• 60 Seconds with Swett: M&A Activity Tops 350 Deals in H1:25

    In the second quarter of 2025, there were 176 publicly announced transactions, a preliminary number that is almost certain to increase in the weeks ahead. That brings our total for the first half of the year to 355 deals, or 710 on an annualized basis. Considering we finished 2024 with 716 total deals, which was a record by far, we are in a good... Read More »
  • Bloom Exits South Carolina’s Seniors Housing Market

    Kandu Capital, LLC, and its operating company, Bloom Senior Living, collectively known as Bloom, sold its final seniors housing community in South Carolina. The company is seeking realignment as it exits the state after a decade-long presence in the region. The 129-unit independent living and memory care community, which is in Bluffton, sold for... Read More »
  • Improving Ohio SNF Sees Strong Price

    Ryan Saul of Senior Living Investment Brokerage secured a strong price for a skilled nursing facility in Cincinnati, Ohio. Built in 1965, the facility was originally licensed for 199 beds, but the decision was made to strategically reduce the beds to 167 to save on provider tax and improve the Medicaid rate.  The facility struggled for many... Read More »
  • Stacked Stone Ventures Makes Major SNF Acquisition

    Stacked Stone Ventures, a real estate investment firm founded by Kent Eikanas, has made a major acquisition in the skilled nursing sector, acquiring nine skilled nursing facilities for approximately $33 million, or $66,000 per bed, at a 13% cap rate. Stacked Stone bought the portfolio in a joint venture with Praxis Capital from a large... Read More »
  • Tremper Capital Group Announces Two Refinances

    Tremper Capital Group announced a couple of refinances at the end of the second quarter for seniors housing clients. The first was arranged on behalf of Kisco Senior Living for its 333-unit entrance-fee CCRC in Palm Beach Gardens, Florida. Built in 2004, the campus was acquired by Kisco as part of a larger CCRC deal in 2013, and since then it... Read More »
HCR ManorCare Exits Wisconsin Market

HCR ManorCare Exits Wisconsin Market

Ryan Saul and Toby Siefert of Senior Living Investment Brokerage have sold HCR ManorCare’s (now ProMedica Senior Care) last skilled nursing facility in the state of Wisconsin. The decision to sell came back in the summer of 2019, when the property was originally marketed. A buyer was found, and the property put under LOI, but the operating partner could not get comfortable with the deal.   So, the process started again, and the building went under LOI again in the spring of 2020 with a buyer group looking to grow its already strong presence in Wisconsin. The pandemic hit, and the building suffered from a COVID outbreak, but the parties involved remained patient and stuck to the original... Read More »
The Gold Standard A Bit Tarnished

The Gold Standard A Bit Tarnished

A scathing article from The Washington Post discloses quality problems at HCR ManorCare before its sale to Welltower and ProMedica Health System. For those of you who missed the Thanksgiving weekend article from the Washington Post about poor care at HCR ManorCare’s nursing facilities in Pennsylvania, well, why ruin a great weekend? All kidding aside, it did not portray HCR ManorCare in a very good light, citing numerous cases of poor care and lack of staffing. But I am not sure if they were attacking HCR ManorCare itself, or The Carlyle Group, which owned the company at the time and did the $6 billion sale/leaseback which financially strangled them. Granted, most of the events cited in... Read More »
CareTrust Completes Second HCR ManorCare Acquisition

CareTrust Completes Second HCR ManorCare Acquisition

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 represents the second HCR facility CareTrust has picked up this year, having previously purchased a 99-bed facility in Aberdeen, South Dakota. Like the Aberdeen property, the North Dakota facility was added to an existing master lease with Eduro Healthcare at an annual rate of $425,000, with a remaining term of 12 years, two five-year renewal... Read More »
Tryko Partners Picks Up HCR ManorCare Facility

Tryko Partners Picks Up HCR ManorCare Facility

Quality Care Properties divested one of its HCR ManorCare-operated skilled nursing facilities in New Jersey, with Tryko Partners stepping in as the buyer. Built in 1974, the 106-bed facility is located in New Providence (Newark MSA), which will complement Tryko’s existing strong presence in central and northern New Jersey. The facility is located close to six area hospitals, but currently just two providers refer about 90% of admitted patients. With services that include post-acute, short-term rehab and long-term residential care, it also maintains a five-star rating from CMS. Even with the already-high rating, Tryko will still immediately launch into a multi-million-dollar upgrade of the... Read More »
The Gold Standard A Bit Tarnished

HCR ManorCare Deal The Future Or A Risk?

Hospitals and post-acute providers have not mixed well in the past, but ProMedica Health System hopes that changes. I keep thinking about the Welltower and ProMedica Health System acquisition of Quality Care Properties and HCR ManorCare. Given today’s valuations, ProMedica may have gotten a bit of a deal with ManorCare’s home health and hospice business. But we are still not convinced that a basically two-state hospital system will benefit from owning skilled nursing and assisted living all over the country. Will the tail wag the dog? Yes, there are a lot of unusual alliances going on in healthcare services today, with pharmacies buying insurers, and insurers buying anything they can get... Read More »