Chartwell pays big bucks for Toronto community
Less than a week after completing the sale of its entire U.S. portfolio comprised of 5,025 suites in 35 communities, the net proceeds from which amounted to USD $333.0 million, Chartwell Retirement Residences decided to put that money to use in acquiring a high-end, 257-unit independent living community in Toronto, Ontario for $85 million, or $330,700 per unit (compared to the average price per unit for IL in the US in 2014 of $246,800). Located in four towers across from Toronto’s High Park, the community was built in 1985, but recently underwent a significant renovation to the units and common areas. The property also includes 66,880 square feet of commercial space that is 100% occupied.... Read More »Hospital-owned entrance-fee community sells to non-profit
A 122-unit entrance-fee independent/assisted living community in Marietta, Ohio sold to a faith-based not-for-profit for a net purchase price of $4.4 million, which excludes the assumption of about $6.8 million of entrance fee liabilities. Built in 1997, the community features 60 IL units, 9 IL villas, 48 assisted living units and five IL units that are used for guests. The property was cash flow positive during the Recession (a difficult ask for any entrance fee community) and today operates on a 27% margin, which may improve if the buyer can increase occupancy. The villas are fully occupied, with the IL units at about 87% occupancy and the AL units at about 85% occupancy, for a combined... Read More »Capital Funding Group funds two SNF acquisitions
Capital Funding Group recently completed two bridge-to-HUD loans for the acquisition of three skilled nursing facilities. The first, an $18.29 million loan arranged by Craig Casagrande, financed the acquisition of two SNFs in Pennsylvania, totaling 256 beds. If this sounds familiar, you would be right, as the transaction, between buyer, Vita Healthcare Group and seller, a regional senior living operator, was featured in the June issue of The SeniorCare Investor. The two facilities, a 173-bed SNF (90% occupied) built in 1978 and a facility with 45 skilled nursing beds (75% occupied) and 38 personal care beds (85% occupied) built in 1968, with the skilled nursing beds added in 1996, were the... Read More »Ensign grows…again…and again
The Ensign Group continues its pace of acquisitions this year with the three recently announced transactions. First, after operating a 162-bed skilled nursing facility in Whittier, California since January 2006 under a sublease arrangement, a subsidiary of Ensign continued the company’s strong growth this year by acquiring the ground lease, which has a remaining term of 20 years. This isn’t Ensign’s entry into the Whittier market, having previously acquired a 160-bed facility in the town. Similar to the recent transaction, the company had operated the facility under a lease since July 2000, only to exercise its purchase option, for an undisclosed cash amount. Ensign also acquired a 215-bed... Read More »Record-high SNF price
Have you ever seen a skilled nursing facility sell for over $300,000 per bed? Well, according to our data (which dates back to 1989), such a deal has not happened, until today. Sabra Health Care REIT, which recently acquired nine seniors housing properties in Canada (lowering its SNF exposure to approximately 50%), purchased four Maryland skilled nursing facilities with 678 beds for $234 million, or a whopping $345,100 per bed. When you look at the purchase price for three of the facilities (with 472 beds) at $175.2 million, the price per bed is an even higher $371,000. The fourth facility, which has a $10.8 million HUD loan with a 5.60% interest rate and sold for $58.8 million, was valued... Read More »Schedule a demo
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