Tryko Grows Garden State Portfolio
Tryko Partners added to its New Jersey portfolio with the acquisition of one skilled nursing facility and one assisted living/memory care community in Little Egg Harbor on the Jersey Shore. Owned and operated by a husband-and-wife team for more than 30 years, the properties will receive immediate capital improvements under the new ownership. Built in 1985, Seacrest Village is a 171-bed, three-story skilled nursing facility that carries a five-star designation with CMS. It will be renamed The Terraces at Seacrest Village. The Terraces, built in 2013, is a two-story assisted living/memory care community with 88 units. Tryko’s affiliate Marquis Health Consulting Services will take over... Read More »
Blueprint Facilitates AL Sale in Florida
Ben Firestone, Lauren Nagel and Michael Segal at Blueprint Healthcare Real Estate Advisors recently facilitated the sale of a Jupiter, Florida-based senior living community. Built in 2001, Village of Tequesta, Tequesta Terrace is a 100-unit assisted living/memory care community. It was previously owned by a New England-based owner/operator with a single community in Florida. They chose to strategically exit the state in order to focus on its New England operations. Over the next nine months, Alta Senior Living, the acquirer of the property, will invest another $2.5 million in capex to enhance the community. No purchase price was disclosed. Read More »
CIBC Arranges Financings for Several SNF Purchases
One side to the surge in M&A activity in the last couple of weeks is the financing side of it, and CIBC Bank USA announced a couple of acquisition loans for skilled nursing purchases. CIBC’s Adam Panos first closed a $91 million loan with a three-year term for Summit Healthcare REIT’s acquisition of eight skilled nursing facilities totaling 826 beds. The purchase price came to $130 million, or $157,000 per bed, and brings the private REIT’s total 2021 investment in skilled nursing M&A to $150 million. Summit is leasing the facilities back to a local operator on a triple-net basis. CIBC served as the sole senior lender, and Oxford Finance also worked on financing the deal. Next,... Read More »
Cushman & Wakefield Advises Recap of Connecticut Community
Cushman & Wakefield has arranged the recapitalization of two independent living, assisted living and memory care communities in the Hartford, Connecticut MSA. The 225-unit portfolio will be acquired by a joint venture between White Oak Healthcare REIT and Everbrook Senior Living. The communities apparently appeal to a more middle-market customer. Rick Swartz, Jay Wagner, Sam Dylag and Chris Remeika of Cushman & Wakefield represented Everbrook Senior Living in the transaction. No further details on the sale were disclosed. Read More »
Summit Healthcare REIT Makes Large Portfolio Acquisition
Summit Healthcare REIT is entering Georgia with the acquisition of eight skilled nursing facilities across the state. Purchased for $130 million, or $157,000 per bed, the portfolio comprises 826 licensed beds. That per-bed value is certainly high for SNFs, but these days with so many buyers on the hunt for few facilities, we’ve seen bids creep up and up. A wholly-owned subsidiary of Summit is purchasing the portfolio, which will be leased back to the existing operator on a triple net basis. The undisclosed operator has a strong existing presence in the Peach State. CIBC U.S. and Oxford Finance funded the debt on the transaction. With this deal and another acquisition closed in 2021, Summit... Read More »
Meridian Closes Slew of Transactions to End 2021
It was a banner year for Meridian Capital Group’s Senior Housing and Healthcare Team, which closed more than $5.5 billion in transaction volume in 2021, including $918 million in transactions for 56 seniors housing and healthcare facilities in 16 states over the last month to end the year. These transactions were negotiated by Senior Managing Directors and Co-Heads of Meridian’s Senior Housing and Healthcare Team, Ari Adlerstein and Ari Dobkin; Managing Director, Josh Simpson; Vice Presidents, Matt Lesnik, Jesse Rauch, and Rafi Sod; and Senior Associates, Yuval Hananya, David Gottlieb and Jacob Scott. The team’s December transactions include several refinances, including a $130... Read More »
SNF Portfolio Sells in Massachusetts
Real estate investment firm Eagle Arc Partners has purchased a portfolio of three skilled nursing facilities in Massachusetts from an independent owner/operator seeking to exit the skilled nursing industry. The portfolio, which had an 80% average occupancy rate, comprises 384 licensed skilled nursing beds (359 functional beds). All three facilities were located eight to 10 miles north of downtown Boston and had a five-star rating from Medicare. The facilities earned combined revenues of $40.7 million and had an NOI of $2.03 million, for a 5.0% margin. Not bad, but could certainly be improved. The state of Massachusetts recently instituted new legislation that would eliminate all three... Read More »
JLL Arranges Refinance for Texas Community
JLL Capital Markets arranged a $37.5 million refinance for Hidden Springs of McKinney, a 194-unit independent living/assisted living/memory care community in McKinney, Texas. Joel Mendes and Jason Skalko represented the borrower, a joint venture between CREC Real Estate and Madison Marquette, in securing a non-recourse, fixed-rate loan through a life insurance company. The loan came with a five-year term, with extension options. Completed in 2020, Hidden Springs of McKinney features large units and high-end finishes, with plentiful amenities like an indoor pool, fitness center and dog park. Read More »
SLIB Sells AL Community in Florida
Senior Living Investment Brokerage’s Bradley Clousing and Daniel Geraghty handled the sale of a 98-unit assisted living/memory care community in the Orlando, Florida MSA. Built in 1998, a publicly-traded REIT sold Savannah Grand of Maitland to a regional owner/operator. The buyer is planning a significant renovation to the community to stabilize operations and census. No other details or the purchase price were disclosed. Read More »
60 Seconds with Ben Swett: CMS’ Vaccine Mandate Heading to Supreme Court
The Supreme Court hears oral arguments this week on the CMS rule mandating that staff working for Medicare or Medicaid certified providers be fully vaccinated against COVID-19, with narrow exceptions for religious and medical reasons. The rule was enjoined by a court order in 25 states, but CMS announced at the end of December that it would start enforcing the new rule in the states where it could. However, our question is does anyone know how serious CMS is in implementing this rule? In today’s political environment there is a ton of bluster with little accomplishments. We have seen the government and its agencies make bold declarations and new rules, sometimes with a wink to their... Read More »Schedule a demo
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