Blueprint Handles Selectis Health Divestment
Selectis Health announced the sale of two skilled nursing facilities in Georgia. The deal included the 71-bed Providence of Sparta Health and Rehab in Sparta and the 110-bed Warrenton Health and Rehabilitation in Warrenton. They sold for $13.175 million, subject to customary prorations, holdbacks and adjustments, including a $1.3 million escrow. We understand that Michael Segal and Daniel Waldhorn of Blueprint handled the transaction. Shortly after closing, Selectis used a substantial portion of the net proceeds to pay in full certain transaction costs, an existing facility mortgage, existing note obligations, an existing contractual obligation and other miscellaneous expenses. The company... Read More »
Joint Venture Acquires Texas IL Community
12 Oaks Senior Living announced that it will assume management of a seniors housing community in a strong secondary Texas market. The company partnered with Silver Wave Capital and Capsight Investments to acquire the property. Purpose-built in 1998, Royal Estates of Wichita Falls is a well-maintained independent living community in Wichita Falls. Totaling 141 units, the community demonstrated strong historical performance and durable cash flow. However, 12 Oaks noted that one of its goals is to improve occupancy. The company also stated that it will enhance staffing support and training, upgrade care services and amenities, improve dining and hospitality operations and enrich... Read More »
Investment Firm Acquires in Missouri
Investment firm Lapis Advisers purchased a seniors housing asset out of state receivership in Kansas City, Missouri. The CCRC was distressed, having struggled with COVID-related challenges as well as a limited access to capital in recent years. Kingswood Senior Living features 185 independent living (65 of which are large duplex cottages), 34 assisted living, 23 memory care and 65 skilled nursing units. The independent living portion was built in 1995, and the assisted living section is newer. Memory care was added, and the SNF portion was heavily renovated. The campus was 87% occupied, with the independent living apartments weighing down overall occupancy. The assisted living... Read More »
Global Investment Firm Sells Community with Strong Momentum
A global real estate investment firm sold an independent living community in Iowa, engaging Blueprint’s Kory Buzin, Dillon Rudy and Steve Thomes to get the deal done. Built in 2002, the four-story community features 121 units, mostly with two-bedroom options. It appears to be The Arbordale in Urbandale, which was acquired in 2020 by Omaha, Nebraska-based active adult investor Essex Communities. Essex then converted the asset from an entrance fee model to a traditional rental model and significantly renovated the interior from 2020 to 2022. That helped the community’s position in the local market, and at the time of marketing, it was demonstrating strong operating momentum, with... Read More »
Large Operator Adds Turnaround Campus to Portfolio
A senior care campus in Ohio found a new owner with the help of Kiser Group. Set on 26 acres in a rural market east of Cleveland, the property features 76 skilled nursing beds, five assisted living units and three independent living units. It was originally built in 1950 but expanded through multiple additions between 1965 and 2001. At the time of the sale, occupancy was between 70% and 80%, with a 44% quality mix and a five-star CMS rating. However, it was generating negative EBITDA and presented a turnaround opportunity for an experienced operator. The incoming owner is a seasoned operator with a large skilled nursing portfolio in the Midwest and a growing presence in Ohio. They... Read More »
Texas Skilled Nursing Portfolio Sells
A portfolio of skilled nursing facilities traded hands in Texas before the end of the year. There are two assets in the Lubbock area and two in Central Texas that are located northwest of Austin. They comprise more than 430 beds, with between 100 to 120 beds at each of the four facilities. Three of the buildings were constructed in the 1970s, and one in the late-1980s. At the time of the sale, the Central Texas properties were around 75% occupied, and the West Texas ones were approximately 70% occupied. The payer mix is largely Medicaid, at about 90%, with Medicare accounting for the remainder. A small private company was divesting the portfolio. Nick Martinez and Todd Okum of O&M... Read More »
CIBC Bank’s Recent Activity
CIBC Bank USA closed an impressive array of transactions in the last several months, totaling more than $800 million in credit facilities across the country. The largest transaction was an $85 million (with earn-outs) debt package for a senior care portfolio in the Northeast. The debt included a senior term loan and a mezzanine loan to refinance the portfolio and cover corporate needs. Adam Panos, Patrick Garden, Charlie Sheridan and Tom Sheeren worked on the deal for CIBC. Laura Habich and Sam Dendrinos originated a couple of large cash-out refinances for skilled nursing clients. A $27.3 million loan went to a stand-alone SNF, and a $70.7 million loan refinanced a portfolio of four... Read More »
Family-Owned Company Refinances Washington Community
Lument closed a $21.5 million HUD loan to refinance Village Green of Federal Way, a seniors housing community in Federal Way, Washington. The building features 136 licensed assisted living units and 34 independent living cottages. The sponsor, Village Green, is a family-owned company. Lument helped navigate the pending loan maturity through HUD’s Express Lane. The FHA loan has a fixed interest rate and 35-year term. Casey Moore led the transaction. Read More »
Not-for-Profit Secures Financing for Debt and Development
HJ Sims closed a $105 million tax-exempt bank placement for Shepherd of the Valley Lutheran Retirement Services, Inc., the proceeds of which were used to refinance all outstanding bank debt of the organization and provide new money for a start-up campus in Salem, Ohio. The new Salem campus will comprise 36 market-rate independent living villas, 52 middle-market independent living apartments and 36 assisted living apartments. The financing was accomplished with three series of debt, including two long-term series and one being repaid with initial community fees, across three banking partners, who were all new to Shepherd of the Valley. Lynn Daly, Sean Golden and Justice Onyeugo helped... Read More »
Evans Arranges New SNF Lease
Evans Senior Investments arranged a new lease for a skilled nursing facility in Denver, Colorado, securing a 293% increase in rent on a per-bed, per-month basis in the process. At the time of marketing, the facility was 62% occupied with minimal Medicare Part A referrals. However, the 1960s-built facility has 16 private units and is proximate to five major hospitals, so the opportunity to increase the high-acuity Medicare census was there. Evans also determined more than $600,000 in potential expense synergies available to a new operator. Evans emphasized this value-add scenario to potential tenants, including regional operators looking for scale, and secured a new lease with a... Read More »Schedule a demo
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