Eagle Arc Partners Acquires 20 Skilled Nursing Facilities
Eagle Arc Partners, formerly known as BM Eagle Holdings, has made yet another large investment in the skilled nursing industry, acquiring 20 skilled nursing facilities, with 18 in Florida and one each in Mississippi and Georgia. All will be leased to local operators going forward. To fund the deal, Eagle Arc, which is run by Elliott Mandelbaum, worked with Capital Funding Group (CFG) to close a $317.5 million bridge-to-HUD financing package. CFG provided the financing through its new credit venture, CFG Credit Partners, LLC, an off-balance sheet credit venture managed by CFG Asset Management. The new venture expands the company’s bridge-to-HUD lending capacity, a welcome sign... Read More »
Blueprint Handles Sentara Healthcare’s SNF Exit
We covered Virginia-based hospital system Sentara Healthcare’s exit from the skilled nursing business in September and recently learned of Blueprint Healthcare Real Estate Advisors’ involvement in the deal. Sentara’s exit was brought about because of its planned merger with North Carolina-based Cone Health; however, the combined business will still maintain two PACE facilities in southeastern Virginia. The skilled nursing portfolio consists of seven facilities located throughout southern Virginia, with five surrounding the Norfolk/Virginia Beach market. They were mostly built in the late-1980s and early 1990s, with one opening more recently in 2017. They range in size from 84 beds to 216... Read More »
Ziegler Structures Debt For Radiant Senior Living Acquisition
Ziegler served as exclusive capital structuring advisor on a debt placement for the borrower, Radiant Senior Living, to acquire a portfolio of three seniors housing communities in the Pacific Northwest. Two of the properties are located near Seattle, Washington, while the third is in Bozeman, Montana. Previously owned by a publicly traded REIT, they combine for 36 independent living and 204 assisted living units and generate in-place, stabilized cash flow. However, there is an opportunity to add value through economies of scale, which suits Radiant and its 18-property portfolio in the Pacific Northwest. The $42.6 million in financing consisted of both senior and mezzanine debt,... Read More »
SLIB Handles CBRF Sale in Wisconsin
Ryan Saul and Patrick Burke of Senior Living Investment Brokerage handled the sale of a 50-unit assisted living community in Racine, Wisconsin, five years after the community last sold. The buyer back then (and the current seller) was Meridian Senior Living and its joint venture partner Blue Vista Capital. They paid $6.5 million, or $130,000 per unit, for the community, although we do not know the 2020 sale price. Originally built in the 1960s but gutted, renovated and converted to a Community-Based Residential Facility (assisted living community) in 2008, the community was around 94% occupied at the time of the November 2015 sale. The operating margin also stood at 25% at that time,... Read More »
Walker & Dunlop Arranges Montana SNF Sale
Walker & Dunlop announced its involvement in the sale of two skilled nursing facilities in Montana to CareTrust REIT. We recently covered the transaction, which represented CareTrust’s first since the pandemic began earlier this year. The facilities include Apple Rehab Cooney, an 80-bed facility located on the campus of the St. Peter’s Health Regional Medical Center in Helena, and Elkhorn Healthcare & Rehabilitation, a 70-bed facility in nearby Clancy. Eduro Healthcare took over operations. Using cash on hand, CareTrust paid around $16 million, or $106,700 per bed, for the facilities, inclusive of transaction costs. Tony Cassie and Sam Thompson of Walker & Dunlop... Read More »Schedule a demo
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