Not-For-Profit Health System Exits Illinois SNF
Joe Shallow, Vice President of Prestige Group, represented a Midwest not-for-profit health system in its disposition of a 92-bed skilled nursing facility in Aledo, Illinois (Quad City area) to a private, for-profit owner, which Mr. Shallow sourced as well. Genesis Health System (not to be confused with for-profit Genesis HealthCare) had owned the facility which was built in 1970 adjacent to one of its hospitals. There was even an enclosed walkway built between the buildings in 2001. The facility was kept in good condition and reported a solid quality mix between 45% and 50%, pretty good in this industry. It also boasted a 16-unit memory care unit that was newly remodeled and featured all... Read More »
Recent Senior Care M&A Deals, Week Ending June 21, 2019
Check out our recent senior care M&A deals. Long-Term Care AcquirerTargetPrice The Portopiccolo Group LLCMountain Home Health & Rehab$8.075 million Monarch Healthcare ManagementSt. Raphael's Health and Rehabilitation & St. Michael's Health and Rehabilitation$6.5 million HumanGoodPresby's Inspired LifeMerger Kayne Anderson Real Estate AdvisorsCasa Sandoval$39... Read More »
BPM Real Estate Exits Assisted Living Industry
BPM Real Estate sold its entire portfolio of high-quality seniors housing communities in the western United States, and the assisted living industry saw off one of its early pioneers, Walter Bowen. After more than 30 years in assisted living, the real estate investor will focus on other real estate classes, including multifamily, apartment and office buildings, in addition to the independent living market. Totaling 670 units, these communities feature a combination of independent living, assisted living and memory care services at locations in Nevada (1), California (2) and Oregon (3). They consist of both stabilized assets and newly renovated communities with some operational upside, but... Read More »
Giannini Sells Two Rural SNFs in Northern Minnesota
Two skilled nursing facilities that are struggling with census sold in rural Minnesota thanks to Ray Giannini of Marcus & Millichap. Featuring 80 skilled nursing and 10 assisted living beds at one location in Eveleth, and 83 skilled nursing beds in the town of Virginia, these facilities were both built in the 1960s near the Iron Range in northern Minnesota. They were not well-occupied, at just 50.5% and 64%, and cash flow was also limited. Monarch Healthcare Management purchased the facilities from Benedictine Health System for $6.5 million, or $37,600 per bed. Read More »
CBRE Refinances Chico Expansion Project
After expanding its Chico, California senior living community a couple of years ago, Westmont Living refinanced the new development with a Freddie Mac loan arranged by Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg of CBRE. Set next to a lake within a master planned age-restricted community, the 80-unit assisted living expansion opened in 2017 to join the existing 138-unit senior living community that offers independent living, assisted living and memory care services. Since Westmont took over operations in early 2006, the property has experienced consistently strong occupancy above 90%. In 2016, CBRE had arranged a $32.3 million Fannie Mae loan, with a 10-year, fixed-rate term... Read More »Schedule a demo
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