Oxford Finance 2022 Activity Recap
Oxford Finance LLC announced that its Healthcare Real Estate Group closed a record-level of originations in 2022. In total, Oxford provided over $867 million of capital commitments. The group closed a total of 14 transactions, with credit facilities ranging from $9 million to over $124 million. The healthcare real estate team at Oxford closed the following transactions in 2022: Ohio Acquisition: A $80.75 million term loan and an $8.5 million revolving line of credit to finance the acquisition of four senior care campuses comprising skilled nursing, assisted living, and independent living units for an experienced Midwestern operator. Florida Acquisition: $115.5 million term loan and $9.0... Read More »
Ensign Shines Bright, Again And Again
Oops, they did it again. Late last week, The Ensign Group reported its fourth quarter and full-year earnings for 2022, and the company continues to outshine its competitors. While we realize the entire senior care business is on the rebound from the depths of the pandemic, some like Ensign seem to be beating the odds. The company achieved record operating results for the fourth quarter and for the full year, and it has had eight consecutive quarters of occupancy increases. Same-facility occupancy was at 77.8% in the fourth quarter, not far behind its pre-COVID level of 80.1%. To their credit, they do take over a lot of nursing homes with underperforming operations and relatively low... Read More »
Cushman & Wakefield Arrange Agemark Acquisition and Texas Transaction
Cushman & Wakefield arranged the sale of a senior care campus in the state of Oklahoma. Built in 1999, Brighton Gardens of Omaha comprises 132 units and 161 beds of assisted living, memory care and skilled nursing in the city of Omaha, Nebraska. California-based AgeMark acquired the community from Brookfield Asset Management for a purchase price of $18 million, or $136,400 per unit. Agemark plans to convert the skilled nursing wing into additional memory care units. Rick Swartz, Jay Wagner, Tim Hosmer, Bailey Nygard of Cushman & Wakefield handled the transaction. Cushman & Wakefield also announced the sale of a stabilized assisted living/memory care community in Texas. Built in... Read More »
SLIB Facilitates SNF Sale
Senior Living Investment Brokerage announced the sale of a skilled nursing facility in the state of Illinois. Built in 1975, Barry Community Care Center comprises 76 beds and sits on five acres about 80 miles west of Springfield. The seller of the facility was a regional owner/operator looking to divest this asset from their portfolio to focus on their core assets. At the time of marketing the facility held an occupancy of 76% and operated at a significant loss on nearly $3.4 million in revenues, although performance improved throughout the process. A Midwest regional owner/operator based on the East Coast emerged as the buyer with the intention of expanding their presence in Illinois.... Read More »
Green Courte Partners Acquires Active Adult
Green Courte Partners LLC, announced the acquisition of an active adult community in Omaha, Nebraska, through its fifth investment fund, Green Courte Real Estate Partners V, LLC. Built in 1994, Bloomfield Forum comprises 95 units in three stories on 5.5 acres. Clearwater, Florida-based True Connection Communities, the wholly owned operating platform of Green Courte, will be the operator. True Connection currently operates a portfolio of 18 independent living and active adult communities totaling 2,700 units. Green Courte plans to renovate units and upgrade the outdoor amenities following the acquisition. Read More »
About Time, AlerisLife Going Private
The stable of publicly traded seniors housing and care operators continues to shrink, but AlerisLife (ALR) probably should have gone private a couple of years ago having dealt with all of the cons (and SEC fees) of being publicly traded with few benefits. Well, the company announced that it has entered into a definitive agreement with ABP Acquisition LLC (ABP), which is majority-owned by AlerisLife Board of Directors chair Adam Portnoy, for ABP to acquire all outstanding shares of ALR common stock for $1.31 per share in case. That represents an 85% premium to the average trading price of the last 30 trading days of $0.71 per share, or approximately $43.8 million. ABP plans to acquire ALR... Read More »
Meridian Closes $250 Million in Two-Month Transaction Volume
Meridian Capital Group’s Senior Housing and Healthcare Team closed more than $250 million in transaction volume in the last two months, on top of a productive 2022 that saw the team close more than $6 billion in transactions. The latest deals were negotiated by Meridian’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson. Included in the haul was a $60 million loan from a commercial bank in addition to a $3.75 million A/R line to refinance two skilled nursing facilities totaling 366 beds in Virginia, a $51.5 million loan along with a $2.5 million A/R line from a commercial bank and mezzanine lender to refinance four skilled nursing facilities comprised of 482... Read More »
Ensign Acquires Abundance of Operations, and Genesis Healthcare Grows
Three years of a pandemic can bring clarity to senior care facility owners, and big decisions are being made to move on from operating partners that can’t cut it and find ones that can. The Ensign Group announced the operational takeover of 20 skilled nursing facilities formerly leased to North American by Sabra Health Care REIT, finalizing a previously announced deal. The 20 properties are located in California, for which Ensign will enter into two separate triple-net leases with affiliates of Sabra with initial terms of 18 and 20 years, respectively, and each with an accompanying corporate guarantee from The Ensign Group, Inc. Ensign also elected, with Sabra’s consent, to sublease three... Read More »
Evans Senior Investments Pennsylvania Portfolio
Evans Senior Investments announced the sale of a skilled nursing and seniors housing portfolio in the state of Pennsylvania, representing an in-state owner/operator in their exit from the industry. The portfolio consisted of three properties comprising a total of 395 beds of skilled nursing and 32 units of seniors housing. The purchase price of the portfolio was $39 million, or $91,000 per bed. At the time of marketing, occupancy averaged around 64%, with total portfolio revenue of $27.2 million and an operating loss of -$1.5 million. The portfolio struggled with regulatory deficiencies and staffing shortages, which dropped occupancy to 57% during the transaction process. Evans secured a... Read More »
60 Seconds With Swett: Assessing Industry Sentiment at ASHA and eCap
It was great to see so many in the industry in Scottsdale last week at ASHA’s annual meeting, but we can’t say the mood was as positive. Some industry veterans didn’t sugarcoat it and commented to us that we are in the most difficult operating environment they have ever seen. Tough to argue with that. Then you had dealmakers fresh off of a myriad of deals postponed, terminated or re-traded, with only a tiny fraction of transactions closing without issues. Then you have other problems like soaring property insurance costs that can throw a wrench in a deal, to put it mildly, and will be a bigger issue when the time comes for hundreds of properties to renew their policies. We will dive deeper... Read More »Schedule a demo
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