CareTrust REIT Sells Seven SNFs in Ohio
CareTrust REIT completed its sale of seven skilled nursing facilities in Ohio. Totaling approximately 600 skilled nursing beds and 100 seniors housing beds/units, the portfolio sold for $52 million, or around $72,000 per bed/unit. In connection with the sale, CareTrust’s master lease with affiliates of Trio Healthcare was terminated. The deal was the first closing of an announced plan in February 2022 to sell or re-tenant 32 properties. The remaining 25 seniors housing communities currently held for sale or re-tenanting are moving along and should be resolved in the coming months. Read More »The Ensign Group Announces Three SNF Purchases
The Ensign Group kicked off the fourth quarter with three separate acquisitions of skilled nursing facilities across the country. The largest deal featured the operations of six SNFs in Texas: four in Austin and two in San Antonio. Totaling 729 beds, the facilities will be operated by Ensign’s Texas-based subsidiary, Keystone Care LLC, under a long-term. triple-net lease. Next, Ensign acquired the operations of two skilled nursing facilities in South Carolina: the 132-bed Oak Harbor Healthcare in Mount Pleasant and the 190-bed Oak View Health and Rehabilitation in Conway. Hopewell Healthcare LLC, Ensign’s South Carolina-based subsidiary, will assume management of the facilities. Finally,... Read More »Takeaways from Skilled Nursing: Is There A Market Disconnect?
On September 29th, 2022, Ben Swett, Editor of The SeniorCare Investor, spoke with two expert panelists on the skilled nursing M&A market, and why values continue to skyrocket. Mr. Swett was joined by Laca Wong-Hammond, Managing Director and Head of M&A at Lument, and Toby Siefert, Managing Director of Senior Living Investment Brokerage, to make sense of this market, the opportunities within it and the risks. Mr. Swett kicked off the webinar by asking the panelists if the average price per bed, which currently sits at $118,000 per bed, will continue to rise as it has during the previous four quarters. Ms. Wong-Hammond discussed how inflation has caused everything to increase in... Read More »
Skilled Nursing: Is There A Market Disconnect?
On September 29th, 2022, our Editor Ben Swett discussed the skilled nursing M&A market with a couple of industry experts that included Laca Wong-Hammond of Lument and Toby Siefert of Senior Living Investment Brokerage. The conversation ran over an hour and covered SNF values, the current buyer’s mindset, what sellers are thinking and how the deal process has changed in recent months. Read More »Skilled Nursing Facility Sells in Indiana
A skilled nursing facility in Spencer, Indiana (Bloomington MSA) sold to a group of skilled nursing operators based in Indiana and the Midwest for an undisclosed price. The facility will be renamed Owen Valley Rehabilitation and Healthcare Center. Built in 2006, it has 113 beds, including a 31-bed memory care unit, sitting on 3.52 acres. Occupancy as of July 2022 was just below 70%. Kentucky-based Trilogy Healthcare Services was the seller. While the buyers have significant experience overseeing operations at similar-sized SNFs in rural and suburban communities around the Midwest, they hired Indiana-based Castle Healthcare to run the day-to-day operations of the facility. Read More »CBRE Refinances Coastal California Community
California-based owner/operator Westmont and a group of individual investors refinanced their senior living community on the central California coast. Located near San Luis Obispo, The Oaks at Nipomo opened in 2017 with 97 units of independent living, assisted living and memory care. Westmont has operated the community since its opening, and occupancy is currently above 95%, with improving operational metrics too. The CBRE National Senior Housing team of Aron Will and Adam Mincberg and the CBRE Multifamily team of Andrew Behrens and Jesse Weber arranged a $16.2 million loan through CBRE’s Freddie Mac Optigo lending platform. The fixed-rate loan came with a 10-year term and five years of... Read More »Orange County AL Community Finds New Owner
Scott Frazier of Blueprint Healthcare Real Estate Advisors helped an independent owner/operator exit the seniors housing business with the sale of their only asset in Orange County, California. Built in 1970 and renovated in 2008, the community comprises approximately 70 units of assisted living and memory care. The current owner bought the property from Wells Fargo Bank in January 2011 for around $70,000 per unit. Investing in more upgrades to the community in 2011, the owner kept resident monthly rates below market. Occupancy was historically near 100%, but during the pandemic, census had declined steadily due to continued lockdowns to ensure the safety of its residents. Mr. Frazier... Read More »Newmark Sells SNF Portfolio, and a Florida Community Too
Newmark announced a couple of closings this week. First and most notably, the team sold a portfolio of skilled nursing facilities in New England. Including five facilities in Massachusetts and two in New Hampshire, the portfolio totaled 771 beds, with an average age of more than 50 years. The deal closed at the start of the month. Next, Newmark sold Grand Villa of Dunedin, a 119-unit assisted living/memory care community in Dunedin, Florida (Tampa MSA). Built in 1987, this former Emeritus property traded multiple times over the years, mostly recently in 2016 when Brookdale Senior Living sold it as part of a larger portfolio deal to ValStone Partners. ValStone invested in substantial... Read More »
Condor Health Gets Bank Refinance
Northland Networks served as exclusive placement agent for the bank refinance of Condor Health, a 181-bed skilled nursing facility in Anderson, South Carolina. The facility opened in 1965 and was expanded in 1974 and 1980. It sold in September 2019 for $11.5 million, or $64,000 per bed, when it was losing money, despite boasting an occupancy around 90%. The borrower, The Portopiccolo Group, obtained a loan that represented a 65% loan-to-“as is” value. Seth Kahn, Anthony Budniak and Derek LaSota of Northland Securities facilitated the financing. Read More »SLIB Facilitates Florida Sale
Senior Living Investment Brokerage announced the sale of an assisted living community in Dade City, Florida. Built in 1912 as a hotel and converted to seniors housing in 1988, the community was then substantially renovated in 2016 and 2017. Sitting in between Tampa and Orlando, the community comprises 243 total units, including 116 independent living, 66 assisted living and 61 memory care units. The community also participates in the Florida Diversion (Medicaid) program, and just under 50% of the residents participate. The seller is an established seniors housing operator with a portfolio of over 30 communities. The Dade City asset was sold to a regional operator which partnered with a... Read More »Schedule a demo
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