Record-high SNF price
Have you ever seen a skilled nursing facility sell for over $300,000 per bed? Well, according to our data (which dates back to 1989), such a deal has not happened, until today. Sabra Health Care REIT, which recently acquired nine seniors housing properties in Canada (lowering its SNF exposure to approximately 50%), purchased four Maryland skilled nursing facilities with 678 beds for $234 million, or a whopping $345,100 per bed. When you look at the purchase price for three of the facilities (with 472 beds) at $175.2 million, the price per bed is an even higher $371,000. The fourth facility, which has a $10.8 million HUD loan with a 5.60% interest rate and sold for $58.8 million, was valued... Read More »Sabra Collaborates with Leo Brown
Sabra Health Care REIT is getting more skin in the game in the development world, having announced a new pipeline agreement with Leo Brown Group (LBG) to help finance up to 10 new senior housing construction projects. Under the agreement, LBG will identify and secure construction financing for senior housing projects. Of those potential projects, Sabra will then have the right, through March 31, 2017, to provide a portion of the required equity financing for up to 10 projects through a preferred equity structure. Plus, at the time of the investment, Sabra will then obtain a purchase option for the community. The total purchase price for the projects is estimated to be approximately $250... Read More »Another Holiday portfolio sells to a REIT
So goes another large portfolio of Holiday Retirement properties, with NorthStar Realty Finance’s acquisition of 32 independent living communities from affiliates of Harvest Facility Holdings, itself an affiliate of Holiday. The acquisition marks another step towards Holiday’s owner Fortress Investment Group’s goal of transforming Holiday into an operating company. In fact, since October 2013, Holiday has sold over 200 properties totaling about $5.1 billion. In that time, nearly all of those assets were sold to REITs, such as New Senior Investment Group, Sabra Health Care REIT, National Health Investors and Ventas, and that is no different in the most-recent transaction. NorthStar Realty... Read More »Schedule a demo
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