Capital Funding Group Finances Illinois SNF Acquisition
Capital Funding Group announced its involvement in an acquisition financing supporting the purchase of a skilled nursing facility in Pekin, Illinois that closed earlier in April (that we covered in last month’s issue of The SeniorCare Investor. Built in 1964, the facility was previously owned by a California-based individual who had inherited the day-to-day operations from her late husband. Managing the facility from California proved to be too much for the seller, who decided to retire. Occupancy was 62% at the time, but with a strong 57% quality mix, 52% of the census coming from private pay. However, it was generating a loss of about $200,000 on $5.24 million of revenues. ... Read More »
April M&A Market Drops Off
The April deal total for the seniors housing and care market is in, the preliminary total at least, and if it is any precursor for M&A activity in the next few months, or longer…oh boy. A strong start to the month and anemic weeks afterwards pushed April’s transaction count to 21 publicly announced deals. We expect that figure to rise, but not by much since we imagine anyone who closed a deal in the last few weeks would want to shout that from the mountaintop. It’s true that several April closings were all-but-completed by the time COVID-19 reared its ugly head in the country. They just needed a little nudge, and some good faith from the buyer, seller and lender. But... Read More »
Capital Pointe Advisors Closes Pennsylvania Portfolio Sale
The small portfolio sales keep on coming, with buyers able to stand up to COVID-19 and not let it get in the way of growth. Nancy Herman of Capital Pointe Advisors acted as advisor to The Nugent Group in the sale of a five-facility portfolio in Pennsylvania. The portfolio consists of two skilled nursing facilities, two personal care homes and one new independent living and personal care home community. One of the skilled nursing facilities, with 105 beds, was built in 1962 and is located in Hermitage. The other nursing facility, located in Sharon, is smaller with 54 beds in 27 semi-private rooms. It is a restored 1958 mansion that was acquired by the seller... Read More »
Recent Senior Care M&A Deals, Week Ending May 1, 2020
Deals are still getting done these days. Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice Southeast-based owner/operatorElderwood at Riverside$4.3 million Private investorCinnamon Ridge$15.5 million Constantia Healthcare GroupQueens... Read More »
Evans Senior Investments Completes CareTrust’s Metron Michigan Exit
Evans Senior Investments has done it again, announcing the closing of a skilled nursing portfolio sale in the state of Michigan just a couple of days after another SNF sale in Rhode Island. The deal first rose to the surface in November 2019, when the seller, CareTrust REIT, announced the intended sale after the operator, Metron Integrated Health Systems, had stopped paying rent and decided to exit the buildings in the midst of Medicaid fraud allegations involving millions of dollars of improper payments. The news came as quite a shock to CareTrust at the time, and a sale was pursued. The portfolio was about 86% occupied across the 496 licensed beds at the time of marketing and was... Read More »Schedule a demo
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