SLIB Announces 150th Texas Transaction
To kick off 2023, Matthew Alley and Ryan Saul of Senior Living Investment Brokerage sold a 132-bed skilled nursing facility in Sherman, Texas, marking the 150th building that Mr. Alley and SLIB have sold in the Lone Star State across more than 16 years. They represented a private partnership based in Dallas in the deal. While a large share of SNFs were built 40 or more years ago, this facility was built in 2006. It currently operates with 115 beds and is 63% occupied. On a trailing-six-month basis, the facility was generating more than $60,000 in EBITDAR on $6.87 million of revenues. Any positive cash flow in the SNF sector should generate interest from buyers, and a Fort Worth-based... Read More »
Grandbridge Handles High-End CCRC Sale in Naples
A high-end CCRC in Naples, Florida in financial distress sold to Life Care Services in a deal handled by Grandbridge Real Estate Capital’s Senior Housing Investment Sales team led by Dave Kliewer and Jay Jordan. Opened in 2015 on 39 acres in the Lely Resort master-planned community of Naples, the community offers 47 independent living cottages, 128 IL units, 42 assisted living units, 37 memory care units and 44 skilled nursing units, with plenty of amenities. Entrance fees average around $950,000, which would certainly put the community on the high end of the Naples area. However, the community was in default on around $136.32 million of Series 2013 and 2015 bonds (as of June 1, 2022) plus... Read More »
LTC Properties Makes Large North Carolina Acquisition
LTC Properties announced an approximate $128 million investment in 12 assisted living/memory care communities with a combined 937 licensed beds in 568 units. Spread out in North Carolina, the communities are currently owned and operated by an existing LTC partner. The majority of LTC’s investment is structured as a joint venture to acquire 11 of the properties, and a minor portion totaling $11 million is structured as a senior mortgage loan secured by one property with a two-year term and interest-only rate of 7.25%, at an IRR of 9.0%. LTC has a 97% ownership in the $121 million joint venture with the current operator for the purchase of the 11 properties. The communities will be... Read More »
Newmark Sells Project Freedom Portfolio
In the waning days of 2022, the Newmark Seniors Housing Team sold a large assisted living portfolio in Pennsylvania and Michigan. Dubbed “Project Freedom,” the portfolio consists of eight communities and 744 private pay units, featuring a mix of assisted living and memory care. These communities are located in smaller submarkets and have an average age of approximately 20 years, which leaves room for some capital improvement projects for the new owner. Persimmon Ventures, LLC began acquiring the communities in 2016 after having built and sold a 10-facility skilled nursing portfolio over the previous eight years. Persimmon and its joint venture partner on the portfolio, Big Bay Ventures,... Read More »
Knapp-Stahler Group Sells Lone Star State SNF
Nick Stahler and Austin Diamond of The Knapp-Stahler Group at Marcus & Millichap sold a skilled nursing facility in Tyler, Texas for $7.5 million, or $62,500 per bed. The 120-bed facility was built in 1982 and is situated on 3.75 acres. It had historically experienced difficulty with occupancy, but the pandemic worsened the situation, bringing occupancy down to the mid-50s at the time of the transaction. Despite those challenges, the seller, a regional Texas owner/operator, managed to maintain a strong patient mix and positive cash flow. In the last year, SNFs with solid operations generated healthy interest from investors, and the Knapp-Stahler Group produced multiple offers for... Read More »Schedule a demo
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