Aron Will Finances Pennsylvania Acquisition
We learned of Care Investment Trust (CIT) and Greenfield Senior Living’s joint venture acquisition of a 120-unit personal care/assisted living and memory care community in Lansdale, Pennsylvania back in January, but just recently bubbling to the surface was the news that Aron Will of CBRE arranged financing for it. Through a regional bank, Mr. Will secured a $10 million, floating-rate loan, with a five-year term and 12 months of interest only. Currently, the community is just 61% occupied based on 150 licensed beds, which Greenfield intends to improve. The operator will also change the name to Greenfield Senior Living of Lansdale. With the joint venture between CIT and Greenfield looking... Read More »
Marcus & Millichap and CBRE Top Senior Care Broker Rankings
While it was not exactly a repeat of 2015, it came pretty close. This year we had only 13 brokerage companies reporting their numbers, with a few active brokers deciding to take a pass this year for a variety of reasons. But they would not have taken the top spots, so no worries on that account. Based on the number of transactions closed in 2016, Marcus & Millichap came out on top for the second year in a row with 58 separate sales in the seniors housing and care market. This was down a bit from the 64 sales in 2015, but the entire market had a mild slowdown. Taking the number two spot for the second year in a row was Senior Living Investment Brokerage with 48 sales, also down from... Read More »High quality facility doesn’t always mean high prices
A five-star rating from Medicare should normally translate to a higher per-bed valuation when a skilled nursing facility changes hands. When you also throw in a recent build (for SNFs) in 2003 and good location in the growing Raleigh-Durham MSA of North Carolina, one would again assume this facility would command a premium in price. However, that was not (exactly) the case in the sale of Treyburn Rehabilitation & Nursing Center, a 132-bed skilled nursing facility. Owned by an in-state skilled nursing facility chain, the building is located on about 10 acres in the city of Durham. It features 50 semi-private and 30 private units, with a high quality mix of 60% (38% Medicare and 22%... Read More »Two Assisted Living Sales Close in Florida
Brad Clousing of Senior Living Investment Brokerage is starting strong this year, selling three assisted living communities in two transactions for a combined $23 million. Partnering with Patrick Burke, Mr. Clousing first sold a 37-unit assisted living community in Martinsville, Virginia, a transaction that was a long time coming. In July 2015, the same selling partners sold the adjacent 300-bed skilled nursing facility for $28.5 million, or $95,000 per bed, in a sale/leaseback transaction to Omega Healthcare Investors. The long-term lease came with an initial yield of 9.25%. Awaiting TPA approval, the assisted living community eventually sold to Omega as well at a price of $7.5 million,... Read More »
Two Utah Assisted Living Communities Sell
Paying $26.5 million, or $236,500 per unit, a real estate investment firm acquired two assisted living communities in southern Utah. Under “The Retreat” brand, these communities are both located in the town of St. George (in Washington County). Built in 2012, The Retreat at SunRiver has 48 units (36 assisted living and 12 memory care) on 1.72 acres, and the 64-unit Retreat at Sunbrook (50 AL and 14 MC units) sits on 2.38 acres and features unique amenities such as a putting green, bocce ball court and water landscaping. Occupancy exceeded 90% at both communities, and the operating margin was above 40% throughout the transaction period. Meridian Senior Living will lease the communities from... Read More »Schedule a demo
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