Blueprint’s Latest Transaction Trio
It’s proving to be a banner year for Blueprint Healthcare Real Estate Advisors, which has already announced 63 transactions closed, and counting. That not only beats Blueprint’s 2017 total of 53 transactions but is just one off of the previous record-high (Marcus & Millichap’s 64 transactions closed in 2015), according to our yearly broker rankings. We still don’t know the final count, but after just five years in business, that is an impressive rise. The last three deals saw seven more properties sold on the year. First, Ben Firestone and Michael Segal helped Diversicare Healthcare Services sell three skilled nursing facilities in Kentucky for $18.7 million, or $74,200 per bed.... Read More »
MidCap Making Moves
More than a year after opening a 167-unit senior living community in Lexington, Kentucky, Atlas Senior Living executed on a purchase option for the property thanks to a $35 million floating-rate loan provided by MidCap Financial. David Sharp, working out of MidCap’s Chicago office, arranged the short-term loan and expects to take it to agency after a seasoning period. The purpose-built community is already near stabilization after opening in August 2017. Atlas had leased it from the developer/owner, DMK Development, which built the community for approximately $26 million, or $155,700 per unit. With the financing, Atlas received working capital for the continued stabilization and will be... Read More »
Recent Senior Care M&A Deals, Week Ending December 21, 2018
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Benedictine Health SystemBenedictine Living CommunityN/A Oxford Capital Group9 retirement communities$74 million American House Senior Living CommunitiesBentley Commons Keene$28... Read More »
Blueprint Aids In Kansas City CCRC Sale
Last month, The Ensign Group announced its acquisition of a CCRC in Ottawa, Kansas, but now it’s been revealed that Ben Firestone and Michael Segal of Blueprint Healthcare Real Estate Advisors represented the not-for-profit faith-based seller. Headquartered in the Midwest, the previous owner decided to divest the property because it was its only asset in the state. Operating from afar proved to be a challenge. Originally built in 1984 and expanded throughout the 1990s to include 93 skilled nursing beds, 71 assisted living units and 24 independent living units, the rental CCRC struggled to maintain stable census and staffing levels. That will be Ensign’s challenge moving forward. Luckily,... Read More »
CareTrust REIT Picks Up Parker, Colorado SNF
CareTrust REIT made its second acquisition in the state of Colorado (nearby its first purchase), spending $19.6 million, or $127,300 per bed, to buy a 154-bed skilled nursing facility in Parker, Colorado (Denver MSA). The REIT’s Salt Lake City-based operating partner, Eduro Healthcare, sourced the transaction with an eye to immediately improve operations at the facility. Built in 2012 across the street from Parker Adventist Hospital, the facility was the only SNF in Parker that is certified for both Medicare and Medicaid. Eduro also benefits from having a local footprint, which includes a 170-bed skilled nursing facility in Lakewood that CareTrust bought in 2015 for $12.2 million, or... Read More »Schedule a demo
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