Omega Acquires Two SNFs in Louisiana
Blueprint was engaged by CommCare, a Louisiana-based not-for-profit organization, in its divestment of two skilled nursing facilities in Center Point and Jonesville, Louisiana. Together, the two SNFs comprise 244 licensed beds, and they were performing at stable levels. The facilities were cash-flowing and following Louisiana’s rebasing of Medicaid rates that went into effect on July 1, 2023, consolidated EBITDAR across the two assets reached $3.0 million. Brooks Blackmon and Lauren Nagle of Blueprint handled the transaction, procuring offers from almost half of the reviewing groups. The buyer ultimately was a joint venture between Omega Healthcare Investors and Venza Care, Omega’s... Read More »
Skilled Nursing Divestments in Texas and Tennessee
Forest Healthcare was enlisted by a large nursing home group in its divestment of a skilled nursing facility in Austin, Texas. The seller has an existing footprint in the state, however, this was its only facility in Austin. The buyer, an owner/operator based near Austin, has other properties in the area and wanted to further grow its footprint. Built in 1985 with recent renovations, the facility comprises 120 licensed skilled nursing beds with occupancy over 82% at the time of closing. There are an additional 45 assisted living beds that the buyer intends to convert to licensed SNF beds. Jeffrey Vegh and Joe Schiff handled the transaction. Vegh and Schiff also recently closed a... Read More »
Bravo Provides $10M Bridge Acquisition Loan
Bravo Property Trust, an affiliate of Bravo Capital, provided a $10.0 million bridge loan to Birchwood Health Care Partners for the acquisition of a skilled nursing facility in Des Moines, Iowa. The building was constructed in 2016 as a senior care campus with 70 skilled nursing beds and 30 assisted living beds. The previous owner converted the AL units to SNF beds in October 2022, and the building was re-licensed as a 100-bed SNF in December 2022. With occupancy based on 100 SNF beds beginning in October 2022, the facility leased up over the next nine months and stabilized in August 2023 at 91%. Read More »
Chicago Pacific Founders Acquires in Sarasota
Chicago Pacific Founders and its subsidiaries, CPF Living Communities and Grace Management, Inc., acquired The Summit of Lakewood Ranch, in Lakewood Ranch, Florida (Sarasota MSA). Grace Management will take over operations and oversee investments made on the campus. The community currently offers assisted living and memory care services. It was previously known as The Sheridan at Lakewood Ranch and was operated by Senior Lifestyle Corp. It opened in 2016 with 121 units, at a cost of approximately $17 million, or $140,000 per unit. Additional terms of the deal were not disclosed. Read More »
Goldman Sachs Asset Management Divests in Midwest
Goldman Sachs Asset Management has recently divested a tranche of seniors housing properties, including Atria at River Trail, an A-quality asset in Chicagoland. Justin Knapp and Nick Stahler of IPA-Marcus & Millichap handled the sale of River Trail. Located in Bolingbrook, the community features 128 units of independent living, assisted living and memory care. It was recently built (in 2018), stabilized and operated by Atria Senior Living. After receiving several offers in the best and final round of bidding and selecting the buyer in December, the property was tied to the portfolio sale of eight assets in total located in Michigan, Pennsylvania and Virginia. That appears to be... Read More »
SLIB Navigates Tricky Maryland Deal
Toby Siefert and Dave Balow of Senior Living Investment Brokerage pulled out all the stops to close the sale of a seniors housing community in Denton, Maryland, on the Eastern Shore. Built in the mid-1980s, Homestead Manor Assisted Living and Heritage Community are a combined assisted living and independent living community on a shared campus, with 24 IL patio homes and 62 AL units. The patio homes have been continually at or near full occupancy with healthy cash flow, while the assisted living portion was still recovering from the pandemic, at 55%. Combined, the campus generated around $3.47 million of revenues, at an 11% margin. Representing a private owner looking to divest their... Read More »
CBRE Refinances Harrison Street/Belmont Village Properties
On behalf of Harrison Street and Belmont Village Senior Living, CBRE arranged a refinancing for two Class-A, well-located and irreplaceable senior housing communities: Belmont Village Senior Living Albany and Belmont Village Senior Living Calabasas. Aron Will, Vice Chairman of CBRE National Senior Housing, and Matt Kuronen, Vice President of CBRE National Senior Housing, arranged the financing through a syndication between national and regional banks. Belmont Village Albany is minutes from the center of UC Berkeley and was built in affiliation with the university as part of a 6.2-acre mixed-use development on university land that incorporates retail and grocery, wetlands... Read More »
Thank You, FBI Agent James Dennehy
All we can say is, it is about time. We have complained for several years that something needs to be done about the bad apples (criminals) that have given the nursing home industry a bad reputation, and sullied the reputations of all those who are trying hard to provide the best care they can, given the tough environment. Probably the worst abuser of the system, and someone who should have been put in jail a while ago and never allowed to own, operate or get a license for a nursing home ever again, has finally agreed to plead guilty to a $38 million tax fraud. We are referring, of course, to the notorious Joseph Schwartz, owner of Skyline Healthcare, who walked away from about 100 nursing... Read More »
Not-For-Profit Sells In Wisconsin
Ziegler was enlisted by Benevolent Corporation Cedar Community, a Wisconsin-based, not-for-profit organization, in its divestment of Cedar Community Elkhart Lake. Cedar Community is a 67-unit independent living and assisted living center in Elkhart Lake, Wisconsin. It was developed by Benevolent in 2008 on 13.3 acres. Matter Development purchased the property, and its operating affiliate, Koru Health, will operate the community. Together, Matter and Koru operate 12 senior living communities in Wisconsin and Minnesota. This acquisition enabled the company to expand its footprint into Sheboygan County, with plans to continue expansion in the surrounding area. Nick Glaisner, Jake Sexton... Read More »
CFG Finances SNF Purchase Option
Capital Funding Group helped finance a nationally recognized borrower’s in-the-money purchase option for a 120-bed skilled nursing facility in Virginia. CFG Vice President Andrew Jones originated the transaction. The $19.8 million bridge-to-HUD loan covered 100% of the acquisition and closing costs. The financing follows the company’s recent closing of a $9.5 million HUD loan, which supported the refinancing of an existing bridge loan also executed by CFG for a 173-bed skilled nursing facility in Pennsylvania. Read More »Schedule a demo
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