ESI Handles New Jersey SNF Sale
Evans Senior Investments has handled the sale of a struggling skilled nursing facility in Clark Township, New Jersey. Built in 1995 with more than 130 beds, the facility saw pre-pandemic occupancy levels of 85% plummet to 56% by the time of sale. The seller is a regional owner/operator, which sought to exit this facility given the distance from its existing portfolio. Evans Senior Investments, which closed another SNF sale for the regional owner/operator in July in Volusia County, Florida, found an East Coast-based owner/operator within 25 days of starting the marketing process to purchase this asset, adding to its established portfolio. According to LevinPro LTC, Evans Seniors Investments... Read More »Investor Group Acquires Georgia Communities
A group of individual investors acquired two assisted living/memory care communities in Georgia from a local owner/operator looking to exit the industry. The purchase price was not disclosed, but the communities sold for a cap rate in the mid-8s, slightly higher than the sector’s average in the last few years. Daniel Geraghty and Brad Clousing of Senior Living Investment Brokerage handled the transaction. Built in 2007, Sunny Grove Assisted Living in Barnesville features 34 units and was around 97% occupied. River Place Assisted Living in Forsyth was built more recently in 2017 and features 35 units with 93% occupancy. There is an expansion opportunity at the Barnesville location, which... Read More »RAM Properties Acquires Florida Portfolio
A private institutional group sold three seniors housing communities in Florida to RAM Properties, a boutique private equity firm backed by a family office. RAM paid $70.85 million, or $158,000 per unit, for the portfolio and brought in its Florida-based operating partner Concordis Senior Living to take over management. The properties included 253 independent/assisted living units (all licensed for assisted living) and 193 memory care units, averaging more than 20 years in age but with multiple renovations over the years. When the portfolio went under LOI, occupancy was in the 80s, but that improved throughout the process into the 90s at closing. In addition, previous resident rent... Read More »Struggling Florida SNF Sells
Evans Senior Investments has handled the sale of a large 200+ bed skilled nursing facility in Volusia County, Florida. Built in the 1960s, the facility features semiprivate rooms and three-bed wards. Occupancy rates averaged 73% before the pandemic. However, at the time of the sale, the facility was losing money while occupancy dipped to 41%. The seller was a regional owner/operator who was looking to get rid of the struggling geographic outlier from its portfolio. An East Coast owner/operator, adding to their skilled nursing facility portfolio, ended up as the buyer. Read More »Carnegie Capital Secures Construction Loan for Texas Community
A single-asset owner in Texas refinanced the construction debt on its assisted living/memory care community with the help of JD Stettin of Carnegie Capital. Built five years ago, the 90-unit community in Houston went through operator changes before the pandemic, and then dealt with occupancy troubles during the pandemic. So, it was at last on the tail end of lease-up with census reaching 80% when ownership decided to refinance its existing construction loan before maturity. A $10.5 million refinance enabled the borrower to also replenish its interest reserves and pay off over $500,000 of tax liens. The loan came with a seven-year term, fixed interest rate at 4.75% and one year of interest... Read More »Schedule a demo
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