West Virginia Finds a Buyer for Four SNFs
Skilled nursing deals in West Virginia seem to attract a lot of attention, since it is a highly desirable state to operate SNFs and the small pool of facilities in the state simply means that they rarely come up for sale. But the governor, Patrick Morrisey, just announced that West Virginia has agreed to sell four state-owned skilled nursing facilities totaling 511 licensed beds that were losing around $6 million a year, according to the governor’s office. The prospective buyer is Marx Development Group, a New York-based real estate developer and manager that is focused on several real estate sectors, including hospitality, residential, commercial and healthcare facilities. The deal... Read More »
Sonida Sees Slight Census Growth
Sonida Senior Living continues its upward occupancy march and announced some positive operations news in its latest earnings report, but its growth was curbed somewhat in the second quarter, at least on a year-over-year basis. First, with the good news, Sonida reported the July end of period spot occupancy for the same-store communities was 88.2%, which is a record high and increased 60 basis points versus June. However, weighted average occupancy for Sonida’s same-store portfolio only increased 40 basis points to 86.5% in the second quarter of 2025 from 86.1% in Q2:24. In the earnings call, President and CEO Brandon Ribar commented that they had seen an “unusually high uptick in... Read More »
Three Separate Deals Close for PA and KY SNFs
Jeffrey Vegh and Joe Schiff of Forest Healthcare Properties closed three skilled nursing transactions. The first deal involved the sale of two skilled nursing facilities that sit near each other just outside Philadelphia, Pennsylvania. The cash-flowing assets total 242 beds. The seller was a New Jersey-based operator, and the buyer entered the state through the acquisition. Forest handled two additional closings, both in Kentucky. In Louisville, a SNF with more than 120 beds and an occupancy rate above 85% changed hands. The buyer was a large regional operator looking to expand its existing footprint in the state. The final transaction involved two SNFs in rural Kentucky, near the... Read More »
Non-Performing SNFs Trade Hands in Miami
Evans Senior Investments represented a regional, Florida-based owner/operator in the sale of two non-core assets, Pinecrest Rehabilitation Center and Tamarac Rehabilitation and Healthcare Center. That seller was NuVision Management, which commented on the eventual purchase price exceeding its expectations, especially for non-performing assets. Built in 1967 and 1979, the two skilled nursing facilities are less than 30 miles from each other in Miami, Florida, and encompass 220 total beds. At the time of securing the buyer, both facilities were losing money, and ESI highlighted the upcoming Medicaid rate increases. No other details were disclosed. Read More »
Independent Living Buyer Plans to Utilize Michigan Choice Waiver Program
A high-quality independent living community sold in northern Michigan, thanks to Justin Knapp and Jim Knapp of The Knapp-Stahler Group at Marcus & Millichap. Whispering Pines was purpose-built in Lake City with 48 units. It boasted strong in-place occupancy and faced little local competition. Across the 19 acres, there are also wooded walking trails, a large pond and a central clubhouse. The community offered an opportunity for a new owner to serve a broader population through the Michigan Choice Waiver program, which the undisclosed buyer will do. Read More »
Pennsylvania Portfolio Secures Bridge Loan
Greystone provided a $64.96 million bridge loan for a senior care portfolio in Pennsylvania comprising three assets with 506 beds. The financing was originated by Christopher Clare, David Young, Ryan Harkins, Ben Rubin, Parker Nielsen and Liam Gallagher. The non-recourse interest-only bridge loan carries a 24-month term, two six-month extension options and a floating rate. It allows the borrower to improve operations while working with Greystone to secure HUD-insured permanent financing. The portfolio includes a combined total of 408 skilled nursing, 76 assisted living, 12 memory care and 10 independent living beds. Read More »
Cassia Senior Community Services Announces New CEO
Cassia Senior Community Services, a not-for-profit senior care operator, announced Matthew Kern as its next president and Chief Financial Officer, effective October 1. Kern is succeeding CEO Bob Dahl, who is retiring after 31 years with the organization. Kern brings 25 years of experience in the field and has served on Cassia’s executive leadership team since 2017, most recently as Chief Operating Officer. Read More »National Health Investors in the Mood to SHOP
National Health Investors posted another good quarter and, like many other companies, increased their earnings guidance for the rest of the year based on current performance as well as expected new investments. The REIT’s small SHOP portfolio posted a 29.4% year-over-year increase in NOI and will be transitioning six communities to the portfolio which had been triple-net leased. During the second quarter, NHI purchased six assisted living and memory care communities in Nebraska for $63.5 million, or $308,300 per unit. They will be leased at an initial rate of 8.0% plus 2.0% annual escalators for an initial 15-year term. See details on the deal here. In addition, the REIT is providing... Read More »
KIRCO Refinances Class-A Community
Berkadia announced the refinancing of Monark Grove Madison, a Class-A, 132-unit, independent living and memory care community developed and owned by Michigan-based KIRCO. Steven Muth, Austin Sacco, Garrett Sacco and Alec Rosenfeld of Berkadia Seniors Housing & Healthcare secured a loan through a national bank. The deal closed on July 15 after a competitive process. Alabama-based Atlas Senior Living manages Monark Grove in Madison, Alabama. The property affords convenient access to Madison Hospital, multiple shopping centers, Huntsville International Airport, and Madison Golf Center. It was built in 2022 and features 105 independent living and 27 memory care units with... Read More »BMO Closes Facility for MCAP Acquisition
BMO’s Healthcare Real Estate Finance group closed a large facility to facilitate the acquisition and renovation of nine seniors housing communities in Virginia. Totaling more than 780 beds, the portfolio will continue to be managed by Commonwealth Senior Living on behalf of the new owner, Municipal Capital Appreciation Partners (MCAP). This was part of Invesque’s sale of its 20-property Commonwealth Senior Living portfolio, approved earlier this summer. MCAP emerged to repurchase the properties after selling them to Invesque in 2019 for $340.4 million. The whole portfolio is mostly in Virginia, with locations in Connecticut, Maryland, Michigan and Pennsylvania. To fund the acquisition and... Read More »Schedule a demo
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