Matt Alley Closes Another Texas Transaction
Matt Alley of Senior Living Investment Brokerage is on a tear in Texas, selling his third skilled nursing facility there in a month. The latest sale involved a value-add SNF in Gainesville selling to a Texas-based owner/operator for $1.5 million, or $17,900 per operational bed. Licensed for 116 beds, this older facility (built in 1971) struggled with local competition and was a geographical outlier for the regional owner/operator seller. Occupancy averaged just 49% in 2018, and the facility operated with just 84 beds, with an 8% margin on about $3.475 million of revenues. However, it has a few things going for it, like being located one mile from North Texas Medical Center of Gainesville,... Read More »
Greystone Acquires St. Augustine SNF
Greystone Healthcare Management Corp. acquired a 120-bed skilled nursing facility in St. Augustine, Florida. Located on eight acres about a mile from Flagler Hospital, the facility received $3 million of renovations to its 24 private and 48 semi-private rooms. That brings Greystone’s north Florida portfolio to four facilities. Read More »
Recent Senior Care M&A Deals, Week Ending May 31, 2019
Check out our recent senior care M&A deals! Long-Term Care AcquirerTargetPrice Not disclosedPleasant Bay Nursing & Rehabilitation Center & The Woodlands at Pleasant BayN/A Welltower Inc.Balfour at Riverfront Park$118 million Not disclosedBright Oaks of Aurora$12.7... Read More »
Is Now the Time for Risk Sharing?
Senior care providers are faced with an opportunity for risk sharing in managing patient or population health. Having a stake in the payment for services for the elderly comes with risks, of course. Read More »
Busy May For Meridian
Meridian Capital’s Ari Adlerstein, Ari Dobkin and Josh Simpson are fast closing in on a billion-dollar year in loan closings, and we’re not even halfway through 2019. Across 29 transactions so far, the team has arranged more than $955 million in financing for skilled nursing, assisted living and independent living properties across 18 states. Most notably, Meridian arranged $200 million in bridge financing for more than 25 skilled nursing facilities and over 2,500 beds. There were a couple of construction financings, including a $24 million loan (plus $9.1 million in equity) for a to-be-built 104-bed independent living/assisted living community in Arizona and an $11.5 million loan to fund... Read More »Did Capital Senior Living Reject Acquisition Offer From TPG?
Fresh off closing its $3.7 billion opportunistic real estate fund this March, TPG may have to wait a bit to make its next big acquisition in the senior living space, as its rumored offers to acquire the struggling Capital Senior Living Corporation have all apparently been rebuffed by the company, according to Bloomberg. The approaches were supposedly made in the past few months. The news, however, caused the CSU share price to jump as much as 24% to $4.47. Considering the company’s four-year trend, falling from a peak of $27.50 in April 2015 to below $4.00 per share in May, there is still a long way to go. But at its current value, a buy-out has to be looking more and more attractive. And... Read More »
Welltower Pays $100 Million-Plus for Denver Community
Welltower has picked up a Denver, Colorado senior living property to the tune of $118 million, or roughly $581,000 per unit. Originally built by the seller, AEW, in late 2014 for approximately $74 million, the community featured 203 total units with a mix of independent living, assisted living and memory care and was operated by Balfour Senior Living. AEW had purchased the land back in 2012 for $9.4 million. It is located in a highly desirable downtown Denver neighborhood adjacent to the 17-acre Confluence Park, which can help explain its high per-unit value. Read More »
Lancaster Pollard Refinances Texas SNFs
Four years on from their acquisition, four skilled nursing facilities owned by Summit Healthcare REIT refinanced through HUD, thanks to Jason Dopoulos of Lancaster Pollard. Located in Granbury, Woodville, Jacksonville, and Longview, Texas, Summit and its joint venture partner, Best Years, LLC, acquired the facilities in 2015 for $27 million, or $55,900 per bed. They were then leased back to the seller, a third-party operator. Fast forward to today, and Lancaster Pollard Mortgage Company provided $20.7 million in total HUD financing, the 17th completed deal closed for Summit by Lancaster Pollard. Totaling $120 million in par value, that’s a productive relationship. Read More »
Helios Gets New Tenants for Two Former Senior Care Centers Facilities
Two skilled nursing facilities in Texas previously operated by the now-bankrupt Senior Care Centers found new tenants, courtesy of Helios Healthcare Advisors. Each featuring 120 beds, the Lubbock and Houston facilities are owned by a Texas-based developer that wanted to find new, more financially stable operators. Good call. Helios sourced two Texas-based regional operators to fill those roles, coming in with market lease rates and pre-negotiated purchase options. In addition, they received a short-term line of credit for CHOW coverage. With Helios’ help, they were able to smoothly take over operations. Read More »
IDB Bank Arranges Loan for Florida Facility
Watercrest Senior Living Group’s first-ever “Market Street” senior living community located in Viera, Florida, recently refinanced with the help of Israel Discount Bank of New York (IDB Bank). Opened in 2016 under Watercrest’s new stand-alone memory care brand, the 60-unit community experienced a quick lease-up, reaching 50% occupancy in the first five months after opening. Things clearly have gone smoothly since, as it is now refinancing with a $10.7 million loan structured by IDB Bank. Lisa Silvers, senior vice president of healthcare lending, handled the transaction. Read More »Schedule a demo
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