Capital One to acquire GE Capital’s U.S. Healthcare Finance Unit
After hearing of other companies in the hunt to acquire GE Capital’s U.S. Healthcare Finance business (one of the Big Three REITs and a bank among them), Capital One announced that it signed a definitive agreement with GE Capital Corporation to acquire approximately $8.5 billion of healthcare-related loans and its Healthcare Financial Services business for a 6% premium to par value of all receivables as of June 30, 2015. The acquisition is expected to close in the fourth quarter of 2015, and Darren Alcus, President of GE Capital, Healthcare Financial Services, will become the President of Capital One’s healthcare finance business. Credit Suisse and Wells Fargo Securities acted as exclusive... Read More »Ensign crosses the Mississippi…East
An operator of skilled nursing facilities and assisted living communities primarily in western states, The Ensign Group made its first eastward crossing of the Mississippi in a big way, by acquiring the operations of 15 assisted living communities with 687 total units in Wisconsin. Bridgestone Living LLC, Ensign’s seniors housing subsidiary, assumed a long-term master lease on the properties, which includes an option to purchase all of the real estate. The portfolio, with a combined occupancy rate of 83%, is expected to be mildly accretive to earnings in 2015. In addition, the next day Ensign bolstered its already strong presence in Southern California with the acquisition of two... Read More »High-quality rural senior living sells
Just how does a high-quality assisted/independent living community located in rural Northeast Ohio maintain a combined occupancy over 90%? Well, aside from having an excellent reputation for care and services, the community was owned by a local golf pro and golf course owner with ties to the seniors housing industry, who would let residents and guests of residents play at his neighboring course free of charge. That added feature certainly must have helped keep census strong over the years, and maybe prompted a few more visits from family members. The community was built in 2001 with 56 units of assisted living, and added 12 independent living cottages between 2004 and 2008. At the time of... Read More »Greystone facilitates Pacifica’s Georgia exit
Pacifica Companies is exiting the Georgia market with the sale of its two assisted living/memory care communities in the Atlanta metro area. The portfolio, which includes a 58-unit community with 36 assisted living units and 22 memory care units in Dunwoody, Georgia, and a 32-unit stand-alone memory care community in Roswell, Georgia, was approximately 75% occupied and was not a strategic fit for Pacifica. The buyer, a publicly-traded REIT, paid $10.8 million, or $120,000 per unit, and will bring on a local operator to manage. Mike Garbers of Greystone Real Estate Advisors led the sale. Read More »Location, location, location
In a deal that shows location is absolutely crucial to a community’s desirability, an assisted living community in Santa Monica, California with 22 all-semi-private units and just a 50% occupancy rate sold to an undisclosed buyer for $4.4 million, or $200,000 per unit (nearly $10,000 higher than the average for assisted living for sales in the 12-months ending June 30, 2015). Jim Hazzard and Nick Stahler of JCH Consulting Group handled the transaction. Messrs. Hazzard and Stahler, together with Shep Roylance, also facilitated the sale of a 31-year old assisted living/memory care community with 90 units and 120 beds in Los Angeles County, California to an undisclosed buyer for $23.4... Read More »Schedule a demo
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