Stat of the Day
You should know by now that skilled nursing facilities set a new record for the average price per bed sold of $85,900 in 2015, shattering the record set in 2014. What was driving this increase was the large number of high-priced sales, with a record number of transactions priced above $100,000 per bed. Because of this, the upper quartile price of skilled nursing facilities last year was $123,000 per bed, meaning that 25% of the sales were at this price or higher. Meanwhile, the lower quartile was just $44,000 per bed, meaning that 25% sold at this price or lower. We suspect many of these were more than 40 years old. These and many more statistics can be found in our just released Senior... Read More »
Clousing Closes
Brad Clousing of Senior Living Investment Brokerage continued his busy month by facilitating, with Patrick Byrne, the sale of three skilled nursing facilities in Florida. Totaling 436 beds, the properties included a 155-bed skilled nursing facility in Clewiston that was built in 1978 with an addition in 1995 and renovations in 2005 and 2012, a 185-bed facility in Lakeland built in 1960 with renovations in 1980, 1990 and 2014, and a 96-bed facility in St. Petersburg that was built in 1946 and 1964 with a recent renovation. Overall occupancy was 85%. The real estate and operations were sold separately, as the operations sales was the result of a Chapter 11 bankruptcy. Combined, the purchase... Read More »Building Boston
Aaron Rosenzweig, Jim Dooley and Rick Swartz of Cushman & Wakefield recently arranged $16.3 million in construction financing and joint venture equity for LCB Senior Living and Blue Moon Capital Partners to develop an 80-unit senior living community in Shrewsbury, Massachusetts. Located about 35 miles west of Boston on a 5.4-acre site, the three-story building will feature 60 independent/assisted living units (though all AL-licensed) and 20 memory care units. C&W arranged a five-year loan at 65% loan-to-cost, provided by M&T Bank. At an estimated cost of $25 million, or $310,000 per unit, the project is expected to break ground this month, with an opening scheduled for... Read More »
Phoenix rises
There has been an uptick in seniors housing and care construction in the Phoenix area in just this year. First, Mainstreet announced its first development in the state of Arizona, breaking ground in mid-February on its 94-bed skilled nursing/assisted living facility at a cost of $21.9 million, or $233,000 per bed. The facility also is the first to be operated by Mainstreet Health, the developer’s new operating company. Then, Love Funding announced that it provided a $15 million bridge loan to finance the construction of a 90-unit assisted living/memory care community in the adjacent town of Peoria. The private pay community, which will feature 58 memory care units and 32 assisted living... Read More »
Growing in Winter Garden
An Orlando-based owner, developer and operator of senior living communities in Central Florida recently broke ground on its newest property in Winter Garden, located just west of the city of Orlando. Sonata Senior Living, a wholly owned subsidiary of Sonata Healthcare, LLC, will build 113 total apartments, including 78 independent living units and 35 assisted living units. Plus, the community will offer 10 exclusive “Club Level” units, which feature upgraded finishes and special access. Its location is excellent, within one mile of the new Florida Hospital and a local dining and shopping area. And Sonata runs a separate memory care community adjacent to the new property. At a cost of $30... Read More »Schedule a demo
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