Lument Facilitates Not-For-Profit’s Exit from Senior Care
Following the pandemic, we have seen many mom & pop’s exit the senior care industry for a variety of reasons, but we also speculated that smaller not-for-profit organizations would be forced to sell their communities after staffing costs significantly brought down their already-thin operating margins. For many, their missions could be better served by pivoting to other services, and Lument has recently helped a couple of not-for-profits divest their only senior care assets. And the proceeds received from those sales far exceeded the organizations’ highest expectations, putting them in a stronger financial position to continue their work by other means. The most recent transaction saw... Read More »
LevinPro LTC Records a Small Deal Surge in April
By nearly all accounts, M&A activity has significantly slowed, as we just recorded our first sub-100-deal quarter in Q1:23 since the first quarter of 2021. However, a mini deal surge in the first two weeks of April has caught us a little off guard. In that time period, we have recorded 27 publicly announced deals, which is just one deal off of the entire month of February’s 28 transactions and a handful away from March’s 31 transactions, according to LevinPro LTC. In addition, the 27 deals have comprised approximately 70 properties. Skilled nursing deals accounted for 41% of the deals from the two-week period, but SNFs were the majority of properties sold, or 53%. Those ratios closely... Read More »
Plains Commercial Handles Two-SNF Sale
A couple of older skilled nursing facilities sold in Missouri and Arkansas after their regionally-based, not-for-profit owner decided to scale back on its operations. General Baptist Healthcare owned the two facilities. Built in the 1960s, General Baptist Nursing Home of Piggott in Piggott, Arkansas, is licensed for 105 beds. The other facility, General Baptist Nursing Home of Campbell in Campbell, Missouri, was built in the 1970s with 90 licensed beds. Occupancy had suffered in the buildings through the pandemic and was beginning to slowly climb in the facilities, currently standing at 33% at Piggott and 67% at Campbell. Emerging through multiple other bids, the ultimate buyer was a... Read More »
Publicly Traded REIT Divests AL Community in Florida
An assisted living community in northeastern Florida found a new owner with the help of Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage. Built in 2004 in the town of Merritt Island, the community has 70 units, with kitchenettes in each apartment. Its publicly traded REIT owner decided to divest the asset to a regional owner/operator based in Florida. The new owner plans to renovate the community and make significant upgrades to improve occupancy, revenues and overall bottom line performance. No purchase price was disclosed. Read More »
High-Quality SNF Portfolio Sells in Mid-Atlantic
We previously reported on the sale of a skilled nursing portfolio in the Mid-Atlantic when Walker & Dunlop announced its Q1:23 activity, but after speaking to people familiar with the marketed portfolio, we have more details to disclose. Located in the Mid-Atlantic region, the portfolio consists of five skilled nursing facilities and nearly 770 beds, with four of the properties clustered around one major MSA. These were older facilities, built from the 1960s to the 1980s, but were well maintained and showed well. The quality assets were also managed by a strong outgoing operator. As such, operations were strong, and the portfolio boasts a high Medicare census above 20% plus an... Read More »Schedule a demo
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