• 60 Seconds with Swett: Getting Realistic with New Development

    The positive mood at the NIC Fall Conference was contagious, as dealmakers were looking forward to a potential record-breaking fourth quarter. We at LevinPro are also gearing up to cover a new elevated level of M&A activity and pricing in the coming months, with our updated valuation tool better accounting for today’s market and the estimated... Read More »
  • NHC Responds to NHI

    National Healthcare Corporation, the tenant of 32 of National Health Investor’s skilled nursing/senior care facilities and three independent living communities, is disputing NHI’s determination of default after the landlord formally notified the operator that it was in default and must cure the default within 30 days to avoid an Event of... Read More »
  • REIT Acquires High-Quality Continuum of Care Community

    Blueprint facilitated the sale of a Class-A seniors housing community in Jasper, Georgia. Built in 2022, The Lodge at Stephens Lake includes 83 units of independent living cottages, assisted living and memory care. It is adjacent to a large active adult development and benefits from significant planned residential and commercial growth. At the... Read More »
  • Legend Senior Living Adds Allentown-Area Asset

    A Class-A, well performing property outside of Allentown, Pennsylvania, traded to a joint venture between Legend Senior Living and a new capital partner. Alex Florea and Kevin Lukehart of Blueprint handled the transaction. Legend previously operated The Vero at Bethlehem, which opened in July 2023 and stabilized within 18 months. At the time of... Read More »
  • CFG’s Senior Care Financing Activity

    Capital Funding Group financed more than $86 million across six transactions from early to mid-August. The transactions supported two memory care communities, four skilled nursing facilities, and one psychiatric hospital in Missouri, California, Tennessee, Texas and Virginia on behalf of nationally recognized borrowers, one of which is a... Read More »
Pardoll Closes Slew of Southeast Sales

Pardoll Closes Slew of Southeast Sales

Mike Pardoll of Marcus & Millichap has spent the last few months crisscrossing the Southeast, closing a number of seniors housing and skilled nursing transactions along the way. Starting in Dickson, Tennessee (Nashville MSA), he represented a private individual in selling their 70-bed skilled nursing facility to another private individual buyer. Leased by Mission Health (an affiliate of the private equity firm Windward Health Partners) as part of a 10-facility lease that includes other SNFs in Tennessee and Georgia, the facility was originally built in 1974. It was well occupied at 90% and produced around $930,000 in annualized 2018 EBITDA. The current lease is $31,000 per month, which... Read More »
Contemporary Closes Mezzanine Loan for Cascade Acquisition

Contemporary Closes Mezzanine Loan for Cascade Acquisition

The team at Contemporary Healthcare Capital closed a $5 million mezzanine loan to the affiliates of Citadel Care Centers and Cascade Capital Group for their acquisition of four skilled nursing facilities in Florida. The portfolio totals 460 licensed beds and has locations in Fernandina Beach, Haines City, Orange County and North Port. Contemporary closed the loan in conjunction with a senior loan and accounts receivable line provided by SunTrust Bank. The purchase price came to just over $106,000 per bed, and Mike Pardoll of Marcus & Millichap and Mark Myers (formerly with Marcus & Millichap) represented the seller. This announcement comes just a month after Cascade revealed that... Read More »
Cascade Capital Group Acquires 16 Former Skyline SNFs

Cascade Capital Group Acquires 16 Former Skyline SNFs

The future is looking brighter for 16 South Dakota skilled nursing facilities formerly owned by Golden Living and operated by Skyline Healthcare, as Cascade Capital Group acquired the portfolio. The facilities had been operated by a receiver since last Spring, after Skyline infamously ran nearly empty on basic food and medical supplies for them. Houlihan Lokey Capital represented Golden Living in the transaction, which included more than 1,000 beds across the state from Rapid City to Sioux Falls. To fund the deal, Cascade secured financing through its long-standing lending partner, CIBC Bank USA. Cascade’s operating partner, Legacy Healthcare, will take over the operations; no easy task.... Read More »
Big Midwest Sale Gets Mezzanine Financing

Big Midwest Sale Gets Mezzanine Financing

Contemporary Healthcare Capital (CHC) announced that it provided mezzanine financing for Cascade Capital Group’s large portfolio acquisition of Upper Midwest senior care facilities from last month. The portfolio sale included five skilled nursing facilities and two assisted living communities in Minnesota and South Dakota. Their outgoing operator was on the verge of bankruptcy, adding complexity to the transaction that was handled by Rob Reis of Marcus & Millichap. The Minnesota facilities were leased to Monarch Healthcare Management and the South Dakota facilities to Eduro Healthcare. CIBC had provided the senior acquisition loan, but CHC followed that up with a $4.22 mezzanine... Read More »
Cascade Capital Continues to Grow

Cascade Capital Continues to Grow

Cascade Capital Group announced a few large transactions totaling 15 skilled nursing and assisted living facilities with more than 1,550 licensed beds for a combined purchase price of $130 million. In one of the transactions, Cascade purchased eight skilled nursing facilities in California that are being leased to The Ensign Group and The Providence Group, with the majority going to Ensign. Five have been transitioned and three more will be transitioned over the next few months. Sector Financial provided senior financing for the acquisition and Formation Lending Group provided the mezzanine debt. In the second transaction, Cascade acquired five skilled nursing facilities and two assisted... Read More »