Minnesota Assisted Living Community Gets A New Neighbor
In a deal that was anything but ordinary, Ray Giannini of Marcus & Millichap sold an assisted living community plus an adjacent vacant skilled nursing facility in Owatonna, Minnesota for about $2.95 million, or $59,100 per unit. Steele County previously owned both of the buildings and brought in Benedictine Health System (BHS) to manage them. Built in 2002, the 50-unit AL community was operating decently with a nearly full, all-private pay census and a margin around 15% on $1.5 million of revenues. Since it was county-owned, we imagine there is a lot of room for improvement in controlling expenses. However, at the SNF, BHS had gradually transferred the beds out of the 1970s-era... Read More »
Capital Funding Secures Bridge Financing for Illinois Portfolio Acquisition
A portfolio of six skilled nursing facilities located throughout Illinois sold with the help of bridge financing secured by Capital Funding, LLC. Totaling 594 beds, these facilities are operated by Crown Healthcare, a family-owned company that owns and operates skilled nursing and senior living properties across five states, with its primary focus in the Ohio market. The bridge loan, originated by Craig Casagrande, funds 100% of the acquisition costs. In addition, Capital Funding financed the operations of a seventh skilled nursing facility and also provided about $5.5 million in working capital. Ultimately, they expect to refinance the debt through HUD. This deal follows Capital Funding’s... Read More »
Christian Living Communities Adds to Colorado Portfolio
Christian Living Communities, a Denver-based not-for-profit owner/operator of senior living communities across the country, added a 26th property to its portfolio. Located in Grand Junction, Colorado (just east of the Utah border), the community features 40 assisted living and 26 memory care units. Assisted living rents range from $4,450 a month for a studio to nearly $6,600 per month for a two-bedroom unit, while monthly memory care rates started at $6,620 and went as high as $7,030. Additional care fees can also add $535 to $1,535 a month to the bill. That’s a pretty high price point for the area. Confluent Senior Living developed the property in 2017 at a cost around $12.5 million, or... Read More »
Recent Senior Care M&A Deals, Week Ending November 15, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Georgia-based owner/operator2 senior living communities in GA$30 million Northeast-based real estate investment firmSouthern Manor Living Centers Portfolio$12 million LCSThe Solana DoylestownN/A Publicly traded REITAtria RichardsonN/A AviaRent InvestAssisted living community in... Read More »
Meridian Capital Closes Two New England Acquisitions
Meridian Capital Group’s mortgage brokerage business has been red-hot so far this year, but its investment sales side has been quite robust as well. All told, the team at Meridian has closed nearly $2.8 billion in business, so far in 2019. Not too shabby. Most recently, Ari Adlerstein, Ari Dobkin and Josh Simpson announced two portfolio sales closed for skilled nursing clients in New England. The first transaction saw six skilled nursing facilities and 536 total beds sold to an institutional buyer. A regional operator is taking over the operations under a triple-net lease. Meridian also arranged a balance sheet loan with a national lender, plus a separate A/R line of credit, to fund the... Read More »Schedule a demo
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