SLIB Facilitates Sale of Pennsylvania SNF
The owner of a large skilled nursing facility in Scranton, Pennsylvania decided to sell the property when its tenant announced that it desired to exit operations in the Keystone State. Another Pennsylvania-based skilled nursing owner emerged as the buyer, for an undisclosed purchase price. Built in 1974, the facility is licensed for 272 beds and underwent an addition in 1997. It has been well maintained over the years. Bradley Clousing and Toby Siefert of Senior Living Investment Brokerage procured 12 offers in early 2021 and closed the sale on September 1. Read More »
Other Healthcare Sectors See Healthy August Acquisition Activity
The summer surge in deal-making continued into August, and across most of the healthcare industry, with a total of 150 deals announced across all 13 healthcare sectors, a 30% increase from August of 2020. However, this was a small dip from last month when there were 155 deals made, but we imagine a few more deals may rise to the surface. This is according to statistics from our new platform LevinPro HC, which features the latest healthcare news, deals, insights and analysis. Last month was an especially busy time for the Physician Medical Groups (PMG) sector, which accounted for nearly 25% of all deals announced in August 2021, with dental and ophthalmology practices making up nearly half... Read More »
SLIB Assists on Seniors Housing Sale in Oregon
After developing an assisted living community in Hillsboro, Oregon, a local owner/operator is exiting the industry with the sale of its last seniors housing asset. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage helped with the sale. The community opened last year and was still in lease-up by the time of the sale, with occupancy reaching about 50%. It features 90 beds in 72 units and offers both assisted living and memory care services. A private equity firm based in Texas paid an undisclosed amount for the community and will use a Pacific Northwest operator as the manager. Read More »
Blueprint Facilitates SNF Sale in Missouri
Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors recently facilitated the sale of a 96-bed skilled nursing facility in central Missouri. Built in the late 1980s and renovated in the early 1990s, Valley View Health & Rehabilitation is no stranger to Blueprint. In 2018, Blueprint represented the current seller of Valley View, an undisclosed REIT, in leasing this facility along with 10 others in the state to a new operating tenant under a master lease agreement. While the facility’s performance improved under the new operator, Valley View represented a geographic outlier to the provider’s other locations across metropolitan areas in Missouri. So ultimately,... Read More »
CIBC Closes Loans For Three SNFs
CIBC Bank USA recently closed loans for two skilled nursing facilities in Ohio and one in California. The first financing package included a $12.4 million acquisition loan and a $1.2 million capital expenditure loan with a five-year term for a 100-bed SNF in southern California, provided by CIBC’s Matthew Tyler and Neal Netzel. The 20-year old facility has been leased by the buyer for the past 10 years and has had a historical occupancy of 85%. EBITDAR margins have recently resided in the low double-digits, with revenues nearing $14 million. The next transaction was a $10 million cash-out refinance for a 100-bed SNF in Ohio. The 15-year old facility was owned by a local owner/operator.... Read More »
Newmark’s Coast-to-Coast Closings
Newmark crisscrossed the country to find buyers for a few seniors housing communities at the end of August. First, representing Healthpeak Properties in another one of the REIT’s divestments, the Newmark team sold a 160-unit CCRC in Northridge, California that was formerly operated by Brookdale Senior Living. Originally built in 2001, the community has grown over the years to include 91 assisted living, 24 memory care and 45 skilled nursing units. Pacifica Senior Living bought it for $29 million, or $181,000 per unit. Next, Newmark reported the sale of two Fort Myers-area assisted living/memory care communities to Lone Star Funds for $51.5 million, or $192,900 per unit. Previously owned by... Read More »
Alta Senior Living Acquires North Tampa Community
Brad Clousing and Daniel Geraghty of Senior Living Investment Brokerage sold an 82-unit assisted living/memory care community in North Tampa, Florida. Developed in 2015 by the seller and operated by their affiliate management company, the community was an operational outlier for them, which prompted the sale. This was their last seniors housing asset in the Southeast. Alta Senior Living stepped in to acquire the property for an undisclosed price, building their operating presence in the state. Read More »
ISL Assumes Operations of Six Midwest Communities
Integral Senior Living has assumed the operations of five new seniors housing communities in Indiana and one in Michigan. The communities are owned by Griffin-American Healthcare REIT III, Inc. Meridian Senior Living previously managed these communities. Along with this announcement, Adam Parton has been named as regional vice president of Operations and Brandy Ross as regional director of Sales and Management. Mr. Parton has decades of successful experience managing seniors housing communities and brings knowledge and expertise of the Midwestern market to this role. Ms. Ross also has years of experience growing and managing seniors housing communities in the Midwest, previously serving in... Read More »
Evans Senior Investments Sells Garden State SNF
Evans Senior Investments represented the seller of a 120-bed skilled nursing facility in New Jersey, which traded for $24 million, or $200,000 per bed. The facility was built in 2000 and has seen multiple renovations since then, with the 65 rooms being private or semi-private. Its residents primarily pay through Medicare and Medicaid. Occupancy at the time of marketing was 77%, leading to subpar operations for the community. Prior to the pandemic, the community averaged a 90% census with 41 short-term rehabilitation residents contributing to $15.6 million in revenue. But the facility also had a high expense structure and was not very profitable even before the pandemic. ESI marketed the... Read More »
Cambridge Secures Loans for Two Illinois SNFs
Cambridge Realty Capital Companies has secured HUD loans to refinance two skilled nursing facilities in Illinois. The first, Alden Town Manor, is a 249-bed facility in Cicero. It is receiving a $12.72 million loan, which is fully amortized with a 25-year term. The other facility is Alden Princeton Rehabilitation and Health Care Center in Chicago, which has 225 beds and will receive $7.84 million. The loan is fully amortized and comes with a 40-year term. Both facilities are owned by a limited liability company in Illinois. Read More »Schedule a demo
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