This covers all news, acquisitions, financings and strategies involving the REIT, Care Trust REIT, in regard to seniors housing and care M&A.
Coming off an incredibly strong 2018 in M&A (particularly on the skilled nursing side), Jacob Gehl and Scott Frazier of Blueprint Healthcare Real Estate Advisors announced an assisted living sale in Northern California. The pair represented the single-asset owner/operator that was based in California but was looking to exit the industry. The 145-bed community in […]
While many REITs have been net sellers in the last couple of years, especially in the skilled nursing market, CareTrust REIT has been quite the opposite, growing its portfolio to nearly 200 healthcare properties by the start of 2019. In its latest deal, the REIT announced a large sale/leaseback acquisition in the state of California. […]
Seeking to expand a partnership that is clearly working, CareTrust REIT tacked on an extra senior care campus to its existing seven-property master lease with WLC Firm, LLC. Located in the southern Illinois town of Mt. Carmel (and right in WLC’s geographic wheelhouse), the facility features 90 licensed skilled nursing beds and 38 supportive living […]
CareTrust REIT made its second acquisition in the state of Colorado (nearby its first purchase), spending $19.6 million, or $127,300 per bed, to buy a 154-bed skilled nursing facility in Parker, Colorado (Denver MSA). The REIT’s Salt Lake City-based operating partner, Eduro Healthcare, sourced the transaction with an eye to immediately improve operations at the […]
Birchwood Healthcare Partners is making a successful exit from their skilled nursing/assisted living facility in Huntington, West Virginia, more than doubling the facility’s value after just three years of ownership. When Birchwood originally purchased the 55-bed/unit facility from an individual owner in 2015 for $3.2 million, the facility was losing money. Originally built in 1928, […]
CareTrust REIT headed to Fargo, North Dakota for its latest acquisition, adding a 110-bed skilled nursing facility to its portfolio for a purchase price of approximately $4.75 million, or $43,200 per bed, inclusive of transaction costs. There is also an estimated cap rate of about 13.25%. The facility was previously operated by HCR ManorCare and […]
CareTrust REIT bought a California senior care campus and brought on a new tenant in its latest transaction. Formerly owned by the Catholic not-for-profit Our Lady of Fatima, the Saratoga campus consists of 85 skilled nursing beds and 37 assisted living units, with both components well occupied. It sold for $19.0 million (which includes transaction […]
There’s no such thing as a summer lull for Lancaster Pollard, which recently announced the closing of $400 million in bridge financing for 27 skilled nursing facilities located throughout California. The borrower was a large skilled nursing operator based in California, Plum Healthcare, that previously had a corporate term loan credit facility on the portfolio. […]
CareTrust REIT is on a tear this year, having acquired 33 senior care properties since the start of 2017 and bringing its portfolio to 184 total properties. In all of this activity, CareTrust has also not been limited to a specific geography, making acquisitions in 10 states across the country. Despite being headquartered in San […]
When CareTrust REIT announced a spate of deals at the beginning of this month, on top of an already busy year, one deal in particular stood out, mainly for the fact that it did not involve a skilled nursing facility. With a couple of exceptions when the REIT purchased a few memory care communities in […]