Lining up in Massachusetts
It was just a matter of time when Skyline Healthcare would enter the Massachusetts skilled nursing market. The Wood Ridge, New Jersey-based owner/operator of facilities in New Jersey and Pennsylvania had been leasing a trio of small dually-certified facilities from a family operator for a year, before closing on the real estate this month. Included in the portfolio was a 30-bed facility in North Dighton, a 26-bed facility in Fall River and a larger 73-bed facility in New Bedford. The smaller buildings were well occupied in the 90s, but the larger one was lagging slightly, with occupancy in the mid-80s. Census mix was heavy Medicaid (about 82%), with the remainder split evenly between... Read More »
SunTrust Bank and Seniors Housing
Despite an apparent tightening in the seniors housing financing world (a topic which we will discuss in detail in our webinar at 1PM on October 27), borrowers may soon have a new name to choose from. SunTrust Bank announced it intends to acquire substantially all assets of the operating subsidiaries of Pillar Financial, LLC, along with its multi-family, affordable housing, healthcare property, senior housing, and manufactured housing lending platforms. Pillar’s HUD, Fannie Mae and Freddie Mac licenses also enticed SunTrust, which would be able to offer agency lending options to its clients. In return, Pillar would gain access to a number of expanded products including bridge loans, equity... Read More »Here’s hoping for smooth sailing
A 50-unit memory care community in Costa Mesa, California is hoping for a more stable, and successful, future following its recent sale to Pacifica Senior Living. Built in 1992, the community underwent a substantial $1.72 million renovation to its common areas and units in 2011. However, in the past five years, a number of operational changes damaged the facility’s brand name as each operator had different visions of how to run the property. Occupancy ultimately suffered, falling to 70% early this summer, and the community was losing money. But for Pacifica, there is plenty of upside. Rents are currently below market rates at nearby competitors, and with nearly all semi-private units... Read More »Kaukauna closing
Ray Giannini of Marcus & Millichap went to Kaukauna, Wisconsin to close his latest transaction, when a private individual sold their 46-unit assisted living community to a confidential buyer for $8.5 million, or 184,783 per unit. The community features two buildings that were built in 2009 and 2012, respectively, on nearly four acres near a retail shopping area. With 95% occupancy, about 70% of the census was private pay, and the remaining 30% was Family Care, which is a Medicaid managed long-term care program in Wisconsin. Rates were solid too, with an average of $4,420 per month for private pay and $3,451 per month for Family Care. As a result, the community operated at about a 40%... Read More »
Tallahassee transaction
An assisted living/memory care community with plenty of southern charm in Tallahassee, Florida recently changed hands, with the help of Ryan Maconachy, Chad Lavender and Dave Fasano of HFF. The community was built in 1998, with additions in 2009 and 2012, and currently features 105 beds in 100 units. Occupancy was around 95%. Rents could be increased under a new owner, as the facility was currently bringing in nearly $6 million of revenues. Read More »Schedule a demo
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