Henry Ford Village Has A Buyer
The long road to successful bankruptcy sale may be coming to an end soon for Henry Ford Village, a large CCRC in Dearborn, Michigan. New York-based Sage Healthcare Partners is the winning bidder with a $76.3 million offer. That is more than $6 million above the stalking horse price of $69 million, which submitted by MED Healthcare Partners last month in accordance with bid procedures approved by the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division. The deadline for competing offers was set for April 30, and a court hearing to approve the transaction is scheduled for May 24. We are exaggerating when we say this CCRC is large. Originally developed by Erickson... Read More »Recent Senior Care M&A Deals, Week Ending May 10, 2021
Towards the end of April and beginning of May, senior care M&A started to heat up. Check out our recent deal chart. Long-Term Care AcquirerTargetPrice Sabra Health Care REIT, Inc.Baxter Senior Living$32.5 million The Ensign Group, Inc.Windsor Rehabilitation and HealthcareN/A Regional owner/operator3 assisted living communities in WIN/A Regional owner/operatorRegency North Bend Rehab & Nursing... Read More »
Omega Health Investors Makes M&A Moves In Q1
On May 6, Omega Healthcare Investors released their first quarter earnings report, and it was a period of major acquisition activity and balance sheet improvements that position the REIT well for the recovery that is surely coming soon in senior care. In the first quarter, Omega closed nearly $600 million of acquisitions and $16.8 million in capital renovations and new construction projects. The largest deal by far was its $511.3 million acquisition of 24 senior living communities from Healthpeak Properties, which closed in January. The acquisition included the assumption of an in-place master lease with Brookdale Senior Living that provides for 2021 contractual rent of $43.5... Read More »
SLIB Sells Wisconsin Assisted Living Portfolio
As if their end-of-April activity wasn’t enough, the Senior Living Investment Brokerage team of Bradley Clousing and Ryan Saul kicked off May with a portfolio sale of three assisted living communities in Wisconsin. Located in the towns of Waukesha and Oshkosh, they total 255 units and were built between 2005 and 2009. The Waukesha community consists of 85 units, while the two Oshkosh properties (located one mile apart) feature 134 units and 36 units, respectively. Occupancy averaged around 80%, and the facilities wer estimated to have operated at a roughly 25% margin on over $12.84 million of combined revenues. Local public filings revealed LTC Properties as the previous owner, and... Read More »
CareTrust REIT Acquires Again in California
A little over a month after CareTrust REIT first acquired four CCRCs in California, then a 150-bed skilled nursing facility in Santa Barbara, the company has made another Golden State purchase. The latest deal features a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center in El Centro (Imperial County). The seller was a private individual who had owned the facility for more than 20 years. They experienced high staff turnover and occupancy decline as a result of the pandemic and decided to seek a sale. The seller had fallen out of contract with a previous buyer but was still highly motivated to exit. That led to San Diego-based Bayshire Senior... Read More »Schedule a demo
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