CareTrust REIT Adds Skilled Nursing Portfolio
The skilled nursing portfolio deals keep on coming, this time from a familiar source. CareTrust REIT announced its acquisition of four skilled nursing facilities in Texas, around the Dallas-Fort Worth metro area. Totaling 554 skilled nursing beds and 24 assisted living beds, they are currently leased to operating affiliates of The Ensign Group, and have been since Ensign took over operations more than a year ago from Senior Care Centers, which was going through bankruptcy proceedings at the time. The facilities include Beacon Harbor Healthcare & Rehabilitation in Rockwall, Rowlett Health & Rehabilitation Center in Rowlett, Crestwood Health & Rehabilitation in Wills Point and... Read More »
CIBC Finances New Jersey SNF Acquisition
There was another acquisition financing closed by CIBC Bank USA, following the bank’s funding of an Indiana skilled nursing portfolio acquisition and cash-out refinance of a SNF in eastern Kentucky earlier this month. The recent transaction was arranged for a 55-bed skilled nursing facility in northeastern New Jersey. With an effective age of 10 years and occupancy in the 90% range, the facility was operating strongly at EBITDAR margins around 15%. That makes for quite a desirable acquisition. So, a local operator that had been leasing the facility bought it for an undisclosed price but utilizing a $6.3 million acquisition loan from CIBC. As a result of the... Read More »
Benchmark Senior Living Acquires New Hampshire Seacoast Senior Living
Benchmark Senior Living added to its Northeast portfolio with the acquisition of an assisted living community that has been in operation in Rye, New Hampshire for over 20 years. The property last sold in 2017, when EvoLve Senior Living acquired it for $12 million, or $300,000 per unit, with the help of a $10 million mortgage provided by National Health Investors. That loan featured an initial term of five years with renewal options and an interest rate of 8.0%, which NHI funded from its revolving credit facility. Built in 2013, it features 40 units with 64 licensed beds of memory care. It was developed by Sanctuary Care for approximately $13 million and is licensed for 64 beds. However,... Read More »
Recent Senior Care M&A Deals, Week Ending November 20, 2020
Another week, another couple of skilled nursing portfolio deals (plus a few others). Check out our recent senior care M&A deal chart! Long-Term Care AcquirerTargetPrice CareTrust REIT4 skilled nursing facilities in TX$47.6 million Priority Healthcare Group5 skilled nursing facilities in VT$46.6 million United Church Homes, Inc.Harbor Woods Living at Brunswick & Harbor Woods Living at NilesN/A Benchmark Senior LivingEvoLve at... Read More »
The New Skilled Nursing Investment Landscape
How have skilled nursing valuations changed, and when (if ever) will we get back to normal? Those were a couple of key questions in our November 19th webinar titled “Valuing SNFs During The Pandemic.” Our Managing Editor, Steve Monroe, hosted a panel with panelists Laca Wong-Hammond, Managing Director of M&A at Lument, Dan Booth, Chief Operating Officer of Omega Healthcare Investors, and David Reis, Chief Executive Officer of Senior Care Development, in which they discussed a range of topics on how the skilled nursing M&A market has been affected by COVID-19. Another question may be how has the business not changed? First, looking... Read More »
Merrill Commercial Real Estate Closes Another Oregon Transaction
The second property in the receivership sale of a four-facility portfolio in Oregon has sold, with Mike Merrill of Merrill Commercial Real Estate representing the receiver in the deal. This transaction involved a 69-unit independent living community in North Bend, near Coos Bay where the first property of the portfolio sold in August (handled by Tyler Merrill). In fact, the four properties represented a continuum of care for the local area. The North Bend community was built in 1986 and its census steadily improved throughout due diligence to reach 80% at the time of the sale. It was bringing in around $340,000 in NOI on approximately $1.74 million of trailing 12-month revenues... Read More »
Harborview Arranges Bridge Financing
Harborview Capital Partners arranged a bridge-to-HUD loan for a seniors housing community in Oregon. The property consists of 55 beds of assisted living and memory care. It received a $10.275 million loan, which comes out to $186,800 per bed. The loan features a 24-month, interest-only term, with a historically low rate. We know the demand for that sort of relatively cheap debt is out there, but the supply has been hit somewhat by the heightened caution surrounding the pandemic. Eli Osdoba of Harborview originated the transaction. Read More »
Another Bank Bond Financing From Ziegler
The bank bond financings keep coming from Ziegler, which recently closed another one on behalf of Presbyterian Village North located in Dallas, Texas. The not-for-profit CCRC was originally built in 2007 and now includes 89 buildings with 253 independent living units, 101 assisted living units, 44 memory care units and a skilled nursing facility with 106 operating beds and 172 licensed beds, all on a 66-acre campus. Its sponsor is Presbyterian Communities and Services, Inc., d/b/a Forefront Living, which is planning an expansion project that will include 112 independent living units in a new five-story building, in addition to renovations to the existing campus common... Read More »
Where Are The Gray Panthers?
Seniors in and out of seniors housing communities need to mobilize, and AARP has not been doing its job representing their members. Where are the Gray Panthers when you need them? Many of you may not remember this 1970s activist group that got its start when someone really objected to forced retirement at 65. This was a full 50 years ago today. As winter approaches and senior living providers prepare for another round of potential shutdowns, lockdowns, admission and tour bans because this pandemic is not going away, when will our senior citizens rise up and revolt? Senior living communities are “their” homes, and it is about time they stood up and said, hands off our homes. Yes, we... Read More »
Welltower Provides Update Amid COVID Spread
Once again, we are not picking on Welltower, but as the largest healthcare REIT, and the one with the largest seniors housing owned portfolio (or SHOP/RIDEA), we believe they represent a pretty decent proxy as to what is happening. Occupancy in its SHOP portfolio has been steadily declining since February, but the rate of decline seemed to be abating. Gone are the days of 100+ basis point monthly drops, but October was the first month where the rate of decline (-40 basis points) actually increased since April. Month to date in November, it has already dropped by another 30 basis points (to 77.7%), so if that trend continues, we could see November at a 50-basis point... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
