Chicago Pacific Founders Acquires in Florida
Chicago Pacific Founders and its subsidiaries, CPF Living Communities and Grace Management, Inc., announced the acquisition of a seniors housing community between Pensacola and Pensacola Beach in coastal Florida. Built in 2018, The Arbors of Gulf Breeze features 132 units with 51 independent living, 58 assisted living and 23 memory care units. Grace Management will operate the community on a go-forward basis. The community, which was described as a stabilized, quality asset, was previously owned by a local partnership that had reached the end of their investment horizon. Based on the age, performance and quality of the community, we would guess it traded around a market cap rate for... Read More »
Sonida to Acquire in Georgia
Sonida Senior Living, Inc. entered into an agreement to acquire two seniors housing communities that comprise 178 units in Atlanta, Georgia, for $29 million, or $163,000 per unit. The acquisition is expected to be funded through cash on hand and proceeds from Sonida’s senior secured revolving credit facility. Next, Sonida completed the acquisition of eight senior living campuses in the Southeast for $103 million. These transactions have increased the company’s year-to-date acquired properties to 17 and expanded its operating portfolio to 91 communities. Also, Sonida closed an additional $75 million commitment on its senior secured revolving credit facility, bringing the total capacity to... Read More »
Update on Retirement Unlimited Inc.
Many of you read in our online posts that the President of Retirement Unlimited Inc. (RUI), Doris-Ellie Sullivan, is out and that a lot of other changes have transpired there. But perhaps the biggest story is how Welltower and its RUI relationship went off course. Brandywine Living and Welltower sold the Brandywine management business to RUI in a transaction that closed late in 2023. Welltower owned the assets so was in the driver’s seat on what would happen in the future. Welltower had a previous relationship with the owner of RUI, Bill Fralen, who had owned a lot of SNFs but was growing his seniors housing business through RUI. It seemed like a good financial fit. But something went... Read More »
CareTrust Grows with Mid-Atlantic SNF Portfolio Acquisition
CareTrust REIT, Inc. acquired a skilled nursing portfolio in the Mid-Atlantic consisting of four facilities and 396 beds/units. One of the four facilities is a skilled nursing and assisted living campus, which includes 47 assisted living units. The purchase price, inclusive of transaction costs, was approximately $74.7 million, or $188,600 per bed/unit. In connection with the acquisition, CareTrust entered into a triple-net master lease with a new operator relationship. The operator is experienced in skilled nursing and has managed facilities across multiple states. The new master lease has an initial term of 15 years with two, five-year extension options and provides for a year one... Read More »
Skyline Healthcare Back In The News
All we can say is, it is about time. The former owner of Skyline Healthcare (or Skyline Management), Joseph Schwartz, is finally going to trial on his “alleged” fraud scheme, although he did plead guilty. He and his “team” walked away from leases on more than 100 nursing homes across the country with no food in the fridge and empty med carts. They basically handed the keys over to the states. It was not only shameful, but it was also criminal. Each state had to scramble, and the nursing home industry suffered its biggest black eye. Actually, two black eyes. Skyline basically sucked as much cash out of the leased facilities as they could until it all collapsed. Not even a... Read More »
Ensign’s at It Again
The Ensign Group acquired a skilled nursing facility and an assisted living community, both in Norfolk, Nebraska. Built in 1968, St. Joseph Rehabilitation and Care Center comprises 83 skilled nursing beds. Skyview Villa Assisted Living features 20 assisted living beds. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc. This acquisition brings Ensign’s growing portfolio to 324 healthcare operations, 30 of which also include senior living operations, across 14 states. Ensign subsidiaries, including Standard Bearer, own 123 real estate assets. Ensign is actively seeking opportunities to acquire real estate and to lease both well-performing and... Read More »
Publicly Traded REIT Divests to Cougar Capital Management
Berkadia announced the financing and sale of a senior living community in South Setauket, New York. Mike Garbers, Cody Tremper, Ross Sanders and Dave Fasano closed the sale transaction on behalf of a publicly traded REIT. Berkadia provided both investment sales and mortgage banking services for the 196-unit independent living and assisted living community. The community will be rebranded as The Village at South Setauket and undergo extensive capital expenditure projects. Willow Ridge Senior Living will operate the community on a go-forward basis. Steve Muth and Austin Sacco secured $15.6 million in acquisition and capex financing through Old Second Bank on behalf of the buyer,... Read More »
Ohio-Based Operator Purchases Ohio SNF
Senwell Senior Investment Advisors handled the divestment of 112-bed skilled nursing facility Memorial Gables, which is in Union County, Ohio, and was built in 2001. The facility was owned by Union County and operated as part of the Memorial Health system. The buyer was a highly regarded Ohio-based operator with a strong reputation for excellence in senior care. Ben Bohland handled this transaction. Senwell engaged more than 400 organizations nationally, with 68 signing non-disclosure agreements and ultimately 11 submitting formal offers. The selected buyer, with more than 25 years of experience in Ohio’s senior care industry, operates numerous facilities across the state and is... Read More »
Priority Life Care Is The Place To Be
Priority Life Care (PLC), based in Fort Wayne, Indiana, was just recognized as one of Fortune’s Best Workplaces in Aging Services for 2024. This comes after recognition as a Great Place to Work certification for the May 2023 to May 2024 cycle, the second year in a row it has received this certification. More than 90% of employees participated in the third-party survey with 80% affirming it as a Great Place to Work. The recognition by Fortune is just one more acknowledgement as to the management style and focus on its employees. PLC is one of the largest senior living providers in the country which has a woman at the helm. CEO and Founder Sevy Petras has made it her mission to listen to... Read More »
60 Seconds with Swett: 2024 Already Surpasses 500 Deals
The optimism in the seniors housing and care industry was palpable at the NIC Fall Conference in Washington, D.C. last week, partially because of interest rates falling for the first time since the onset of the pandemic, but also partially because of the record-setting M&A streak we have been on for most of the year, so far. We are three quarters into 2024, and we have already virtually reached 2023’s annual deal total of 511 deals, at 508 deals according to LevinPro LTC. If you include the deals made public on October 1, we have surpassed that total, with an entire quarter to go. And if the anecdotal stories of BOVs, new listings and closing pipelines are true, we are going to shatter... Read More »Schedule a demo
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