Public Companies Spring Into Action This June
Public companies have made a statement so far in June, with a couple of REITs, one publicly traded operator and two foreign firms announcing acquisitions this week. First, across our border, Ontario-based Sienna Senior Living added one more Ontario retirement community to its portfolio. The 70-unit community in the town of Kingston sold for approximately $7.27 million, or $103,860 per unit. Then, across the Atlantic, Paris-based senior care operator Korian added about 1,000 beds, and eight long-term care/assisted living facilities, to its Belgium portfolio, which now numbers over 9,500 units. The Senior Assist group sold the facilities, five of which opened in the last 18 months. Now to... Read More »
BMO Harris Funds PGIM Real Estate Deal
PGIM Real Estate and Kisco Senior Living announced their acquisition of a 187-unit independent/assisted living community in Walnut Creek, California at the start of June, and BMO Harris Healthcare Real Estate Finance followed that up by announcing they financed the deal with a $61.75 million credit facility. The group acted as the administrative agent and lead lender on the facility which consisted of a $50.05 million term loan and a $11.7 million construction loan for a planned 40-unit expansion of the community’s assisted living and memory care services on the adjoining 1.22 acres. Located on a 7.3-acre campus about 20 miles east of San Francisco, the property was built in 1991 and had... Read More »
Blueprint In Buchanan, Georgia
Trent Gherardini of Blueprint Healthcare Real Estate Advisors assisted a long-time owner of a skilled nursing facility in Buchanan, Georgia in the sale of the asset for $2.7 million. The facility was originally built as a hospital in the 1960s, until the seller converted it to a 60-bed SNF in the mid-1980s. It reportedly had a good reputation in the area, attractive quality mix and strong history of cash flow, but its age, 80% occupancy and location in rural west Georgia probably kept the price down to about $45,000 per bed, or less than half of the national average for SNFs sales in 2016 ($99,200 per bed). The owner and its operator decided to sell in advance of the lease expiration... Read More »
Birchwood Moves Into Forest Park
Equipped with a new roof and a new upgraded license, a 50-unit assisted living community in Forest Park, Georgia sold to Birchwood Healthcare Properties for $4 million, or $80,000 per unit. Originally built in 2000, the community was owned by a local doctor, who has decided to exit the business after retirement from his medical practice. The community was just 75% occupied, and it brought in under $50,000 in EBITDA on approximately $1.7 million of revenues, for an operating margin of just 3%. So, operations could obviously improve. The community has received significant capital upgrades to its exterior over the past five years, including a new roof, and has also upgraded to a new assisted... Read More »Recent Senior Care M&A Deals, Week Ending June 2, 2017
Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice Omega Healthcare Investors, Inc.18 care homes$113 million Oppidan Investment Co.Highlands on Graham & River RoadN/A Capri Senior CommunitiesHeritage Place of Brookfield$11.2 million Agnesian HealthcareChristian Home and Rehab CenterN/A Joint ventureByron... Read More »Schedule a demo
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