Partnership Purchases Signature HealthCARE-Operated Skilled Nursing Facility
A Signature HealthCARE-operated property was divested by a publicly traded REIT owner, amid rumors that Signature has recently had issues making payments to its REIT landlords. Located outside of Tampa, Florida, the 120-bed skilled nursing facility was built in 1983, renovated in 2009 and was well maintained. It was ideally located, a few blocks from a major hospital, but census issues and escalating liability insurance costs affected operations. Trent Gherardini, Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors represented the seller and led a bidding process that yielded 13 qualified offers. A partnership between a high-net-worth investor and an experienced... Read More »
Marcus & Millichap’s Latest Team Effort
A 60-unit assisted living community traded in Pensacola, Florida, with Marcus & Millichap involved on both sides of the transaction. Brooks Mindord (out of the Miami office) and Rob Reis (based in San Francisco) represented the limited liability company seller, while Rod Llanos (in the Houston office) secured and represented the buyer, a private investment group from Texas. The target, which is licensed for 85 beds, was over 90% occupied as of January 2018 and operated at a 28% margin on approximately $1.8 million of revenues. It sold for $7.0 million, or about $117,000 per unit, with a cap rate of 7.1%. Read More »
Assisted Living Prices Hit Record
Despite multiple headwinds, assisted living prices hit record levels in 2017, while skilled nursing facility prices slumped for the first time in six years. There is an interesting phenomenon going on right now in the seniors housing and care acquisition market. Both the skilled nursing sector and the private pay seniors housing side of the business are facing multiple headwinds. Yet, one side is seeing prices decline while the other keeps on going up, setting some new records on the way. Last year, after five straight years of rising prices, the average price per bed for skilled nursing facilities plunged by 18% to $81,350. Your first question might be, what took so long? The average cap... Read More »
Invesque Invests In Dallas-Area Memory Care Communities
Invesque Inc. (formerly Mainstreet Health Investments) followed up on the completion of its acquisition of Care Investment Trust earlier this month by closing on three memory care communities in the Dallas, Texas area for $21.5 million, or about $188,600 per unit. All three communities total 114 units and are fully stabilized, with all private pay residents. Invesque added the properties to a new absolute net master lease agreement with Constant Care Management Company, featuring an initial 15-year term and two five-year extension options. The relationship doesn’t stop there, with Invesque also receiving a first right to fund and acquire the next three seniors housing projects developed... Read More »
HFF Posts Another Texas Post-Acute Facility Sale
Having just handled the sale of a 140-bed post-acute care facility in the Austin, Texas area, HFF’s David Fasano, Ryan Maconachy and Chad Lavender represented a different owner in the sale of its 144-bed skilled nursing facility near San Antonio’s Medical Center district. Built in 2008, the facility was owned by Kayne Anderson Real Estate Advisors and leased to Senior Care Centers. There are more than 4,300 licensed hospital beds within a three-mile radius of the facility, making it a prime target. HFF procured an affiliate of O&M Investments, LLC as the buyer, which was coming off of a strong 2017 when it announced three skilled nursing acquisitions in Ohio (2) and Tennessee after... Read More »
Shenandoah SNF Sells
A skilled nursing facility in the Shenandoah Valley changed hands with the help of Andrew Hilding, Charlie Hilding, Josh Jandris and Mark Myers of IPA Seniors Housing. Featuring 120 licensed beds, the facility was the last long-term care facility of the regional owner/operator, which still maintains a significant senior living portfolio in the area. A private investor with a senior care portfolio in the Mid-Atlantic and East Coast stepped in as the buyer, with hopes of benefitting from the property’s Medicaid reimbursement potential. The purchase price was not disclosed. Read More »
Another Big Sale For Blueprint Healthcare Real Estate Advisors
Fresh off their top spot in our 2017 broker rankings (in terms of number of deals, properties and units/beds transacted), Blueprint Healthcare Real Estate Advisors seems to be eyeing that top spot for 2018 too, announcing that it represented a public REIT in its recent disposition of 20 Genesis Healthcare-operated skilled nursing facilities. The REIT ended up being Sabra Health Care REIT, and the deal itself doesn’t come as a surprise, as Sabra announced earlier in 2017 that, in an attempt to diversify its operator base (and lessen its share of Genesis properties), it was marketing for sale 35 properties under a memorandum of understanding with Genesis. These 20 facilities (part of the... Read More »
The Ensign Group Grows With Dallas Deal
Through its affiliate, Bridgestone Living, The Ensign Group acquired both the real estate and operations of two 37-unit assisted living communities in Texas, bringing the company’s total portfolio to 232 properties. Located in the Dallas suburbs, the two communities combine for 78% occupancy, which may not be all that low in the over-developed Dallas market. Ensign, which owns other assisted living and skilled nursing properties in the area, will look to use economies of scale to improve operations. With the deal, Ensign now owns the real estate at 65 of its 232 skilled nursing and assisted living properties, a strategy it is looking to continue. Read More »
Generations Senior Living Gets Green to Go Green
Walker & Dunlop successfully structured an $82.077 million loan under Fannie Mae’s Green Rewards loan program, the first for a seniors housing property in the program’s history. Jeff Ringwald and Bill Jackson led the Walker & Dunlop team to structure a 10-year loan with two years of interest only and a 30-year amortization schedule to enable the repeat W&D borrower, Generations Senior Living, to refinance a previous construction loan and obtain cash-out for the financing of an adjacent newly developed memory care community when stabilized. Also, by utilizing the Green Rewards program, the 394-unit community in National City, California (San Diego MSA) received a lower interest... Read More »
Hunt Mortgage Group Finances With Freddie Mac
A 57-unit age-restricted senior apartment community recently refinanced with the help of Hunt Mortgage Group. Located in Boise, Idaho, the property was developed in 1973 and expanded in 2000. It sits on three acres and features four one- and two-story buildings, along with a clubhouse, but has no services that would be found in an independent living community. A multifamily owner/operator with over four decades of operating in the Boise area had acquired this property more than 12 years ago and leveraged that long-term ownership to utilize Freddie Mac’s Small Balance Loan program to obtain a $1.8 million loan with a 10-year, fixed rate term, 30-year amortization and a yield maintenance... Read More »Schedule a demo
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