New York Not-For-Profit Sells To Post Acute Partners
The IPA Seniors Housing team represented a not-for-profit health system in its sale of a 120-bed skilled nursing facility in Brockport, NY. Founded in 1944, the facility was part of the Lakeside Health System until, after years of financial distress, the system sold most of its assets and closed the 61-bed acute-care hospital adjacent to the Brockport SNF. The facility, whose current four-story building was constructed in 1997, remained a separate not-for-profit corporation without a union. It is composed of one floor of administrative offices, the kitchen and dining services, and the top three floors each containing six private rooms and 17 semi-private units, for a total of 120 beds.... Read More »
Diving Into CareTrust REIT’s Latest Virginia Acquisition
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 Wisconsin and Minnesota, 2017 has mostly seen a build-up of CareTrust’s skilled nursing portfolio, including 20 facilities in five transactions announced so far this year. However, CareTrust bucked its recent trend and also acquired a portfolio of three assisted living communities in Virginia from Amerisist Assisted Living for an undisclosed price. Located in Culpepper, Louisa and Warrenton... Read More »Myers and Jandris Close Out the Summer in Style
Mark Myers and Josh Jandris of IPA Seniors Housing impressed in the Southeast this month, closing a couple of single-SNF transactions. With an assist from Ryan Fleming, Myers and Jandris first helped a Northeast-based regional owner on its way to divesting itself completely from Kentucky, and from the SNF market as well, with the sale of its facility in Covington (Cincinnati MSA). The facility, with about 80 beds, is one of seven other tenants that operate out of a 100-year old former hospital. It generates just over $800,000 in annual NOI, or about $9,760 per bed, which is slightly above the market average of the last few years, based on sold properties. But the buyer, also a... Read More »
Allaire Health Group Leases County-Owned SNF
Joshua Jandris, Mark Myers and Charles Hilding of IPA Seniors Housing represented Morris County (New Jersey) in leasing its 283-bed skilled nursing facility in Morristown. The four-story facility had been struggling, losing as much as $3.8 million in annual EBITDA per year. It didn’t help that the county outsourced all aspects of operations. The facility is also on the older side (built in 1973 and 1993) and features a roughly 60% Medicaid census. The financial strain put on the county prompted officials to look for a solution. After a lengthy search, IPA arranged for Allaire Healthcare Group to lease the facility from the county under a 15-year term, with 2.0% annual escalators and $2.25... Read More »Schedule a demo
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