Struggling SNF Sells in Michigan
Evans Senior Investments arranged the sale of the Villages of Lapeer, a skilled nursing facility in Lapeer, Michigan, approximately 50 miles northwest of Detroit. It was built in 1959, comprises 87 beds, and sits on 5.6 acres. Like many SNFs, the Villages of Lapeer faced operational and compliance challenges during the pandemic, which impacted census and overall performance. The seller was an independent owner/operator seeking to transition out of the skilled nursing industry. Recognizing the seller’s need to exit, ESI expedited the process by bringing in a regional ownership group active in Michigan, which executed the deal within four months from start to finish. Read More »
Northland Networks Arranges Two Acquisition Loans
Northland Networks, a member of the First National of Nebraska family, ended 2024 on a high note, closing two acquisition financings for skilled nursing clients in the last several months. One was for a 59-bed skilled nursing facility in rural southern Kentucky that was built in the late-1970s by the same family that is now selling it. The facility could improve its operations, and that will be the task of a Northeast-based real estate investment firm to turn around with an operating partner. Seth Kahn of Northland arranged an acquisition loan with a bank, structuring it with a five-year term, one year of interest only, an attractive interest rate and at 80% loan-to-value. ... Read More »
CareCore Health Acquires in Ohio
Forest Healthcare Properties facilitated the sale of a 106-bed skilled nursing facility in Auglaize County, Ohio, that was built in 1984 and was 85% occupied. The seller was a real estate investment firm looking to exit the state, and the buyer was CareCore Health, which has nine other healthcare properties in Ohio and was looking to expand. Multiple offers were received. Forest additionally helped facilitate a transaction involving a Kentucky skilled nursing portfolio. The portfolio features over 1,000 beds, and the facilities were well-positioned with strong in-place cash flow in this off-market transaction. Both parties involved were large companies, one with a footprint in the... Read More »
Regional Owner/Operator Acquires in Washington
Jason Punzel of Senior Living Investment Brokerage facilitated the sale of Moran Vista Senior Living in Spokane, Washington. Built in 1997 and expanded and renovated in 2008, it is situated on approximately 4.76 acres and comprises 131 (30 independent living, 86 assisted living and 15 memory care) units. Occupancy was 88% at the time of sale. The seller was a Pacific Northwest owner divesting to focus on core assets within its portfolio, and the buyer is a regional owner/operator with approximately 20 communities in Washington and Arizona. The community sold for $22.5 million, or $172,000 per unit, at a 3.06x GIM. Read More »
Ensign Expands in Tennessee and Alabama
The Ensign Group, Inc. acquired the operations of nine skilled nursing facilities in Tennessee and Alabama: Meadowbrook Healthcare and Rehabilitation Center (83 beds in Pulaski, TN), Wellpark Health and Rehabilitation (30 beds in Knoxville, TN), Legacy Park Health and Rehabilitation (176 beds in Knoxville), VanAyer Senior Living and Rehabilitation (91 beds in Martin, TN), Union City Health and Rehabilitation (115 beds in Union City, TN), Decatur County Healthcare (125 beds in Parsons, TN), Savannah Nursing and Rehabilitation (120 beds in Savannah, TN), Westwood Nursing and Rehabilitation (90 beds in Decaturville, TN) and The Health Center at Research Park (91 beds in Huntsville, AL). ... Read More »Schedule a demo
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