Not-For-Profit Expands (again) in Ohio
Community First Solutions acquired a seniors housing community in Beavercreek, Ohio. Built in 2019, HarborChase of Beavercreek features 64 assisted living and 46 memory care units across 122,000 square feet. The community will be rebranded as The Patterson. This acquisition expands Community First’s senior living portfolio for the third time in less than one year. It previously acquired the real estate and operations of Anthology of Mason (Mason, Ohio), and the operations of Kettering Health Senior Living (Miamisburg, Ohio) which is owned by Kettering Health. The purchase of HarborChase also brings Community First’s number of senior living residents to 620 and annual operating revenue... Read More »
Ensign’s At It Again
The Ensign Group completed the acquisition of three skilled nursing facilities in three separate transactions. First, Ensign acquired the real estate and operations of Greater Southside Health and Rehabilitation, a 76-bed skilled nursing facility in Des Moines, Iowa. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Ensign’s captive real estate company. In separate transactions on the same day, Ensign acquired Holly Heights Care and Rehabilitation, a 133-bed SNF in Denver Colorado, and City Park Healthcare and Rehabilitation Center, a 125-bed SNF, also in Denver. One of these new facilities will be subject to a long-term, triple net lease and the other will... Read More »
Blueprint Reports Heavy July Volume
July’s M&A results surprised us a bit, with a summer lull in activity perfectly understandable. Instead, dealmakers announced nearly 60 publicly announced transactions, good for fifth place in the all-time monthly record. For some perspective, last July we recorded 42 deals, and July 2022 saw 44 transactions announced, which is more typical of the slow summer months. Some of the credit has to go to the many brokers working tirelessly to get deals across the finish line, often with many bumps along the way. Blueprint had a banner month, closing $310 million in seniors housing and care transaction volume across 10 transactions. The deals consisted of 22 total assets and around... Read More »
SLIB Sells 160th Texas Asset
Matthew Alley of Senior Living Investment Brokerage sold a skilled nursing facility in La Marque, Texas, on behalf of a local family partnership divesting its only senior care asset. The buyer owns and operates several SNFs in the state and expects to take advantage of that regional presence to increase profitability. Built in 1998 and renovated in 2009, the facility has 120 beds. It was 75% occupied but was losing more than $500,000 on $6.74 million of revenues at the time of marketing. However, it was enrolled in QIPP privately, which provides additional revenue not included in the financials. The buyer expects to benefit from an expanded QIPP program beginning on September 1, 2024.... Read More »
Stabilized AL/IL Community Trades in Michigan
Meiser Commercial Real Estate was engaged by DeShano Companies Inc. in its divestment of a seniors housing community in Auburn, Michigan. Built in 2010, Plainview Assisted Living comprises 20 assisted living and 16 independent living units on 2.9 acres. At the time of sale, it was 100% occupied, with 75% private pay and 25% Medicaid. Revenues were $1.04 million, and NOI was $98,000. The assisted living and independent living components shared a parking lot, and DeShano wanted to sell both components as a package. If sold separately there would have had to be a shared-use agreement in place. It was challenging to find a buyer that specialized in both AL and IL, however, the deal... Read More »
Missouri Facilities (w/ HUD debt) Change Hands
There are no summer doldrums for Montgomery Intermediary Group (MIG), which announced a closing in Missouri and a new hire at the end of July. The firm first represented the buyer in the acquisition of two skilled nursing facilities in St. Louis County. Built in 1978 and 1991, respectively, the facilities total more than 240 licensed beds. The seller, a large SNF owner/operator, deemed the facilities to be outliers in its portfolio, hence the disposition. However, the buyer was looking to expand its footprint in Missouri, and was also attracted by assumable, low-rate HUD debt on the properties. Andrew Montgomery handled the transaction Montgomery was also joined by Jeremy Warren,... Read More »
Ziegler Closes Slew of Summer Transactions
It looks like there is no summer vacation for Ziegler’s Chris Utz, who has closed a number of transactions in recent months spanning investment sales to acquisition financings for a host of seniors housing and care properties across the country. Most recently, he arranged an acquisition loan for Comprehensive Care Capital (CCC) to acquire a 114-unit assisted living/memory care community in East Norriton, Pennsylvania (Philadelphia MSA). Previously known as Brandywine Living at Senior Suites, the community has been renamed Silver Springs at East Norriton, with CCC’s affiliate Cura Health taking over operations. CCC had created Cura Health to oversee daily operations for its seniors housing... Read More »
Arrow Senior Living and Welltower Expand in The Midwest
Arrow Senior Living acquired eight seniors housing communities across Illinois, Iowa, Missouri and Arkansas. Acquired in June, CedarStone Senior Living and PrairieStone Senior Living, both in Cedar Falls, Iowa, were developed by Nelson Construction and Development. CedarStone comprises 120 units (88 AL and 32 MC). PrairieStone features 111 units (79 AL and 32 MC). Arrow also acquired six IL communities in a joint venture with Welltower in early July, adding 654 units to its portfolio. The Cambridge Senior Living in Springfield, Missouri, consists of 115 units. The Gardens at Arkanshire in Springdale, Arkansas, features 80 units. The Montvale Senior Living in Springfield, Illinois,... Read More »
PE Firm Acquires Active Adult Community in Texas
Green Courte Partners, a private equity real estate investment firm, announced that its fifth investment fund, Green Courte Real Estate Partners V, and its affiliates acquired Chesapeake Bay, an active adult community with 348 apartments and cottages in Seabrook, Texas. This increases GCP’s national senior living portfolio, which is managed by the firm’s wholly owned operating platform, True Connection Communities, to 19 communities containing approximately 3,100 units. The community’s initial phase leased quickly and maintained strong occupancy, prompting the developer to add 90 cottages in late 2023 to meet market demand. GCP intends to continue acquiring and developing active adult... Read More »
CIBC Refinances High-Quality SNF
A high-quality skilled nursing facility in Virginia refinanced its debt with the help of CIBC Bank USA. The facility, which has an effective age of nine years, posted strong operating results, with occupancy around 88% and an EBITDAR margin historically at 28%. Strong, indeed. CIBC provided the facility’s Virginia-based owner/operator with $35.0 million in senior secured credit facilities in the form of a $33.0 million commercial mortgage term loan and a $2.0 million working capital line of credit. The credit facilities were used to refinance existing debt on the SNF. Matthew Tyler and Neal Netzel of CIBC Bank USA handled the financing. Read More »Schedule a demo
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