West Virginia Finds a Buyer for Four SNFs
Skilled nursing deals in West Virginia seem to attract a lot of attention, since it is a highly desirable state to operate SNFs and the small pool of facilities in the state simply means that they rarely come up for sale. But the governor, Patrick Morrisey, just announced that West Virginia has agreed to sell four state-owned skilled nursing facilities totaling 511 licensed beds that were losing around $6 million a year, according to the governor’s office. The prospective buyer is Marx Development Group, a New York-based real estate developer and manager that is focused on several real estate sectors, including hospitality, residential, commercial and healthcare facilities. The deal... Read More »
Three Separate Deals Close for PA and KY SNFs
Jeffrey Vegh and Joe Schiff of Forest Healthcare Properties closed three skilled nursing transactions. The first deal involved the sale of two skilled nursing facilities that sit near each other just outside Philadelphia, Pennsylvania. The cash-flowing assets total 242 beds. The seller was a New Jersey-based operator, and the buyer entered the state through the acquisition. Forest handled two additional closings, both in Kentucky. In Louisville, a SNF with more than 120 beds and an occupancy rate above 85% changed hands. The buyer was a large regional operator looking to expand its existing footprint in the state. The final transaction involved two SNFs in rural Kentucky, near the... Read More »
Non-Performing SNFs Trade Hands in Miami
Evans Senior Investments represented a regional, Florida-based owner/operator in the sale of two non-core assets, Pinecrest Rehabilitation Center and Tamarac Rehabilitation and Healthcare Center. That seller was NuVision Management, which commented on the eventual purchase price exceeding its expectations, especially for non-performing assets. Built in 1967 and 1979, the two skilled nursing facilities are less than 30 miles from each other in Miami, Florida, and encompass 220 total beds. At the time of securing the buyer, both facilities were losing money, and ESI highlighted the upcoming Medicaid rate increases. No other details were disclosed. Read More »
Independent Living Buyer Plans to Utilize Michigan Choice Waiver Program
A high-quality independent living community sold in northern Michigan, thanks to Justin Knapp and Jim Knapp of The Knapp-Stahler Group at Marcus & Millichap. Whispering Pines was purpose-built in Lake City with 48 units. It boasted strong in-place occupancy and faced little local competition. Across the 19 acres, there are also wooded walking trails, a large pond and a central clubhouse. The community offered an opportunity for a new owner to serve a broader population through the Michigan Choice Waiver program, which the undisclosed buyer will do. Read More »BMO Closes Facility for MCAP Acquisition
BMO’s Healthcare Real Estate Finance group closed a large facility to facilitate the acquisition and renovation of nine seniors housing communities in Virginia. Totaling more than 780 beds, the portfolio will continue to be managed by Commonwealth Senior Living on behalf of the new owner, Municipal Capital Appreciation Partners (MCAP). This was part of Invesque’s sale of its 20-property Commonwealth Senior Living portfolio, approved earlier this summer. MCAP emerged to repurchase the properties after selling them to Invesque in 2019 for $340.4 million. The whole portfolio is mostly in Virginia, with locations in Connecticut, Maryland, Michigan and Pennsylvania. To fund the acquisition and... Read More »Schedule a demo
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