Recent Senior Care M&A Deals, Week Ending April 10, 2020
Yes, deals are still getting done these days. Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice Greystar & foreign investorOverture San Marcos & Overture RiverwalkN/A Local buyerAssisted living/memory care community near Pittsburgh, PAN/A East Coast owner/operatorSkilled nursing facility near St. Louis, MON/A Mt. Si Senior CenterCascade Park Seniors... Read More »
Cushman & Wakefield Closes Southern California Sale
Dave Rothschild and Mary Christian of Cushman & Wakefield recently closed on the sale of three senior living communities in southern California. The communities were owned by Diversified Healthcare Trust (NYSE: DHC) and were operated by Five Star Senior Living. They total 322 independent living units, 198 assisted living units, 45 memory care beds and 54 skilled beds. When the portfolio went to market last year, overall occupancy was 78%, but we don’t know how it has performed since then. They are all located within 80 miles of each other, so it makes for a nice cluster. The largest community, with 386 units/beds, was built in 1975, and the two others in 1986 and 1988. Diversified... Read More »
MonticelloAM Funds SNF Portfolio Acquisition
The team at MonticelloAM arranged acquisition financing for an experienced owner/operator’s purchase of six skilled nursing facilities across the state of Arkansas. Built in the 1980s and 1990s, the portfolio consists of 868 total beds. Occupancy averaged between 83% and 84% under the management of an affiliate of Capital Health Group. Private REIT CNL Healthcare Properties was the seller, hiring Newmark Knight Frank to run the sales process. The deal closed in early March. The purchase price came to $55 million, or $63,400 per bed, and was financed by $50 million in first lien debt, with a 36-month term, provided by MonticelloAM. Included in the transaction was a $2 million working... Read More »
Navigating Today’s Lending and M&A Markets: A Q&A with Meridian Capital Group
Seniors housing and care M&A has slowed down considerably, which will not surprise anyone, and an abundance of caution on the buyers’ part has had a lot to do with that. But perhaps more so has been the reaction of the lenders, many of whom have taken a wait-and-see approach before lending millions to support acquisitions, new developments and even refinances. However, deals are still getting done, with even a mini M&A boom at the end of March into early April, so a number of lenders had to have signed off on those deals fully aware of the economic and practical realities of the current crisis. So how have these lenders adapted to the current environment?... Read More »
Sabra Health Care REIT Exits Montana SNF Market
Sabra Health Care REIT announced the divestment of two skilled nursing facilities in Montana, finalizing its complete exit from the state. The two facilities, located in Great Falls (278 beds) and Deer Lodge (60 beds), were operated and leased by Genesis HealthCare, the only two for the large provider in the state. As a result of the sale, the total annual rental obligation from Genesis decreased by about $1.1 million. According the Sabra’s press release, the purchase price came to $14.4 million, or $42,600 per bed, which included the assumption of $14.2 million in HUD debt encumbering the facilities. The team of Christopher Hyldahl, Gideon Orion, Michael Segal and Ben Firestone from... Read More »Schedule a demo
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