Arkansas Acquirer Buys Texas SNF Portfolio
A regional developer is exiting the skilled nursing industry and sold its second tranche of facilities in Texas, bringing its total divestment to 11 facilities across the Lone Star State. All told, the whole portfolio totaling 1,357 beds has sold for $90.8 million, or around $67,000 per bed. The second tranche included four skilled nursing facilities and 505 total beds in the Dallas-Fort Worth area. Helios Healthcare Advisors was engaged as the exclusive sell-side advisor to structure a transaction that dealt with the real estate being subject to a non-performing master lease with a regional operator. Boasting a new vintage and good locations in higher barrier-to-entry, affluent suburbs,... Read More »
Ziegler Arranges Distressed CCRC Sale in Illinois
Ziegler has announced its role in arranging the sale of a distressed CCRC in Mount Morris, Illinois, about 100 miles west of Chicago. Founded in 1893, Pinecrest Community is a Christian, not-for-profit continuing care retirement community affiliated with the Church of the Brethren. It has grown over the years to include active adult cottage homes, independent living apartments, assisted living, skilled nursing and a memory care center. It also features a large theater, public gym and retail spaces for the surrounding Mt. Morris community. However, the Board ultimately decided to sell the CCRC due to its financial instability. Struggling with both staffing shortages, pandemic expenses and... Read More »
Chartwell Divests Two More Long-Term Care Facilities
Chartwell Retirement Residences completed the sale of two long-term care facilities in British Columbia to AgeCare Health Services and a fund managed by Axium Infrastructure Inc. The deal included Malaspina Care Residence in Nanaimo (Vancouver Island) and Carlton Care Residence in Burnaby (outside of Vancouver), which total 264 long-term care beds. The value of the transaction came to C$112 million, or about US$81.9 million (US$310,000 per bed). In addition, the buyers assumed property specific debt of approximately C$26 million, with the balance paid in cash, approximately C$16 million of which was used to repay the remaining mortgage debt on the British Columbia properties. Chartwell... Read More »
HTG Sells Henderson, Texas SNF
San Antonio, Texas-based ML Healthcare purchased a 125-bed skilled nursing facility in the town of Henderson, about 20 miles west of the Texas-Louisiana border. Built in 2008, the facility is laid out in a hub-and-spoke design on one story. It was 73% occupied and brought in approximately $7 million of revenues. This was the last facility of a family owner/operator that had sold its six other nursing facilities in Texas over the last few years. They retired following the closing, and the purchase price was not disclosed. Mark Davis of Healthcare Transactions Group handled the transaction. Read More »Blueprint Arranges Two SNF Transactions
After selling two other vacant Mainstreet-built transitional care facilities in Amarillo and Temple, Texas, earlier this year, Blueprint Healthcare Real Estate Advisors’ Amy Sitzman and Giancarlo Riso sold the third and final property of the group. Located in Beaumont, the partially-built facility has 70 units but was never completed before being foreclosed upon. Like the other Mainstreet facilities. Ms. Sitzman and Mr. Riso positioned the asset as a state-of-the-art building that could be acquired at an attractive basis. A Texas-based real estate investor emerged from a competitive bidding process, paying $8.7 million, or $124,000 per unit. They will lease the facility to an East... Read More »Schedule a demo
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