Recent Senior Care M&A Deals, Week Ended January 24, 2020
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Experienced owner/operatorSkilled nursing facility in Rural Retreat, VAN/A Illinois-based SNF operatorSt. Pauls HouseN/A Private equity owner/operatorSkilled nursing/assisted living facility in OH$8.5 million Not disclosedElmcroft of... Read More »
Brookdale Buys Eight NHI-Owned Communities
Brookdale Senior Living exercised its purchase option on eight assisted living communities that it operated on behalf of the owner, National Health Investors. The transaction was hinted at in NHI’s third quarter earnings report, which noted the properties as being held for sale. And Eric Mendelsohn, President and CEO, confirmed in the Q3 earnings call that the purchase price would start at a base of $37 million, with a fair market value component as high as $5 million which NHI and Brookdale would split 50-50. In the end, Brookdale paid $39.26 million, or $116,845 per unit. The eight communities, which were located in three states and totaled 336 units, contributed 2019 GAAP revenue of... Read More »
Blueprint Handles Large Louisiana Portfolio Deal
So, it begins. Brooks Blackmon and Steve Thomes of Blueprint Healthcare Real Estate Advisors announced the firm’s first 2020 closing, selling a portfolio of five seniors housing communities in Louisiana. Representing the Georgia-based owner/operator who had originally developed the communities, the pair found a buyer in a joint venture between Griffin-American Healthcare REIT IV and Georgia-based Senior Solutions Management Group (SSMG). Built in the late-1990s, the communities boasted a good reputation in their local markets and historically stable operations. However, the previous owner was looking to refocus on development in their home state, so a sale was pursued. SSMG entered the... Read More »
Tryko Partners Picks Up Another Philly-Area SNF
Private equity firm Tryko Partners added to its Philadelphia-area skilled nursing portfolio with the acquisition of a 240-bed facility in the city’s Lexington Park neighborhood. Situated on a 1.8-acre site about five minutes from the 133-bed Nazareth Hospital, the SNF provides post-acute, short-term rehab and long-term care. Occupancy at closing was 89%. The purchase price was not disclosed, but Tryko will invest millions to renovate the facility, including updates made to the patient rooms and common spaces, while also adding a state-of-the-art therapy gym. Read More »
Cambridge Realty Capital’s Two HUD Closings
Cambridge Realty Capital Companies provided two HUD loans totaling $24 million to refinance two senior care campuses in Ohio. The Lisbon property is a 76-bed skilled nursing/assisted living facility, while the skilled nursing/assisted living facility in Mineral Ridge has 181 beds. Both facilities feature private and shared units, restaurant-style dining and housekeeping and laundry services. They also provide a variety of healthcare services including dentistry, podiatry, IV therapy, optometry, audiology, psychology and medical imaging. Cambridge arranged the fully amortizing 30- and 35-year loans on behalf of the Ohio LLC borrower. Read More »
Jump Starting Your Occupancy
As occupancy rates begin to rise, make sure you have all the necessary tools to ensure your occupancy rises faster than the competition. Isn’t it about time to take a fresh look at how you are marketing your seniors housing community, and turn those leads to move-ins so you can finally get your occupancy above 90%, and maybe even 100% with a wait list? A pipe dream, you might say. But without the proper tools, it will be a pipe dream. And without knowing what new techniques are available, especially in this increasingly digital age, you will never reach that goal of a wait list. According to NIC MAP, occupancy may have bottomed out last quarter. That’s great news, but you also don’t want... Read More »
Evans Senior Investments Sells in…Sellersville
Evans Senior Investments is keeping the closings coming, following up on its five deals in December with its first 2020 transaction. Located in Sellersville, Pennsylvania (about 30 miles north of downtown Philadelphia), the target was a 94-unit assisted living/memory care community. It was built in 2007 and renovated in 2018, with a current mix of 54 AL and 40 MC units. The recent updates included new flooring, full property furniture replacement and new dining operations. Occupancy has been consistently strong, currently sitting at 94% with a 100% private pay census, and the community operated at a 24% EBITDAR margin. It was also implementing a substantial rate increase at the time of the... Read More »
Senior Care Realty Handles Wisconsin Transaction
Mark Van Den Broeke of Senior Care Realty certainly had his hands full in the sale of a 66-unit assisted living community in northeast Wisconsin. That’s because in addition to working with the current tenant, he worked with the two individual landlords of the property too. Originally built in 2012, the property is made up of three 22-unit buildings, two of which were owned by one landlord, with the other building owned by the second landlord. Occupancy was 79%, with a 100% Medicaid census, and in 2018 it was earning about $500,000 in NOI on nearly $2.5 million of revenues. The tenant, who owned the operations, was looking to exit the business when the lease ended in a few years, but she... Read More »
Cushman & Wakefield Ends 2019 With A Bang
The Cushman & Wakefield team led by Rick Swartz, Jay Wagner and Aaron Rosenzweig ended 2019 with a bang. In the last six weeks of the fourth quarter, they closed eight separate sales involving 18 properties and 1,908 units for a total consideration in excess of $500 million. The largest transaction was a seven-property portfolio for $103.25 million on behalf of Diversified Healthcare Trust. The team also placed the acquisition financing on several of the sales. A few smaller portfolios included the sale of three assisted living and memory care communities with 248 units in the Boston metro area and a two-property portfolio of 220 units in Albuquerque, New Mexico and Austin, Texas on... Read More »
Blueprint Sells Two Struggling Senior Care Facilities
Two Blueprint Healthcare Real Estate Advisors teams arranged a couple of sales of struggling senior care facilities. First, Christopher Hyldahl, Gideon Orion and Kendra Gonzalez represented a private real estate investor in its sale of a 50-bed skilled nursing facility in the Los Angeles, California market. Some $1.7 million was spent on capital improvements over the past three years, of which $800,000 was used to prepare the facility for the approval of 27 subacute care beds. The facility has strong per-patient day reimbursement rates and a good historical CMS star rating. However, it was losing money on about $4.25 million in top-line revenue and had over $250,000 in outstanding QA fees.... Read More »Schedule a demo
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