Another Major SNF Acquisition Closes
When it rains, it pours, we suppose. Last week, Eagle Arc Partners acquired a portfolio of 20 skilled nursing facilities in the Southeast, the largest SNF deal that we had seen for some time. Just a day later, Evans Senior Investments announced that it handled the sale of 21 skilled nursing facilities across three separate transactions in three Midwest states. The combined purchase price for the portfolio was $86 million, or around $54,000 per functional bed. Eleven of the facilities are located in Indiana and combined for 751 licensed skilled nursing beds (692 functional beds) and 109 senior living units. At the time of marketing, average occupancy was around 78%, with total revenues... Read More »
CIBC Bank Funds Indiana SNF Acquisition
CIBC Bank USA facilitated acquisition financing for a regional operator’s purchase of 11 senior care facilities in Indiana. If this deal sounds familiar, that’s because it is part of the larger 21-facility portfolio sale announced by Evans Senior Investments last week. Matthew Tyler and Daniela Miranda of CIBC closed the $51.2 million loan for a regional operator, which purchased the facilities from a local operator. The loan comes with a five-year term on the real estate, and a $5.0 million revolving line of credit was provided to support working capital needs. The portfolio consists of 751 skilled nursing beds and 109 assisted living units. Those 11 facilities have an effective... Read More »
Evans Senior Investments Announces Two Deals
Evans Senior Investments kicked off the fourth quarter with a couple of deals involving seniors housing properties. The first involved a 154-unit campus in Cottage Grove, Wisconsin that has grown over the last 15 years to include 60 independent living, 70 assisted living and 24 memory care units. It initially opened in 2006 with the AL community, then added the memory care in 2016 and finally the independent living community in January 2018. Occupancy exceeded 93% across the campus for the past few years, and even higher at the brand-new IL portion. Revenues and EBITDAR consistently hovered over $6 million and $2.2 million on an annualized basis, respectively, although we imagine there... Read More »
Evans Senior Investments Wraps Up Michigan Portfolio Sale
Evans Senior Investments kicked off June with the sale of a seniors housing/skilled nursing portfolio in Michigan. With Welltower’s major sale also coming to light at the start of the month, hopefully that’s a sign of a more fruitful summer for the industry as a whole. The portfolio consisted of two seniors housing/skilled nursing campuses and one stand-alone skilled nursing facility, with a total of 88 assisted living units, 36 memory care units and 270 skilled nursing beds. Built in 1997, 2007 and 2008, the senior living portion of the portfolio was 100% private pay, while the skilled nursing census boasted a high mix of Medicare patients. The transaction represented the second closing... Read More »Schedule a demo
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