Tryko Partners Marches Into The South
With most of its acquisitions located between Maryland and Massachusetts, New Jersey-based Tryko Partners has expanded its reach into Virginia with the purchase of three skilled nursing facilities with a total of 563 beds. They are located in Alexandria, Richmond and Colonial Beach, and represent the company’s first acquisition in the state. No purchase price was disclosed, but historically Virginia has been a relatively high-priced market, with an average price per bed over the past five years north of $100,000. That kind of state details will be in our soon-to-be-published Senior Care Acquisition Report. Tryko plans on investing close... Read More »
Justin Hutchens Moves to Ventas
After several years of living across the pond, Justin Hutchens has decided to return home. Following a successful stint as CEO of HC-One, the UK’s largest senior care provider with more than 300 facilities, Hutchens will be moving to Chicago to be EVP, Senior Housing, North America at Ventas. We have known Justin for almost his entire career in senior living, and not only like him, but have a lot of respect for what he has accomplished. However (isn’t there always a however?), this will be the second CEO position he has left (National Health Investors was the other), and our gut tells us there must be something else because he will be one of four EVPs at Ventas. Yes,... Read More »
Owner/Operator Makes Big Purchase in North Carolina and Kentucky
An experienced owner/operator just bought a large portfolio of skilled nursing facilities in North Carolina and Kentucky, thanks in part to first-lien debt financing provided by Monticello Asset Management and its affiliates. The acquisition involved 12 SNFs evenly split between the two states. The properties averaged a 1977 vintage, and the gross building area totaled 402,554 square feet. There was also one skilled nursing facility already in the buyer’s portfolio that was refinanced in the deal. Altogether, there were 1,357 beds across the portfolio, bringing the buyer’s total to more than 8,750 licensed beds. Monticello had worked... Read More »
Brookdale’s Stock Surges
There will be a time when we don’t wait to see what Brookdale Senior Living has done each quarter and use it as a barometer for the industry, but that time is not yet here. Brookdale did not report any surprises for the fourth quarter, which in the environment of the past several years is good news because surprises have generally been negative. What they did report is that they have basically started their rise from the bottom, even though the rise will be too slow for many shareholders. First off, same-community occupancy increased 30 basis points sequentially and posted an increase for the second straight quarter. Occupancy was also 110 basis points higher than the... Read More »
Can We Be Inspired?
High-end urban senior living may be the next big thing, but it will not be cheap. So, I was on a train Monday heading out of New York City and I looked up and saw an ad on the wall with a big “Senior Living” in the middle. Of course, it caught my attention. So I walked up to it and saw that it was an ad for the new Inspīr at Carnegie Hill being developed by Maplewood Senior Living and Omega Healthcare Investors on the Upper East Side of Manhattan. Construction started in June 2017 and it is supposed to open at the end of this quarter. With 23 floors, 212,000 square feet, 215 units and at an initial cost estimate of $285 million, it will be the most expensive assisted living community ever... Read More »
Regions Bank Announces Flurry of Financings
The Regions Bank Healthcare Real Estate Team and Regions Capital Markets had quite the Q4, closing more than $121.4 million in balance sheet and agency loans. First, to HUD, Jack Boudler of Regions secured a $4.57 million loan to fund the addition and renovation of a small skilled nursing facility in the Midwest. The facility currently features 60 beds, with 25 private and 35 semi-private rooms. The addition will include 24 more private rooms, a new 2,143-square foot therapy area with a dedicated exterior door, an employee breakroom and administrative spaces. Regions also closed a Fannie Mae financing, with Amber Crosby and Russ Phillips leading the way on two cross-collateralized loans... Read More »
Blueprint Sells Jacksonville SNF
Trent Gherardini of Blueprint Healthcare Real Estate Advisors facilitated the sale of a 120-bed skilled nursing facility in Jacksonville, Florida. Representing the long-time private owner/operator, he found a buyer in a private ownership group that paired with a regional operator to acquire the property. The purchase price came to $12.6 million, or $105,000 per bed. Originally built in 1967, the facility is located in the heart of Jacksonville. Historically, it operated well, and EBITDAR was trending even higher during the sale process. The buyer must have liked that momentum and will hope to capitalize on it going forward. Read More »
CIT Closes New Generation/Genesis Financing Package
CIT Group Inc. announced its involvement in New Generation Health LLC’s takeover of 19 senior care facilities previously operated by Genesis HealthCare, leading the way on a nearly $100 million financing package. The facilities are located in California, Washington and Nevada and include skilled nursing, assisted living and behavioral health assets. New Generation assumed operational responsibility of all 19 facilities, but also acquired the real estate at seven of the facilities, for a total purchase price of $79 million. Genesis will also retain an indirect 50% interest in the portfolio and provide administrative and back office services, pursuant to administrative support agreements, as... Read More »
After Long Road to Opening, Texas Senior Living Community Sells
The JLL Seniors Housing Capital Markets team including Charles Bissell, Cody Tremper, Mike Garbers, Zach Rigby and Jason Skalko represented the seller of a 189-unit senior living community in Longview, Texas. Developed in 2018 adjacent to the Longview Regional Medical Center, the community features 126 independent living, 41 assisted living and 22 memory care units. There are also plenty of amenities, like an outdoor pool and patio area, bocce ball court, a bistro/bar and others. The project had trouble getting off the ground, until Austin-based private equity firm Thrive FP bought it for $20.7 million, or about $110,000 per unit, in a bankruptcy auction. Citizens National Bank financed... Read More »
Walker & Dunlop Refinances Two Senior Care Facilities
Walker & Dunlop refinanced two balance sheet loans it had provided over three years ago to two senior care facilities in Texas and Alabama. Kevin Giusti and Michael Vaughn had arranged the prior short-term loans, which came with terms up to three years, interest-only payments throughout the life of the loans and floating interest rates. Built in 2011, the Lubbock, Texas skilled nursing facility was expanded in 2013 and now features 96 private units. In 2016, it received a $15.5 million loan, which represented a 75% loan-to-value. The Huntsville, Alabama property is a CCRC that was built in 1980, with a skilled nursing facility added in 2015. It features 312 units with independent... Read More »Schedule a demo
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