SLIB Facilitates Acquisition of a Florida AL/MC Community
Bradley Clousing and Dan Geraghty of Senior Living Investment Brokerage facilitated the sale of The Canopy at Harper Lake, an assisted living/memory care community in Lake City, Florida. Built in 2019, the community comprises 72 beds across 44 assisted living and 20 memory care units on just under six acres. It was stabilized with all private pay residents, high occupancy and strong margins. The seller was a Florida-based developer and investment group. There was a national, yet confidential market with multiple offers from regional and national buyers. The prevailing buyer was a 1031 fund targeting newer assets with strong in-place cash flow. This deal combined with SLIB’s recent... Read More »
CFG Closes HUD Loan for SNF Refinancing
Capital Funding Group (CFG) closed a $15.49 million HUD loan for the refinance of an existing bridge loan, executed by CFG, on a 118-bed skilled nursing facility in Arizona on behalf of a nationally recognized borrower. The company also refinanced additional debt associated with a facility remodel that the borrower completed prior to submitting to HUD. Tommy Dillon of CFG originated the transaction. This financing follows CFG’s recent closing of a $7.2 million HUD loan for the refinance of an existing bridge loan, also executed by CFG. Read More »
60 Seconds with Monroe: Is Joe Biden That Tone Deaf?
We already reported on the new proposed staffing requirements for nursing homes, coming at a time when most everyone in senior living is still struggling with finding enough staff, and paying for them. Coincident with the release of the proposed rules, USA Today published an opinion piece by President Biden. Now, if anyone thinks he actually wrote it, I have a bridge to sell you. My guess is that he did not even read it. This was a staff piece. Perhaps from Joe’s basement? I will say one thing, he has been consistent in his criticism of private equity in the nursing home business, but he still gets his facts and names wrong. Not many “private equity” firms have been buying up nursing homes... Read More »
Two Acquisitions by The Ensign Group
The operations of Ashley River Healthcare and The Reserve Healthcare and Rehabilitation transferred hands in South Carolina’s Lowcountry. Ashley River Healthcare is a 125-bed skilled nursing facility in Charleston, South Carolina, and The Reserve Healthcare and Rehabilitation is a 135-bed SNF in Hanahan, South Carolina. The acquisition is subject to a long-term, triple net lease. The buyer was The Ensign Group, which has a portfolio that now consists of 295 healthcare operations in 13 states, 26 of which include senior living operations. Hopewell Healthcare LLC, Ensign’s South Carolina-based subsidiary, took over management of the facilities. Ensign is actively seeking acquisition... Read More »
Forbright Bank Finances Senior Care Acquisition
Forbright Bank, a nationwide full-service bank, closed $26.5 million in financing for the acquisition of a Maryland skilled nursing and assisted living campus by a regional operator. The deal marked the seventh successful transaction between Forbright Bank and the borrower. The senior mortgage will finance the acquisition and renovation of the facility, including the addition of a new skilled nursing wing. Forbright also provided a $2.5 million line of credit to support the facility’s working capital needs. When fully stabilized, the bank intends to provide the borrower with a permanent HUD mortgage. The facility features both skilled nursing and assisted living beds and is located in a... Read More »
International Equity Partners Grows its Portfolio
International Equity Partners (IEP) added nearly 400 beds to its portfolio of more than 100 care facilities across California through the acquisition of three California skilled nursing facilities: Eskaton Care Center Greenhaven, Eskaton Care Center Fair Oaks and Eskaton Care Center Manzanita. The deal was announced in March 2023, but the California Attorney General approved the sale at the start of September. Greenhaven is located in Sacramento with 198 beds, Fair Oaks is in Fair Oaks with 149 beds and Manzanita is in Carmichael with 99 beds. IEP purchased the three facilities for $35.6 million, or $89,800 per bed. Cypress Healthcare Group, which operates nine facilities in the Sacramento... Read More »
New Staffing Regs Announced
Although three months late, the Biden administration and CMS finally came out with their proposal for minimum staffing requirements for nursing homes. They should have waited longer, but what would be the point? They were tone deaf to the staffing problems anyway. The proposed change includes a minimum of 0.55 hours of care from an RN every day, a minimum of 2.45 hours from a certified nurse’s aide per day, but these are the floors. In addition, an RN will have to be on site 24 hours a day. That is going to be very tough for many facilities. Rural nursing homes will have up to five years to meet the proposed standards, and non-rural facilities up to three years. There will be a 60-day... Read More »
Diversified Healthcare Trust Merger Canceled
First it was a postponement of the shareholder vote for a week, and now the ill-fated merger between Diversified Healthcare Trust (DHC) and Office Properties Income Trust (OPI) has been terminated. Two vocal shareholders combined with the three proxy firms advising against the merger was enough to convince management to finally give up. For now. Both parties to the merger have been struggling, and while management stated that this was the only way that DHC would be able to refinance its debt and get on a more solid financial footing to grow, the terms of the transaction seemed to penalize DHC shareholders too much at a time when its major operator was on the road to recovery, albeit more... Read More »
SLIB Sells an Assisted Living/Memory Care Community
An assisted living/memory care community on the operational rise sold to a private equity firm with the help of Jeff Binder, Jason Punzel and Dave Balow of Senior Living Investment Brokerage. Built in 2017, the 134-unit community is located near Rochester, New York. A national real estate investment firm owned it and was overseeing an operational rebound from the pandemic, which continued throughout the sale process. A western New York-based PE firm with an existing presence in the Rochester area emerged as the buyer, for an undisclosed price. Read More »
Newmark Finances Two Seniors Housing Communities
Newmark closed a couple of financings at the end of August. One funded an acquisition that the Newmark team had handled in March 2023. The Preston of the Park Cities, which was previously owned by Silverstone Senior Living, sold to an undisclosed buyer, for an undisclosed price. Built in 2018, this community has 134 units of assisted living and memory care. Silverstone developed it, initially bringing in Harbor Retirement Associates to operate before switching to Watermark Retirement Communities in 2019. Occupancy never reached full stabilization before the pandemic and stood at just 75% at the time of closing. The Newmark team had some history at this property, as Ryan Maconachy, Chad... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
