Merrill Commercial Real Estate Closes Another Oregon Transaction
The second property in the receivership sale of a four-facility portfolio in Oregon has sold, with Mike Merrill of Merrill Commercial Real Estate representing the receiver in the deal. This transaction involved a 69-unit independent living community in North Bend, near Coos Bay where the first property of the portfolio sold in August (handled by Tyler Merrill). In fact, the four properties represented a continuum of care for the local area. The North Bend community was built in 1986 and its census steadily improved throughout due diligence to reach 80% at the time of the sale. It was bringing in around $340,000 in NOI on approximately $1.74 million of trailing 12-month revenues... Read More »
Private Equity Investor Acquires Dallas Seniors Housing Community
Joshua Salzman, Michael Segal and Alex Florea of Blueprint Healthcare Real Estate Advisors represented a REIT in its divestment of a 170-unit seniors housing community in Dallas, Texas. Originally built in 1987, community received a thorough renovation in 2013 and additional capital improvements since 2016. Following a previous operator transition, the REIT owner converted the remaining assisted living units to independent living, resulting in the community being fully focused on independent living. Occupancy had initially dropped after the conversion, but the community was repositioned as an affordable independent living option, and census steadily improved as a... Read More »
Meridian Capital Group Reports Active Month
The last month has seen the team at Meridian Capital Group close $672.4 million in transaction volume across 56 total properties. Comprising both financings and investment sales, that’s some impressive action. The Meridian team for these transactions comprised Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch and David Gottlieb. First, Meridian handled the sale of five skilled nursing facilities and 527 beds in Vermont for $46.6 million, or $88,400 per bed. Gleaned from local news reports, the seller was Genesis HealthCare. Four years ago, the large provider acquired the Vermont portfolio for $39 million from Revera, Inc. Located in Bennington,... Read More »
Another Major SNF Acquisition Closes
When it rains, it pours, we suppose. Last week, Eagle Arc Partners acquired a portfolio of 20 skilled nursing facilities in the Southeast, the largest SNF deal that we had seen for some time. Just a day later, Evans Senior Investments announced that it handled the sale of 21 skilled nursing facilities across three separate transactions in three Midwest states. The combined purchase price for the portfolio was $86 million, or around $54,000 per functional bed. Eleven of the facilities are located in Indiana and combined for 751 licensed skilled nursing beds (692 functional beds) and 109 senior living units. At the time of marketing, average occupancy was around 78%, with total revenues... Read More »
CIBC Bank Funds Indiana SNF Acquisition
CIBC Bank USA facilitated acquisition financing for a regional operator’s purchase of 11 senior care facilities in Indiana. If this deal sounds familiar, that’s because it is part of the larger 21-facility portfolio sale announced by Evans Senior Investments last week. Matthew Tyler and Daniela Miranda of CIBC closed the $51.2 million loan for a regional operator, which purchased the facilities from a local operator. The loan comes with a five-year term on the real estate, and a $5.0 million revolving line of credit was provided to support working capital needs. The portfolio consists of 751 skilled nursing beds and 109 assisted living units. Those 11 facilities have an effective... Read More »Schedule a demo
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