SLIB Sells in Bowling Green
A commercial real estate development company based in Bowling Green, Kentucky sold two senior living communities in its hometown, with the help of Daniel Geraghty and Bradley Clousing of Senior Living Investment Brokerage. Including Chandler Park Assisted Living, a 61-unit assisted living community, and Chandler Memory Care, a 31-unit memory care community, the properties are located 2.5 miles from each other. They were both built in stages over the years. Occupancy was around 88% across the two assets. SLIB received five competitive bids, and the local seller chose a Midwest-based owner/operator that was familiar with the market as the buyer. No purchase price was... Read More »Large Skilled Nursing Portfolio Sells in West Virginia
There was a major skilled nursing deal in the state of West Virginia, where 17 skilled nursing facilities and one facility under development sold to a joint venture between a prominent SNF real estate owner and an operating partner, CommuniCare Health Services. The seller was Stonerise, which also divested its seven home health agencies and affiliated therapy and hospital services. Its portfolio included around 2,000 skilled nursing beds. No purchase price has been disclosed, but we know that White Oak Healthcare Partners, the HUD affiliate of White Oak Healthcare Finance, structured $582 million in acquisition financing for the buyer. The debt was structured as a unitranche loan... Read More »Ensign Announces Slew of Transactions
The Ensign Group announced a slew of transactions to start the month of July. Its first acquisition was in Las Vegas, Nevada for Henderson Health and Rehabilitation. Built in 1983, the skilled nursing facility in the town of Henderson comprises 266-beds on 3.7 acres. Pennant Healthcare LLC, a subsidiary of Ensign, will be taking over operations of the facility. The next acquisition included a bundle of five skilled nursing facilities in the state of Texas. First, Ensign acquired the operations of The Eden of Las Colinas, located just outside of Dallas, which comprises 118 beds. Ensign also added the operations of Pleasant Valley Healthcare and Rehabilitation Center, in Garland, which... Read More »CareTrust REIT Makes A Couple of Announcements
CareTrust REIT made a couple of announcements around the holiday weekend, starting with Greg Stapley resigning as Executive Chair of the Board of Directors. In conjunction with the announcement, CareTrust also revealed that Lead Independent Director Diana Laing was appointed to replace Mr. Stapley as Chair of the Board, and CEO David Sedgwick was appointed as a director. Mr. Stapley had stepped down as CEO in January 2021 with the intention of pursuing a full-time international volunteer assignment for The Church of Jesus Christ of Latter-day Saints, and stepping down from the board will allow him to devote 100% of his energy to the mission. CareTrust then announced a transaction where it... Read More »Dwight Mortgage Trust Provides Acquisition Bridge Loan
Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, provided a $27.25 million bridge acquisition loan for Beachside Center for Rehabilitation and Healthcare, a 239-bed skilled nursing facility in New Smyrna Beach, Florida. Built in 1967, the facility offers short- and long-term care services. It was previously owned by Atlantic Avenue Facility LLC, an entity affiliated with Fort Lauderdale, Florida-based Millennium Health Systems, but a skilled nursing owner/operator has taken over the facility. The loan comes with a 30-month term and was arranged at 75% loan-to-cost. Its proceeds will be used towards both the acquisition and capital expenditures at the facility.... Read More »Schedule a demo
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