Plainview Group Affiliate Acquires Akron Skilled Nursing Facility
The team at Dwight Capital helped provide a $6.8 million bridge loan to fund the acquisition of a skilled nursing facility in Akron, Ohio. Originally built in 1984 with 174 beds, the facility was significantly renovated in 2008, and its bed count has decreased to 120 beds. It currently offers short-term rehabilitation, occupational therapy, respiratory care, trach care and behavioral care. An entity affiliated with the Plainview Group emerged as the buyer. According to our database, the facility previously sold in 1993 for $5.9 million, or about $34,000 per bed, a relatively high value back then. With the lower bed count and a loan-to-cost of 85%, the per-bed value rises to more than... Read More »
Capital Funding Group Funds Acquisition of Pennsylvania SNF
Craig Casagrande and Andrew Jones of Capital Funding Group secured a bridge loan for a client to acquire a 139-bed skilled nursing facility in Christiana, Pennsylvania (about halfway between Philadelphia and Lancaster). Formerly on the SFF list as recently as 2016, the facility has since achieved a five-star rating from CMS. That’s quite the turnaround. It was formerly owned and operated by Harrison Senior Living, but a new owner (Chaim Steg, according to public records) took over. They secured a $10.8 million loan from Capital Funding Group, plus a $3.5 million line of credit. CFG ultimately expects to refinance the debt through HUD. Read More »
Cushman & Wakefield Sells Miami-Dade Portfolio
It took a couple of years, but Cushman & Wakefield has finalized the sale of a portfolio of 10 senior care facilities in Miami-Dade County, Florida, on behalf of the seller, A.D.M.E. investment partners. Totaling 1,289 beds and over 370,800 square feet, the properties consisted of a mix of assisted living and skilled nursing facilities. The AL communities ranged in size from 12 units and 50 beds to 65 units and 118 beds, and sold between $38,200 per unit and $90,500 per unit. The SNFs ranged in size from 120 beds to 203 beds, and sold between $25,000 per bed to $119,900 per bed, with one deal also involving the termination of a ground lease on the property for $5.8 million. The last... Read More »
Portopiccolo Group Adds to Its Skilled Nursing Portfolio
The Portopiccolo Group has been one of the most active investors in the skilled nursing space in the last couple of years, with four acquisitions in 2019 and three in 2018. It looks like that growth is continuing in a big way into 2020, with the New Jersey-based private equity firm announcing the acquisition of three skilled nursing facilities in North Carolina (2) and Maryland. The acquisition consisted of a total of 450 skilled nursing and 50 assisted living beds. It did not disclose a purchase price, but Oxford Finance secured a $64.6 million term loan and a revolving line of credit. This was the second transaction between Oxford and Portopiccolo, and it may not be the last. Just last... Read More »
Recent Senior Care M&A Deals, Week Ending February 7, 2020
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice The Portopiccolo Group3 skilled nursing facilities in MD & NCN/A Greystone 13 senior care facilities in IL & MON/A California-based REITCedar Creek Senior LivingN/A Regional operatorSenior Haven$11.1... Read More »Schedule a demo
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