Evans Finds The Solution
Evans Senior Investments (ESI) closed on the sale of two properties in New York known as the Robinson Terrace Portfolio. It included a 120-bed skilled nursing facility that was built in Samford in 1973, and a 55-unit assisted living community built in 2011 two miles away. Despite the rural location, occupancy had been relatively high, above 90% at both facilities. The problem, however, was the cost structure and the fact that the Medicaid census was high in both properties. The campus was owned and operated by a not-for-profit, and maybe because they were the low-cost providers in the area, the EBITA margin was a negative 20% or worse. High staffing costs combined with low Medicaid... Read More »
CBRE Finances Willows of Easley
Chicago Pacific Founders turned to Aron Will of CBRE to arrange financing for its latest acquisition in Easley, South Carolina. We reported last month that Evans Senior Investments had represented the independent owner/operator in its sale of a 100-unit independent/assisted living community. Originally built by the seller in 1997 and expanded in 2004, the Easley property was 96% occupied with 100% private pay and operated at a 36% EBITDAR margin. CPF bought it for $14.5 million, or $145,000 per unit, with the help of a $10.2 million Freddie Mac loan that featured a seven-year floating rate term and 42 months of interest only, arranged by Mr. Will. Grace Management will take over management... Read More »
Matthew Alley Sells 100th Texas Property
Cheers to Matthew Alley, who just sold his 100th facility in the state of Texas since joining Senior Living Investment Brokerage in 2006. In what was his 69th transaction in the state, Mr. Alley (and Patrick Byrne) represented a public healthcare REIT in its disposition of a 75-bed SNF in the Texas Panhandle, in the town of Wheeler. Built in 1982, the facility has a long way to go to stabilization, and its rural location doesn’t make it easier. It was just 55% occupied and operated just above breakeven under management of the outgoing Texas-based SNF operator. The buyer is a regional owner/operator that focuses on the state of Texas too. It purchased the facility for $1.8 million, or... Read More »
Public Companies Trade Assisted Living Portfolio
National Health Investors purchased from LTC Properties a portfolio of four assisted living communities and an AL/memory care community in Pennsylvania and Ohio for $67.5 million, or $210,900 per unit. Known as the Sunrise Portfolio, these communities will now be operated by Bickford Senior Living at an initial rate of 6.85% with annual fixed escalators and a 15-year maturity. Rental revenue under the lease for the four months ended April 30, 2018 was approximately $1.5 million. The properties, located in Columbus and Cleveland, Ohio and Erie, Pennsylvania, are also due to receive $1.75 million in capital improvements. KeyBanc Capital Markets Inc. and CS Capital Advisors, LLC acted as... Read More »
The Ensign Group Acquires Dallas Post-Acute Care Campus
The Ensign Group added a large post-acute care and senior living campus in Dallas, Texas to its growing portfolio of 234 total healthcare facilities. Located on 26 acres, the campus runs the gamut of senior care services and includes 125 skilled nursing beds, 81 independent living units, 36 assisted living units and 26 memory care units. It operated as a not-for-profit organization for over 50 years, but significant operational challenges forced the owner, Presbyterian Communities and Services, to sell the community. Ensign’s Texas-based subsidiary, Keystone Care LLC, will take over operations and change the community’s name to The Villages of Dallas. Occupancy was 79% at the time of the... Read More »Schedule a demo
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