Cross River Bank Closings SNF Acquisition Financing
Cross River Bank’s Health Care team arranged acquisition financing for two skilled nursing facilities in the Tampa, Florida area. Totaling 240 beds, the facilities were built in the late-1980s and 2000s. Occupancy topped 90% at both locations. To fund the acquisition of the facilities plus transaction costs, Cross River arranged a $39.6 million term loan and a $4.0 million revolver. The bridge-to-HUD loan came with a three-year term. Raina Yoo served as Loan Officer for the transaction. Read More »
Las Vegas SNF Commands Premium
We had heard of a high-end skilled nursing facility being marketed for sale in Las Vegas, Nevada, at a very high price for a few months now, and it appears that the sale has closed. Evans Senior Investments announced that it sold Sandstone Spring Valley, a 160-bed skilled nursing facility that was built just 10 years ago. It features an 80-unit ventilator unit, which surely added to its value, and the facility was operating above 90% occupancy. So, we imagine it was very profitable, as well, perhaps with a margin above 15%. New, stabilized SNFs command strong prices in today’s market, almost always justified by strong reimbursement and operations, and Sandstone was no exception. There was... Read More »
Genesis Stalking Horse Raises Bid
The stalking horse bidder for Genesis HealthCare’s 298 affiliated holding companies, ancillary businesses and insurance vehicles has upped its offer, and the deal is set for an approval hearing on December 10. Genesis, which previously held the title of largest skilled nursing operator in the country, filed for Chapter 11 bankruptcy protection in July, and was operating 218 facilities in 19 states at the time. It now operates 175 facilities in 18 states. And Genesis’ portfolio once included more than 500 facilities. Bankruptcy court filings revealed that two parties submitted final bids, which were examined by all the parties involved, including its primary creditors White Oak,... Read More »
SLIB Handles Colorado SNF Portfolio Deal
A portfolio of well-run senior care facilities in Colorado sold with the help of Vince Viverito, Jason Punzel, Ryan Saul and Jeff Binder of Senior Living Investment Brokerage. Located in Fort Collins and Windsor, the four skilled nursing facilities and one assisted living community were built from 1988 and 2018 and featured 445 beds in total. The facilities also comprised 18 total acres and nearly 270,000 square feet. The seller was a local operator who had started the company in 1971 and was looking to retire. His local expertise and years of experience were instrumental in the facilities’ performance, which we understand to be very strong with occupancy above 90% and a healthy operating... Read More »
Ensign Buys Kansas City SNF
The Ensign Group acquired a 45-bed skilled nursing facility in Kansas City, Kansas, that was in need of an operational turnaround. Built in 1974 with additions in 1983 and 1995, Medicalodges Post Acute Care is set on nearly 11 acres in a residential area. It was previously owned by a Kansas-based owner/operator that was divesting in order to focus on its remaining core assets. The facility was under 70% occupied and losing around $950,000 a year on $2.9 million of revenues. That’s where Ensign will hope to do its thing to get the engine humming again. They paid $1.55 million, or $34,450 per bed. Nick Cacciabando, Jeff Binder and Ryan Saul of Senior Living Investment Brokerage handled the... Read More »
Communities Pass Between Family Owner/Operators
A multigenerational family owner/operator recently divested its well-occupied portfolio to a new family owner/operator in Beaverton, Oregon. The all-private pay communities consisted of a 183-unit full-continuum community opened in 2002 and a 58-unit assisted living community opened in 1996. Blueprint handled the sale and financing. The 183-unit community boasted occupancy above 90% and current blended RevPOR of $6,750. That would bring annual revenues to around $13.5 million. The 58-unit community brought occupancy up to the 85% range during the marketing process and mid-to high-teens operating margins. Both communities are well located in the Beaverton submarket of Portland.... Read More »
Florida Panhandle Assets Sell
Berkadia Seniors Housing & Healthcare closed its third and fourth transactions in the Florida panhandle over the past three months. First, Cody Tremper, Mike Garbers, Ross Sanders and Dave Fasano represented the seller of Seagrass Village of Panama City Beach. The 128-unit Class-A community opened in 2019 and offers both independent living apartments and villa homes on a 16-acre site in Panama City Beach, Florida. The seller was an Orlando-based private equity company, and the buyer was a seniors housing owner. The property will continue to be managed by SRI Management. Next, the team sold American House Bluewater Bay, a 94-unit independent living community in Niceville, Florida,... Read More »
Walker & Dunlop Secures HUD Refinances
The Walker & Dunlop team arranged two HUD loans for assisted living communities in the Pacific Northwest. First, Battle Creek Memory Care in Salem, Oregon, received a $16.674 million loan with a fixed rate and a 35-year, fully amortizing term. Onelife Investments was the borrower. Then, Northwest Care Senior Living obtained a non-recourse $10.615 million HUD loan to refinance Liberty Shores Senior Living in Poulsbo, Washington. The community offers independent living, assisted living and memory care services. W&D arranged this loan as an Express Lane transaction, securing a HUD firm commitment in less than one week from submission. The new loan proceeds were used to refinance... Read More »
Active Adult Community Receives Construction Loan
Coastal States Bank closed a $20.0 million construction loan for a joint venture between The Fellowship Family and BLDG Real Estate to fund the ground-up construction of a 91-unit active adult community in Milledgeville, Georgia. The loan, which was closed in coordination with an $11.0 million preferred equity investment from Locust Point Capital, was structured with a five-year term and monthly interest-only payments for the initial 36 months. The community will be the second of the JV’s four planned investments, and will be situated adjacent to its sister community, Fellowship Meriwether, an 83-unit assisted living and memory care community which was built by the JV in 2017. BLDG Real... Read More »
Bond Issuance to Support Seniors Housing Expansion
The Economic Development Corporation of the City of Grand Rapids, Michigan, plans to issue $174.83 million in bonds to finance the expansion of the Beacon Hill at Eastgate seniors housing community. The bonds are payable from the revenues and funds pledged by the Michigan Christian Home Obligated Group. The obligor’s total revenue, gains and other support for the fiscal year ended March 31 was $21.1 million. The underwriter is Ziegler. The proceeds will fund the demolition, construction, furnishing and equipping of new facilities, while also covering other obligations. The expansion will include 101 new independent living units and 40 assisted living units, while also renovating existing... Read More »Schedule a demo
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