Senwell Arranges Another SNF Bed Sale
We’ve seen many skilled nursing facilities close this year and many long-time owner/operators exit the industry altogether, citing its more complicated regulations, difficult operating environment and capex needs. Bucking that trend, a regional skilled nursing operator in Ohio wanted to build a brand-new, state-of-the-art facility in Franklin County (outside of Columbus), but didn’t have the bed licenses. And they needed a significant number of them. So, Ben Bohland of Senwell Senior Investment Advisors worked to find a seller, guide them both through the CON application process and close the deal by year-end. One seller emerged, a national senior care operator that was changing its... Read More »
Newmark Closes Out 2019 With A Bang
We told you that the folks at Newmark Knight Frank were going to have a big year end, and in the days just before Christmas they closed four transactions worth about $550 million in total. Not a bad way to end the year, and we hope they are all off on vacation until January 5. In the largest transaction, Ryan Maconachy and Chad Lavender sold a portfolio of three Discovery Senior Living-operated assets on behalf of Kayne Anderson. The three communities with 483 units are located in Virginia, Pennsylvania and Delaware and average about 45% independent living, 34% assisted living and 21% memory care units. Overall occupancy is a solid 94%. The buyer was Partners Group, an international... Read More »
Blueprint Handles Two More REIT Sales
The closings keep coming from Blueprint Healthcare Real Estate Advisors, as the firm has announced a series of acquisitions in the last couple weeks of the year, mainly for publicly-traded REIT clients. Ben Firestone, Michael Segal, Alex Florea and Scott Frazier first teamed up to sell an assisted living/memory care community in Escondido, California (an affluent suburb of San Diego). Previously owned by an LLC affiliated with Ventas, the community was originally built in 1986 and expanded with a new independent living building in 2006. Initially, the community offered a full spectrum of care from independent living to skilled nursing. However, the new IL building was converted to... Read More »
Recent Senior Care M&A Deals, Week Ending December 27, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice East Coast-based REITThe Abbington Senior Living Portfolio$49 million Pacifica Companies LLCThe Woodmark at Sun City$7.25 million Family-owned operator2 assisted living communities$945,000 Local buyerLas Villas Del Norte$91... Read More »
Blueprint Announces Two Assisted Living Deals
The year may be wrapping up, but Blueprint Healthcare Real Estate Advisors has not been slowing down, announcing a couple of acquisitions during Christmas week. Ben Firestone, Michael Segal and Alex Florea first teamed up to sell two assisted living communities in the Midwest on behalf of a publicly-traded REIT and its national operator partner. Located near Oklahoma City, Oklahoma and Wichita, Kansas, the communities combine for 52 units and 16,000 total square feet. They were built in 1993/94, with renovations completed in 2016. Thanks in part to strong reputations in their local markets, operations were solid as well, with occupancy over 90%, a primarily private pay census and steady... Read More »
REIT Buys Utah Senior Living Portfolio
Evans Senior Investments sold a portfolio of three new assisted living/memory care communities in the Salt Lake City, Utah metro area known as The Abbington Senior Living Portfolio. Totaling 229 units, split between 174 assisted living and 55 memory care, these communities were developed in the last five years, but two of the properties were still in the final stages of lease-up at the time of the sale. Occupancy averaged 85%, with a 93% private pay census, and the portfolio generated a 28% EBITDAR margin in the trailing 12 months. One community was subject to a long-term land lease. A real estate private equity company sold the portfolio to an East Coast-based REIT stepped in to purchase... Read More »
Chicago Pacific Founders Acquires Again
Chicago Pacific Founders appears to be wrapping up 2019 with its sixth acquisition of the year, and eighth added property. The target was a 113-unit assisted living/memory care community in Naples, Florida, located just three miles from the city’s Fifth Avenue District and near shopping centers, medical facilities and entertainment venues. It was previously owned by Prevarian Senior Living and operated by Visiting Nursing Management Company. Terms of the deal weren’t disclosed, but CPF will invest in improvements at the property and will have Grace Management take over as operator. Chicago Pacific’s previous acquisitions this year included two in Arizona, two in Texas and a three-property... Read More »
NorthMarq Finances New York Community
The owner of a seniors housing community in Mount Vernon, New York (Westchester County) just refinanced and cashed out of the property with the help of NorthMarq. Built in 2005, the 20-unit community was fully occupied. Robert Ranieri, senior vice president and managing director of NorthMarq’s White Plains office arranged an $800,000 loan through The Westchester Bank that allowed the borrower to realize his long-term equity in the property. The loan came with a seven-year term and 30-year amortization schedule. Read More »
Blueprint Closes Three Transactions
Some senior care investors have been doing some last-minute Christmas shopping, with Blueprint Healthcare Real Estate Advisors announcing several sales. First, the team of Jacob Gehl, Humair Sabir and Scott Frazier represented an owner/operator looking to retire with the sale of their 35-unit (70-bed) assisted living community in Mission Valley, California (San Diego MSA). Blueprint was tasked with confidentially marketing the community and closing its sale within the calendar year. The property’s attractive location resulted in several competitive offers, but Bayshire Senior Living, a growing regional owner/operator with three other communities in the San Diego market, was ultimately... Read More »
CBRE Originates Second Fannie Mae Financing for NC Community
The CBRE team of Aron Will, Austin Sacco and Tim Root arranged a refinance of a 100-unit independent living community in Durham, North Carolina, just two years after financing the property’s acquisition. Originally built as a hotel in 1985 but renovated and converted to IL in 2013, the community was purchased by Focus Healthcare Partners in October 2017 for $15.8 million, or around $160,000 per unit. At the time, it was fully occupied and operated at close to a 30% margin on over $3.1 million of revenues. The deal resulted in a cap rate of about 6.3%. Amenities include an interior courtyard with an in-ground pool, bocce court, putting green, theater, library, coffee/juice bar and community... Read More »Schedule a demo
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