SLIB Sells Two Pennsylvania CCRCs
Two faith-based, not-for-profit CCRCs in central Pennsylvania were acquired by a private East Coast-based investor. Located an hour’s drive from each other, Church of God Home has 50 independent living units and 109 skilled nursing beds in Carlisle, while Towne Centre in Myerstown has 152 skilled nursing beds, plus some “borrowed” IL units from the Carlisle location that gives it a CCRC designation. They were built in 1948 and 1972, respectively, and operated at a profit. But this was not a “cap rate deal,” as the Towne Centre location struggled more with occupancy, and the price was not disclosed. The selling organization is based in south central Pennsylvania, which appears to be... Read More »
Mississippi Turnaround SNF Changes Hands
3G Healthcare Real Estate, which mainly focuses on skilled nursing transactions and has a side focus of debt and equity placement, facilitated the sale of a skilled nursing facility in Mississippi on behalf of a small, local skilled nursing owner. Built in the 1970s, the asset faced occupancy and operational challenges, including staffing shortages, the need for resident mix improvements, and significant bad debt, compounded by reduced state Medicaid rates. During the marketing process, the turnaround potential and long-term opportunities were emphasized, resulting in six competitive offers. Ultimately, an owner/operator with a local presence paid $116,000 per operational bed for the... Read More »
CFG Recapitalizes Skilled Nursing Portfolio
Capital Funding Group closed a $50.3 million delayed draw bridge-to-HUD loan to support the recapitalization of 13 skilled nursing facilities. The deal was secured by first-priority collateral on a single asset in California, as well as mezzanine collateral on twelve additional assets in California, New Hampshire and Massachusetts. The funding provided for an immediate recapitalization of one real estate asset in California and for additional delayed draw proceeds that will be used to further capitalize the other 12 assets which are part of an existing HUD portfolio. CFG intends to refinance into permanent HUD debt. Andrew Jones originated the transaction for the company. Read More »
MONTICELLOAM Appoints Senior Relationship Manager
MONTICELLOAM, LLC, a specialized multifamily and seniors housing bridge lending platform, announced the appointment of Liam Sorensen as Senior Relationship Manager, Originations. In this role, Sorensen will be responsible for fostering and expanding client relationships, sourcing new opportunities, and supporting the firm’s lending and investment activities across the seniors housing market. He will be reporting to Karina Davydov, Senior Managing Director, Healthcare. He has nearly a decade of experience in healthcare real estate finance, with a track record in debt structuring, underwriting, portfolio management and client advisory services. Prior to joining MONTICELLOAM, Sorenson held... Read More »The Grove of Fox Valley: Merger or Acquisition Spotted in LevinPro Database
The Grove of Fox Valley has been linked to a merger or acquisition in the LevinPro M&A deal database. The Medicare-licensed facility is a private skilled nursing facility situated at 1601 N Farnsworth Ave in Aurora, Illinois. LevinPro, which tracks M&A activity across more than a dozen healthcare sectors from hospitals and home health to medical real estate and biopharma, profiled the transaction involving The Grove of Fox Valley in its deal database, which is available to subscribers here. LevinPro has tracked thousands of deals in the skilled nursing facility sector throughout its history. To see the underlying deal data, or for information on subscription options, go to... Read More »The Barrington of Carmel in LevinPro Database
The Barrington of Carmel has been linked to a merger or acquisition in the LevinPro M&A deal database. The Medicare-licensed facility is a not-for-profit skilled nursing facility situated at 1335 S Guilford Rd in Carmel, Indiana. LevinPro, which tracks M&A activity across more than a dozen healthcare sectors from hospitals and home health to medical real estate and biopharma, profiled the transaction involving The Barrington of Carmel in its deal database, which is available to subscribers here. LevinPro has tracked thousands of deals in the skilled nursing facility sector throughout its history. To see the underlying deal data, or for information on subscription options, go to... Read More »
AlerisLife Is Shutting Down
AlerisLife is in the process of winding down its business. The company had struggled for years as a publicly traded company (previously known as Five Star Senior Living) with chronic operational and governance issues, posting repeated net losses, negative EBITDA, low operating margins, and underperforming owned communities. Despite some gains and cost savings after Alvarez & Marsal’s operational review in 2022, the company failed to generate meaningful profits, and leadership changes did not reverse declining performance. Shareholder value suffered for some time, with the company finally being acquired in 2023 by ABP Acquisition LLC, a firm majority owned by Adam Portnoy, the CEO of... Read More »
SLIB Scores SNF Sale to Strawberry Fields REIT
Ryan Saul, Jeff Binder and Lucas Doll of Senior Living Investment Brokerage arranged the sale of a 124-bed senior care campus in Poplar Bluff, Missouri, to Strawberry Fields REIT. The SLIB team represented a regional owner/operator that was exiting the state of Missouri to focus on communities closer to its corporate headquarters. Cedargate Healthcare features a 108-bed skilled nursing portion built in 1973 and a 16-unit assisted living community added in 1996. Renovations were also completed in 2021, and the campus benefitted significantly from the new Medicaid reimbursement methodology implemented in 2022, including a $37 per-patient-day increase on January 1, 2025. It still has a... Read More »
SLIB Closes Two Other Midwest Transactions
No rest for Senior Living Investment Brokerage on Labor Day, apparently, as the firm closed a couple of Midwest closings on the heels of its Missouri sale to Strawberry Fields REIT. Nick Cacciabando and Jeff Binder first returned to a familiar place, in Junction City, Kansas, to sell a senior care community. This property was Cacciabando’s first ever sale back in 2007, which he closed with Binder. The pair, plus Vince Viverito, are now representing that 2007 buyer in the community’s sale, as the regional owner/operator is choosing to focus on its remaining core assets. Built in phases in the 1970s and 1980s, Valley View Senior Life features 28 independent living units, 13 assisted... Read More »
DMK Development Group Divests to Town Lane
DMK Development Group has had a busy summer with two divestments and several developments. After divesting a four-asset seniors housing portfolio in Kentucky to American Healthcare REIT for $65.3 million, or $206,600 per unit, in July, DMK sold a 167-unit seniors housing community in Venice, Florida. The buyer was New York-based real estate investment manager Town Lane. The company assumed a $25.71 million mortgage on the property in the off-market transaction. Atlas Senior Living will continue to operate the community. Developed by DMK in 2023, The Goldton at Venice was highly occupied at the time of sale. The community offers a full continuum of care, including 114 independent... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
