Blueprint Sells Jacksonville SNF
Trent Gherardini of Blueprint Healthcare Real Estate Advisors facilitated the sale of a 120-bed skilled nursing facility in Jacksonville, Florida. Representing the long-time private owner/operator, he found a buyer in a private ownership group that paired with a regional operator to acquire the property. The purchase price came to $12.6 million, or $105,000 per bed. Originally built in 1967, the facility is located in the heart of Jacksonville. Historically, it operated well, and EBITDAR was trending even higher during the sale process. The buyer must have liked that momentum and will hope to capitalize on it going forward. Read More »
CIT Closes New Generation/Genesis Financing Package
CIT Group Inc. announced its involvement in New Generation Health LLC’s takeover of 19 senior care facilities previously operated by Genesis HealthCare, leading the way on a nearly $100 million financing package. The facilities are located in California, Washington and Nevada and include skilled nursing, assisted living and behavioral health assets. New Generation assumed operational responsibility of all 19 facilities, but also acquired the real estate at seven of the facilities, for a total purchase price of $79 million. Genesis will also retain an indirect 50% interest in the portfolio and provide administrative and back office services, pursuant to administrative support agreements, as... Read More »
After Long Road to Opening, Texas Senior Living Community Sells
The JLL Seniors Housing Capital Markets team including Charles Bissell, Cody Tremper, Mike Garbers, Zach Rigby and Jason Skalko represented the seller of a 189-unit senior living community in Longview, Texas. Developed in 2018 adjacent to the Longview Regional Medical Center, the community features 126 independent living, 41 assisted living and 22 memory care units. There are also plenty of amenities, like an outdoor pool and patio area, bocce ball court, a bistro/bar and others. The project had trouble getting off the ground, until Austin-based private equity firm Thrive FP bought it for $20.7 million, or about $110,000 per unit, in a bankruptcy auction. Citizens National Bank financed... Read More »
Recent Senior Care M&A Deals, Week Ending February 14, 2020
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice MedCore Partners/The National Realty GroupParkview on HollybrookN/A Tryko PartnersLutheran Crossings at MoorestownN/A Not disclosedHarrison House of ChristianaN/A Not disclosedWelltower seniors housing portfolio$740... Read More »
Welltower Continues Asset Reshuffle
The major M&A moves keep on coming from Welltower, as the REIT giant continues to reshuffle assets. And this is as good a time as any, since according to The Senior Care Acquisition Report (which will be published later this month), seniors housing values are currently at a record high, averaging $244,200 per unit sold in 2019. Cap rates are also near record lows, making for some very happy sellers. Welltower announced that it was selling a “prominent Seniors Housing Operating portfolio in the western United States” for a gross sale price exceeding $740 million. The properties, which were assisted living, are located in California, Nevada and Washington, and were 97% occupied. They... Read More »Schedule a demo
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