White Oak Healthcare Partners Closes Two Transactions
White Oak Healthcare Partners, a subsidiary of White Oak Healthcare Finance, secured a $32.8 million financing for the acquisition of a skilled nursing facility in Southern California. A private investment firm acquired the facility, which is triple-net leased to an operator with experience in the state of California. The three-year, variable-rate loan came with two one-year extension options and was sized to HUD guidelines. Ross Holland and Joe Munhall originated the transaction. White Oak Healthcare Partners also executed a financing of just over $19 million for the acquisition of another skilled nursing facility in California for an owner/operator with significant experience in the... Read More »
SLIB Closes Jacksonville SNF Sale
Bradley Clousing and Daniel Geraghty of Senior Living Investment Brokerage sold a 120-bed skilled nursing facility in Jacksonville, Florida. They represented the long-time not-for-profit owner/operator that had run into operational difficulty after the pandemic. As is typical of a not-for-profit operation, some expenses could be trimmed, but occupancy could also improve. The 1970s-era building was in decent shape after numerous physical plant improvements over the years, with only private and semiprivate rooms. A national owner emerged as the buyer and brought on a Florida operator to oversee the facility’s turnaround. No price was disclosed. Earlier in the fourth quarter, Mr. Clousing... Read More »
Live Oak Bank Closes Refinance in Oklahoma City
Live Oak Bank announced it has closed a $13 million refinance loan for Oklahoma City, Oklahoma-based Mansions Senior Living. The financing supported the refinance of existing debt for a 94-unit assisted living and memory care community in Lawrenceville, Georgia, which originally opened in 2019. The property was still in lease-up when the COVID-19 pandemic began, and the subject loan will allow additional time for the property to complete that lease-up. Live Oak Bank’s Seniors Housing and Healthcare Real Estate lending platform provided the financing for this transaction. Read More »
Gold Standard of Care Buys Florida Assisted Living Community
Fort Lauderdale, Florida-based Gold Standard of Care has announced the acquisition of an assisted living community in Bradenton, just south of Tampa Bay. Previously owned by a national REIT and managed by a national operator, the community comprises 135 beds in 112 units, which consist of both assisted living and memory care units. Gold Standard paid $7.25 million, or $64,700 per unit, for the community. The seller provided financing to help get the deal done. There was no cap rate on the deal, as the community was losing about $1 million a year on $2.675 million of revenues. Occupancy was in the low- to mid-80s on a mostly Medicaid census at the time of the deal, after bottoming out in... Read More »
60 Seconds With Swett: M&A Market Limps to Record Annual Total
We’re in a new year but a number of brokers and lenders may wish we were still in 2022. That is because many of them really made hay when the sun was shining (that sun being the lower interest rates of the first half of the year) and propelled us to a record M&A year, by some margin. After the previous record of 455 transactions in 2021, we have so far tallied 527 deals announced in 2022, a 16% increase year over year. We expect a few more 2022 deals to trickle in, but we did not experience the normal end-of-December rush of closings, except from a couple of brokerages. In fact, only 36 deals were made public during the month. That’s a solid number to end 2022 and similar to the... Read More »
Transitions Healthcare Acquires Pennsylvania SNF
Transitions Healthcare, an owner and operator of five skilled nursing facilities in Maryland and Pennsylvania, has announced the acquisition of a SNF in Duncannon, Pennsylvania, near Harrisburg. Originally built in 1902, Kinkora Pythian Home comprises 60 beds, including some personal care and independent living units, and sits on seven acres. The facility will be renamed Transitions Healthcare of Allen’s Cove. The seller of the facility is Knights of Pythias, a fraternal organization founded in Washington, D.C. In 2008, the facility opened an independent living/personal care wing that features private, semi-private, studio and one-bedroom units. All previous employees were offered... Read More »
SLIB Facilitates Texas Transaction
Senior Living Investment Brokerage has announced the sale of an assisted living community in San Antonio, Texas. Built in 1982, NewForest Estates comprises 234 units (206 IL and 28 AL) and sits on 6.5 acres. Prior to the pandemic the community was successfully posting a 90% occupancy rate, but at the time of transaction occupancy fell to just 67%. The seller was a national owner/operator looking to divest this community as it was their only asset in Texas. The buyer was a regional owner which partnered with a Texas-based operator looking to expand their seniors housing portfolio. Jeff Binder and Matthew Alley of Senior Living Investment Brokerage handled the transaction. Read More »
VIUM Capital Closes $2.1 Billion in 2022 Transaction Volume
VIUM Capital closed out its 2022 with $2.1 billion in transaction volume across 70 deals, setting another annual record for the company that launched in early 2020. The transactions comprised bridge loans and permanent debt secured for 186 separate properties in 22 states. Helping to propel the firm’s productive year was its joint venture with Merchants Capital to launch a healthcare debt fund and its acquisition of Armstrong Mortgage Company to become a stand-alone HUD/GNMA approved lender/servicer. Some of the recent activity included three loans closed for senior care facilities in three states. There was an $18.1 million bridge-to-HUD loan to support the acquisition of a skilled... Read More »
SLIB Sells Three Assisted Living Communities
Senior Living Investment Brokerage has announced the sale of three assisted living communities with memory care across three separate states. The first transaction occurred with the sale of Parsons House Frisco, in Frisco, Texas. Built in 2001 and renovated in 2007, this assisted living community comprises 64 units and sits on four acres just north of Dallas. The seller is a regional Texas owner/operator that wanted to sell a non-core asset, while the buyer is a family office located in the Western US. Ridgeline Management Company will act as the operator. Matthew Alley and Jason Punzel of Senior Living Investment Brokerage handled the transaction. Next for Mr. Punzel, Vince Viverito, and... Read More »
Recover-Care Acquires Two More Kansas SNFs
Nick Cacciabando and Jeff Binder of Senior Living Investment Brokerage announced the sale of two skilled nursing facilities in the state of Kansas, representing a group of local investors in the transaction. In fact, this was SLIB’s fifth and final sale for one of the investors, who is retiring from the business. Blue Valley Senior Living of Blue Rapids and Cambridge Place Senior Care of Marysville comprise a total of 115 beds and sold for a combined purchase price of $4.1 million or $31,700 per bed. The 78-bed Cambridge Place, which was built in the early 1990s, also offered assisted living services in 24 beds. Blue Valley was built in stages in 1972 and 1988 and features 37 dually... Read More »Schedule a demo
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