Assisted for Living Acquires Trillium Assets
Assisted for Living Inc., a Bradenton, Florida-based diversified healthcare company, is on a little growth spurt, having just acquired an assisted living business and opened a new pediatric extended care center both in Florida. First, they acquired Trillium Healthcare Group’s assets. Trillium is a post-acute care company that leases and operates 26 skilled nursing facilities in four states: Florida, Georgia, Iowa and Nebraska. In total, its portfolio features 1,546 skilled nursing beds, 139 assisted living beds and 36 independent living units, and 2020 revenues reached approximately $100 million. The acquisition includes Trillium’s back office, which will be integrated with the current... Read More »
Plains Commercial Handles Texas SNF Sale
Daniel Morris of Plains Commercial handled the sale of a 115-bed skilled nursing facility in Benbrook, Texas. Originally built in 1969, the facility was owned by a regional operator that decided to cull its portfolio and exit the Dallas-Fort Worth market altogether. Plus, the facility went through a difficult time with COVID-19 and saw its census decline significantly. Despite that, the seller was able to build occupancy to near pre-COVID levels by the time of the sale. Another regional owner/operator in a 1031 exchange was selected as the buyer and worked with Loan Star National Bank to finance the deal, which closed approximately six weeks from LOI. Read More »
CBRE Sells Five Communities in the Great Lakes Area
Lisa Widmier of CBRE Senior Housing has sold a portfolio of five assisted living/memory care communities in the Great Lakes region. Appropriately called the “Great Lakes Portfolio,” these communities consist of 514 units in Michigan (with three locations) and Ohio (two locations). Occupancy fell below 50%, and not surprisingly, the portfolio was not making any money at the time of the sale. Lone Star Funds and alternative investment manager Hudson Advisors acquired the portfolio from an unnamed seller. The purchase price was not revealed, we have heard it may have exceeded $115 million, or more than $225,000 per unit. Considering how far occupancy needs to come to improve both margin and... Read More »
Ziegler Closes Wisconsin CCRC Deal
Dan Revie, Don Husi, and Tedd Van Gorden from Ziegler represented Bridge Investment Group in the sale of its entrance-fee CCRC in Mequon, Wisconsin. LCS was the previous operator and will hand over management to the new owner, Iowa-based not-for-profit Lifespace Communities. No purchase price was disclosed, but Ziegler helped arrange acquisition financing for the deal. Built in 2003, the community has 159 independent living units, 36 assisted living units, 16 memory care units and 46 skilled nursing beds on a 52-acre campus. It will join six other Lifespace communities in the Midwest. Read More »
The Healthcare SPAC Market
For the past two years, the healthcare M&A market has seen a surge of deals involving SPACs, or special purpose acquisition companies created solely as a vehicle for emerging companies to go public. These deals, called a de-SPAC transaction, seem to be surfacing once a week in the healthcare market, a trend not unique to this industry either. Here’s how they start: a sponsor company or investor, sometimes a private equity firm or investment firm, creates a public shell company and then raises funds and capital, called a private investment in public equity, or PIPE, under the idea that it will use those funds to find a target private company. Investors can buy into the PIPE at a low... Read More »Schedule a demo
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