Meridian Capital Group Funds Chicago SNF Deal
When three skilled nursing facilities sold in Chicago, Meridian Capital Group was there to arrange $48 million in balance sheet financing for the undisclosed buyer to fund the deal. Located across the city, the portfolio includes a large 310-bed facility, plus two smaller facilities with 156 and 143 beds. Occupancy averaged 85% across the portfolio. The financing covered 75% of the acquisition costs, so we can estimate the purchase price to be around $64 million, or $105,100 per bed. That would be near the national average for skilled nursing prices a few years ago, but not anymore with the prevalence of facilities valued over $100,000 in the last couple of years. The Meridian team of Ari... Read More »Recent Senior Care M&A Deals, Week Ending April 21, 2017
Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice CareTrust REIT, Inc.Hope Center$11 million Regional operatorBella Vista Manor$3.3 million Edgewood Real Estate Investment TrustLegends at Heritage... Read More »
Dealing in Dallas
We’ve all heard the warnings of overdevelopment in Texas, particularly of new assisted living and memory care communities. One of those MSAs that has seen plenty of groundbreakings is Dallas, with nearly 5,000 units built from Q4 2012 to Q4 2016, according to NIC MAP. While the market is in better shape than Austin, Houston and San Antonio in terms of construction versus inventory, occupancy has been consistently low in Dallas, hovering around 85% for the past few years. We wonder how well those new communities have been filling up. That was probably on the mind of an out-of-state buyer when it purchased a recently built assisted living/memory care community in Allen, Texas, an affluent... Read More »
Red Tape Results in Senior Care Sale
Sometimes size really does matter for the owner of a senior care facility, especially in this era of red tape gone rampant. We know that with every regulation, there is an added cost coupled with the intended benefit. But it reaches a point where those single- or two-facility owners in senior care cannot keep up and provide the same quality care at a profit. That was the stimulus for a single-asset owner’s exit from the senior care business, which was handled by Toby Siefert and Nick Cacciabando of Senior Living Investment Brokerage. The owner originally built the property as a 50-bed skilled nursing facility in Portage, Pennsylvania (about 80 miles east of Pittsburgh) in 2003, adding a... Read More »Recent Senior Care M&A Deals, Week Ending April 7, 2017
Check out our recent senior care M&A transactions! Long-Term Care AcquirerTargetPrice The Ensign Group, Inc.Rehabilitation Center of Des MoinesN/A O&M Investments, LLCRenaissance Terrace$6.1 million Owner/operatorThe Bridge at Bay St. Joe$9.35 million Cascade Capital Group, LLC18 skilled nursing facilities$82... Read More »Schedule a demo
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