SLIB Sells an Assisted Living/Memory Care Community
An assisted living/memory care community on the operational rise sold to a private equity firm with the help of Jeff Binder, Jason Punzel and Dave Balow of Senior Living Investment Brokerage. Built in 2017, the 134-unit community is located near Rochester, New York. A national real estate investment firm owned it and was overseeing an operational rebound from the pandemic, which continued throughout the sale process. A western New York-based PE firm with an existing presence in the Rochester area emerged as the buyer, for an undisclosed price. Read More »
Newmark Finances Two Seniors Housing Communities
Newmark closed a couple of financings at the end of August. One funded an acquisition that the Newmark team had handled in March 2023. The Preston of the Park Cities, which was previously owned by Silverstone Senior Living, sold to an undisclosed buyer, for an undisclosed price. Built in 2018, this community has 134 units of assisted living and memory care. Silverstone developed it, initially bringing in Harbor Retirement Associates to operate before switching to Watermark Retirement Communities in 2019. Occupancy never reached full stabilization before the pandemic and stood at just 75% at the time of closing. The Newmark team had some history at this property, as Ryan Maconachy, Chad... Read More »
Three Acquisition Loans from CIBC
Lending in the senior care space may have slowed in 2023, but CIBC Bank USA announced a slew of new loans it provided to skilled nursing facilities across the country in the last couple of months. The largest went to an Indiana-based owner/operator to acquire four skilled nursing facilities in the southern part of the state. Totaling 450 beds, the facilities were managed by a local operator and had an effective age between 10 and 15 years. Historical EBITDAR margins were close to 15% and were around that level at the time of the deal. The buyer received a $32 million loan plus a $4 million revolving credit facility for the acquisition. Next, a Nebraska owner/operator bought a 120-bed... Read More »
SNF Transfers Hands from a Not-For-Profit to a For-Profit
Ziegler handled the sale of Bethesda Rehab & Senior Care, a 135-bed skilled nursing facility located on two acres in Chicago, Illinois. The facility has had a presence in the Chicago area for over 100 years and was originally part of the CCRC Norwood Crossing, founded in 1896. It provides short-term rehabilitation, long-term skilled nursing care, respite care and Alzheimer’s care. The seller was a not-for-profit owner/operator, and the buyer was a joint venture between a well-known multi-generation Midwest owner/operator with control of several thousand beds, and Pearl Healthcare, which operates more than 10 facilities in Chicago. Pearl took over operations of Bethesda on July 1. Nick... Read More »
SLIB Arranges New Mexico Deal
Senior Living Investment Brokerage helped a mom & pop retire from the senior care industry with the sale of two assisted living communities in Albuquerque, New Mexico. Built in 1972 and 1982, with renovations in 2011 and 2015, respectively, the communities were on the smaller side. An owner/operator expanding its presence in the western United States emerged as the buyer, making its first acquisition in New Mexico. Vince Viverito and Matthew Alley of Senior Living Investment Brokerage handled the transaction. Read More »Schedule a demo
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