Dwight Capital Announces Q1 Activity
Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, financed $152.5 million in transactions during the first quarter of 2024. Among the transactions were a $44 million bridge loan for a 369-bed, seven-story skilled nursing facility in the Southwest U.S. The bridge loan, which closed in conjunction with a $5 million revolving line of credit, is expected to be refinanced through HUD in approximately 24 months. Adam Offman and Josh Sturm, Managing Directors of Healthcare, originated the transaction for a recurring client. Dwight also closed $26 million in HUD financing for River Towne Center and Etowah Landing, two SNFs in Georgia. The transaction included a $17.4 million refinance... Read More »
Ensign Announces Eight Acquisitions
April showers apparently brought The Ensign Group acquisitions this May, as the publicly traded provider announced eight separate deals, including four where its captive REIT Standard Bearer Healthcare REIT acquired the real estate. Two of the deals in Kansas and Arizona were profiled here, with Senior Living Investment Brokerage handling the deals. Ensign and Standard Bearer also acquired the operations and real estate, respectively, of Spencer Post Acute Rehabilitation Center, an 82-bed skilled nursing facility in Spencer, Iowa, South Davis Specialty Care, a 95-bed SNF in Bountiful, Utah, and Western Peaks Specialty Hospital, a 43-bed LTACH also in Bountiful, Utah. On the same day,... Read More »
SLIB Handles Kansas and Arizona Deals
In The Ensign Group’s recent slew of acquisition announcements, it was revealed that the provider was the buyer in two transactions that were handled by Senior Living Investment Brokerage. First, Nick Cacciabando, Jeff Binder and Ryan Saul were engaged by a local owner in its divestment of its only senior care facility. Hillside Village of De Soto, located in De Soto, Kansas, offers assisted living and skilled nursing services, comprising 65 units (38 AL, 27 SNF) and is licensed for 95 beds (46 AL, 49 SNF). The SNF portion was built in 1970, and the AL portion in 2003. Operations were solid, with EBITDAR hovering around $648,000 on $5.6 million of revenues. And there is room... Read More »
Newmark Announces Two Transactions
The team at Newmark announced a couple of closings, including the sale of an eight-property seniors housing portfolio located across the country. Dubbed Project Kandy, the portfolio features 1,024 total units of independent living, assisted living and memory care, with an average age of 14 years. In addition, Newmark sold a seniors housing community. Built in 2015, The Crossings at Riverview is an assisted living/memory care community with 92 units in Riverview, Florida, in the Tampa MSA. The buyer and no other details were disclosed. The deals follow Newmark’s sale of a three-property seniors housing portfolio in Texas. Built in 2016, Heartis Arlington is an assisted living/memory... Read More »
Fortress Investment Group Purchases in Arizona
Marcus & Millichap was engaged by a private, family office merchant builder in its divestment of a fully stabilized seniors housing community in Arizona. Built in 2019, Inspira at Arrowhead comprises 165 independent living, assisted living and memory care units in Glendale. Nick Stahler, Hamid Panahi and Steve Gebbing of Institutional Property Advisors, a Marcus & Millichap company, handled the transaction. Alanna Ellis and Alex Sheaffer of JLL arranged acquisition financing for the deal. There were multiple offers from institutional private equity and public REITs. The winning bidder, a joint venture between Fortress Investment Group, LLC and COGIR Senior Living, was ultimately... Read More »
CFG Secures Bridge Refinance for Ohio Portfolio
Capital Funding Group announced the closing of a $65 million bridge loan to support the refinance of nine senior care facilities in Ohio. The portfolio includes one independent living community, one assisted living community, and seven skilled nursing facilities totaling 709 beds. The financing was closed on behalf of a nationally recognized borrower. Capital Funding, LLC Managing Director, Real Estate Finance, Craig Casagrande and Capital Funding, LLC Associate Catherine Mansel originated the transaction for the company. Read More »
Mainstay Acquires Two Tennessee Communities
Berkadia sold two assisted living and memory care communities in Tennessee. Berkadia Seniors Housing & Healthcare, led by Managing Directors Mike Garbers, Cody Tremper, Dave Fasano, and Ross Sanders, closed the transaction on behalf of a publicly traded REIT. Totaling 127 units, the properties are located in the Knoxville and Jackson markets. Mainstay Senior Living purchased them for an undisclosed price. Read More »
Midwest Developer Acquires in Georgia
Daniel Geraghty and Brad Clousing of Senior Living Investment Brokerage represented a group of EB-5 investors in the sale of their 70-unit assisted living/memory care community in Georgia. Located in the town of Sharpsburg, a growing market between Newnan and Peachtree City southwest of Atlanta, the community was built in 2021 and was in excellent condition. It was also producing healthy cash flow, making for an attractive opportunity for a buyer to acquire a stabilized asset for below replacement cost. That buyer was a Midwest-based developer making its first acquisition in Georgia, for an undisclosed price. There were multiple offers from both national and regional... Read More »
Cincinnati Owner/Operator Divests SNF
Blueprint was brought on by a local owner/operator in its divestment of a 30-bed skilled nursing facility built in 2013 with all private beds in Cincinnati, Ohio. Located near a hospital, the facility was in great shape and only accepted Medicare and private pay residents. The seller divested to recycle capital and pay down maturing debt obligations, shifting its focus to alternative asset classes. The buyer was a well-capitalized owner/operator seeking to expand and increase operational leverage within the Cincinnati market. Connor Doherty and Ryan Kelly handled the transaction. We believe the deal also set a record for price per bed for skilled nursing facilities in Ohio, which... Read More »
Real Estate Agent Purchases A RCFE Community in California
Sherman & Roylance facilitated the sale of a purpose-built, six-bed RCFE community in Sonoma, California, with all private units. The purchase price was $1.75 million, or $290,000 per bed. The seller divested because it is consolidating its portfolio. The buyer was a real estate agent, and this is their first acquisition in the long-term care industry. Operating with a solid track record, the facility generates approximately $50,000 in gross revenue per month, boasting an average resident rate of $8,000 per month. Michael Belcher and Chris Minnery handled the transaction. Read More »Schedule a demo
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