SLIB Sells Two Pennsylvania CCRCs
Two faith-based, not-for-profit CCRCs in central Pennsylvania were acquired by a private East Coast-based investor. Located an hour’s drive from each other, Church of God Home has 50 independent living units and 109 skilled nursing beds in Carlisle, while Towne Centre in Myerstown has 152 skilled nursing beds, plus some “borrowed” IL units from the Carlisle location that gives it a CCRC designation. They were built in 1948 and 1972, respectively, and operated at a profit. But this was not a “cap rate deal,” as the Towne Centre location struggled more with occupancy, and the price was not disclosed. The selling organization is based in south central Pennsylvania, which appears to be... Read More »
Mississippi Turnaround SNF Changes Hands
3G Healthcare Real Estate, which mainly focuses on skilled nursing transactions and has a side focus of debt and equity placement, facilitated the sale of a skilled nursing facility in Mississippi on behalf of a small, local skilled nursing owner. Built in the 1970s, the asset faced occupancy and operational challenges, including staffing shortages, the need for resident mix improvements, and significant bad debt, compounded by reduced state Medicaid rates. During the marketing process, the turnaround potential and long-term opportunities were emphasized, resulting in six competitive offers. Ultimately, an owner/operator with a local presence paid $116,000 per operational bed for the... Read More »
AlerisLife Is Shutting Down
AlerisLife is in the process of winding down its business. The company had struggled for years as a publicly traded company (previously known as Five Star Senior Living) with chronic operational and governance issues, posting repeated net losses, negative EBITDA, low operating margins, and underperforming owned communities. Despite some gains and cost savings after Alvarez & Marsal’s operational review in 2022, the company failed to generate meaningful profits, and leadership changes did not reverse declining performance. Shareholder value suffered for some time, with the company finally being acquired in 2023 by ABP Acquisition LLC, a firm majority owned by Adam Portnoy, the CEO of... Read More »
SLIB Scores SNF Sale to Strawberry Fields REIT
Ryan Saul, Jeff Binder and Lucas Doll of Senior Living Investment Brokerage arranged the sale of a 124-bed senior care campus in Poplar Bluff, Missouri, to Strawberry Fields REIT. The SLIB team represented a regional owner/operator that was exiting the state of Missouri to focus on communities closer to its corporate headquarters. Cedargate Healthcare features a 108-bed skilled nursing portion built in 1973 and a 16-unit assisted living community added in 1996. Renovations were also completed in 2021, and the campus benefitted significantly from the new Medicaid reimbursement methodology implemented in 2022, including a $37 per-patient-day increase on January 1, 2025. It still has a... Read More »
SLIB Closes Two Other Midwest Transactions
No rest for Senior Living Investment Brokerage on Labor Day, apparently, as the firm closed a couple of Midwest closings on the heels of its Missouri sale to Strawberry Fields REIT. Nick Cacciabando and Jeff Binder first returned to a familiar place, in Junction City, Kansas, to sell a senior care community. This property was Cacciabando’s first ever sale back in 2007, which he closed with Binder. The pair, plus Vince Viverito, are now representing that 2007 buyer in the community’s sale, as the regional owner/operator is choosing to focus on its remaining core assets. Built in phases in the 1970s and 1980s, Valley View Senior Life features 28 independent living units, 13 assisted... Read More »Schedule a demo
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