VIUM Capital Finances Two Transactions
VIUM Capital has provided financing for two transactions spanning seven total properties. The first deal involved the acquisition of a six-property portfolio consisting of five skilled nursing facilities and one assisted living community. The properties, all located in southeast Michigan, were purchased for $64.44 million and received $58 million of bridge-to-HUD financing. Funds were provided for acquisition costs and capex being used to improve building aesthetics, add a short-term rehab in one of the buildings and other specialty units. The financing includes a debt structure of $54 million of A notes and $4 million of B notes. The second financing was for the purchase of Bria of... Read More »
SLIB Facilitates AL Sale in Nevada
Senior Living Investment Brokerage’s Vince Viverito, Jason Punzel and Brad Goodsell have facilitated the $13.9 million sale of an assisted living and memory care community in Gardnerville, Nevada. Built in 1997, the 65-unit community, priced per bed at $214,615, had annualized revenue of $3.39 million, an EBITDA of $1.04 million and a cap rate of 7.4%. Named Carson Valley, the community had a slight occupancy decrease in 2020 but eventually increased to 92%. The property is 40,610 square feet and sits on 2.54 acres. The buyer is a Western U.S.-based private equity firm and the seller was undisclosed. Read More »
Greystone Provides Refinancing For Atlanta Community
Greystone’s Senior Housing Capital Markets Team has provided refinancing for a 193-unit seniors housing community in Atlanta, Georgia. Matt Miller led the team, providing the financing on behalf of Harbert Seniors Housing Fund I, L.P. The transaction was closed with a large regional bank and has a three-year term. The property, managed by an experienced regional operator, includes independent living, assisted living, and memory care units across two construction phases, the second of which was completed in late 2020. This community offers a range of independent living unit configurations, and features a heated pool, walking gardens, fitness center, salon & spa, library, theater,... Read More »60 Seconds with Steve Monroe: Big-Time CCRC Development
For those of you who know me, you know I have been a big fan of the CCRC model, and have been for decades. And for those of you who still think the entrance-fee CCRC model is dead, well, think again when you hear this. HJ Sims recently closed on what may be one of the largest tax-exempt bond financings for a single-site CCRC new development, if not the largest. The total bond issuance comes to $398 million, or just over $1.5 million per unit, with maturities ranging from four years to 35 years. The interest rates range from 2.875% to 4.625%. It is located in Westchester County, New York. The community will be situated on the campus of Purchase College, State University of New York. There... Read More »
The Ensign Group Acquires Five-Property Portfolio
The Ensign Group has acquired a five-property portfolio from Invesque Inc. for $93 million. Spanning California, Kansas and Arizona, the transaction includes four skilled nursing facilities totaling 436 beds and a 144-bed assisted living community. The SNF portfolio was operated by Ensign, and The Pennant Group operated the AL community up until this sale. BMO Capital Markets advised Invesque on the deal. The portfolio sale was part of Invesque’s Jaguarundi Ventures, LP joint venture between Invesque and Magnetar Capital, of which Invesque owns an approximately 65% ownership interest. Jaguarundi Ventures will receive $22 million of net proceeds from the sale after the repayment of... Read More »
Central Illinois SNF Sells
Ryan Saul and Jeff Binder of Senior Living Investment Brokerage closed on the sale of a 70-bed skilled nursing facility in central Illinois at the start of November. Built in 1970 but with an effective age of 25 years, the facility was in good condition at the time of the sale. Occupancy was trending positively at 75% (hopefully that continues heading into winter) and the quality mix was 30%. But stabilized occupancy was around 87%, with margins in the mid-teens. Its regional owner/operator, which had operated the facility for several years, was looking to exit a non-core asset, while the undisclosed buyer was looking to expand their presence in central Illinois. No other details were... Read More »
Evans Senior Investments Facilitates Sale of AL Community
Evans Senior Investments is continuing its busy month, representing a private equity company for the $6.5 million sale of Quail Creek, a 103-unit assisted living and memory care community. Built in 1999, this community in Quail Creek, Oklahoma is in the Oklahoma City metropolitan area. The community averaged 41% occupancy at the time of marketing (100% private pay) and had revenues of $1.76 million. However, it was not profitable due to the low census and lost over $1 million of net operating income in the last 12 months. Quail Creek also had below-average rental rates compared to competing communities in the area, trailing their competitors by over 40% and contributing to the negative... Read More »
Livingston Street Adds to Dallas-Area Portfolio
Livingston Street Capital continued its active adult community buying streak by adding a 183-unit community in Prestonwood to its growing portfolio. The purchase brings Livingston Street’s active adult investment in the Dallas-Fort Worth area to $150 million across four properties in just six months. This also represents the firm’s fourth acquisition of the year, and seventh since the start of 2020. In that time, Livingston Street has picked up seven communities in Texas, Illinois, Maryland and Florida. Built in 2017, Atlas Point at Prestonwood contains 183 units with one-, two-, and three-bedroom options that feature walk-in closets, granite countertops, hardwood-style flooring, and... Read More »Roy E. Christensen, Industry Pioneer, 1934-2021
We learned at the end of last week that skilled nursing facility pioneer Roy Christensen passed away at the age of 87 after a short illness. Most recently, he was the Chairman of The Ensign Group, but his history in the skilled nursing industry goes back nearly 60 years. In 1963, he founded Beverly Enterprises, which grew to be the largest nursing home company in the country, with more than 1,000 facilities across the country. At the time, the company had a two-rate structure: $7.35 per day and $9.10 per day. That was certainly another era. He left Beverly in the mid-1970s and started teaching full time at Brigham Young University. He returned to the... Read More »
Genesis HealthCare Makes Changes
Just after announcing that its CEO would be stepping down, Genesis HealthCare revealed more changes. The current COO, Paul Bach, the Chief Nursing Officer, JoAnne Reifsnyder, and the CFO, Tom DiVittorio, have all announced they will be leaving the company. They have spent the past 38 years, 10 years and 25 years, respectively, at the company, so a lot of institutional knowledge will be walking out the door. The new COO will be Melissa Powell, who most recently was the President and COO of The Allure Group, a New York City-based nursing home operator. Orrin Feingold joins Genesis as the new CFO. He has had similar positions... Read More »Schedule a demo
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