Cushman & Wakefield Closes Carmichael, California Refinance
After recently renovating its senior living community in Carmichael, California (Sacramento MSA), Auctus Capital Partners is refinancing the property, retaining the team of Aaron Rosenzweig, Sam Dylag, Rick Swartz and Jay Wagner of Cushman & Wakefield to get the deal done. Originally built in 1975 and renovated in 2000, it was sold in 2003 to Nicol Investment for $6 million, or $71,400 per unit, and then in 2015 to Auctus for an undisclosed price. Cushman & Wakefield arranged first mortgage financing for that purchase, with Owens Financial, a San Francisco-based lender, providing the loan. Since Auctus took over, it has executed on a strategic renovation and unit conversion... Read More »
Punzel Sells in Portland
It wasn’t a complete exit, but a local owner/operator in Portland, Oregon sold its assisted living community with the help of Brad Goodsell, Jason Punzel and Vince Viverito of Senior Living Investment Brokerage. This was the seller’s only senior living community, but they will stay on as a consultant post-closing. A regional operator with several communities in Washington acquired the property, its first in the state. Originally built in 2012 and expanded in 2018, the 47-unit/50-bed community catered to a high-acuity population. It was operating well, with 96% occupancy and a 39% margin on over $2.9 million of annual revenue. So, the incoming owner won’t change much, and why should they?... Read More »
Genesis HealthCare Sheds More SNFs
Genesis HealthCare continues to pare down its skilled nursing portfolio, putting the leaner company on surer financial and operational footing. The provider entered into a series of agreements with New Generation Health, LLC to transition operational responsibility for 19 facilities in California, Washington and Nevada. For six of those facilities, Genesis sold both the real estate and operations, while just transferring the operations of the 13 remaining skilled nursing, behavioral health and assisted living facilities, for a total of $79 million. Genesis will still retain an indirect 50% interest in the portfolio, but for day-to-day operations, it’s out. The company will still provide... Read More »
Greystone Takes Over Rosewood Care Centers Portfolio
Greystone Healthcare Management Corp. formally took over ownership of a portfolio of 13 senior care facilities in Illinois and Missouri, and entered two new states as a result. Before February 3, the skilled nursing owner/operator managed over 30 long-term care and rehab facilities, all in Florida. But it has expanded into two new states in a big way. Comprising 1,662 total beds, there are 11 skilled nursing facilities and one supportive living community in Illinois, and one SNF in St. Louis, Missouri, all of which have been renamed. They were formerly operated by Rosewood Care Centers but were taken over by HUD after Rosewood defaulted on $146 million in FHA-backed loans. The default made... Read More »
Recent Senior Care M&A Deals, Week Ended January 31, 2020
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Experienced owner/operatorSkilled nursing facility in Rural Retreat, VAN/A Illinois-based SNF operatorSt. Pauls HouseN/A Private equity owner/operatorSkilled nursing/assisted living facility in OH$8.5 million Not disclosedElmcroft of... Read More »Schedule a demo
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