Not-For-Profit Divests Senior Care Facility
A not-for-profit group decided to divest its only skilled nursing facility, citing the difficulty in operating independent SNFs in today’s market. Beth Sholom Village opened in 1980 with 120 licensed skilled nursing beds in Virginia Beach, Virginia. A seniors housing component was added in 2004 that includes 56 assisted living and 18 memory care units, bringing a continuum of care to the campus. Over the years, the campus has also benefited from limited competition and a recent Medicaid rate increase in Virginia. At the time of marketing, it was 93% occupied but operated at just a 3% margin. Its board decided to sell Beth Sholom in order to build a new senior living community that allows... Read More »
VIUM Capital Announces Q2 Financing Activity
VIUM Capital closed 11 financings totaling over $350 million in the second quarter of 2023, including bridge, HUD and tax-exempt bond financings for 57 separate properties in 10 states. One of the bridge loans was arranged to finance a family partner buy-out of a 329-bed skilled nursing portfolio in Missouri. The loan totaled $13.25 million and should be ready to be submitted to HUD in six to nine months. Another bridge loan, totaling $20 million, funded the acquisition of an assisted living portfolio in Oregon and its subsequent conversion to memory care. There were 140 units across 10 small communities. One of the HUD highlights was a $17.874 million loan arranged for a... Read More »
Eads Arranges Six-SNF Portfolio Deal
Patrick Byrne of Eads Investment Brokerage sold a skilled nursing portfolio in Missouri, representing a long-time Missouri operator looking to pull back to a more local footprint in the state. The six facilities are located in central and western Missouri and total 470 beds. Operations varied across the locations, but the portfolio was generally not profitable. Average occupancy was around 60%, but one location was just 30% occupied. The facilities were built in the 1970s and 1980s, and all were substantially renovated over the years. However, some cosmetic upgrades could be needed in some cases. As was also the case at many properties in the last several years, the pandemic delayed... Read More »
Sherman & Roylance Facilitate California Bankruptcy Sale
Shep Roylance and John Sherman of Sherman & Roylance recently handled the bankruptcy sale of a 121-bed skilled nursing facility in Hayward, California. The facility operated well, with 91% occupancy and a 10% operating margin on $19.06 million of revenues. However, on August 23, 2022, the California Superior Court in Alameda County entered a final judgment in favor of 10 current or former residents of the facility totaling approximately $14 million in damages, attorneys’ fees and costs. The owner, Mariner Health Central, Inc., strongly disagreed with the judgment and appealed the decision, but it filed for Chapter 11 bankruptcy protection to maintain uninterrupted care at the... Read More »
Berkadia Handles Brentwood Deal
Berkadia sold Brighton Gardens of Brentwood, a 113-unit assisted living/memory care community in Brentwood, Tennessee. Managing Directors Cody Tremper and Mike Garbers led the transaction on behalf of the seller, Indianapolis-based Prime Care One, LLC. The buyer was a joint venture of two investor groups. Brighton Gardens of Brentwood was built in 1997 and was approximately 91% occupied at the time of the sale. No other details were disclosed. Read More »Schedule a demo
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