Off To The Races
Just as the horses were coming into the stretch at the Derby last Saturday, Blueprint Healthcare Real Estate Advisors was closing on the sale of two skilled nursing facilities in Kentucky. They were built in 1993 and 1999, and one of the facilities underwent a $1.7 million renovation in 2014. Combined occupancy was 80% with revenues of $10 million. The sales price was $7.5 million, or about $51,000 per bed. Chris Hyldahl, Gideon Orion, Michael Segal and Ben Firestone represented the California-based seller, and the buyer was ClearView Healthcare Management. Just to the south, Brooks Blackmon and Trent Gherardini of Blueprint sold a 120-bed skilled nursing facility in Butler,... Read More »
Greystone Goes To Canada
Greystone Real Estate Advisors closed back-to-back portfolio sales in Canada. Mike Garbers and Cody Tremper, together with TD Securities, represented the seller of 10 senior living communities located throughout the greater Toronto and Ottawa areas. The 10 communities had 1,245 units, of which 1,045 were independent supportive living and 200 were assisted living. All but two were built or renovated in the past 10 years. Sienna Senior Living paid $298 million, or $239,400 per unit (C$382 million). In their second transaction, they sold four communities in the greater Edmonton area in Alberta. The 775-unit portfolio included 450 independent supportive living units, 237 assisted living... Read More »Greystone Hat-Trick in New York
Fred Levine of Greystone closed three HUD financings on the same day for an acquisition of three New York skilled nursing facilities. The $75 million loan, which comes to $133,690 per bed, financed three nursing facilities with 561 beds. They included Brookside Multicare in Smithtown (353 beds), White Plains Center for Nursing and Rehab in White Plains (88 beds), and Little Neck Nursing Center in Queens (120 beds). The Smithtown facility includes a pediatric unit and ventilator beds. Read More »
Evans Finds The Solution
Evans Senior Investments (ESI) closed on the sale of two properties in New York known as the Robinson Terrace Portfolio. It included a 120-bed skilled nursing facility that was built in Samford in 1973, and a 55-unit assisted living community built in 2011 two miles away. Despite the rural location, occupancy had been relatively high, above 90% at both facilities. The problem, however, was the cost structure and the fact that the Medicaid census was high in both properties. The campus was owned and operated by a not-for-profit, and maybe because they were the low-cost providers in the area, the EBITA margin was a negative 20% or worse. High staffing costs combined with low Medicaid... Read More »
Lancaster Pollard’s $88 Million Financing
Lancaster Pollard closed a large construction on behalf of Los Angeles-based Ridge Senior Living to build a new luxury senior living community in Lakewood, Colorado (Denver MSA). Once complete, the community will comprise 318 total units of independent living, assisted living and memory care. To fund its development, Jason Dopoulos, Ross Holland and Joe Munhall of Lancaster Pollard identified a national bank to act as lead agent on an $88 million construction loan, with a portion syndicated to other bank participants. The development will be Ridge’s fifth community, joining four other properties in California and Utah. Read More »Schedule a demo
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