Cascade Capital Continues to Grow
Cascade Capital Group announced a few large transactions totaling 15 skilled nursing and assisted living facilities with more than 1,550 licensed beds for a combined purchase price of $130 million. In one of the transactions, Cascade purchased eight skilled nursing facilities in California that are being leased to The Ensign Group and The Providence Group, with the majority going to Ensign. Five have been transitioned and three more will be transitioned over the next few months. Sector Financial provided senior financing for the acquisition and Formation Lending Group provided the mezzanine debt. In the second transaction, Cascade acquired five skilled nursing facilities and two assisted... Read More »
Cushman & Wakefield Coming Through with CCRC Sale
The Tampa team of Cushman & Wakefield including Allen McMurtry, Paul Carr and David Kliewer represented the seller of a 228-unit CCRC that filed for bankruptcy protection earlier this year. Developed in 2011 with three interconnected buildings that feature 125 independent living, 44 assisted living, 18 memory care and 41 skilled nursing units, the property was previously owned by the not-for-profit Senior Quality Lifestyles Corporation. It was 82% occupied at the time of the sale, and despite the February 8th bankruptcy filing stayed the course, operationally. The Woodlands, Texas-based not-for-profit Methodist Retirement Communities stepped in as the buyer, paying $20.35 million, or... Read More »
Meridian Moves into Central California Communities
Griffin-American Healthcare REIT IV found a new operator in Meridian Senior Living for three of its northern California communities. Acquired as part of a five-property portfolio acquisition in June 2017 from Nazareth Healthcare, these communities were then leased to Colonial Oaks under a 15-year absolute net lease with annual rent escalators of 6.5% after the first year and 2.5% thereafter. They were 100% occupied at the time and featured a mix of assisted living and memory care services in Menlo Park (45 MC beds), Sacramento (160 AL and MC beds) and Fairfield (102 MC beds). Originally, there was a second tranche of facilities supposed to be acquired in the 2017 deal, but Griffin-American... Read More »Recent Senior Care M&A Deals, Week Ending May 3, 2019
Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice CareTrust REIT, Inc.Lakewest Rehabilitation & Skilled Care$9.06 million The Ensign Group, Inc.2 AZ senior care campusesN/A National Health Investors, Inc.Hampton Manor of Shelby$10.8 million HCP, Inc.3 seniors housing communities$113... Read More »
HCP Is Making Moves
HCP, Inc. caused a stir this month with a couple of large acquisitions totaling $558 million. The industry hasn’t seen that kind of large-scale activity in some time, as many of the REITs seemed to be biding their time, at least for big acquisitions. Occupancy woes, overdevelopment and higher labor costs seemed to be some of the causes for that added caution. HCP themselves were some of the biggest sellers recently, having sold $1.5 billion in seniors housing assets over the past five quarters. But now, HCP is jumping back into the seniors housing M&A pool with a couple of acquisitions of new, high-quality assets. The properties’ ages should help assuage some of those occupancy... Read More »Schedule a demo
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