Sabra Health Care REIT Sees Occupancy Increases
Sabra Health Care REIT is still working through some portfolio issues, like every other REIT, and it will take until at least next year to wind through them. But from an occupancy perspective, at least with its largest segments, things are looking up. And the transition of 20 additional skilled nursing facilities to The Ensign Group is now complete, bringing the total operated by Ensign to 31 buildings representing 8.5% of annualized NOI. This is important because not only is Ensign one of the strongest SNF operators in the country, but its EBITDARM coverage with Sabra is 1.69x. Also not too shabby from a financial perspective is Avamere Family of Companies, which now leases 29 SNFs from... Read More »
Cushman & Wakefield’s Chicago Transaction
Cushman & Wakefield sold an independent living community in the state of Illinois. Partially occupying a 1939-built hospital, River Glen of St. Charles comprises 106 units of independent living, (including townhomes) assisted living and memory care in St. Charles (Chicago MSA). Selling the community was Salt Lake City, Utah-based Bridge Investment Group. River Glen was then purchased by Citrine Senior Communities in a joint venture with Jaybird Capital for a purchase price of $20 million, or $188,700 per unit. Jaybird Senior Living will manage the community. Historically, the community was fully-leased with its AL and MC units in a mansion-style building and multiple amenities such as... Read More »
Shuttered Connecticut SNF Sells
A vacant skilled nursing facility sold in Wallingford, Connecticut, with the help of Michael Segal, Connor Doherty, Steve Thomes and Ryan Kelly of Blueprint Healthcare Real Estate Advisors. Built in 1984 and formerly operated by Genesis HealthCare, Quinnipiac Valley Center comprises a total of 180 beds and sits on 11 acres just north of New Haven. The facility was closed in March 2022 after a Department of Public Health investigation found “repeated and ongoing failure to correct serious and widespread health and safety issues.” Emerging as the buyer was a Florida-based developer with local ties to Wallingford. The transaction closed less than 50 days after the LOI... Read More »
Grandbridge Facilitates Florida Transactions
Grandbridge Real Estate Capital’s seniors housing investment sales team announced it has sold three assisted living/memory care communities in the state of Florida. The three communities included Bradenton Oaks in Bradenton, Renaissance Retirement Center in Sanford and Bayside Terrace in Pinellas Park. Built in 1973 and 1988, Bradenton Oaks comprises 112 units just south of Tampa Bay. Built in 1894, Renaissance Retirement Center comprises 94 units just north of Orlando. Built in 1986, Bayside Terrace comprises 145 units north of St. Petersburg. All of the communities were operating at low occupancies and operational losses. A national REIT was the seller, after deeming the properties to be... Read More »
National Health Investors Continues To Acquire
As we keep saying, the recovery from the pandemic is going to be a long slog for many, but most investors, lenders and operators understand that and have been able to deal with it. Take National Health Investors, which would have liked to turn in a better fourth quarter, but nonetheless continued making acquisitions in February. First, NHI bought two memory care communities from Silverado Senior Living, a new customer, for $37.5 million, or $312,500 per unit. They both opened in 2022 and both are 60 units. One is located in Summerlin, Nevada, and the other in Frederick, Maryland. Silverado will lease them back from NHI for 20 years with a first-year lease rate of 7.5% plus 2% annual... Read More »
Cushman & Wakefield Handles Oregon Transaction
Cushman & Wakefield announced it has arranged the sale of an independent living community in the state of Oregon. Built in 2019, The Alexander Bend comprises 136 units of independent living in Bend, just east of Eugene. Selling the community was Oregon-based real estate developer BPM Real Estate Group. The property was ultimately acquired by Touchmark, which also operates Touchmark at Mount Bachelor Village on the west side of Bend, for a purchase price of $57.8 million, or $425,000 per bed. Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Bailey Nygard of Cushman & Wakefield handled this transaction on behalf of the seller. Read More »
Active Adult Community Sells In Spokane
Washington-based SVN Cornerstone sold an active adult community in the state of Washington. Built in 2016, Whispering Pines Apartments comprises 31 units of age-restricted apartments in the city of Spokane. The community offers two- and three-bedroom units with two-car garages and individual backyards. Purchasing the community for a price of $10.1 million, or $325,800 per unit, was a company affiliated with Seven Lakes Development dba Speed Limit 55+ LLC. Nate Gant and Guy Byrd of SVN Cornerstone handled the transaction on behalf of the seller, Whispering Pine LLC. Levi Sterley of Lee & Associates represented the buyer. Read More »
CBRE Refinances California Independent Living Community
CBRE’s National Senior Housing team announced it refinanced an independent living community in California. Built in 2021, The Plaza at Lantern Crest comprises 113 units and sits on 3.8 acres in the town Santee (San Diego MSA). The four-story community features a plethora of amenities including an indoor swimming pool, fitness center, physical therapy office, outdoor theater, a restaurant and 1950’s diner, a bowling alley, a full-service bar, and a tea room. Bill Chiles, Matt Kuronen and Michael Cregan of CBRE arranged a $38.3 million, 10-year loan with five years of interest only through its Freddie Mac Optigo lending platform on behalf of the borrower, The Grant Companies. Founded in... Read More »
Brookdale Fourth Quarter Delights Investors
We were hoping that maybe, just maybe, Brookdale Senior Living would post a “breakout” fourth quarter earnings report. They didn’t. But the alternative, a negative surprise, did not happen either. Phew. We have to hand it to CEO Cindy Baier, who always sounds so confident, positive, mission-directed and knowledgeable, whether on stage or on an earnings call. You almost want to hug her after she presents. Perhaps that is why the Board continues to support her. The problem is that shareholders have not bought into her and the company’s performance, which is demonstrated in the share price, which remains in the doldrums. However, shareholders may be beginning to buy into the message, or at... Read More »
60 Seconds With Swett: Soaring Skilled Nursing Values
We are starting to stand back and assess the 2022 M&A market for our soon-to-be-published Senior Care Acquisition Report, and joining us today, February 22 at 1pm ET for our webinar will give you a preview of those statistics and analysis on the seniors housing and skilled nursing markets, but we want to kick things off with a look at the average price per bed paid for SNFs last year. Last year was arguably the strongest market for SNFs in history, with well capitalized buyers, among them private real estate investment firms, family offices and regional owner/operators, creating incredibly active bidding environments for facilities of all qualities and profitability. And that was... Read More »Schedule a demo
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