One Memory Care Community’s Evolution In Rye, New Hampshire
A 40-unit (56-bed) memory care community on the coast of New Hampshire that recently went through a Chapter 11 bankruptcy restructuring just sold to Port Development, a private investor group, for $11 million, or $275,000 per unit. Sanctuary Care had developed the Rye community in 2013 for approximately $13 million, or $325,000 per unit. But, operations, care quality and staffing had significantly fallen off, with occupancy currently standing at 48% based on beds and cash flow around breakeven. EvoLve Senior Living, founded by Ben Pearce and Ed LaFrance, will operate the community, which will be renamed EvoLve at Rye. National Health Investors provided a $10 million first mortgage with an... Read More »
Two More Sales From Blueprint Healthcare Real Estate Advisors
Plugging along this summer with a healthy number of transactions closed so far has been the team at Blueprint Healthcare Real Estate Advisors. After announcing five deals since the start of June, the firm closed two more this August in the Midwest. First, to Ohio, where the team of Connor Doherty and Brian Payant represented an Ohio-based owner/operator in its sale of two skilled nursing facilities for $16.75 million, or $66,500 per bed. Both assets were cash flow-neutral and could obviously improve their operations. That will be the job of the buyer, another Ohio-based owner/operator. Blueprint continued their work over the border in Michigan, with Ben Firestone and Michael Segal selling... Read More »Recent Senior Care M+A Deals, Week Ending August 11, 2017
Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice Chevalier International Holdings Ltd.Ashford Court & Sterling Place$33 million EvoLve Senior LivingSanctuary Care at Rye$10 million Not disclosedLegend at Tulsa... Read More »Chevalier Shines In Seniors Housing Market
Amid rumors that a moratorium has been placed on large Chinese companies making significant purchases in the U.S. senior care market (like Zhonghong Zhuoye Group Co Ltd.’s proposed acquisition of Brookdale Senior Living), Hong Kong-based Chevalier International Holdings Ltd. continues to invest, recently adding two more senior living communities and 299 units in the Detroit, Michigan area to its growing portfolio. Getting its start in the market in 2011 with the purchase of three assisted living/memory care communities and 336 beds in Oregon, the company stepped it up in late 2012, when it bought 18 assisted living communities (and 1,322 licensed beds) in North Carolina from a joint... Read More »
KeyBank Arranges Acquisition Financing For New Tulsa Community
Three years after it opened in Tulsa, Oklahoma, an 86-unit assisted living/memory care community sold to an undisclosed buyer. To fund the purchase, Monique Bimler of KeyBank Real Estate Capital arranged a $13 million, or $149,400 per unit, Freddie Mac loan, with a 10-year term and 30-year amortization schedule. Legend Senior Living had developed the community (its third in the Tulsa MSA) in 2014 with 68 AL and 18 MC units. The total development cost was about $13 million, so assuming the refinance was valued at around 70% loan-to-cost, Legend certainly added value to the community, most likely to over $200,000 per unit. Amenities like a theater, private dining room, massage/therapy room... Read More »Schedule a demo
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