• Chicagoland Portfolio Finds New Owner

    A value-add senior care portfolio in Chicagoland traded with the help of Blueprint’s Ryan Kelly, Connor Doherty, Alex Florea, Lauren Nagle and Brooks Blackmon. The team worked on behalf of a national developer/investor, which had engaged Blueprint to create an exit strategy for more than a dozen geographically disparate, older-vintage communities... Read More »
  • Publicly Traded REIT Divests in Illinois

    Berkadia was engaged in the divestment of an assisted living and memory care community in Barrington, Illinois. The Berkadia Seniors Housing Team, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, closed the transaction on behalf of a publicly traded REIT. The buyer was a regional owner/operator. But no other details were... Read More »
  • CFG Secures $13.55 Million in HUD Loans

    Capital Funding Group closed two HUD loans totaling $13.55 million to support the refinancing of two skilled nursing facilities. Both facilities are in Illinois, and together they comprise 173 beds. No other details surrounding the financing were disclosed. This announcement follows CFG’s closing of $16.25 million in bridge-to-HUD financing on... Read More »
  • CBRE Secures Bridge Financing For Two Communities

    CBRE secured bridge financing for two seniors housing communities in western Pennsylvania. Aron Will and Tim Root arranged a non-recourse loan with a sub-300 spread through a regional bank. The borrower was CPF Living Communities.  Built in 2017, The Residence at Bethel Park is in Bethel Park with 130 independent living units. The Residence at... Read More »
  • G Capital Markets Closes Cash-Out Recap

    G Capital Markets, a capital advisory firm based in Carmel, California, recently closed on the recapitalization of a 29-unit/59-bed assisted living community in Livermore, California. Built in 2021 by a regional owner/operator, the property leased up in 2022 and has shown consistent strong performance since then, with cash flow margins well over... Read More »
Five Facility Portfolio Finds New Operator in Northern California

Five Facility Portfolio Finds New Operator in Northern California

A portfolio of five skilled nursing facilities in northern California found a new operating tenant thanks to Nick Stahler of The Knapp-Stahler Group of Marcus & Millichap. Located around the Sacramento area, the facilities feature more than 300 beds and are owned by a private family office. They were originally leased to a regional skilled nursing operator, but that operator was primarily focused on the Southern California market. Operations actually improved slightly during the pandemic due to a higher Medicare census and the three-day stay waiver. But occupancy and expenses did worsen over the last two years. At close, occupancy was 82% with a 28% quality mix. A new regional operator... Read More »
New SNF Sells in Texas

New SNF Sells in Texas

A brand-new skilled nursing facility changed hands in central Texas, with the help of Nick Stahler and Austin Diamond of The Knapp-Stahler Group at Marcus & Millichap. Opened in 2019, the 88-bed facility was built as a replacement property by its regional owner. The pandemic took a toll on operations. Occupancy was 50%, and there was some positive cash flow, but the facility was heading towards stabilization. Given its newer vintage and lack of new competition in the area, we imagine once stabilized, it could operate at a healthy margin. The facility is also enrolled in QIPP, which should help.  Another regional owner with a presence in the state bought the facility for $7.0 million,... Read More »
Marcus & Millichap Closes Two Deals in Wisconsin

Marcus & Millichap Closes Two Deals in Wisconsin

Marcus & Millichap’s Ray Giannini has closed two deals in Wisconsin, comprising a 110-unit CCRC and named Ladysmith Care Community and a 50-bed SNF called Shell Lake Healthcare Center.  Ladysmith Care Community, located in Ladysmith, was built in the 1950s and 60s and renovated in 1991, and again in 2012. It has 20 RCAC units and 62 SNF beds and reported good occupancy.  Shell Lake, located in Shell Lake, was built in 1984 with an addition in 1994. It is located one mile away from a critical access hospital and contains 11 private rooms. Read More »
AL Sale in Arizona Closed By The Knapp-Stahler Group

AL Sale in Arizona Closed By The Knapp-Stahler Group

Nick Stahler and Hap Knowles of The Knapp-Stahler Group at Marcus & Millichap recently closed on the sale of an 83-unit assisted living/memory care community in the Phoenix, Arizona MSA. Built in 2017, the property includes more than 120 beds. A national private equity firm that originally developed the community also managed the property, but ran into challenges throughout the pandemic. They selected an experienced, western-based owner/operator to acquire the community, with a closing price falling significantly below replacement cost. No other details were disclosed.  Read More »
Knapp-Stahler Group Announce Three Closings

Knapp-Stahler Group Announce Three Closings

The Knapp-Stahler Group at Marcus & Millichap is heating up heading into NIC’s Fall Conference, announcing three closings across the country. Nick Stahler and Jeff Gabele first sold a 120-bed skilled nursing facility in Lexington, Kentucky on behalf of a large publicly traded operator. Built in 1986 and renovated/expanded in 2011, the property is in good physical condition. Operationally, however, it experienced significant setbacks during the pandemic, but census rebounded somewhat by the end of the sales process at 70%. That allowed the original offering price to stand, but it remains undisclosed. Dwight Capital arranged acquisition financing for the buyer, a high-net-worth... Read More »