Blueprint Closes New England Assisted Living Sale
The husband and wife owners of an assisted living community in Dover, New Hampshire started on their path to retirement with the help of Steve Thomes of Blueprint Healthcare Real Estate Advisors. Originally a historic colonial home that was converted to assisted living, the unique community still has a bed a breakfast feel to it. However, a local operator/developer saw the chance to refurbish and expand the property, purchasing it for an undisclosed amount. The husband and wife team will remain as the operator under a lease until the development project is completed, at which point operations will transfer to the new real estate owner. The transaction closed with an assist from former... Read More »
Breaking News
Chicago-based JLL announced it is buying HFF, Inc. in a $2 billion cash and stock deal. We wonder whether HFF management was so distraught after the seniors housing team jumped ship two months ago that they just had to sell. All kidding aside, the combination of these two firms will create one sizable company that will compete on many fronts. Read More »
Does Size Matter in Seniors Housing?
Last week, we took a look at the relationship between the size of the skilled nursing facility and the price it sold at, according to statistics from our just-published Skilled Nursing Acquisition & Investment Report. And like skilled nursing facilities, the larger the seniors housing property, the higher price paid for it, generally. That is because larger institutional properties can take advantage of scale to boost cash flow and thus its value. In addition, the majority IL communities tend to be large and IL has commanded high prices in most years. There are indeed smaller “boutique” memory care communities that can command a high per-unit price because of the rents they can charge... Read More »Recent Senior Care M&A Deals, Week Ending March 15, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Local operatorWadleigh HouseN/A Not disclosed3 WI skilled nursing facilitiesN/A Private skilled nursing investor12 VA skilled nursing facilitiesN/A Owner/operator2 TN skilled nursing... Read More »
Did Skilled Nursing Investors Pay for Size in 2018?
The skilled nursing market has been going through many changes in recent years as it adapts to new reimbursement policies, shorter lengths of stay and more medically-complex patients. But did all of that affect what buyers will pay for size in 2018? Well, according to the 2019 Skilled Nursing Acquisition & Investment Report (available soon), there was a perfect correlation between size of nursing facility sold and the average price per bed for the second year in a row. Historically, larger facilities have commanded the higher prices because of their ability to scale, lower the per patient costs and fill beds with Medicaid patients at will. However, those advantages may soon backfire... Read More »
Dwight Capital Closes the Bridge
Dwight Capital had a busy February for bridge loans, closing four separate loans for more than $13.7 million. The bridge loans included $3.96 million for a 12-bed skilled nursing facility in Kansas and a $3.7 million loan for a three-facility, 193-bed portfolio that was sold by a not-for-profit to a repeat client of Dwight Capital. In addition, the Dwight team closed a $3.77 million bridge loan on a 116-bed SNF in New Jersey for a buyer that owns and operates several facilities in the state. Finally, they closed a $2.34 million bridge loan on a 32-bed assisted living community in New York. Once the HUD refinancing is completed, Dwight Capital will be providing a supplemental loan for the... Read More »
Love Funding Closes Construction Bridge Loan
Leonard Lucas of Love Funding closed a $10.5 million bridge-to-HUD construction loan for a transitional rehab facility in Yuma, Arizona. The new facility will have 32,000 square feet and 41 private rooms. It will be 100% Medicare and managed care with no Medicaid patients. The bridge loan was placed with Love Funding’s parent company, Midland States Bank. This is the second bridge-to-HUD construction loan obtained through Love Funding in the developer/operator’s portfolio. Read More »
Meridian Gets It Done in Virginia
The team of Ari Adlerstein, Ari Dobkin and Josh Simpson of Meridian Capital Group closed a large financing for the acquisition of a portfolio of 12 skilled nursing facilities located throughout Virginia. Totaling 1,346 beds, the portfolio is now owned by a private skilled nursing investor. A finance company provided the $90 million loan. Read More »
Capital Senior Living Jumps
After plunging to a low of $3.82 per share after fourth quarter earnings were released, shares of Capital Senior Living are showing some bounce. We are sure the market has noticed that the C-Suite has been buying. The price is now up 26% in less than a week. Timing is everything, and the CEO added to her holdings with the purchase of 10,000 shares at $3.954 on March 7 and the CFO 5,135 shares at $3.886 the next day. Even two directors added to their holdings at the same time. I guess they all thought enough was enough. Investors always want to see insiders making purchases, especially on the price downturn, which demonstrates confidence in future performance. Activist investor Cove... Read More »
New York Real Estate Firm Enters SNF Market
Patrick Burke of Senior Living Investment Brokerage sold a pair of southern skilled nursing facilities to a Northeast-based real estate investment firm. Totaling 243 beds, the facilities were built between 1986 and 1990 and combined for 75% occupancy. The seller, an independent owner/operator, decided to exit the long-term care industry, after the problems started mounting at the Kentucky facility. Litigation concerns and rising insurance premiums caused cash flow to plummet at the location. The Tennessee facility was essentially operating at breakeven, and combined, they brought in nearly $14.1 million in revenues. Around 36% of the census came from private pay and Medicare patients (not... Read More »Schedule a demo
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