ROC making a comeback
One of the larger acquirers of the past few years, but that has been taking somewhat of a breather in 2016, may be back on the deal hunt soon. ROC Seniors Housing Fund Manager, LLC, whose parent company is Bridge Investment Group Partners, was quite active in the couple of years following its end-of-2013 creation, acquiring 43 senior living properties in 2014 and 2015 alone. Based on disclosed prices in our database, ROC also spent nearly a half billion in those two years. However, in 2016, the investor has so far only announced two transactions, each including a single CCRC, but both without a disclosed price. We should hopefully see some new announcements coming, with ROC’s parent... Read More »
Green House Sale
Brad Clousing of Senior Living Investment Brokerage sold a type of skilled nursing campus that does not come on the market very often. Typical of the Green House configuration, the campus consists of 12 separate cottages with 12 private rooms in each cottage, making for a more home-like environment. Occupancy was at 90%, but the property, located in Greer, South Carolina was operating at a loss on $15.2 million of revenues. The seller was a not-for-profit hospital system, and the price was $10.1 million, or $70,100 per bed, reflecting the age (under 10 years) the cash flow potential. Read More »Capital Funding Locks in Acquisition Financing
We know how long skilled nursing acquisitions can take in the state of New York. That didn’t stop Maximus Healthcare LLC from acquiring Briody’s Health Care, an 82-bed skilled nursing facility in Lockport, New York (just outside of Rochester). It was first announced back in May 2015 that Maximus intended to acquire the facility, which had been owned by the Briody family for three generations. But the family’s presence at the facility will still be felt, with the existing administrator, Ann Briody Petock, electing to stay on. To finance the acquisition, Craig Casagrande of Capital Funding Group originated a $6.683 million bridge loan. Maximus also has plans to modernize the facility’s... Read More »Expanding Through Decreased Acuity
An acute-care operator based in New York is not only expanding its geographic reach, but also its acuity offerings. The company already owns several post-acute/senior care assets in New York, but is launching into the Midwest with the acquisition of a 200+-unit/bed senior care campus in the Toledo, Ohio area for an undisclosed price. Built in many stages from 1963 to 2006, the property mainly consists of skilled nursing beds, with a significant number of long-term acute care (LTAC) beds, as well as assisted living and independent living units. For over 30 years, a second-generation family member owned and operated the facilities, but they are leaving to focus on their existing assisted... Read More »WMD’s in Williamsburg!
What would you pay for an empty assisted living/memory care community? What about a nearly-finished 48-unit memory care community in Williamsburg, Virginia whose previous owner filed for bankruptcy? Well, Jacksonville, Florida-based investment bank/brokerage firm WM Dougherty & Co. (WMD) purchased that unfinished site for $7.5 million, and has plans to invest another $2 million to finish the community. All in, the WMD will end up paying nearly $200,000 per unit for a brand-new, but empty, memory care community. That may seem high, given that according to the 2016 Senior Care Acquisition Report, assisted living/memory care communities sold on average for $207,400 per unit, compared with... Read More »Schedule a demo
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