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 »
JLL Refinances Construction Debt on Minnesota Community
JLL Capital Markets arranged financing for Elk River Senior Living, a community built in 2018 comprising 108 units of independent living, assisted living and memory care in Elk River, Minnesota. The refinancing, facilitated through HUD, amounts to $18.7 million, or $173,000 per unit. Jeff Lepley and Alex Sheaffer worked to secure the financing. This financing consolidated five different debt obligations that were associated with the construction of the project. Hearth Development built the community and was the borrower. Marquis Senior Communities operates it. Read More »
National Developer/Investor Divests in Florida
Blueprint was engaged by a national developer/investor in its divestment of a value-add, but newer vintage, Class-A seniors housing community in Lake Worth Beach, Florida. As part of a broader portfolio review, the ownership group decided to divest to de-lever and conserve liquidity within the fund that held this community. Built in 2019, this community comprises more than 110 assisted living and memory care units. While the community never stabilized, it did experience positive lease-up momentum in 2022 and early 2023 and was around breakeven at marketing launch. Alex Florea, Kyle Hallion, Brooks Blackmon and Kory Buzin handled the transaction. Blueprint targeted operators and investors... Read More »
Recovery Continues at Sabra Health Care REIT
After all the earnings reports for the fourth quarter 2023, we think it is safe to say the industry really has moved on from the pandemic. Not that the lasting effects have disappeared, as they may be with us for the rest of the decade, but most everyone seems to be getting back to “normal,” although at a different pace for each one. Sabra Health Care REIT is one of those that can safely be said to be on the safe side of the pandemic. With its fourth quarter earnings, it put out earnings guidance for 2024 for the first time since 2020. Like everyone else, Sabra and its tenants still have a way to go, but most everything is moving in the right direction. What we like is that the lease... Read More »Schedule a demo
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