All-Medicare SNF in Vegas Sells
Evans Senior Investments arranged the sale of a 45-bed post-acute rehab facility in Las Vegas, Nevada. Understandably, with its newer vintage, all-Medicare census and higher and higher acuity patient base, the facility traded for a high per-bed price, at $8.5 million, or $188,900 per bed. The transaction was executed on behalf of a regional owner/operator. The facility, exclusively licensed to accept Medicare only, was built in 2015. At the time of marketing, it was 73% occupied and had struggled to maintain healthy occupancy levels in previous months. Despite that, the facility’s growth potential and the anticipated Medicare rate increase set to take effect this year presented a valuable... Read More »
Ziegler Handles Financing in Missouri
John Knox Village is a large not-for-profit single-site provider of senior living services headquartered in Lee’s Summit, Missouri. JKV owns/operates a life plan community which, as of December 31, 2023, consisted of 948 marketable independent living units ranging from single-family homes to apartments, assisted living communities consisting of 106 apartments and 76 memory care units, and a skilled nursing center operating 122 beds. Ziegler announced the closing of John Knox Village obligated group’s $42.3 million Series 2024 tax-exempt bonds. The $30.83 million of Series 2024A fixed rate bonds along with the $5.53 million Series 2024B-1 (TEMPS SM-85) and $7.5 million Series 2024B-2... Read More »
Welltower to Disperse 89 Atria Properties
Several years ago, we had a rather heated discussion with Atria’s former CEO, John Moore, in the lobby of the hotel at the NIC fall conference. This was pre-COVID. It started with our comment that Atria was getting too big to be well managed, since no operator in long-term care had succeeded when they had over 500 communities, and maybe even 300. He took strong exception to that concept, insisting that if you were a good manager, like Atria, you could do well no matter the size. Let’s just say, we were right, he was wrong, and the rest is becoming history. While Atria became a very good operator, a little arrogance may have slipped in as to how good, especially during tough times. We know... Read More »
CareTrust REIT Funds SNF Portfolio Acquisition
CareTrust REIT funded $90 million of a senior mortgage loan in connection with the borrower’s acquisition of a eight-facility skilled nursing portfolio in the southeastern United States. The portfolio, comprising 1,011 skilled nursing beds and 150 assisted living beds, has been acquired by an experienced, regional health care real estate owner/operator. The loan is secured by a first priority lien on the borrowers’ ownership interest in the real estate and carries a five-year maturity with two, six-month extension options and a starting annual effective yield of 10.7%. CareTrust’s $90 million loan is part of a $165 million senior mortgage term loan with an interest rate of SOFR plus... Read More »
Ensign Adds Two Western Facilities
The Ensign Group acquired the real estate and operations of Wellsprings of Gilbert, a 32-bed skilled nursing facility in Gilbert, Arizona. The real estate was acquired by a subsidiary of Standard Bearer Healthcare REIT, Inc. In a separate transaction, Ensign acquired the operations at The Springs at St. Andrews Village, a 58-bed skilled nursing facility in Aurora, Colorado. It will be operated by an Ensign affiliated operator. These latest additions bring Ensign’s portfolio to 312 healthcare operations, 29 of which also include senior living operations, across fourteen states. Read More »
60 Seconds with Swett: How Serious Is the Minimum Staffing Mandate?
We conducted a survey of our readers, asking some questions on the skilled nursing M&A market. Most of the results will be featured in the June issue of The SeniorCare Investor, released later this week, but here are a couple of takeaways from it. First, we asked whether the threat of the minimum staffing mandate (as it currently stands) would impact buyer demand for SNFs. The majority, or 72%, said “somewhat” while 21% said “not at all.” Only 7% thought that there would be a significant impact. Posing the same question, but how lenders’ ability to lend for SNFs would be impacted, also saw the majority, or 64%, of respondents say “somewhat” and 14% believed it would have no impact.... Read More »
Marcus & Millichap Handles Sacramento Sale
After more than twenty years of ownership, a family owner/operator decided to sell its senior apartment community in Sacramento, California. The partnership chose to engage Rob Reis and Jon Holmquist of Marcus & Millichap to quietly market their property for sale. Built in 1971, the 103-unit community consists entirely of one-bedroom apartments. It is a hybrid between independent living and senior apartments, as the previous owner contracted in a meal service for two to three meals per day, and had a prep kitchen, not a full commercial kitchen. Common area amenities include a community room, game room, meal plan service and exercise classes. Plus, unit amenities include hardwood... Read More »
Newmark Handles Class-A Portfolio Deal
Newmark announced the sale of a seniors housing portfolio featuring assets spread across three states. Dubbed Project Stone, the four-community portfolio includes Class-A communities at irreplaceable locations in strong Ohio, Kentucky and Missouri submarkets. Together, they comprise 460 independent living, assisted living and memory care units. The communities had positive leasing and operating margin trends, as well as strong recent rental and care increases. The portfolio was being offered at a discount to replacement cost, but the purchase price was not disclosed. Read More »
Two ARFs Trade in California
Sherman & Roylance sold two Level-3 Adult Residential Facilities (ARFs) in Fresno County, California, representing a well-regarded, long-time owner-operator seller in the deal. Chris Minnery and Michael Belcher of S&R found a seasoned buyer eager to expand their portfolio and build upon the established legacy of care. The two ARFs, each housing six residents, have been operating since 2003 under the management of the original owner. The facilities have consistently enjoyed 100% occupancy. They sold for $1.09 million, or $90,800 per bed. Sherman & Roylance facilitated a seamless handover process, with all residents and staff remaining on board to maintain continuity of... Read More »
Haven Senior Investments Handles Kansas Closing
Haven Senior Investments facilitated the sale of two seniors housing communities in eastern Kansas that total 59 assisted living and memory care units. The purchase price was $3.4 million, or $57,600 per unit. The seller, MorningStar Care Homes, divested one of its seniors housing assets a few years ago and is now exiting the sector to retire with the divestment of these two communities. The communities were built in the mid-90s and are located about an hour apart. They are in good shape, with not much capex needed. Both struggled during the pandemic, but were stabilized at the time of sale with around 85% average occupancy and positive cash flow. They are mostly private-pay, with some... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
