• PACS Gets Trading Period Extension

    PACS Group is trying to right the ship as it works to restate its prior financial statements amid an investigation into its Medicare billing practices, and return to providing regular quarterly earnings statements. The New York Stock Exchange Listing Operations Committee did agree to provide PACS with an additional trading period through November... Read More »
  • Outcome Healthcare Acquires Pennsylvania SNF

    Evans Senior Investments facilitated the sale of Mahoning Valley Nursing & Rehabilitation Center, a 142-bed skilled nursing facility in Lehighton, Pennsylvania. The seller, an independent owner, faced increasing financial and operational pressures in today’s skilled nursing environment. The selected buyer was a regional operator with a... Read More »
  • Full Continuum Community Obtains Refinancing

    CBRE National Senior Housing refinanced The Pointe at Meridian, a 100-unit seniors housing community in Meridian, Idaho. Built in 2022, The Pointe at Meridian was built in 2022 and consists of 60 independent living units, including 14 townhome units, 30 assisted living units and 10 memory care units. Grace Management took over management of the... Read More »
  • Arizona Seniors Housing Development Secures Construction Financing

    Fifty Stones Capital Group closed a $39.3 million construction loan for a seniors housing community in Chandler, Arizona. The proposed development comprises 147 units with 150 beds. The opportunity came to Fifty Stones Capital Group through a local broker.  The sponsor, an experienced local developer with a focus on multifamily and senior... Read More »
  • National Health Investors Sends Default Notice to NHC

    National Health Investors is addressing violations under its longstanding lease agreement with one of its largest tenants, National HealthCare Corporation. In July, NHI notified NHC/OP, L.P., an affiliate of National HealthCare Corporation and the tenant of 32 of NHI’s skilled nursing/senior care facilities and three independent living... Read More »
CareTrust REIT CEO Greg Stapley Steps Down

CareTrust REIT CEO Greg Stapley Steps Down

Amid rumors that CareTrust REIT was looking to make some changes, which may have included a sale or merger of the company into another REIT, the company announced that the CEO, Greg Stapley, will be stepping down at the end of the year, and sometime next year he will commence a three-year, full-time volunteer assignment with The Church of Latter-Day Saints with his wife.  CareTrust was spun out from The Ensign Group in 2014 and Greg has been the only CEO since then. He will become the Executive Chairman at CareTrust.  Taking over will be David Sedgewick, who has been President and COO and will now add the CEO title. He was with Ensign from 2001... Read More »
The Ensign Group and CareTrust Acquire Two Texas SNFs

The Ensign Group and CareTrust Acquire Two Texas SNFs

The Ensign Group and CareTrust REIT have teamed up to acquire the real estate and operations of two skilled nursing facilities in the Austin, Texas metropolitan area. CareTrust purchased the facilities for $32.5 million, or about $135,000 per bed, while The Ensign Group recently took over operations effective August 1, 2021 as part of the acquisition. This deal brings Ensign’s growing portfolio to 242 healthcare operations, 22 of which also include senior living operations, across thirteen states.  The facilities are Sedona Trace Health and Wellness Center, a 119-bed skilled nursing facility located in Austin, Texas; and Cedar Pointe Health and Wellness Center, a 122-bed skilled... Read More »
CareTrust REIT Acquires Again in California

CareTrust REIT Acquires Again in California

A little over a month after CareTrust REIT first acquired four CCRCs in California, then a 150-bed skilled nursing facility in Santa Barbara, the company has made another Golden State purchase. The latest deal features a 123-bed skilled nursing facility located adjacent to the El Centro Regional Medical Center in El  Centro (Imperial County). The seller was a private individual who had owned the facility for more than 20 years. They experienced high staff turnover and occupancy decline as a result of the pandemic and decided to seek a sale. The seller had fallen out of contract with a previous buyer but was still highly motivated to exit.  That led to San Diego-based Bayshire Senior... Read More »
CareTrust REIT Acquires Again

CareTrust REIT Acquires Again

On the back of its purchase of four CCRCs in California last week, CareTrust REIT jumped back in the buyer pool to acquire a 150-bed skilled nursing facility in Santa Barbara. In the off-market transaction, CareTrust also retained the operator, California-based Covenant Care, under an assumed long-term lease. That brings CareTrust and Covenant’s relationship to eight facilities.  The REIT spent approximately $15.86 million (excluding around $40,000 of transaction costs), or $105,700 per bed on the facility. The existing lease, which has approximately four years left on its term, with two five-year renewal options, produces about $1.5... Read More »
CareTrust REIT Acquires Rental CCRC Portfolio

CareTrust REIT Acquires Rental CCRC Portfolio

CareTrust REIT acquired four former Marriott rental CCRCs in Southern California for a combined purchase price of $125.2 million, or $196,500 per unit. That just about equals the average price per unit for seniors housing properties in the 2020 M&A market, according to 26th Edition of The Senior Care Acquisition Report.  Originally developed by Marriott in 1999 and 2000, these communities total 360 assisted living units, 97 memory care units and 180 skilled nursing beds. They are all located in high-income markets in Camarillo, Carlsbad, Rancho Mirage and San Juan Capistrano. An institutional owner hired Evans Senior Investments to market and sell the... Read More »