PACS Gets Trading Period Extension
PACS Group is trying to right the ship as it works to restate its prior financial statements amid an investigation into its Medicare billing practices, and return to providing regular quarterly earnings statements. The New York Stock Exchange Listing Operations Committee did agree to provide PACS with an additional trading period through November 19, 2025, subject to its own ongoing review of the company. PACS is currently working to complete the previously announced restatement of its financial statements for the three months ended March 31, 2024, and the three and six months ended June 30, 2024. It has not submitted earnings reports since the second quarter of 2024. PACS provided a... Read More »
Outcome Healthcare Acquires Pennsylvania SNF
Evans Senior Investments facilitated the sale of Mahoning Valley Nursing & Rehabilitation Center, a 142-bed skilled nursing facility in Lehighton, Pennsylvania. The seller, an independent owner, faced increasing financial and operational pressures in today’s skilled nursing environment. The selected buyer was a regional operator with a growing presence in the state and will rebrand the facility as Mahoning Post Acute Nursing and Rehabilitation. According to Time News, Lakewood, New Jersey-based Outcome Healthcare was the buyer, and the seller was a mom & pop, Mike and Devon Mickey. The pair purchased the SNF in 1999 from Norman Berger, who had owned it since the... Read More »
Full Continuum Community Obtains Refinancing
CBRE National Senior Housing refinanced The Pointe at Meridian, a 100-unit seniors housing community in Meridian, Idaho. Built in 2022, The Pointe at Meridian was built in 2022 and consists of 60 independent living units, including 14 townhome units, 30 assisted living units and 10 memory care units. Grace Management took over management of the property in July 2024 on behalf of the owner, Gold Stream Retirement Communities LLC, a Utah-based real estate firm that specializes in the development, construction and management of commercial real estate, including single-family, multifamily and seniors housing properties. To refinance the community, Aron Will and Tim Root of CBRE National Senior... Read More »
Arizona Seniors Housing Development Secures Construction Financing
Fifty Stones Capital Group closed a $39.3 million construction loan for a seniors housing community in Chandler, Arizona. The proposed development comprises 147 units with 150 beds. The opportunity came to Fifty Stones Capital Group through a local broker. The sponsor, an experienced local developer with a focus on multifamily and senior care, had already invested over $4.2 million of their own capital. This included acquiring the land without any debt and completing horizontal site improvements, leaving the site shovel-ready for construction. The development is adjacent to the sponsor’s existing, profitable seniors housing community, creating operational synergies. Fifty Stones... Read More »
National Health Investors Sends Default Notice to NHC
National Health Investors is addressing violations under its longstanding lease agreement with one of its largest tenants, National HealthCare Corporation. In July, NHI notified NHC/OP, L.P., an affiliate of National HealthCare Corporation and the tenant of 32 of NHI’s skilled nursing/senior care facilities and three independent living communities, that it was in non-compliance with several non-monetary provisions of their master lease, which dates back to October 17, 1991, and is set to expire in December 2026. National HealthCare Corporation was given until August 29 to fix the issues, and when it failed to do so, NHI sent a formal notice on September 8 stating the tenant was in... Read More »
Sonida Senior Living Increases Its Presence in Texas
Sonida Senior Living finalized its acquisition of a seniors housing community in Texas. Built in 2016, the community features 62 assisted living and 36 memory care units. It shares a driveway with senior-centric healthcare providers and referral sources, and is across from a 294-bed hospital in Mansfield. The property is near existing Sonida assets, bringing the company’s Dallas-Fort Worth portfolio to nine assets and 21 total in the state. This community is Sonida’s highest quality physical plant in this market, but still has a similar profile in services, unit mix and size. Sonida Senior Living intends to invest additional capital to refresh common areas and amenity spaces over the... Read More »
Performing Class-A Asset Trades in Pensacola
Berkadia handled the sale of Summer Vista, a seniors housing community in Pensacola, Florida. Managing Directors Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia Seniors Housing & Healthcare closed the transaction. Built in 2016, the 89-unit assisted living/memory care community has always been a strong performer. In fact, after opening in February 2016, it had reached stabilization after just five months. According to LevinPro LTC’s M&A database, a 2017 sale to CNL Healthcare Properties had occupancy at 95% (it sold for $21.4 million, or $240,400 per unit at the time). Then in February 2020, Summer Vista and a 92-unit AL/MC community in Tampa sold to... Read More »
Gallaher Companies Launches Management Company
Gallaher Companies, which has decades of experience in seniors housing design and development, launched Gallaher Signature Living, a management company that will oversee operations for the company’s growing portfolio of California seniors housing communities. Page Ensor has been appointed as Chief Executive Officer, bringing more than 25 years of senior care leadership, including oversight of 70 communities across four states during her tenure with Brookdale Senior Living as the Vice President of Operations. Let’s hope she employs the new Brookdale strategy, which is working better than the one under the Cindy Baier regime. We wish her luck in her new venture. Gallaher Companies is... Read More »
Skilled Nursing Portfolio Secures HUD Loan
Walker & Dunlop originated $68.312 million in HUD 232/223(f) loans to refinance seven skilled nursing facilities with 380 units in Illinois and Wisconsin. The transaction replaced existing short-term, variable-rate debt. Walker & Dunlop’s FHA Finance team arranged the refinancings, led by Joshua Rosen, Brad Annis and Johnny Rice. The borrower was not disclosed. Read More »
Class-A Minnesota Community Retires Its Construction Financing
EBSC Lending arranged a $31 million loan for a 160-unit Class-A seniors housing community in Elk Grove, Minnesota. Proceeds from the five-year, floating-rate, non-recourse loan were used to retire the property’s existing construction financing, with the structure providing an initial interest-only period. The sponsor was repeat-client David Ross. The community includes independent living, assisted living and memory care services, offering studios, one- and two-bedroom floor plans ranging between 410 and 992 square feet. Read More »Schedule a demo
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