Recent Senior Care M&A Deals, Week Ending November 26, 2020
It was a short week, but there were still a number of senior care deals announced. Here’s our latest deal chart. Long-Term Care AcquirerTargetPrice In-state provider & Large national owner-operator4 skilled nursing facilities in TXN/A Owner/operatorSkilled nursing facility in VA$42.1 million+ Local operatorSkilled nursing facility in NJN/A Commonwealth Senior LivingCedar Manor Assisted LivingN/A SRZ ManagementNHC Healthcare Town &... Read More »
Commonwealth Senior Living Adds to Dominion State Portfolio
Commonwealth Senior Living expanded its Virginia portfolio with the addition of a 72-unit senior living community in Chesapeake, located near the North Carolina border. This represents the 27th community in Virginia for Commonwealth and 33rd overall in its portfolio. There are eight communities in the Norfolk MSA, so the company should be able to take advantage of some economies of scale. Chesapeake Regional Healthcare built the property in 2001, and it currently features 60 assisted living and 12 memory care units. However, Commonwealth will immediately begin renovations to the building, expand its capacity to 68 assisted living and 32 memory care beds, and rebrand the property as... Read More »
CareTrust REIT Adds Skilled Nursing Portfolio
The skilled nursing portfolio deals keep on coming, this time from a familiar source. CareTrust REIT announced its acquisition of four skilled nursing facilities in Texas, around the Dallas-Fort Worth metro area. Totaling 554 skilled nursing beds and 24 assisted living beds, they are currently leased to operating affiliates of The Ensign Group, and have been since Ensign took over operations more than a year ago from Senior Care Centers, which was going through bankruptcy proceedings at the time. The facilities include Beacon Harbor Healthcare & Rehabilitation in Rockwall, Rowlett Health & Rehabilitation Center in Rowlett, Crestwood Health & Rehabilitation in Wills Point and... Read More »
CIBC Finances New Jersey SNF Acquisition
There was another acquisition financing closed by CIBC Bank USA, following the bank’s funding of an Indiana skilled nursing portfolio acquisition and cash-out refinance of a SNF in eastern Kentucky earlier this month. The recent transaction was arranged for a 55-bed skilled nursing facility in northeastern New Jersey. With an effective age of 10 years and occupancy in the 90% range, the facility was operating strongly at EBITDAR margins around 15%. That makes for quite a desirable acquisition. So, a local operator that had been leasing the facility bought it for an undisclosed price but utilizing a $6.3 million acquisition loan from CIBC. As a result of the... Read More »
Benchmark Senior Living Acquires New Hampshire Seacoast Senior Living
Benchmark Senior Living added to its Northeast portfolio with the acquisition of an assisted living community that has been in operation in Rye, New Hampshire for over 20 years. The property last sold in 2017, when EvoLve Senior Living acquired it for $12 million, or $300,000 per unit, with the help of a $10 million mortgage provided by National Health Investors. That loan featured an initial term of five years with renewal options and an interest rate of 8.0%, which NHI funded from its revolving credit facility. Built in 2013, it features 40 units with 64 licensed beds of memory care. It was developed by Sanctuary Care for approximately $13 million and is licensed for 64 beds. However,... Read More »Schedule a demo
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