National Health Investors Invests in Michigan
National Health Investors entered into a new relationship in Michigan, after acquiring a pair of assisted living communities from, and leasing them back to, affiliates of Comfort Care Senior Living. The targets were built in the last five years around Saginaw, Michigan, and include a 51-unit assisted living/memory care community in Bridgeport and a 53-unit AL/MC community in Thomas Township. National Health Investors bought the properties for $17.1 million, or about $164,400 per unit, with a cap rate just below 9% based on estimated EBITDA, and leased them to Comfort Care at an average yield of 8.1% with CPI-based escalators. NHI also obtained a purchase option on two additional... Read More »
The Sabra-Genesis Sales Keep On Coming
Many of Blueprint Healthcare Real Estate Advisors’ closings this year have featured a publicly traded REIT divesting skilled nursing facilities (a theme in the past year), which was yet again the impetus for its latest deal. Christopher Hyldahl, Ben Firestone, Gideon Orion and Michael Segal worked on behalf of Sabra Health Care REIT to sell a portfolio of 12 skilled nursing facilities in New Hampshire (7) and Florida (5). The deal is part of Sabra’s strategy to reduce its exposure to Genesis Healthcare. Another tranche of 20 properties in Indiana, Kentucky and Ohio sold earlier this year (also handled by Blueprint) for $103.3 million, or about $55,400 per bed. Now, Sabra has thrown off 12... Read More »
Greystone Closes Sale in Sunny Southern California
Mike Garbers and Cody Tremper of Greystone Real Estate Advisors headed to Palm Springs, California for their latest sale, representing a publicly traded REIT in the disposition. Built nearly 20 years ago, the property featured four 15-unit assisted living cottages and two 15-unit memory care cottages, for a total of 90 units. It had a history of strong occupancy, which the new owner, an operator with local market presence, will hope to build on. The purchase price was not disclosed. Read More »
Griffin-American Shows Its Strength In The Show-Me State
After a busy Spring growing its medical office building portfolio, Griffin-American Healthcare REIT IV jumped back into the senior care M&A market to acquire eight skilled nursing facilities in Missouri, at a price of $88.2 million, or $79,300 per bed. The portfolio, comprising 1,112 licensed beds, is well performing and will be leased under a 15-year absolute net lease with two 10-year renewal options and CPI-based rent escalators with a floor of 2% and a cap of 3%. Griffin-American also diversifies its geography and asset class with the deal. Its last senior care deal was on the small side (a $22.6 million acquisition of two Wisconsin properties announced in March 2018), but 2017 was... Read More »
KeyBank Closes Two Fannie and Freddie Financings
Charlie Shoop of KeyBank Real Estate Capital has been hard at work arranging two financings from two different agencies. First, through Freddie Mac, Mr. Shoop originated a $26 million loan to facilitate the acquisition of a 175-unit independent living community in Dallas, Texas. The floating-rate loan came with a seven-year term, four-year interest only period and 30-year amortization schedule. Its recipient was Chicago Pacific Founders, which purchased the nine-year old community from Capitol Seniors Housing (CSH) for an undisclosed price. CSH had originally bought the property in 2016 when it was around 95% occupied and operating well. At the time, CSH had plans to invest in some capital... Read More »Schedule a demo
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