Meridian Closes Slew of Transactions to End 2021
It was a banner year for Meridian Capital Group’s Senior Housing and Healthcare Team, which closed more than $5.5 billion in transaction volume in 2021, including $918 million in transactions for 56 seniors housing and healthcare facilities in 16 states over the last month to end the year. These transactions were negotiated by Senior Managing Directors and Co-Heads of Meridian’s Senior Housing and Healthcare Team, Ari Adlerstein and Ari Dobkin; Managing Director, Josh Simpson; Vice Presidents, Matt Lesnik, Jesse Rauch, and Rafi Sod; and Senior Associates, Yuval Hananya, David Gottlieb and Jacob Scott. The team’s December transactions include several refinances, including a $130... Read More »
SNF Portfolio Sells in Massachusetts
Real estate investment firm Eagle Arc Partners has purchased a portfolio of three skilled nursing facilities in Massachusetts from an independent owner/operator seeking to exit the skilled nursing industry. The portfolio, which had an 80% average occupancy rate, comprises 384 licensed skilled nursing beds (359 functional beds). All three facilities were located eight to 10 miles north of downtown Boston and had a five-star rating from Medicare. The facilities earned combined revenues of $40.7 million and had an NOI of $2.03 million, for a 5.0% margin. Not bad, but could certainly be improved. The state of Massachusetts recently instituted new legislation that would eliminate all three... Read More »
JLL Arranges Refinance for Texas Community
JLL Capital Markets arranged a $37.5 million refinance for Hidden Springs of McKinney, a 194-unit independent living/assisted living/memory care community in McKinney, Texas. Joel Mendes and Jason Skalko represented the borrower, a joint venture between CREC Real Estate and Madison Marquette, in securing a non-recourse, fixed-rate loan through a life insurance company. The loan came with a five-year term, with extension options. Completed in 2020, Hidden Springs of McKinney features large units and high-end finishes, with plentiful amenities like an indoor pool, fitness center and dog park. Read More »
SLIB Sells AL Community in Florida
Senior Living Investment Brokerage’s Bradley Clousing and Daniel Geraghty handled the sale of a 98-unit assisted living/memory care community in the Orlando, Florida MSA. Built in 1998, a publicly-traded REIT sold Savannah Grand of Maitland to a regional owner/operator. The buyer is planning a significant renovation to the community to stabilize operations and census. No other details or the purchase price were disclosed. Read More »
60 Seconds with Ben Swett: CMS’ Vaccine Mandate Heading to Supreme Court
The Supreme Court hears oral arguments this week on the CMS rule mandating that staff working for Medicare or Medicaid certified providers be fully vaccinated against COVID-19, with narrow exceptions for religious and medical reasons. The rule was enjoined by a court order in 25 states, but CMS announced at the end of December that it would start enforcing the new rule in the states where it could. However, our question is does anyone know how serious CMS is in implementing this rule? In today’s political environment there is a ton of bluster with little accomplishments. We have seen the government and its agencies make bold declarations and new rules, sometimes with a wink to their... Read More »
Louisiana SNF Portfolio Finds New Owner
A Louisiana-based owner/operator looking to exit the long-term care industry has sold a portfolio of five skilled nursing facilities with the help of Evans Senior Investments. The portfolio, which ranges in age from 10 to 25 years old (with the exception of one property), was sold across three separate transactions. First, a 130-bed SNF sold in Rayne, Louisiana for $14 million, or $108,000 per functional bed. While the facility is licensed for 130 beds, it has an additional 54 banked beds that could be used for an expansion in the future. The property generated revenues of $8.5 million and NOI of $1.1 million at the time of marketing, and had a 71% occupancy. A regional owner/operator... Read More »
SLIB Sells Pennsylvania SNF
Toby Siefert and Nick Cacciabando of Senior Living Investment Brokerage closed out 2021 with the sale of a 90-bed skilled nursing facility in a tertiary market of northeastern Pennsylvania. Built in 1976 and renovated in 2012 and 2015, Athens Health and Rehabilitation was initially purchased by a private owner as a vacant, unlicensed asset and went through the process of relicensing, restaffing and lease-up. It sits on two acres across 23,924 square feet. The facility was on an upward trajectory of lease-up until the pandemic and staffing shortages made it difficult to attain occupancy above 70%. At the time of sale, the facility had 62% occupancy, $6.06 million of revenue and negative... Read More »
Colliers Handles Two AL Sales in Pennsylvania
Two assisted living communities in Allentown, Pennsylvania just sold with the help of Bob Gaines at Colliers International. The first community, called Victoria’s Place, includes 80 one-bedroom & studio assisted living apartments. Victoria’s Place was recently constructed and features 59,500 square feet but currently sits vacant. Amenities include common areas, a dining room, bistro, private family dining room, courtyards for assisted living and memory care, an entertainment area, multiple seating areas, movie theater, physical therapy and a salon. Built in 1991, Mountain View is operational and features 115 licensed beds, although occupancy was not disclosed. Across 54,693 square... Read More »
Owner Divests Eight-Property Ohio Portfolio
The team at Evans Senior Investments ended their 2021 with a bang, closing the sale of an eight-property senior care portfolio in Ohio for $70 million, or about $90,000 per functional bed/unit. Across the eight properties, there were 623 licensed skilled nursing beds, of which 614 were functional, 176 licensed assisted living beds (140 functional) and 22 independent living units. Located in tertiary markets, they were determined to be non-core by the Ohio-based owner/operator seller, which decided to strategically divest the entire portfolio. While under contract, however, the portfolio received a large Medicaid rate increase of almost $30 per patient day, which was projected to add an... Read More »Carlyle Exits High-Quality Portfolio
The Carlyle Group is finishing the year by exiting seven properties that it held with several joint venture partners for proceeds totaling nearly $474 million, or more than $385,000 per unit. Carlyle also grew its active adult holdings, acquiring three newly-built properties under the Solea brand for more than $103 million, or $222,000 per unit. Newmark helped arrange the transactions. Starting with the Carlyle sales, the seven properties are located in Pennsylvania, Washington, Texas, Florida and Virginia. They were jointly owned by a number of separate partners, including Bozzuto, Alliance Residential, Greystar, United Group and EPOCH Residential. Several investors emerged as buyers of... Read More »Schedule a demo
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