Invesque Completes Commonwealth Portfolio Divestment
Invesque announced that it completed the previously announced sale of 20 seniors housing communities managed by Commonwealth Senior Living, together with its majority ownership stake in Commonwealth. Proceeds from the transaction were used to repay all property-level debt associated with the assets, extinguish all unpaid and accrued preferred equity associated with the portfolio, and to pay other transaction-related costs. Commonwealth no longer manages any Invesque-owned properties. Invesque’s portfolio now consists of 32 assets, 12 of which remain under definitive contract to be sold, subject to satisfaction or waiver of due diligence conditions in favour of the purchasers and other... Read More »
Medicare-Only Facility Sells to Midwest-Based Skilled Nursing Investor
A Texas-based regional developer of skilled nursing facilities throughout the central and southern U.S. engaged Blueprint to advise and oversee the confidential sale of Accel at Longmont, a Medicare-only skilled nursing facility located just north of Boulder, Colorado. Michael Segal and Daniel Waldhorn handled the transaction. Built in 2017, totaling 76 skilled nursing beds with 36 private rooms and 20 semi-private rooms, the facility was leased to a Texas-based provider. Following the pandemic the facility faced challenges maintaining its high census levels, primarily attributable to the shorter length of stay typical in Medicare-only, transitional care settings. Showcasing upside... Read More »
Ensign Makes Another Move
The Ensign Group acquired the operations of Toluca Lake Transitional Care, a 52-bed skilled nursing facility in North Hollywood, California. The real estate will be acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company, following receipt of state regulatory approvals. The acquisition was part of the larger acquisition of seven other facilities from Providence Home and Community Care, which was announced in December. The acquisition was effective June 1. In a separate transaction on the same day, Ensign announced that it acquired the operations of Ironwood Rehabilitation and Care Center, an 80-bed SNF in Coeur d’Alene, Idaho, and Lakeside... Read More »
CareTrust Acquires 10-Facility Skilled Nursing Portfolio
CareTrust REIT, together with a large third-party healthcare real estate owner, acquired a skilled nursing portfolio in the Pacific Northwest. The portfolio comprises 10 facilities with 911 beds across Idaho, Oregon and Washington. The total purchase price was approximately $146 million, or $160,300 per bed, inclusive of transaction costs. At closing, CareTrust provided common equity and preferred equity investments totaling approximately $141 million at an initial contractual yield on its combined investment in the joint venture of approximately 9.0%. The total investment amount was funded using a combination of cash on hand and a draw from the company’s revolving credit line, which... Read More »
Knapp-Stahler Handles Receivership Sale in Utah
After a prolonged receivership process, an assisted living/memory care community in Sandy, Utah, successfully sold with the help of Chad Mundy and Nick Stahler of The Knapp-Stahler Group of Marcus & Millichap. Built around 2000, the community features an assisted living component with 44 units and 58 licensed beds plus a memory care community with 21 units and 31 beds. Census needed improvement, and the community operated at a significant loss. They were previously owned by a DST investor group (before entering receivership) and operated by SAL Management Group. ONELIFE Senior Living took over operations more recently at the direction of the bank. A regional owner/operator... Read More »Schedule a demo
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