More Thoughts On NIC: Labor and Inflation
The good news that came out of the NIC Conference was that nearly everyone we talked with or listened to on the panels said that their agency use (and cost) had been in decline in 2022, with some 50% lower and others expecting to be out of the staffing pools by year end, other than some sporadic use to fill a gap, which was what they were always supposed to do. What they did not volunteer was by how much their in-house labor costs were rising as a result, when they could find employees to hire. Labor is still the number one concern, and someone quipped that they did not even hear COVID mentioned once during the conference. Yes, wages are rising, but are they rising enough to attract all... Read More »Helios Structures Sale of Well-Occupied Massachusetts SNF
Helios Healthcare Advisors announced the sale of a 144-bed skilled nursing facility in Wrentham, Massachusetts. Maples Rehabilitation and Nursing Center was a family-run skilled nursing and a 29-bed early education daycare center in operation for the past 60 years. However, the original family that founded Maples in 1963 decided to exit the industry. Some of the largest owner/operators and investors in New England looked at the facility, but Southborough, Massachusetts-based Alliance Health and Human Services was selected as the buyer. At the time of transaction Maple’s occupancy was at 95% with a quality mix above 40%. The transaction process involved three different licensure... Read More »The Prestige Group Sells Philly-Area Community
The Prestige Group announced the sale of an assisted living community in Philadelphia, Pennsylvania. Built in 1926, Parkside Manor features 51 units and sits on 1.4 acres. Joe Shallow and Richard Natow handled the transaction. Both the seller and buyer of the community were not disclosed. Last week, according to Levin Pro LTC, The Prestige Group also closed the sale of an assisted living community in Georgetown County, South Carolina. The 48-unit community sits on 8.2 acres just south of Myrtle Beach. In addition, Prestige recently closed the sale of a skilled nursing facility in Connecticut. Featuring 46 beds, the facility sits on 8.5 acres in Watertown. Read More »Zeigler Secures Financing for California CCRC
Ziegler closed $36.0 million in financing for Northern California Congregational Retirement Homes, Inc, doing business as Carmel Valley Manor. The borrower was issued Series 2022 bonds, which will be used together with an equity contribution to fund various campus improvement projects, refinance existing bank debt, fund capitalized interest, fund a debt service reserve fund, and pay costs of issuance. The bonds were issued through the California Municipal Finance Authority and amortized over a 30-year period. They were also issued with a seven-year call at 103, declining to par in 2032. Carmel Valley Manor is a California not-for-profit public benefit corporation that operates a CCRC on 25... Read More »Helios Closes Seven-SNF Texas Transaction
A skilled nursing portfolio sold in Texas with the help of Chicago-based Helios Healthcare advisors. The seller, a regional developer, engaged Helios to sell the real estate of seven facilities, which were subject to existing leases with two of the largest operators in the state. Comprising 852 beds, these facilities were on average 14 years old (relatively young for the sector), the portfolio’s leases were non-performing due to the pandemic. But demand for SNFs is high, and 12 offers were procured from various healthcare real estate investment groups that ranged from publicly traded entities to private family offices. In the end, an Arkansas-based real estate investment group paid $57.8... Read More »Schedule a demo
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