PE Group Divests to Regional Owner/Operator
An East Coast-based private equity group divested two seniors housing communities in Mississippi to a regional owner/operator pursuing expansion across the state. The communities total 108 assisted living and memory care units and offer operational synergies, given their close proximity in Oxford and Southaven. The communities were purpose-built in the early 2000s and operated as 100% private-pay assets. At the time of sale, both assets were well occupied and collectively generating in-place cash flow above $1 million. Blueprint represented the private equity group in its divestment, with Jacob Gehl and Dillon Rudy targeting regional owner/operators. There was strong interest with a... Read More »
Two Western Closings from The Zett Group
The Zett Group closed a couple of seniors housing sales in the western United States. One deal was in the Reno, Nevada MSA, and featured a 65-unit assisted living/memory care community owned by a regional operator. The community boasted high occupancy and strong revenue, but there was room for improvement on the expense side. A local administrator backed by friends and family capital emerged as the buyer, making their first larger-scale seniors housing acquisition. Then, in Florence, Oregon, The Zett Group sold a 90-unit assisted living/memory care community also owned by a regional operator. Built in 1995 and expanded in 2008, the community featured a strong physical plant in a... Read More »
Dwight Capital Announces Q1 Activity
Dwight Capital, its affiliate REIT, Dwight Mortgage Trust (DMT), and Dwight Healthcare Funding (DHF) reported an active first quarter, closing a combined $294 million in senior care financings across a mix of HUD, bridge, and revolving line of credit (RLOC) financings, spanning 11 states. Among the featured HUD transactions was $46.9 million in financing provided by Dwight Capital for a portfolio of three skilled nursing facilities totaling 278 beds in Fort Pierce, Wauchula and Winter Haven, Florida. The loan proceeds refinanced existing debt provided by DMT. Adam Offman, Managing Director of Healthcare Finance, originated the transaction. Additional closings included a $22.5 million loan... Read More »
Senex Foundation Divests SNFs to Owner/Operator
Vince Viverito, Jason Punzel, Jake Anderson and Taylor Graham of Senior Living Investment Brokerage were engaged by Senex Foundation, a Denver, Colorado-based owner/operator, to help with the disposition of a four-property portfolio and recently closed the second tranche involving two skilled nursing facilities in Nebraska. The deal included the sale of a 48-bed facility in Bridgeport and the leasehold interest (plus a purchase option) of a 39-bed facility in Hemingford. Both facilities were cash flowing. The buyer was a Utah-based owner/operator looking to establish scale in Nebraska and position itself for continued growth in the state. No purchase price was disclosed. The closing... Read More »
All-Cash Skilled Nursing Deal Closes
An undisclosed buyer acquired a 99-bed skilled nursing facility in Ohio through an all-cash transaction after the seller’s senior lender pushed for an exit. Stan Klos III of 3G Healthcare Real Estate handled the deal. An initial buyer walked away from the deal after a conversion from a lease-only structure was declined by the lender. Another potential buyer signed a competing contract but walked away after the per-diem reimbursement decreased by $50 per bed. This was a result of the facility’s quality points decreasing after an Ohio Medicaid rate reset. Additionally, hospital discharge volume softened, with occupancy falling from the high-80s to the low-80s. A qualified, sidelined... Read More »Schedule a demo
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