Senior Living Investment Brokerage Handles Memphis-Area Sale
Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage handled the sale of a skilled nursing facility in West Memphis, Arkansas. Consisting of 85 beds in 49 units, the facility is situated along the Mississippi River on the Arkansas-Tennessee border. It was built in 1975 and includes a well-maintained physical plant. Occupancy was low, at 55%, and since the census has dropped due to COVID, plus this facility being a geographic outlier, we can’t imagine it was overly profitable. It was owned by an Arkansas-based regional owner/operator that decided to divest this asset from its portfolio. Another regional owner/operator stepped in to acquire the facility, closing at the... Read More »
Recent Senior Care M&A Deals, Week Ending January 8, 2021
The start of the year came with a slew of seniors housing and care M&A announcements. Here is out latest deal chart. Long-Term Care AcquirerTargetPrice Operating groupManorCare Health Services-AppletonN/A The Ensign Group, Inc.3 skilled nursing facilitiesN/A Prosper Life Care Inc.Landmark at Monastery HeightsN/A Prosper Life Care Inc.Landmark at Fall RiverN/A Global Healthcare REIT, Inc.Family Care Center of... Read More »
HCR ManorCare Exits Wisconsin Market
Ryan Saul and Toby Siefert of Senior Living Investment Brokerage have sold HCR ManorCare’s (now ProMedica Senior Care) last skilled nursing facility in the state of Wisconsin. The decision to sell came back in the summer of 2019, when the property was originally marketed. A buyer was found, and the property put under LOI, but the operating partner could not get comfortable with the deal. So, the process started again, and the building went under LOI again in the spring of 2020 with a buyer group looking to grow its already strong presence in Wisconsin. The pandemic hit, and the building suffered from a COVID outbreak, but the parties involved remained patient and stuck to the original... Read More »
Not-For-Profit Takes Over Buffalo-Area Seniors Housing
Helios Healthcare Advisors handled the sale of an independent/assisted living community in Lockport, New York, a suburb of Buffalo. Consisting of 40 AL units in one building and the remaining 24 IL units across 12 duplexes, the campus was originally built in 1989 by a group of local businessmen, who are the current seller. Historically, occupancy has remained above 90%, with a 100% private pay census. Its financial performance wasn’t bad either, with north of $500,000 of EBITDAR on nearly $2.1 million of revenues. But as many communities felt across the country, state-mandated lockdowns hit and took a serious toll on both census and cash flow, the latter being closer to breakeven by... Read More » Foundry Commercial and Fundamental Advisor Announces Another Acquisition
Ziegler’s Dan Revie and Tedd Van Gorden represented the seller of a 120-unit seniors housing community in Kansas. Featuring 60 assisted living, 40 memory care and 20 physician-directed care units, the sale also included an adjacent vacant lot where the new owner, a joint venture between Foundry Commercial and Fundamental Advisors, plans to develop independent living cottages. Foster Senior Living will manage the community for the joint venture, which has already acquired six communities since forming in June, with other assets in Nebraska and South Carolina. Fundamental Advisors, in partnership with Scribner Capital, also provided the joint venture... Read More »