield, Pennsylvania called Harlee Manor and Springfield Commons. The campus is located 12 miles west of downtown Philadelphia, and joins three other Tryko-owned facilities in the greater Philadelphia market. There are 100 skilled beds and... Read More »