Several New Hires Announced This Spring
The start of spring came with a flurry of new hires at several brokerage firms. First, Andrew Morris joined Greystone as its Director of Healthcare Acquisitions, where he will report to Arthur Hatzopoulos, Corporate Executive Vice President at the company. Mr. Morris comes from Hana2.0 Property Group where he was Director of Investments and focused on sourcing and closing healthcare real estate acquisitions. Before that, he also held roles at Cascade Capital Group, Omega Healthcare Investors, and GE Capital. At Greystone, Mr. Morris will be focusing on seniors housing and healthcare acquisition opportunities but zeroing in on the skilled nursing... Read More »
Hollywood, Florida Acquisition Sees Multiple Sources of Financing
IDB Bank and Contemporary Healthcare Capital collaborated on a financing package to support the acquisition of an assisted living community in Hollywood, Florida. Built in the early 1960s and renovated in 2016, this community boasted an average occupancy of 96.5% in the last 12 months, an impressive feat to say the least. It features 105 beds in 57 units and is being purchased by an assisted living owner/operator looking to grow its presence in Broward County. They already own one community in Hollywood and provide third-party operations for another local community for 428 Healthcare Management. To fund the deal and some immediate repairs, IDB first placed a... Read More »
Recent Senior Care M&A Deals, Week Ending March 26, 2021
Dealmaking is still on the slow side for senior care, but here is our most recent M&A deal chart. Long-Term Care AcquirerTargetPrice Pacifica CompaniesKenmore Senior Living$4.5 million The Pointe GroupHarborChase of Naples & HarborChase of Venice$26.8 million CareCore Mary Scott Nursing CenterN/A Cedar CommunitiesMulberry Grove Senior... Read More »
Carnegie Capital Finances Oklahoma SNF Portfolio Acquisition
A skilled nursing portfolio sold in Oklahoma thanks in part to acquisition financing secured by JD Stettin of Carnegie Capital. Totaling 430 beds, these facilities are located in southern Oklahoma in Marshall, Bryan and Love counties. They were operating well, but there is some upside in operations and census. The existing operator executed a purchase option to take over the portfolio at a price of $13.5 million, or $31,400 per bed. Mr. Stettin secured both a first mortgage and mezzanine financing, with a blended rate of 7.3%, to fund the deal. The senior debt came with an interest rate of 5.75% over LIBOR with a 1.00% floor, while the mezzanine debt had a rate of 15.00% over... Read More »
Three Seniors Housing Properties in Michigan Up for Auction
You may have noticed an ad on these pages in recent weeks for the auction of three seniors housing communities in Michigan, including one turnkey operation and two recently shuttered communities. Well, Tranzon Asset Advisors is running the process on its open competitive bidding platform with the auctions set to conclude between April 20 and April 22. These three assets are part of a larger portfolio of Michigan properties that was recently acquired. However, the pandemic led the developer/owner to focus on specific markets and buildings where they had already developed significant expansion and renovation plans. One community is currently operating in the town of... Read More »Schedule a demo
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