California-Based Summit Healthcare REIT Heads Northeast
Summit Healthcare REIT just expanded its holdings in the Northeast, adding nine skilled nursing facilities with 1,285 licensed beds. Along with joint venture partner Fantasia Investment III LLC, a U.S.-based affiliate of Fantasia Holdings Group Co., Ltd., Summit acquired an interest in these facilities out of receivership. They were previously owned by a Colorado-based private investment group, but the existing operator will stay on to manage the portfolio. Quality of care is high, with each facility reporting at least a four-star rating from CMS. The joint venture ended up paying $60 million, or $46,700 per bed. Steve Thomes, Chris Hyldahl, and Gideon Orion of Blueprint Healthcare Real... Read More »
Two More Sales From Blueprint Healthcare Real Estate Advisors
Plugging along this summer with a healthy number of transactions closed so far has been the team at Blueprint Healthcare Real Estate Advisors. After announcing five deals since the start of June, the firm closed two more this August in the Midwest. First, to Ohio, where the team of Connor Doherty and Brian Payant represented an Ohio-based owner/operator in its sale of two skilled nursing facilities for $16.75 million, or $66,500 per bed. Both assets were cash flow-neutral and could obviously improve their operations. That will be the job of the buyer, another Ohio-based owner/operator. Blueprint continued their work over the border in Michigan, with Ben Firestone and Michael Segal selling... Read More »Blueprint Closes Mid-Summer Flurry Of Deals
Blueprint Healthcare Real Estate Advisors certainly has kept busy this summer, announcing four transactions in the last week. Connor Doherty closed two SNF transactions for Blueprint, both located in Ohio. The larger deal consisted of two facilities and 252 total beds, selling for a combined $16.75 million, or $66,470 per bed. The regional owner/operator seller had decided to strategically divest these assets as part of their long-term strategy and handed over ownership to an Ohio-focused operator with experience in operational turnarounds. They will have to use that experience on these two facilities. Built in 1975, with regular updates, the Cincinnati facility was just 66% occupied and... Read More »
Aurora Boreali-SNF
Recent operational difficulties certainly affected the value of a recently sold skilled nursing facility in Aurora, Colorado, but it is certainly on the upswing. Built in 1973, this 120-bed facility was traded back and forth in the 1990s (selling for $4.85 million in 1995 and for $6.62 million in 1998) and eventually became part of a California-based publicly traded REIT’s portfolio. It recently ran into some operational difficulties (including a stint on the special facility focus list), prompting the REIT to hire a new operator and get the facility back on track towards regulatory compliance and improved operations. The operator had succeeded in turning around the property, but the REIT... Read More »Schedule a demo
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