Another County-Owned SNF Finds New Owner
Fewer and fewer counties have been able to hold onto their skilled nursing facilities, often lacking the scale (or expertise) to operate them profitably and having to support large losses on their books for years. COVID, the staffing shortage and soaring expenses did not help many, and we have seen more sales of county-owned facilities since then, although they were occurring for years before the pandemic, too. Evans Senior Investments recently sold Samaritan Health Center, a county-owned senior care facility in West Bend, Wisconsin. Built in 1969 and renovated in 2009, the facility is located about 30 miles northeast of Milwaukee. It offers three licensed programs: a skilled nursing... Read More »
CareTrust Announces Latest Investments
Building on its active investment year, so far, CareTrust REIT announced a major loan origination in the form of a $260 million senior mortgage loan and a $43 million preferred equity investment in connection with the borrower’s acquisition of a 37-facility skilled nursing and seniors housing portfolio in the Pacific Northwest. The portfolio comprises 2,713 operating beds/units with 21 skilled nursing facilities and 16 seniors housing facilities located in Oregon, Washington, Alaska, Arizona, Idaho, California, Montana and Nevada. The borrower, a joint venture between a large health care real estate owner and a subsidiary of PACS Group, acquired the 37 facilities, which will be operated... Read More »
CBRE Refinances Class-A Active Adult Community
CBRE arranged a refinance for a Class-A active adult community in the Atlanta, Georgia MSA, on behalf of a joint venture between Capitol Seniors Housing and Bain Capital Real Estate. Built in 2023, Outlook Gwinnett features 180 units within an 89-acre, master-planned community called The Exchange of Gwinnett in Buford. It is managed by Greystar Real Estate Partners. Aron Will and Adam Mincberg originated the interest-only loan through a debt fund enabling the community to complete lease-up in its dynamic MSA. CBRE also financed the construction of the community in 2022. Read More »
Financing Secured For Two Seniors Housing Communities
Capital Funding Group closed two bridge loans that support two seniors housing communities. The loans total $23.45 million and the communities are in Florida and Michigan. The first transaction closed in June, and the second in July. On June 27, CFG closed an $8.95 million financing for Lithia Assisted Living, LLC, supporting the refinancing of Twin Creeks Assisted Living and Memory Care. Twin Creeks is an 80-unit assisted living/memory care community in Riverview, Florida. Then, on July 22, CFG completed $14.5 million in acquisition financing on behalf of Investor Land Holding of Brighton, LLC. The loan facilitated the acquisition of Hampton Manor of Brighton, which comprises 73... Read More »
Not-For-Profit Expands (again) in Ohio
Community First Solutions acquired a seniors housing community in Beavercreek, Ohio. Built in 2019, HarborChase of Beavercreek features 64 assisted living and 46 memory care units across 122,000 square feet. The community will be rebranded as The Patterson. This acquisition expands Community First’s senior living portfolio for the third time in less than one year. It previously acquired the real estate and operations of Anthology of Mason (Mason, Ohio), and the operations of Kettering Health Senior Living (Miamisburg, Ohio) which is owned by Kettering Health. The purchase of HarborChase also brings Community First’s number of senior living residents to 620 and annual operating revenue... Read More »
Ensign’s At It Again
The Ensign Group completed the acquisition of three skilled nursing facilities in three separate transactions. First, Ensign acquired the real estate and operations of Greater Southside Health and Rehabilitation, a 76-bed skilled nursing facility in Des Moines, Iowa. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Ensign’s captive real estate company. In separate transactions on the same day, Ensign acquired Holly Heights Care and Rehabilitation, a 133-bed SNF in Denver Colorado, and City Park Healthcare and Rehabilitation Center, a 125-bed SNF, also in Denver. One of these new facilities will be subject to a long-term, triple net lease and the other will... Read More »
Blueprint Reports Heavy July Volume
July’s M&A results surprised us a bit, with a summer lull in activity perfectly understandable. Instead, dealmakers announced nearly 60 publicly announced transactions, good for fifth place in the all-time monthly record. For some perspective, last July we recorded 42 deals, and July 2022 saw 44 transactions announced, which is more typical of the slow summer months. Some of the credit has to go to the many brokers working tirelessly to get deals across the finish line, often with many bumps along the way. Blueprint had a banner month, closing $310 million in seniors housing and care transaction volume across 10 transactions. The deals consisted of 22 total assets and around... Read More »
SLIB Sells 160th Texas Asset
Matthew Alley of Senior Living Investment Brokerage sold a skilled nursing facility in La Marque, Texas, on behalf of a local family partnership divesting its only senior care asset. The buyer owns and operates several SNFs in the state and expects to take advantage of that regional presence to increase profitability. Built in 1998 and renovated in 2009, the facility has 120 beds. It was 75% occupied but was losing more than $500,000 on $6.74 million of revenues at the time of marketing. However, it was enrolled in QIPP privately, which provides additional revenue not included in the financials. The buyer expects to benefit from an expanded QIPP program beginning on September 1, 2024.... Read More »
Stabilized AL/IL Community Trades in Michigan
Meiser Commercial Real Estate was engaged by DeShano Companies Inc. in its divestment of a seniors housing community in Auburn, Michigan. Built in 2010, Plainview Assisted Living comprises 20 assisted living and 16 independent living units on 2.9 acres. At the time of sale, it was 100% occupied, with 75% private pay and 25% Medicaid. Revenues were $1.04 million, and NOI was $98,000. The assisted living and independent living components shared a parking lot, and DeShano wanted to sell both components as a package. If sold separately there would have had to be a shared-use agreement in place. It was challenging to find a buyer that specialized in both AL and IL, however, the deal... Read More »
Missouri Facilities (w/ HUD debt) Change Hands
There are no summer doldrums for Montgomery Intermediary Group (MIG), which announced a closing in Missouri and a new hire at the end of July. The firm first represented the buyer in the acquisition of two skilled nursing facilities in St. Louis County. Built in 1978 and 1991, respectively, the facilities total more than 240 licensed beds. The seller, a large SNF owner/operator, deemed the facilities to be outliers in its portfolio, hence the disposition. However, the buyer was looking to expand its footprint in Missouri, and was also attracted by assumable, low-rate HUD debt on the properties. Andrew Montgomery handled the transaction Montgomery was also joined by Jeremy Warren,... Read More »Schedule a demo
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