Evans Seniors Investments Handles Skilled Nursing Sale
Evans Senior Investments announced it handled the sale of a skilled nursing facility in Henderson, Nevada. Built in 1999 and sitting 10 miles south of the Las Vegas Strip, TLC Care Center saw pre-pandemic occupancy levels of 90% plummet to 58% at the time of marketing. The seller was an independent owner/operator, who sold the 255-bed skilled nursing facility to Hill Valley Healthcare, an east coast owner and operator of skilled nursing facilities, for $50 million, or $196,000 per bed. The facility comprises 35 private and 112 semi-private rooms, which includes 42 ventilator equipped beds. This was the buyer’s first acquisition in the state of Nevada. According to LevinPro LTC,... Read More »Evans Senior Investments Handles Portfolio Sale
Evans Senior Investments announced the sale of a seven-property skilled nursing portfolio. Built between 1957 and 2017, the portfolio comprises a total of 558 beds in the southwestern region of Colorado. The buyer is an east coast-based owner/operator looking to expand its presence out west. The portfolio sold for a purchase price of $51.5 million, or $92,000 per bed. Occupancy was approximately 77% before COVID-19 struck the portfolio and caused the census to fall to 65% at the time of marketing. Jeremy Stroiman and Evan Jacobsze of Evans Senior Investments handled this transaction. Read More »Blueprint Facilitates Texas Transaction
Blueprint Healthcare Real Estate Advisors announced the sale of an assisted living community in Waco, Texas. Legends Crossing comprises 106-units and sits on 6.7 acres adjacent to Baylor Scott & White Medical Center. Built in 2015 by Mainstreet, the community has since been foreclosed upon and left vacant. Blueprint sourced Texas-based joint venture Zelevie Health and Skywalker Property Partners as the buyers of the community. This is the joint venture’s first acquisitions within the seniors housing space. Amy Sitzman and Giancarlo Riso of Blueprint Healthcare Real Estate Advisors handled this transaction. Read More »60 Seconds With Swett: Judging the Mood of Next Week’s NIC Conference
Next week is NIC’s Fall Conference in Washington, D.C., and we are curious to see just how inflation, rising interest rates and general economic uncertainty will affect the mood of the many dealmakers in attendance. We are on track to break a record for total transactions announced in a year, and only an especially slow fourth quarter would prevent that from happening. Given how much capital is out there for higher yielding assets (compared to multifamily that is), and the fact that rates are still historically low for now, we think we’ll break that record. There will just be a little more conservatism in most buyer’s bids and from their lending partners, which is not a bad thing. The... Read More »Spotlight on Senior Care M&A
The seniors housing and care industry has witnessed incredible growth so far in the 21st century, surviving the Great Recession and the COVID-19 pandemic among other bumps along the way. Despite the headwinds, investors continue to pour money into the space in search of higher returns and to capitalize on demographic trends. But post-pandemic, where did valuations settle across the senior care sectors and why? Check out the just-published special report, Spotlight on Senior Care M&A to see the latest M&A stats and market analysis. Read More »SRS Brokers SNF Deal in Florida
SRS Real Estate Partners handled the sale of a 75-bed skilled nursing facility in Fort Myers, Florida. An entity doing business as Plantation Medical Center SNU LLC sold the property to a private 1031 investment firm based in New York City for a purchase price of $46.7 million, or $622,000 per bed. Patrick Nutt and William Wamble of SRS’ National Net Lease Group represented the seller in the off-market transaction, and Jason Maier of Stan Johnson Co. represented the buyer. Built in 2018, the property sits on five acres next to Gulf Coast Medical Center, and the facility is occupied by Lee Memorial Health System’s Gulf Coast Medical Center Skilled Nursing Unit. Lee Memorial Health System... Read More »Ziegler Announces Slew of Financings
Ziegler announced multiple finacings, first arranging two bridge loan financings totaling $17.3 million for the acquisition and repositioning of two separate assisted living and memory care campuses in Cotswold, North Carolina and Vinings, Georgia. The communities comprise 201 units and were acquired by Charter Senior Living and its equity partner Berengaria Development. Both communities will each undergo significant repositioning. The two acquisitions represent the third and fourth repositioning for the Charter and Berengaria relationship. Next, the Chicago-based investment bank announced a pair of bridge loans closing a $25.8 million financing to fund the acquisition of a portfolio... Read More »Knapp-Stahler Group Announces Arizona Transaction
Nick Stahler and Hap Knowles of The Knapp-Stahler Group followed up on the firm’s busy end of August with the closing of a behavioral health/skilled nursing facility sale in Arizona. Built in 1966, the 144-bed facility sold for $17.2 million, or around $120,000 per bed, to a local owner/operator with an established presence in Arizona. The seller was a nationwide real estate partnership. At the time of sale, the 100% Medicaid facility served only behavioral health patients, reporting a 36% operating margin on $12.6 million of revenues with just 72% occupancy. Read More »Five HUD Loans Secured by NewPoint
NewPoint Real Estate Capital closed five HUD loans totaling over $83 million. The loans include a $29 million refinance of a recently acquired 140-bed SNF for an experienced borrower in New York. The facility was built in the early 1970s and underwent a major renovation shortly after the acquisition. NewPoint also refinanced $51 million in conventional debt for three supportive living facilities in Illinois. Those facilities have a combined 360 beds. Two of the facilities were built in the early 2000s, while the third was constructed six years ago. NewPoint finished its activity with a $3.5 million refinance for a 95-bed SNF in Missouri. Read More »CBRE Handles Active Adult Deal
CBRE National Senior Housing announced the sale of Residences at Merrillville Lakes, a 356-unit, five-story active adult community located in Merrillville Lakes, Indiana (Chicago MSA). Built in 2009, the community sits on 20 acres and features a resort-style pool, large private theater room, a health and fitness center, and library, among other amenities. The seller of the community was an entity controlled by the principals of Chicago-based companies Oculus Development, LLC and UIRC, Inc. CBRE’s Indianapolis/Louisville Multifamily team members Steve LaMotte, Jr. and Dane Wilson, with senior housing team members John Sweeny, Aron Will, Garrett Sacco and Scott Bray, represented the seller... Read More »Schedule a demo
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