• PACS Gets Trading Period Extension

    PACS Group is trying to right the ship as it works to restate its prior financial statements amid an investigation into its Medicare billing practices, and return to providing regular quarterly earnings statements. The New York Stock Exchange Listing Operations Committee did agree to provide PACS with an additional trading period through November... Read More »
  • Outcome Healthcare Acquires Pennsylvania SNF

    Evans Senior Investments facilitated the sale of Mahoning Valley Nursing & Rehabilitation Center, a 142-bed skilled nursing facility in Lehighton, Pennsylvania. The seller, an independent owner, faced increasing financial and operational pressures in today’s skilled nursing environment. The selected buyer was a regional operator with a... Read More »
  • Full Continuum Community Obtains Refinancing

    CBRE National Senior Housing refinanced The Pointe at Meridian, a 100-unit seniors housing community in Meridian, Idaho. Built in 2022, The Pointe at Meridian was built in 2022 and consists of 60 independent living units, including 14 townhome units, 30 assisted living units and 10 memory care units. Grace Management took over management of the... Read More »
  • Arizona Seniors Housing Development Secures Construction Financing

    Fifty Stones Capital Group closed a $39.3 million construction loan for a seniors housing community in Chandler, Arizona. The proposed development comprises 147 units with 150 beds. The opportunity came to Fifty Stones Capital Group through a local broker.  The sponsor, an experienced local developer with a focus on multifamily and senior... Read More »
  • National Health Investors Sends Default Notice to NHC

    National Health Investors is addressing violations under its longstanding lease agreement with one of its largest tenants, National HealthCare Corporation. In July, NHI notified NHC/OP, L.P., an affiliate of National HealthCare Corporation and the tenant of 32 of NHI’s skilled nursing/senior care facilities and three independent living... Read More »
Pacifica Senior Living Chapter 7 Filing Update

Pacifica Senior Living Chapter 7 Filing Update

After we and several other news outlets reported on the Chapter 7 bankruptcy filing of Pacifica Senior Living LLC on March 24, we heard from the company about the filing and our story. Apparently, the liquidation filing was for one of their management entities, Pacifica Senior Living LLC, “whose sole purpose was to manage a subset of our communities in California. Pacifica Senior Living LLC does not own any senior living facilities and this filing will have no impact on the ownership of our properties, resident care, or our beloved staff. All of the senior living properties in our portfolio are independently owned, and each remains operational and unaffected by PSLM’s situation.”  The... Read More »
Pacifica Senior Living Goes Bust

Pacifica Senior Living Goes Bust

In what can only be said is a surprising move, Pacifica Senior Living filed for bankruptcy, but not the usual Chapter 11 bankruptcy protection that would allow them to restructure their assets and debts and continue to operate. No, this is a Chapter 7 bankruptcy filing, meaning the company will dissolve, liquidate what remains, and will be gonzo. And this after more than 45 years in business. The California-based privately-owned company had grown to just under 100 communities, making it one of the larger seniors housing companies in the country. In its largest transaction, it purchased 15 properties from Retirement Housing Foundation for $180.5 million in 2024. We have heard they suffered... Read More »
60 Seconds with Steve Monroe: Here We Go Again

60 Seconds with Steve Monroe: Here We Go Again

Investigate, investigate, investigate. Regulate, regulate, regulate. Why not assist? Why not help? Why not try to understand? Liz, Ron and Kirsten, of U.S. Senate fame, have asked the GAO to investigate the assisted living industry and to see if federal oversight is needed. Really? Are we going down this road again? How did that work out for the nursing home industry? As we know, the assisted living sector is predominantly private pay, unlike nursing homes, but the senators are using information from state Medicaid agencies to back up their claims. I suppose I could see them investigating any assisted living community that is receiving Medicaid funds to make sure the money is wisely spent,... Read More »
Sonida Senior Living Grows For The Future

Sonida Senior Living Grows For The Future

The last to report 2024 earnings in our sector, Sonida Senior Living turned in a decent fourth quarter, but maybe not as good as they were hoping for. They are looking to the future, however, and not past performance, and are gearing up for growth.  While the same-community occupancy of 86.6% in the fourth quarter is certainly above average for the industry, the year-over-year increase of just 70 basis points was below average. Many providers are still putting out census growth numbers that will not be sustainable as communities begin to stabilize, so increasing by 70 basis points in the future will look pretty good. But we are not there yet, especially with new development still way... Read More »
60 Seconds with Swett: The Demand for SNFs

60 Seconds with Swett: The Demand for SNFs

We had a fantastic webinar last week that covered our recently published valuation statistics from The Senior Care Acquisition Report but also how valuations, the lending environment and M&A strategies are changing in 2025, so far. Jason Punzel of Senior Living Investment Brokerage, Steve Munn of VIUM Capital and JP LoMonaco of CBRE joined me for the discussion and all had fascinating and useful takeaways on the current state of the market. I ended the webinar with a question about what type of property each panelist would purchase themselves, if they had the equity to finance the rest of the acquisition with debt. Although much of the webinar centered around the seniors housing... Read More »
60 Seconds with Steve Monroe: Here We Go Again

60-ish Seconds with Steve Monroe: So, What’s Goin’ On?

While I did not make it to the NIC Spring Conference last week, my colleagues Ben and Steph were there to meet and greet the record crowd. The crowd included a lot of smiling faces. Some takeaways included the expectation that liquidity is returning and that we will see bigger deals this year. Also, lenders will be putting out more cash in 2025 than in 2024. All of this bodes well for the M&A market.  There was, however, some concern about what the Trump Administration is doing, and what the impact will be on seniors housing and care. And there should be concern. Even though the labor situation has improved, my guess is that there will be fewer low-wage workers around given some... Read More »