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 »60 Seconds With Steve Monroe: The Biden Administration Does It Again
The new requirement issued by the Biden Administration to force all nursing home workers to be vaccinated by late September, or else the facility will lose all Medicaid and Medicare funding, has unintended consequences that even a moron could see. The rationale was to “level the playing field,” by which I assume they mean preventing workers from leaving one facility with a vaccine mandate policy for another that does not have one. So gee, make all employees get vaccinated or the facility loses 90% of its revenue sources. If they don’t have staff, they can’t take care of people anyway. The problem is that by picking on nursing homes, the employees who don’t want to get jabbed can go work... Read More »
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 »Schedule a demo
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