Ensign’s Q3:23 Earnings Are Released
The Ensign Group came out with its third quarter earnings on October 25, and the results were mostly positive. GAAP diluted earnings per share rose 12.1% over the previous third quarter to $1.11. However, that was off $0.01 compared with the second quarter. On an adjusted basis, EPS rose to $1.20 in Q3:23, up 15.4% from Q3:22 and up 3.4% from Q2:23. The company’s share price dropped by just 0.7% on a down day for the market. Adjusted EBITDAR also increased to $158.4 million for the third quarter, or $633.6 million on an annualized basis. Revenues soared from $770 million in Q3:22 to $940.8 million in Q3:23 on the back of higher reimbursement, new acquisitions and increased census.... Read More »
All Charges Against Silverado Dropped
In a case that never should have been charged, by an overzealous district attorney in California (of course), all charges against Silverado Memory Care, its employees and its CEO, Loren Shook, have been dismissed. The only thing we wonder is, what took them so long? Other than the fact that this never should have happened. Multiple felony counts of elder endangerment and of violations causing death, and this in the first few months of COVID, when even the CDC was clueless about the disease? This should have been dropped months ago, but we suppose it had to be played out. We hope that this will be a lesson to other, overzealous DAs who want to make a name for themselves, that they should... Read More »
JLL Lands LifeCo Loan
A life insurance company provided a senior loan to refinance The Landing at Augusta Woods, a 148-unit seniors housing community in Spring, Texas. JLL Capital Markets arranged the $28 million mortgage on behalf of the borrower, Harmony Communities. Taking out existing construction debt and funding an expansion of the community, the loan came with a four-year, fixed-to-floating rate term. JLL Capital Markets’ Debt Advisory team, led by Senior Director Zane Sweet, Director Alanna Ellis and, Analysts Zach Brantley and Kyle White, handled the transaction. Opened in 2021, the community comprises a 120-unit apartment-style complex that provides independent living, assisted living and memory care,... Read More »
CFG Arranges Acquisition Financing for CA SNF Deal
It was announced that Capital Funding Group arranged acquisition financing for International Equity Partners and Cypress Healthcare Group’s purchase of three skilled nursing facilities in California. The not-for-profit Eskaton sold the facilities to exit the stand-alone SNF space, and it was represented by Ziegler in the process. The sale included the 99-bed Eskaton Care Center Manzanita in Carmichael, the 148-bed Eskaton Care Center Greenhaven in Sacramento and the 149-bed Eskaton Care Center Fair Oaks in Fair Oaks. All were built around 1980 and were losing millions on $42.1 million of 2022 revenues. The transition process required Attorney General approval, which was given in September.... Read More »
Distinctive Living Enters Tennessee Market
With the capital markets still dissuading many buyers from getting into the M&A market, we have seen more growth through the addition of new management contracts among many operators in the senior care industry. One company, Distinctive Living, expanded its portfolio to Tennessee after assuming management of The Village at Bellevue, an assisted living/memory care community in Nashville. The community features 69 AL and 18 MC units and marks Distinctive’s entry into the state. Distinctive has existing and to-be-built locations in Alabama, Connecticut, Florida, Georgia, Indiana, Maryland, Michigan, New Jersey, Ohio, Pennsylvania and Wisconsin. There are studio, one-bedroom and... Read More »
Continuum Advisors Launches New Brokerage Business
There’s a new brokerage and advisory firm in the seniors housing world. Launched by Jay Jordan and Dave Kliewer, both formerly of Grandbridge, Continuum Advisors will focus exclusively on national seniors housing investment sales. Already, the team has approximately $500 million in current engagements, and fresh off of another NIC conference, that figure is sure to increase soon. Jordan and Kliewer bring more than 40 years of experience in sell-side seniors housing representation, with the pair having sold over 200 seniors housing communities in 35 states. Before their three years at Grandbridge, both previously worked at Cushman & Wakefield, as well. Read More »
Bank Financing Provided to Class-A Community
JLL Capital Markets arranged $29 million in financing for a Class-A seniors housing community in Smithtown, New York. The borrowers are Sculptor Real Estate, which is the real estate business of Sculptor Capital Management, and Benchmark Senior Living. The three-year loan was provided by a regional bank that is a new lending partner for both Sculptor and Benchmark. Joel Mendes, Ted Flagg and Stephen Van Leer of JLL led the transaction. The community, Whisper Woods of Smithtown, has 101 units and 136 beds of assisted living and memory care. It was built in 2018 by Sculptor and Benchmark, which leased the community. Amenities include biometric medication safes and roll-in showers with... Read More »
Minneapolis-Area Community Trades, Again
The Inland Real Estate Group of Companies, an Illinois-based commercial real estate investment group, bought a seniors housing community located in Edina, Minnesota, from an entity affiliated with Prudential Financial. Built in 2013, the community is The Waters of Edina, which comprises 139 independent living, assisted living and memory care units with amenities including an indoor pool and a theater. Inland bought the community for $41.7 million, or just over $300,000 per unit, with The Waters remaining as the operator. The Prudential entity previously purchased the community in 2016 for at least $51 million, according to a state filing. In 2017, Prudential also purchased another Waters... Read More »
CFG Closes HUD Deal in Arizona
Capital Funding Group closed a $10.3 million HUD refinance of an existing bridge loan, also executed by CFG, for a nationally recognized borrower. The refinancing supported a 94-bed skilled nursing facility in Arizona. Tommy Dillion of CFG originated the transaction. This financing follows the company’s recent announcement of a $3.32 million bridge-to-HUD mezzanine loan which supported a dividend recapitalization for a well-known sponsor of a 120-bed skilled nursing facility in Florida. Read More »
Skilled Nursing M&A in 2023 and Beyond
On October 19, 2023, The SeniorCare Investor’s Ben Swett moderated a panel of skilled nursing experts from the lending, brokerage, and operating worlds to discuss why the SNF M&A market peaked in 2022, why the sector is struggling more now, and what they would do as SNF investors in 2024. Subscribers can view the entire webinar here. Read More »Schedule a demo
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