CFG Funds SNF Portfolio Deal in Pennsylvania
Capital Funding Group closed $34.7 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities in Pennsylvania that combine for 299 beds. Managing Director, Real Estate Finance Craig Casagrande and Vice President Andrew Jones originated the transaction for the borrower, which was a regional operator. The announcement follows the company’s recent closing of a $13.4 million HUD loan, which supported the refinancing of an existing bridge loan on a 144-bed skilled nursing facility in Vermont. The cash-out bridge loan had seasoned for two years before being brought to HUD. Read More »
The Rise of the Regional Operator
The SeniorCare Investor’s Managing Editor, Ben Swett, sat down with Roddy and Michael Radnia of Brighton Care Group to discuss the company’s growth from six beds to 600, the lessons learned along the way, and how not to lose that local touch when operating as a larger, expanding company. Read More »
Another AdventHealth SNF Sells
As part of AdventHealth’s exit from the skilled nursing market, and concurrent with its divestment of seven skilled nursing facilities in Florida, the not-for-profit health system also transitioned from its 222-bed SNF in Apopka, Florida. It was owned by the Florida Conference of Seventh-day Adventists and operated by AdventHealth Care Centers, a subsidiary of AdventHealth. The facility was originally built in 1970 adjacent to the Florida Living Retirement Community, near the Forest Lake Seventh-day Adventist Church. However, the physical plant was extensively renovated in 2019 and 2020, and received a new 52-bed subacute trach and vent unit with 29 dedicated resident rooms. Blueprint... Read More »
Avanath Acquires Rivers Senior near Sacramento
Avanath Capital Management LLC, a multifamily owner and operator that primarily focuses on affordable and workforce housing, acquired Rivers Senior, a 120-unit affordable seniors housing community in West Sacramento, California, for $19 million, or $158,300 per unit. The deal marks Avanath’s 19th acquisition in Northern California and its 13th property in the greater Sacramento area. Avanath acquired the community in an off-market transaction with the seller, with whom Avanath had previously purchased numerous Sacramento-area assets. Rivers Senior was built in 2008 utilizing the California Tax Credit Allocation Committee’s LIHTC and with bond financing via multiple agencies. Additionally,... Read More »
Stabilized Seniors Housing Deal Closes in San Antonio
A well-occupied seniors housing community in San Antonio, Texas, found a new owner thanks to Evans Senior Investments. The Class-A community was built in 2017 with 42 assisted living and 21 memory care units. Featuring plentiful amenities, it was 95% occupied with a 100% private pay census at the time of marketing. Additionally, in January 2022, the operator, Sodalis Senior Living, implemented a 4% rate increase for all current residents, and successfully implemented another lease renewal increase of 6% in January of 2023. There were several compelling offers for the seller, but Sodalis ended up as the buyer. The purchase price was not disclosed. Read More »Schedule a demo
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