M&T Realty Finances Virginia Acquisition
M&T Realty Capital Corp. secured financing to support Irvine, California-based Avanath Capital Management’s acquisition of an affordable senior apartment community in Sterling, Viriginia (Washington, D.C. MSA). Developed in 2001 with low-income housing tax credits, the 150-unit community was previously owned by a private local investor. Set in a desirable location and featuring a quality physical plant, the community was apparently financially stable. Emerging from several potential buyers, Avanath purchased the community for $27.2 million, or $181,300 per unit. Henry Mathies and Fletcher Hultman of Greysteel’s East Coast Affordable Housing... Read More »
Blueprint Sells Washington State Community
A former JEA Senior Living-operated assisted living/memory care community in Pasco, Washington found a new owner with the help of Jacob Gehl, Humair Sabir, Dan Mahoney and Blake Bozett of Blueprint Healthcare Real Estate Advisors. Built in 1975 and owned by a private group, the community features 82 units of assisted living and memory care. It has positive cash flow and was close to 90% occupancy at the time of marketing, but its operating margin could be improved. Some capital improvements may also be needed. On a positive note, the building has been well maintained and the market has limited direct competition. That attracted Greenlake Management, a... Read More »
Sentara Healthcare Divesting Entire Skilled Nursing Portfolio
As Norfolk, Virginia-based hospital system Sentara Healthcare embarks on its planned merger with North Carolina-based Cone Health, it is first divesting its entire skilled nursing portfolio. The seven facilities are scattered throughout southern Virginia, with five surrounding the Norfolk/Virginia Beach market. The not-for-profit hospital chain started looking for buyers in the first quarter of 2020, before COVID-19 set in, but the process confirmed their decision to find an owner more focused on the skilled nursing market. That new owner will be Saber Healthcare Group, a private skilled nursing operator with over 125 facilities across the country. The... Read More »
Recent Senior Care M&A Deals, Week Ending September 18, 2020
September may be slow, but check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice Not disclosedKing City Senior VillageN/A Novellus Living GroupCamlu Assisted LivingN/A Not disclosedSkilled nursing facility in NY$40.6 million Greenlake ManagementTri-Cities Retirement... Read More »
Meridian Capital Group’s End of Summer Sprint
Meridian Capital Group’s seniors housing and healthcare team is sprinting to the end of summer, with over $160 million in transactions closed in the last two weeks alone. September has been noticeably slower than even previous months, so to get that amount of transaction volume across the finish line is impressive. Managing Directors Ari Adlerstein and Ari Dobkin, along with Senior Vice President Josh Simpson, first arranged a $47.8 million loan from a finance company, plus a $3 million A/R line to refinance two skilled nursing facilities with 328 total beds in New Jersey. The trio also secured a $30.2 million acquisition loan to fund the purchase of a CCRC in Florida... Read More »Schedule a demo
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