Monticello Refinances Florida SNF Portfolio
An owner/operator of around 35 senior care facilities across Florida recently refinanced five of its skilled nursing facilities in the Sunshine State with the help of $58.13 million of first-lien debt provided by MONTICALLOAM, LLC and its affiliates (Monticello). The five facilities consist of 607 beds and were acquired as part of a larger portfolio deal in 2018. Monticello had helped fund that transaction too. The facilities were built on average more than 35 years ago. Read More »
HTG Handles Assisted Living Sale in Maryland
Mark Davis of Healthcare Transactions Group handled the sale of Weinburg Park, a not-for-profit, Jewish assisted living community in Baltimore, Maryland. Previously, the community was affiliated with The Harry and Jeanette Weinburg Foundation, Baltimore’s largest charitable foundation, and Comprehensive Housing Assistance, a community development organization in northwest Baltimore. It provided affordable assisted living for low-income elderly, but the new owner will run the community as a market-rate, for-profit operation. That buyer was a Lakewood, New Jersey-based SNF owner/operator with many years of experience managing assisted living communities in the New York City... Read More »
Strawberry Fields Acquires Six SNFs in Kentucky and Tennessee
Strawberry Fields REIT, a large owner and lessor of long-term acute care hospitals, skilled nursing facilities and assisted living communities across the country, added six more SNFs to its portfolio, at a cost of nearly $81 million. The portfolio totals 521 beds and are located in two states. The one Kentucky facility has 65 beds and was built in 1968 in Kuttawa. It will join the REIT’s Landmark portfolio, which has locations throughout Kentucky, as well as in Texas, Oklahoma, Illinois and Michigan. The other five properties are spread across Tennessee and will be branded as “The Waters” facilities, with Infinity Healthcare of Tennessee providing consulting services. Two of the... Read More »
CBRE Refinances Seattle-Area Seniors Housing Community
Five years after acquiring a Seattle-area senior living community, a joint venture between Capitol Seniors Housing(CSH) and a large university endowment refinanced the property. Aron Will of CBRE helped fund both the acquisition and this current transaction. He was joined by Austin Sacco and Adam Mincberg on the refinance. Purpose-built in phases in 2000 and 2004, the community features 106 units of assisted living and memory care. Located in Mukilteo it was 90% occupied (and rising) when CSH purchased the property from a local operator in late 2015 for $29.125 million, or $215,300 per unit. CBRE secured a five-year, $20.12 million loan from a national bank to fund the deal,... Read More »
A CMS Study Not “Common Sense” Checked
Last week the Centers for Medicare and Medicaid Services released a study comparing Medicare beneficiaries in nursing homes (about 1.4 million of them) to those Medicare beneficiaries in the general community at large (60.6 million) between March and December of 2020. They were trying to see if there was a difference between the two groups in terms of becoming infected with COVID-19, hospitalized as a result, and then death from it. One article about the story was titled “Medicare nursing home residents more likely to be diagnosed, hospitalized and die from COVID-19 than beneficiaries not in facilities.” Thank you, Captain Obvious. And surprisingly, this did not come from The New York... Read More »
CBRE Arranges Bridge Loan in Washington
CBRE Senior Housing’s Aron Will, Austin Sacco and Adam Mincberg arranged a $10 million floating-rate bridge loan on behalf of a joint venture between Capitol Senior Housing and a large university endowment. Emerald City Senior Living, a 119-unit assisted living and memory care community in Seattle, Washington, will receive the financing. Built in 2006, the community features amenities including a beauty salon, library and fitness center. Integral Senior Living will operate the community. The loan has a two-year term with full-term interest only and extension options and originated through CBRE’s proprietary multifamily bridge lending program, MF1 Capital,... Read More »
SLIB Handles Seniors Housing Sale in Upstate New York
The only licensed seniors housing community in Alleghany County, New York found a new owner, with Dave Balow of Senior Living Investment Brokerage handling the sale. Located in New York’s southern tier, this community was built in 1989 with 89 units and 137 beds of assisted living and memory care. It was the last asset owned by a private individual looking to retire, and operations were decent in 2019, with occupancy in the 80s and a 17% margin on under $3.38 million of revenues. However, COVID hit the community at the end of 2020, and although the owner cleared the building of COVID roughly six to eight weeks afterward, he was not able to move any new admissions until March 2021 because... Read More »
Diversicare Healthcare Services Deal Signed
When the news first broke several days ago that an investor had offered to buy Diversicare Healthcare Services for $10.10 per share when it was trading below $3.00, well, we said it was an offer that would be hard to turn down. The board did not, and it appears to be a nice windfall for shareholders. But, the due diligence has to pan out, and it is always an out to find a reason for a lower price. We still are not sure why they offered such a high price in this market, and such a generous premium. The buyer is DAC Acquisition LLC, run by Ephram “Mordy” Lahasky. The price represents a very healthy premium of 256% over the closing price of $2.84 on August 19. The merger agreement includes a... Read More »Cap Senior Shareholder Battle Continues
At this point, all we can say is that there have been a lot of pissed off shareholders of Capital Senior Living, and not just this year. It goes back several years when the stock price was just over $27 ($416 in today’s post-split equivalent price) and the market was riding high in general. Shareholders thought management and the board should take advantage of the environment and sell. The rest, of course, is history. Companies were being sold at premium values, such as the sale of Emeritus to Brookdale Senior Living (which never should have happened). And later on, the 49% interest in Enlivant sold to Sabra Health Care REIT nearly $200,000 per unit. Cap Senior’s assets were much better.... Read More »
Veritas Senior Living Assumes Operations of Two Communities
Veritas Senior Living recently assumed the operations of two seniors housing communities in Tennessee and Georgia, along with purchasing one of them. Vantage Point Village in Ashland City, Tennessee is an assisted living and memory care community that can provide care for up to 80 residents. Gaines Park Senior Living, which Veritas just purchased with a group of other investors, is located in Kennesaw, Georgia with 60 units. This assisted living community has been family-owned since 1997 and features all-inclusive pricing. The new communities will bring the Veritas portfolio total to six overall. Read More »Schedule a demo
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