Monticello Finances Skilled Nursing and Adult Day Care Acquisition
An experienced skilled nursing owner, whose principals have over 40 years of experience in the health care industry, obtained financing to acquire a skilled nursing facility and two adult day care facilities in New York. One of Monticello Asset Management’s investment vehicles originated $45.3 million in first lien debt financing for Nesconset Property NY LLC in anticipation of a HUD take-out down the road. The 242-bed SNF was built in 1984 and includes two respite beds, along with physical, occupational and speech therapies. The adult day care assets were built in 1993 and 1994 and combine for 165 chairs tied to the skilled nursing license. They operate one session per day, Monday through... Read More »
Mozart Healthcare’s Texas Portfolio Swells to Four
Genesis Healthcare may be exiting Texas right now, but Chicago-based Mozart Healthcare doubled down in the Lone Star State, acquiring a 124-bed skilled nursing facility in El Paso to complement its three existing SNFs (located in Winnsboro, Kennedale and San Augustine) in the state. The new addition is the company’s first in West Texas, and it is in need of an operational turnaround. The facility consists of two buildings: one with 74 beds built in 2013, and a vacant building built in 1960 with 50 inactive licensed beds. The not-for-profit seller maintained census around 90% based on operational beds, but cash flow was negative. Mozart and incoming operator, Dallas-based Paramount... Read More »
Cushman & Wakefield’s Carolina Sale
For the second time, Prudential Real Estate Investors is selling its large senior living community in Cary, North Carolina, 14 years after the first sale. Originally built in 1999 with 80 independent living units, 36 assisted living units and 36 memory care units, the community has been operated by Kisco Senior Living since its development. During that time, Kisco has overseen several ownership changes, starting in 2004, when Prudential Real Estate Investors sold the community to Walton Street Capital for about $27.4 million, or $180,000 per unit. Walton Street added 14 IL cottages with 24 units in 2008-2009, perhaps not the best time for an IL addition. Nevertheless, Walton Street resold... Read More »
Another Genesis HealthCare Disposition
In a move to reduce its debt, raise some cash and focus on its core markets, the beleaguered Genesis HealthCare announced a definitive agreement to sell 23 Texas skilled nursing facilities that comprise 22 owned buildings and one leased. The deal will bring Genesis’ Lone Star State portfolio to one lone leased skilled nursing facility, which the company also plans to exit soon. Assuming both transactions close, Genesis will lose approximately $173.7 million and $7.4 million of aggregate revenue and EBTIDA, respectively. It will also be relieved of about $97 million of indebtedness and $1.8 million of annual cash lease expense, both good signs for the company. New York City-based Regency... Read More »
CBRE Does Deal Double
The CBRE National Senior Housing group flexed its muscles this week, closing two acquisition financings and an asset sale. First, Lisa Widmier represented HCP in its divestment of a 159-unit independent living/assisted living community in Beaumont, Texas, for an undisclosed price. Featuring a majority of independent living units, the community was built in 1996. Under management by Atria Senior Living, it was 93% occupied as of February. Chicago Pacific Founders stepped in as the buyer, through its affiliate CPF Living Communities, and hired Grace Management to operate. Then, in comes CBRE’s Aron Will, who secured a seven-year floating rate loan, with 24 months of interest only, through... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
