Recent Senior Care M&A Deals, Week Ending February 7, 2020
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice The Portopiccolo Group3 skilled nursing facilities in MD & NCN/A Greystone 13 senior care facilities in IL & MON/A California-based REITCedar Creek Senior LivingN/A Regional operatorSenior Haven$11.1... Read More »
California-Based REIT Buys in Fresno Market
Evans Senior Investments handled the sale of a 112-unit senior living community in the Fresno, California market, representing its independent owner in the transaction. Built in 2005 in the town of Madera, the community presented an opportunity to improve operations through synergies and expense management. It offers independent living, assisted living and memory care services, and was 87.6% occupied in the 12 months prior to the sale, with a 100% private pay census. A California-based REIT stepped in as the buyer, paying an undisclosed price. The transaction comes amid a flurry of activity from Evans Senior Investments, which recently closed deals in Georgia, Indiana, Utah, Minnesota and... Read More »
Cushman & Wakefield Closes Carmichael, California Refinance
After recently renovating its senior living community in Carmichael, California (Sacramento MSA), Auctus Capital Partners is refinancing the property, retaining the team of Aaron Rosenzweig, Sam Dylag, Rick Swartz and Jay Wagner of Cushman & Wakefield to get the deal done. Originally built in 1975 and renovated in 2000, it was sold in 2003 to Nicol Investment for $6 million, or $71,400 per unit, and then in 2015 to Auctus for an undisclosed price. Cushman & Wakefield arranged first mortgage financing for that purchase, with Owens Financial, a San Francisco-based lender, providing the loan. Since Auctus took over, it has executed on a strategic renovation and unit conversion... Read More »
Punzel Sells in Portland
It wasn’t a complete exit, but a local owner/operator in Portland, Oregon sold its assisted living community with the help of Brad Goodsell, Jason Punzel and Vince Viverito of Senior Living Investment Brokerage. This was the seller’s only senior living community, but they will stay on as a consultant post-closing. A regional operator with several communities in Washington acquired the property, its first in the state. Originally built in 2012 and expanded in 2018, the 47-unit/50-bed community catered to a high-acuity population. It was operating well, with 96% occupancy and a 39% margin on over $2.9 million of annual revenue. So, the incoming owner won’t change much, and why should they?... Read More »
Ziegler Finances SNF Repositioning/Renovation Project
Ziegler worked on behalf of St. Ann’s of Greater Rochester, a seniors housing and health services provider in the Rochester, New York area, to fund a campus-wide improvement project that started in 2015. The first phase involved the relocation of 34 post-acute rehabilitation beds from one facility to the ninth floor of its largest skilled nursing facility, St. Ann’s Community. Phase II will be comprised of a renovation to floors three through eight of St. Ann’s Community, and will result in a net-reduction of 96 beds. Together with other available funds, St. Ann’s received $108.825 million in tax-exempt, fix-rate bonds to finance the project, capitalized interest, outstanding indebtedness... Read More »
Values Surge Despite Persistent Worries
The 25th Edition of The Senior Care Acquisition Report is almost ready, but get your sneak preview and analysis in our upcoming webcast. We are diligently working on the 2020 edition of the Senior Care Acquisition Report, which we hope to have ready for publication by the end of the month. It will be the 25th edition of this market-leading report, and it has valuable M&A statistics that you will not find anywhere else, including trends over multi-year periods. Well, that is not exactly true. Next week we will be releasing some of those statistics in our annual webcast on the state of the seniors housing and care M&A market. Our panel will include brokers from Cushman &... Read More »
Genesis HealthCare Sheds More SNFs
Genesis HealthCare continues to pare down its skilled nursing portfolio, putting the leaner company on surer financial and operational footing. The provider entered into a series of agreements with New Generation Health, LLC to transition operational responsibility for 19 facilities in California, Washington and Nevada. For six of those facilities, Genesis sold both the real estate and operations, while just transferring the operations of the 13 remaining skilled nursing, behavioral health and assisted living facilities, for a total of $79 million. Genesis will still retain an indirect 50% interest in the portfolio, but for day-to-day operations, it’s out. The company will still provide... Read More »
Greystone Takes Over Rosewood Care Centers Portfolio
Greystone Healthcare Management Corp. formally took over ownership of a portfolio of 13 senior care facilities in Illinois and Missouri, and entered two new states as a result. Before February 3, the skilled nursing owner/operator managed over 30 long-term care and rehab facilities, all in Florida. But it has expanded into two new states in a big way. Comprising 1,662 total beds, there are 11 skilled nursing facilities and one supportive living community in Illinois, and one SNF in St. Louis, Missouri, all of which have been renamed. They were formerly operated by Rosewood Care Centers but were taken over by HUD after Rosewood defaulted on $146 million in FHA-backed loans. The default made... Read More »
PGIM Simplifies Capital Stack at NOLA Facility
Refinancing a complicated capital stack, PGIM Real Estate Finance secured a $10.7 million HUD loan for a 112-bed skilled nursing facility in New Orleans, Louisiana. The facility was built by the not-for-profit St. Margaret’s Foundation in 2013 on the site of the former Lindy Boggs Medical Center, which was devastated by Hurricane Katrina in 2005. Its $33 million construction was initially funded using New Market Tax Credits, Historic Tax Credits, OCD Loan Funds, FEMA grant money, a bank loan and sponsor equity. PGIM simplified things and significantly reduced the amount of debt with the HUD loan. Located within five miles of seven acute-care hospitals, the facility features 100 units in... Read More »
Monticello Finances Two Tennessee SNFs
Monticello Asset Management and its affiliates provided $16.7 million in first lien debt to refinance two skilled nursing facilities in Tennessee. Totaling 303 beds, the facilities are owned by an experienced owner/operator with a portfolio of more than 4,630 licensed beds. They were built in 1969 and 1977, respectively. Monticello also had an established relationship with the borrower, having financed its acquisition of a number of facilities in the past several years across multiple transactions. This transaction also included a $3 million working capital loan to the properties’ operating companies. Monticello’s asset-based lending group, Monticello Commercial Capital, provided that... Read More »Schedule a demo
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