Large Skilled Nursing Portfolio Sells in West Virginia
There was a major skilled nursing deal in the state of West Virginia, where 17 skilled nursing facilities and one facility under development sold to a joint venture between a prominent SNF real estate owner and an operating partner, CommuniCare Health Services. The seller was Stonerise, which also divested its seven home health agencies and affiliated therapy and hospital services. Its portfolio included around 2,000 skilled nursing beds. No purchase price has been disclosed, but we know that White Oak Healthcare Partners, the HUD affiliate of White Oak Healthcare Finance, structured $582 million in acquisition financing for the buyer. The debt was structured as a unitranche loan... Read More »Ensign Announces Slew of Transactions
The Ensign Group announced a slew of transactions to start the month of July. Its first acquisition was in Las Vegas, Nevada for Henderson Health and Rehabilitation. Built in 1983, the skilled nursing facility in the town of Henderson comprises 266-beds on 3.7 acres. Pennant Healthcare LLC, a subsidiary of Ensign, will be taking over operations of the facility. The next acquisition included a bundle of five skilled nursing facilities in the state of Texas. First, Ensign acquired the operations of The Eden of Las Colinas, located just outside of Dallas, which comprises 118 beds. Ensign also added the operations of Pleasant Valley Healthcare and Rehabilitation Center, in Garland, which... Read More »CareTrust REIT Makes A Couple of Announcements
CareTrust REIT made a couple of announcements around the holiday weekend, starting with Greg Stapley resigning as Executive Chair of the Board of Directors. In conjunction with the announcement, CareTrust also revealed that Lead Independent Director Diana Laing was appointed to replace Mr. Stapley as Chair of the Board, and CEO David Sedgwick was appointed as a director. Mr. Stapley had stepped down as CEO in January 2021 with the intention of pursuing a full-time international volunteer assignment for The Church of Jesus Christ of Latter-day Saints, and stepping down from the board will allow him to devote 100% of his energy to the mission. CareTrust then announced a transaction where it... Read More »Dwight Mortgage Trust Provides Acquisition Bridge Loan
Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, provided a $27.25 million bridge acquisition loan for Beachside Center for Rehabilitation and Healthcare, a 239-bed skilled nursing facility in New Smyrna Beach, Florida. Built in 1967, the facility offers short- and long-term care services. It was previously owned by Atlantic Avenue Facility LLC, an entity affiliated with Fort Lauderdale, Florida-based Millennium Health Systems, but a skilled nursing owner/operator has taken over the facility. The loan comes with a 30-month term and was arranged at 75% loan-to-cost. Its proceeds will be used towards both the acquisition and capital expenditures at the facility.... Read More »CFG Closes Large SNF Bridge Loan
Capital Funding Group announced its recent transaction activity which was highlighted by a $135 million bridge loan arranged for the refinancing and dividend recapitalization of a skilled nursing portfolio. The nine facilities feature 1,448 beds across Maryland, Georgia and West Virginia. CFG’s Tim Eberhardt and Ava Julio originated the transaction for a well-known skilled nursing owner, but further details were not disclosed. CFG also provided a $32.9 million construction loan for the ground-up development of Varenita of Temecula. The 108-bed assisted living/memory care community is located in Temecula, within Riverside County between Los Angeles and San Diego. It was developed by Griffin... Read More »VIUM Capital Wraps Up Q2 with SNF Portfolio Refinance
VIUM Capital is having quite a year and wrapped up its second quarter with 25 closed transactions totaling $1 billion. This brings the lender’s total in the first half of the year to nearly $1.3 billion across 43 loans. The transactions consisted of bridge and permanent debt, financing projects in 15 states. Since being founded in April 2020, VIUM has grown to over 20 employees and earlier this year rolled out its healthcare debt fund in conjunction with an affiliate of joint venture partner, Merchants Capital. The firm finished the quarter with a large refinance of six skilled nursing facilities on behalf of their Midwest-based owner/operator. VIUM secured approximately $130 million in... Read More »60 Seconds with Swett: Q2:22 M&A Activity Nears Record-High
The second quarter M&A numbers are in, preliminarily that is, and buyers nearly set a record for acquisition activity. So far, we have counted 135 publicly announced transactions for the quarter, which is only surpassed by the first quarter’s 139 deals. Continuing at this pace, we are on track to hit 550 deals for the year, which would be a record by about 100. Of course, we shouldn’t count our chickens before they hatch, with higher interest rates or a potential recession looming. June was an especially strong month, with 52 individually announced deals, after 49 in April and a mere 34 in May. But what was notable about June was that skilled nursing M&A activity seemed to pick... Read More »Northwestern Mutual Divests California Community
Northwestern Mutual has divested its 150-unit assisted living community in Brentwood, California with the help of Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets. Named Cortona Park, the community was built in 2007 with studio, one-bedroom and two-bedroom unit options averaging 761 square feet. Pets are welcome at the community, which also features a host of amenities including a library, café/bistro, beauty shop, courtyard and garden, outdoor pool, theater, billiards, fireside living room and a community room with meeting space. John Muir Health Urgent Care is located adjacent to Cortona Park, and two hospitals are within the surrounding area. Northwestern Mutual sold... Read More »SLIB Handles Port Orange, Florida Sale
Senior Living Investment Brokerage’s Bradley Clousing and Daniel Geraghty helped facilitate a private REIT’s exit of an operational outlier from a previous portfolio with the sale of a memory care community in Port Orange, Florida (Daytona Beach MSA). Consisting of over 54 units on a three-acre parcel, the high-quality community was well operated. A growing regional owner/operator looking to expand its presence in Florida emerged as the buyer from multiple other offers, but the purchase price or other transaction details were not disclosed. Read More »Jacaranda Trace Sale Arranged by Ziegler
We have learned that Dan Revie and Don Husi of Ziegler represented the seller of Jacaranda Trace, an independent and assisted living community in Venice, Florida. Sarasota, Florida-based not-for-profit Convivial Life acquired the property, which was built in phases from 1999 to 2015 to now include 295 units on 33 acres with a plethora of amenities and activities in close proximity. Convivial also plans to take the underdeveloped lots and extra space and utilize that land for additional venues, amenities and activities. As part of the acquisition, Convivial purchased an 85,000+ square foot clubhouse featuring a fitness center, heated outdoor pool and jacuzzi, an on-site doctor’s... Read More »Schedule a demo
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