SLIB Sells Two More ALPs in New York
Senior Living Investment Brokerage’s Dave Balow has been crisscrossing the state of New York lately, selling an upstate ALP (Assisted Living Program) facility last week and represented the seller of two ALP facilities just this week on Long Island. CIBC Bank USA also provided $6.75 million in acquisition financing to support the purchase. CIBC’s Fritz Kieckhefer arranged the debt. Located in Holbrook and Center Moriches, the two properties combine for 85 beds in 46 units. The private seller had owned them for over 40 years and was able to produce consistently strong cash flow over the years. In fact, it operated at a roughly 40% margin on more than $2.56 million... Read More »Tryko Partners Adds Pennsylvania SNF to Portfolio
Tryko Partners acquired a 121-bed skilled nursing facility in Norristown, Pennsylvania, in the greater Philadelphia region and is planning a significant capital investment project to the 40-year-old building. Set on five acres, the four-star facility is located about 12 miles from downtown Philadelphia and is within a 10-mile radius of nine short-term acute-care hospitals. It had been previously owned by a faith-based not-for-profit for 50 years, and Timothy Bonjo has been the facility’s administrator for 36 years. It’s not often you see that kind of tenure in this industry. Planned upgrades to the three-story building, which should cost around $2.5 million,... Read More »
Hill Valley Healthcare Announces Tidewater Transaction
The team at Meridian Capital Group consisting of Ari Adlerstein, Ari Dobkin and Josh Simpson secured acquisition financing for a portfolio of three skilled nursing facilities in Virginia. Located along the Chesapeake Bay coast in Warsaw, West Point and Hampton, the facilities feature 80, 60 and 130 beds, respectively. Built between 1975 and 2001, they were all previously owned and operated by Riverside Health System, a not-for-profit based in Newport News, Virginia. Hill Valley Healthcare, a national skilled nursing operator, was able to acquire the facilities with the help of a $21.7 million loan from a commercial bank, plus a $3.5 million A/R line and... Read More »
Healthpeak Properties Completes More Sales
As the healthcare REITs start their quarterly reporting season, of course all eyes will be on the occupancy trend, which for most of them will not be so great. But one aspect about what is happening, and often little noticed, is that the news is showing that the demand for seniors housing assets is still quite strong, pandemic be damned. Obviously, Healthpeak Properties would rather not be selling off its seniors housing portfolios, especially if they had been performing well, since in years past they provided the highest yield to support the REIT’s dividend and growth. But performance had suffered, and the decision was made to sell. No one is crying for them,... Read More »
Welltower Still Sees Opportunity
We all know that Welltower has been selling a few billion of seniors housing assets just like Healthpeak Properties has. But the difference is that Welltower is still buying. Not only that, they picked up a 790-unit portfolio operated by Harbor Retirement Associates for $132 million, or $167,000 per unit. The seller? Healthpeak (see story above). Even though the portfolio had negative lease coverage, we are sure Welltower is looking at that well-below-replacement-cost pricing. But Welltower needs to pay attention to its own operating portfolio, where occupancy continues to decline. The average census was 77.3% in November, falling to 76.3%... Read More »Schedule a demo
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