SLIB Closes Illinois and Maine Transactions
The deals keep on coming from Senior Living Investment Brokerage. Jeff Binder and Ryan Saul first announced the sale of a supportive living facility in Jacksonville, Illinois on behalf of a regional owner/operator who was looking to retire from the industry. Built in 2004, the community features 86 units, including studio, one-bedroom and two-bedroom options. At the time of marketing, an application was submitted to the state for certification in the SLP Dementia Care Program, which was approved during the closing process, allowing the new owner to add 10 memory care units in a part of the building that was purpose-built for them. Occupancy was 90% at the time of the sale, but there is not... Read More »
Strawberry Fields REIT Invests in Indiana SNF
Strawberry Fields REIT grew its portfolio yet again, with the purchase of a 72-bed skilled nursing facility in Muncie, Indiana (Indianapolis MSA), pushing the REIT’s total SNF holdings to over 70 facilities. Strawberry Fields is no stranger to this property, having been leasing and subletting it from the previous landlord since November 2011. They picked up the property for $3.15 million, or $43,750 per unit, in an all-cash transaction. Built in 1972, the facility was part of an Indiana county hospital UPL tie-up with Henry County Hospital and is being managed by Infinity Healthcare Management. It offers both comprehensive medical and rehabilitative therapy services, in addition to... Read More »
Minnesota Assisted Living Community Gets A New Neighbor
In a deal that was anything but ordinary, Ray Giannini of Marcus & Millichap sold an assisted living community plus an adjacent vacant skilled nursing facility in Owatonna, Minnesota for about $2.95 million, or $59,100 per unit. Steele County previously owned both of the buildings and brought in Benedictine Health System (BHS) to manage them. Built in 2002, the 50-unit AL community was operating decently with a nearly full, all-private pay census and a margin around 15% on $1.5 million of revenues. Since it was county-owned, we imagine there is a lot of room for improvement in controlling expenses. However, at the SNF, BHS had gradually transferred the beds out of the 1970s-era... Read More »
ALP Community Obtains Financing from Monticello
Monticello Asset Management, a specialized private real estate and asset-based lender, asset manager and servicer, just provided $40 million in 10-year, first lien debt for an assisted living community in the Bronx, New York. The 256-bed community participates in the Assisted Living Program, which was introduced in the state around 30 years ago. In short, the ALP program provides a higher level of care (close to skilled nursing) in an assisted living setting for Medicaid residents. It’s a win for the state, which can reimburse nearly skilled nursing level care at a lower rate, and for the providers, which can take in Medicaid residents at a significantly higher rate. Even with the higher... Read More »
Capital Funding Secures Bridge Financing for Illinois Portfolio Acquisition
A portfolio of six skilled nursing facilities located throughout Illinois sold with the help of bridge financing secured by Capital Funding, LLC. Totaling 594 beds, these facilities are operated by Crown Healthcare, a family-owned company that owns and operates skilled nursing and senior living properties across five states, with its primary focus in the Ohio market. The bridge loan, originated by Craig Casagrande, funds 100% of the acquisition costs. In addition, Capital Funding financed the operations of a seventh skilled nursing facility and also provided about $5.5 million in working capital. Ultimately, they expect to refinance the debt through HUD. This deal follows Capital Funding’s... Read More »
Christian Living Communities Adds to Colorado Portfolio
Christian Living Communities, a Denver-based not-for-profit owner/operator of senior living communities across the country, added a 26th property to its portfolio. Located in Grand Junction, Colorado (just east of the Utah border), the community features 40 assisted living and 26 memory care units. Assisted living rents range from $4,450 a month for a studio to nearly $6,600 per month for a two-bedroom unit, while monthly memory care rates started at $6,620 and went as high as $7,030. Additional care fees can also add $535 to $1,535 a month to the bill. That’s a pretty high price point for the area. Confluent Senior Living developed the property in 2017 at a cost around $12.5 million, or... Read More »
Recent Senior Care M&A Deals, Week Ending November 15, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Georgia-based owner/operator2 senior living communities in GA$30 million Northeast-based real estate investment firmSouthern Manor Living Centers Portfolio$12 million LCSThe Solana DoylestownN/A Publicly traded REITAtria RichardsonN/A AviaRent InvestAssisted living community in... Read More »
Meridian Capital Closes Two New England Acquisitions
Meridian Capital Group’s mortgage brokerage business has been red-hot so far this year, but its investment sales side has been quite robust as well. All told, the team at Meridian has closed nearly $2.8 billion in business, so far in 2019. Not too shabby. Most recently, Ari Adlerstein, Ari Dobkin and Josh Simpson announced two portfolio sales closed for skilled nursing clients in New England. The first transaction saw six skilled nursing facilities and 536 total beds sold to an institutional buyer. A regional operator is taking over the operations under a triple-net lease. Meridian also arranged a balance sheet loan with a national lender, plus a separate A/R line of credit, to fund the... Read More »
Burke Wraps Up Tennessee Transaction
Patrick Burke of Senior Living Investment Brokerage sold a portfolio of three assisted living communities located throughout Middle Tennessee. A group of local investors originally built these properties in the early 2000s to address a need for senior care in smaller, rural markets. As such, there is limited competition at a couple of the locations, and occupancy averaged around 95% for the portfolio, with a 100% private pay census. Plus, the property in the more competitive market was fully occupied. So, the operator (one of the investors) was doing something right. The portfolio consists of a 50-unit community in Lebanon (about 30 miles east of Nashville) and two 38-unit communities in... Read More »
Cushman & Wakefield Refinances Southwest Florida CCRC
Cushman & Wakefield Senior Housing Capital Markets, in collaboration with Bridge Structured Finance, successfully refinanced a large CCRC in Venice, Florida (near Sarasota) on behalf of its owners, joint venture partners Bridge Investment Group and Freedom Management. Over four years ago, C&W originally arranged a $52 million secured term loan and a revolving line of credit from Capital One to both recapitalize the property and provide for future renovations. Built in phases from 1999 to 2015, the property currently features 436 independent living, 19 assisted living and 36 memory care units across four main buildings, in addition to 47 separate villas. Residents have both... Read More »Schedule a demo
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