New Owner, Same Operator For Two Utah Seniors Housing Communities
The Pennant Group, Inc. acquired two seniors housing communities in Utah. Capitol Hill Senior Living is a 113-unit assisted living and memory care community in Salt Lake City. Southgate Senior Living is a 75-unit assisted living and memory care community in St. George. Pennant has 104 home health and hospice agencies and, now, 53 seniors housing communities located across 14 states. It intends to continue pursuing opportunities to acquire high quality home health, hospice and senior living businesses throughout the United States. Read More »
Focus Healthcare Properties Acquires in Washington
Focus Healthcare Properties acquired two seniors housing communities in Olympia, Washington. Fieldstone Cooper Point is a 96-unit independent and assisted living community. Fieldstone Memory Care of Olympia comprises 45 memory care units. The in-place operator, Fieldstone Communities, which has managed both communities since development, will remain the operator. Read More »
SLIB Handles Ensign Acquisition in Kansas
The Ensign Group announced its acquisition of the real estate and operations of Atchison Senior Village Rehabilitation and Nursing Center, a 45-bed skilled nursing facility in Atchison, Kansas, with Nick Cacciabando and Ryan Saul of Senior Living Investment Brokerage handling the transaction. A subsidiary of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company, acquired the facility’s real estate, effective March 1, 2024. Gateway Healthcare, LLC, Ensign’s Kansas-based subsidiary, will take over its operations. Built in 1961, 1973 and 1993 (with a renovation in 1996), the facility was one of the last remaining county-owned nursing homes in the state. At 84% occupancy,... Read More »
The Ensign Group Surpasses 300 Operations
The Ensign Group added three more skilled nursing facilities to its growing portfolio, bringing its total healthcare holdings to more than 300 operations. In one of the deals, the provider acquired both the real estate and operations of Atchison Senior Village Rehabilitation and Nursing Center, a 45-bed skilled nursing facility in Atchison, Kansas. A subsidiary of Standard Bearer Healthcare REIT, Inc., Ensign’s captive real estate company, acquired the facility’s real estate, effective March 1, 2024. Gateway Healthcare, LLC, Ensign’s Kansas-based subsidiary, will take over its operations. Senior Living Investment Brokerage handled the sale. In a separate transaction on the same day, Ensign... Read More »
Performing SNF Sells in Delaware
Evans Senior Investments successfully sold a skilled nursing facility in Dover, Delaware. Courtland Manor was previously owned by an independent owner/operator that was represented by the Evans team. Built in 1986, the 70-bed facility boasted a consistent five-star CMS rating. It also maintained high occupancy rates, in the high 80% range prior to the pandemic and never dropping below 70% after it. But the owner decided it was a good time to exit the long-term care industry. They may have been right, with SNF values staying above pre-pandemic prices, on average, according to the recently released 29th Edition of The Senior Care Acquisition Report. Facilities with positive cash flow... Read More »
Montgomery Executes Two SNF Transactions
Andrew Montgomery of Montgomery Intermediary Group has wrapped up a couple of skilled nursing transactions in the Midwest, including a portfolio deal in Indiana. That transaction featured three skilled nursing facilities in the Indianapolis area, totaling 458 beds. The locations are outside of the previous owner’s footprint, and they wanted to focus on other states. Meanwhile, the undisclosed buyer is actively growing within the SNF sector across the country. They will be stepping into a value-add operation, as the facilities, which were losing money, are in need of a turnaround. The purchase price was not disclosed. Next, Montgomery was brought on to sell a 112-bed skilled nursing... Read More »
Colliers Closes Construction Loan in Michigan
Christopher Fenton and Catherine Eby of the seniors housing team at Colliers Mortgage, in conjunction with Nick Skarich and Kevin McMahon of Colliers Funding, closed a $21.6 million construction loan for the development of an independent/assisted living and skilled nursing campus in Muskegon, Michigan. The 105-unit community will feature a combination of studio, one-bedroom, and two-bedroom units. Amenities include a main dining room, bistro, lounge, and large community spaces. The term of the loan is 48 months, with one 12-month extension option. Read More »
John Moore Retires As Atria Management’s CEO
After 25 years running Atria Management Company, formerly Atria Senior Living, John Moore has stepped down as Chairman and CEO, but will remain on the Board as well as an advisor to help with a smooth transition. We know he had some health issues a few years ago, and we hope this is not why he decided to step down. Navigating Atria through the pandemic would have taken its toll on anyone. Stepping in as CEO is Holly Belter-Cheeser as part of a planned transition process. She has held key positions with Atria over the past 15 years, including CFO since 2020 and CAO since 2023, SVP of Business Optimization & Operations Support from 2017 to 2020 and VP of Finance from 2013 to 2017.... Read More »
Brighton Care Group Acquires in Oregon
Brighton Care Group, a growing family-owned operator of senior care facilities run by Roddy and Michael Radnia, is on the M&A move, having just acquired Markham House in Portland, Oregon. Built in 1995, the 54-unit assisted living community was previously owned and operated by Leisure Care and was in need of a turnaround. However, occupancy gains have already been made, with Brighton taking census from 66% to 80% in the last month (and still climbing). In addition, the Radnia’s have made other improvements, including simplifying processes, updating marketing plans for more local and grassroots lead generation, implementing new technology, updating the exterior and widening... Read More »
Meridian Capital Group Kicks Off 2024
Starting off 2024 on a positive note, Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $375 million in transaction volume for 23 seniors housing and healthcare facilities in the first two months of the year. This activity follows more than $5 billion closed by the platform in 2023. The highlight was the closing of $260 million in debt from a commercial bank for the refinance of 12 skilled nursing facilities totaling 1,512 beds in the Northeast and $78.3 million in acquisition financing from a finance company and mezzanine lender for eight skilled nursing facilities comprising 705 beds in Minnesota. Meridian also arranged $13... Read More »Schedule a demo
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