One Memory Care Community’s Evolution In Rye, New Hampshire
A 40-unit (56-bed) memory care community on the coast of New Hampshire that recently went through a Chapter 11 bankruptcy restructuring just sold to Port Development, a private investor group, for $11 million, or $275,000 per unit. Sanctuary Care had developed the Rye community in 2013 for approximately $13 million, or $325,000 per unit. But, operations, care quality and staffing had significantly fallen off, with occupancy currently standing at 48% based on beds and cash flow around breakeven. EvoLve Senior Living, founded by Ben Pearce and Ed LaFrance, will operate the community, which will be renamed EvoLve at Rye. National Health Investors provided a $10 million first mortgage with an... Read More »Ensign Expands Into Texas and Wisconsin
The Ensign Group boosted its position in two markets with the acquisition of five assisted living communities previously operated by Brookdale Senior Living. First, in Texas, where the company already owns nearly fifty properties, Ensign acquired two 37-unit assisted living communities located in the towns of Lancaster (Dallas MSA) and Paris (rural east Texas). Lately, Ensign has only acquired skilled nursing facilities in the state: one San Antonio SNF in February 2017 and two others previously owned by National Health Investors in April 2016, to name a couple. So, while Ensign may have veered slightly from its recent Texas strategy with those two communities, the company doubled down in... Read More »
Public Companies Spring Into Action This June
Public companies have made a statement so far in June, with a couple of REITs, one publicly traded operator and two foreign firms announcing acquisitions this week. First, across our border, Ontario-based Sienna Senior Living added one more Ontario retirement community to its portfolio. The 70-unit community in the town of Kingston sold for approximately $7.27 million, or $103,860 per unit. Then, across the Atlantic, Paris-based senior care operator Korian added about 1,000 beds, and eight long-term care/assisted living facilities, to its Belgium portfolio, which now numbers over 9,500 units. The Senior Assist group sold the facilities, five of which opened in the last 18 months. Now to... Read More »Justin Hutchens a CEO Again
HCP, Inc. (NYSE: HCP) just announced that Justin Hutchens, elected president of the REIT in January, will be leaving to be CEO of HC-One, one of the largest care home providers in the United Kingdom with more than 300 properties. A little over two years ago, Formation Capital Safanad and Court Cavendish purchased healthcare property group NHP, which included the HC-One portfolio. Funding for that acquisition just happened to come from HCP, to the tune of about $630 million. In addition, it subsequently purchased 36 HC-One properties. So, HC-One and HCP are no strangers, and we believe that this did not come out of the blue, and that the HC-One investors decided that perhaps it was time to... Read More »Schedule a demo
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