Summit Healthcare REIT Makes Large Portfolio Acquisition
Summit Healthcare REIT is entering Georgia with the acquisition of eight skilled nursing facilities across the state. Purchased for $130 million, or $157,000 per bed, the portfolio comprises 826 licensed beds. That per-bed value is certainly high for SNFs, but these days with so many buyers on the hunt for few facilities, we’ve seen bids creep up and up. A wholly-owned subsidiary of Summit is purchasing the portfolio, which will be leased back to the existing operator on a triple net basis. The undisclosed operator has a strong existing presence in the Peach State. CIBC U.S. and Oxford Finance funded the debt on the transaction. With this deal and another acquisition closed in 2021, Summit... Read More »
SNF Portfolio Sells in Massachusetts
Real estate investment firm Eagle Arc Partners has purchased a portfolio of three skilled nursing facilities in Massachusetts from an independent owner/operator seeking to exit the skilled nursing industry. The portfolio, which had an 80% average occupancy rate, comprises 384 licensed skilled nursing beds (359 functional beds). All three facilities were located eight to 10 miles north of downtown Boston and had a five-star rating from Medicare. The facilities earned combined revenues of $40.7 million and had an NOI of $2.03 million, for a 5.0% margin. Not bad, but could certainly be improved. The state of Massachusetts recently instituted new legislation that would eliminate all three... Read More »
SLIB Sells AL Community in Florida
Senior Living Investment Brokerage’s Bradley Clousing and Daniel Geraghty handled the sale of a 98-unit assisted living/memory care community in the Orlando, Florida MSA. Built in 1998, a publicly-traded REIT sold Savannah Grand of Maitland to a regional owner/operator. The buyer is planning a significant renovation to the community to stabilize operations and census. No other details or the purchase price were disclosed. Read More »
Louisiana SNF Portfolio Finds New Owner
A Louisiana-based owner/operator looking to exit the long-term care industry has sold a portfolio of five skilled nursing facilities with the help of Evans Senior Investments. The portfolio, which ranges in age from 10 to 25 years old (with the exception of one property), was sold across three separate transactions. First, a 130-bed SNF sold in Rayne, Louisiana for $14 million, or $108,000 per functional bed. While the facility is licensed for 130 beds, it has an additional 54 banked beds that could be used for an expansion in the future. The property generated revenues of $8.5 million and NOI of $1.1 million at the time of marketing, and had a 71% occupancy. A regional owner/operator... Read More »
SLIB Sells Pennsylvania SNF
Toby Siefert and Nick Cacciabando of Senior Living Investment Brokerage closed out 2021 with the sale of a 90-bed skilled nursing facility in a tertiary market of northeastern Pennsylvania. Built in 1976 and renovated in 2012 and 2015, Athens Health and Rehabilitation was initially purchased by a private owner as a vacant, unlicensed asset and went through the process of relicensing, restaffing and lease-up. It sits on two acres across 23,924 square feet. The facility was on an upward trajectory of lease-up until the pandemic and staffing shortages made it difficult to attain occupancy above 70%. At the time of sale, the facility had 62% occupancy, $6.06 million of revenue and negative... Read More »Schedule a demo
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