White Oak Secures Financing For SNF Portfolio
White Oak Healthcare Finance acted as administrative agent on the funding of a large credit facility secured by 14 skilled nursing facilities in the Southeast with more than 1,400 beds. Totaling $185 million, the senior credit facility comes out to about $132,100 per bed of debt. White Oak was able to build on an existing relationship with the borrower and partner with an undisclosed, but best-in-class, operator. No other details were disclosed. Read More »60 Seconds with Ben Swett: Vaccine Mandates and Staff Retention
Next month, CMS will release its Interim Final Rule with a comment period on the mandate for skilled nursing facilities, but also hospitals, dialysis facilities, ambulatory surgical centers and home health agencies, to vaccinate their staff or risk losing Medicare and Medicaid funding. Even before the announcement and the FDA’s approval of the Pfizer vaccine in August, many senior care companies already issued mandates, like Atria Senior Living, LCS and Five Star Senior Living, just to name a few. But we have not heard many concrete data on staff resignations as a result of these mandates, since that is a great fear for the industry. Anecdotally, the results and predicted outcomes are all... Read More »
Families Taking Care of Families
Family-run senior living communities have had a long history in our industry, but perhaps not many as long as the Rauls family in Georgia. Going back to their grandfather, who owned and operated one of the first nursing homes in Georgia more than 60 years ago, for John Rauls and his sister Ashley, you can say taking care of the elderly runs in their blood. Their father has also been in the business, and is in fact the Chairman of Rauls Living Inc., with John as CEO and Ashley as COO. Rounding out the C-Suite is the CFO, Jimmy Hill, a non-family member, but no one is holding that against him. John was recently vice president at Southeastern Retirement Management, which had several Rauls... Read More »Newmark Announces August Deal Activity
Newmark announced its August activity, which totaled around $300 million of transaction volume. The largest deal was the sale of four seniors housing communities owned by Spectrum Retirement Communities in the Columbus, Ohio MSA to an undisclosed buyer. Opened in 2017 and early 2018, the portfolio totals 514 units of independent living, assisted living and memory care. It was around 60% occupied as of this summer. There was another August portfolio sale that we covered earlier this month, plus the sale of a CCRC in Northridge, California. But Newmark also represented Healthpeak Properties in the sale of its 163-unit community in Santa Rosa, California. Previously operated by... Read More »
Several Companies Report August Occupancy Gains
Several companies have released occupancy updates for the month of August, and there were some mixed results. However, for the most part, these top players reported large basis-point gains over several months, and even between July and August. This consistency among businesses bodes well for a return to normalcy in the skilled nursing and seniors housing industries. After announcing their agreement to provide Recovery Centers of America with a $325 million mortgage loan this week, Sabra Health Care REIT, Inc. reported occupancy gains across several of their portfolios. Among their top eight skilled nursing operators, they have seen a 554-basis point increase between late December 2020 to... Read More »
Tryko Adds to Rhode Island SNF Portfolio
Tryko Partners added to its Rhode Island skilled nursing portfolio with the acquisition of a 120-bed facility in North Kingstown. Named Scalabrini Villa, the one-story facility is set on a bucolic property facing Narragansett Bay. The Brown family (Brown University’s namesake) donated the site to Rhode Island Hospital, which operated a children’s hospital there for decades. Then in 1956, Bishop John Baptist Scalabrini purchased the property, opening The Bishop Scalabrini Home for the Aged, which provided senior care services to the community. The current SNF opened in 1994 and now features two 60-bed units, each with 12 private rooms and 48 semi-private rooms.... Read More »
Seattle Seniors Housing Community Wraps Up Construction
Wesley Homes, Presbyterian Homes & Services (PHS) and Ryan Companies teamed up nearly three years ago to develop a large senior living community in Seattle, and has recently completed the project. The 405,992-square foot senior living community, called Wesley at Tehaleh, exists within the master-planned community of Tehaleh by Newland in Bonney Lake, a suburb of Seattle. The Tehaleh community is owned in a joint venture partnership between North America Sekisui House, LLC (NASH), and Newland, the master developer of the community. The 16.8-acre community features two buildings called The Lodge and The Brownstone, and consists of 18 memory care apartments, 168 independent living... Read More »
MedCore Partners Divests Washington State Community
After purchasing a portfolio of seven seniors housing properties from Ventas in July 2020, MedCore Partners is divesting one of the properties in Sedro-Woolley, Washington (about 75 miles north of Seattle). The 2020 acquisition comprised six other communities in Washington (Sequim, Olympia, Centralia and Tacoma) and California (San Juan Capistrano and Westminster), and in total sold for $52 million, or $89,300 per unit. Still operated by Senior Services of America, there are 582 total units of independent living, assisted living and memory care. MedCore made the acquisition with The National Realty Group and Kong Capital, originally agreeing to a purchase price of $70 million but lowering... Read More »
DigitalBridge Divests Two Kansas Communities
DigitalBridge Group, formerly known as Colony Capital, recently announced it was divesting its healthcare real estate assets in order to focus on its digital infrastructure business. Two of the seniors housing properties have found a new owner with the help of Ben Firestone, Michael Segal and Lauren Nagle of Blueprint Healthcare Real Estate Advisors. The two communities, located in the Kansas City, Kansas MSA, were built in the early 2000s but have received subsequent renovations. Leawood Gardens is a 70-unit assisted living/memory care community in Johnson County, and Blackhawk Assisted Living has 48 units of AL and MC in Miami County. According to our M&A... Read More »
HJ Sims Refinances Benedictine Health System
Benedictine Health System, a Minnesota-based not-for-profit organization affiliated with the Catholic church, recently obtained $132.4 million in financing arranged by HJ Sims. Historically, the organization and its affiliates were financed on a standalone basis, resulting in 36 separate series of outstanding debt for 19 different borrowers. Plus, the series were held by eight different banks or servicers with disparate terms, covenants and reporting requirements. As such, the board and executive leadership team wanted to restructure its capital framework, change its service mix and invest in improvements at existing campuses, and engaged HJ Sims in August 2020. Sims built an initial... Read More »Schedule a demo
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