Red Tape Results in Senior Care Sale
Sometimes size really does matter for the owner of a senior care facility, especially in this era of red tape gone rampant. We know that with every regulation, there is an added cost coupled with the intended benefit. But it reaches a point where those single- or two-facility owners in senior care cannot keep up and provide the same quality care at a profit. That was the stimulus for a single-asset owner’s exit from the senior care business, which was handled by Toby Siefert and Nick Cacciabando of Senior Living Investment Brokerage. The owner originally built the property as a 50-bed skilled nursing facility in Portage, Pennsylvania (about 80 miles east of Pittsburgh) in 2003, adding a... Read More »
Two Quick Sales for Senior Living Investment Brokerage
Ryan Saul of Senior Living Investment Brokerage closed out the month in style with two transactions. First, in Decatur, Illinois, Mr. Saul sold two senior living communities located across the street from each other. Built in 2001, Keystone Gardens is a 50-unit independent living community, while Keystone Meadows, which was built in 1999, features 60 units of assisted living. Both communities are 72% occupied. These were the only Illinois properties for the Michigan-based seller, which had reached their hold on the investment and decided to liquidate. The buyer, a Michigan-based regional operator with three other communities in Illinois and others across the Midwest, plans to leverage... Read More »High Price for Santa Barbara Memory Care Community
Location clearly commanded a premium for a just-sold memory care community in Santa Barbara, which sold for $18.6 million, or $465,000 per unit, despite still being in lease-up. Built in 2015 as the only asset of the local owner, this community has 44 beds in 40 units on a 0.65-acre lot in scenic Santa Barbara. It was just 82% occupied at the time of the sale, but was still valued approximately $240,000 per unit higher than the average for AL/MC communities in 2016 (included in the 22nd Edition of The Senior Care Acquisition Report, to be published this month). The high rents can help explain the property’s appeal, ranging between $7,600 and $8,000 per month for private units, and about... Read More »
KeyBank and Capital Health Group Team For Success
KeyBank Real Estate Capital pulled doubly duty for its client, Capital Health Group (CHG), in arranging an acquisition loan to fund the company’s purchase of three senior living communities in southeastern Pennsylvania, and then turning around to refinance the loan through multiple Fannie Mae financings. This is not the first we have heard of CHG’s most recent acquisition. Announced in January, the sale of the Keystone Villa Portfolio was arranged by Toby Siefert, Brad Clousing and Jeff Binder of Senior Living Investment Brokerage. The three properties, located between Harrisburg and Philadelphia, were developed by the selling entity, a group of local operators in Pennsylvania looking to... Read More »Schedule a demo
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