• Interview with Bryan Lockard of JLL Value and Risk Advisory

    Ben Swett, Managing Editor of The SeniorCare Investor, sat down with Bryan Lockard of JLL Value and Risk Advisory to discuss JLL’s 2024 Seniors Housing and Care Investor Survey and Trends, which you can download here. Read More »
  • Wow…Sonida Senior Living

    The last company in our sector, Sonida Senior Living, finally reported fourth quarter and full-year 2023 earnings, and while pretty good, that was not even the story. The story started four weeks ago. In February, the company announced a series of capital transactions which reduced their debt, raised some equity, and provided liquidity to take... Read More »
  • Marcus & Millichap Arranges SNF Leases

    After purchasing four senior care campuses in a large portfolio deal, a seniors housing owner/operator turned to Marcus & Millichap to find new tenants for the skilled nursing portions of each newly acquired campus. Each building was losing close to $1 million annually and had struggled with occupancy and expenses.  While the portfolio... Read More »
  • LSS Absorbs Diakon

    Two large not-for-profits announced that they were combining to create the 12th largest not-for-profit senior living organization in the country. Lutheran Senior Services, based in St. Louis, Missouri, signed an agreement to bring Diakon Senior Living operations and four CCRCs under its umbrella. Both organizations were described by Adam Marles,... Read More »
  • SNF Under Receivership Is Acquired in Kansas

    Marcus & Millichap was brought on by a limited liability company in the sale of a skilled nursing facility in Topeka, Kansas, that was under receivership. The facility, Providence Living Center, comprises 78 beds across 24,000 square feet and focuses on senior residents with mental health needs. Rod Llanos and Colby Haugness handled the... Read More »
Dwight Capital Closes Cash-Out Loan

Dwight Capital Closes Cash-Out Loan

Dwight Capital arranged a cash-out refinance for the owners of a 106-bed skilled nursing facility in Pikeville, Kentucky, paying off an acquisition loan that Dwight financed in 2018. Built in 1970 less than a mile from the 250-bed Pikeville Medical Center, the facility was previously owned by a publicly traded REIT and operated by Signature HealthCARE. It was well-maintained and over 90% occupied, but escalating liability insurance costs caused cash flow problems. A partnership between an investor and an operator emerged as the buyer, and both entered the Kentucky market with the acquisition. The facility also was subject to a ground lease owned by a group of local investors. Blueprint... Read More »
After Five Years of Ownership, Tryko Partners Refinances PA SNF

After Five Years of Ownership, Tryko Partners Refinances PA SNF

Five years after acquiring a 97-bed skilled nursing facility in Easton, Pennsylvania, Tryko Partners is turning to Housing & Healthcare Finance (HHC Finance) to refinance it through HUD. Originally built in 1960, the facility still had a lot of upside back when it was sold by Signature HealthCARE in 2013. It is located directly across the street from the 196-bed Easton Hospital and featured a good quality mix, with 22% Medicare, 11% private pay and the remainder Medicaid. Occupancy was 84% at the time, as well. However, it was an orphan property for the seller five years ago. The operating margin was just around 4% on $8.55 million of revenues at the time of the sale, but Tryko... Read More »
Partnership Purchases Signature HealthCARE-Operated Skilled Nursing Facility

Partnership Purchases Signature HealthCARE-Operated Skilled Nursing Facility

A Signature HealthCARE-operated property was divested by a publicly traded REIT owner, amid rumors that Signature has recently had issues making payments to its REIT landlords. Located outside of Tampa, Florida, the 120-bed skilled nursing facility was built in 1983, renovated in 2009 and was well maintained. It was ideally located, a few blocks from a major hospital, but census issues and escalating liability insurance costs affected operations. Trent Gherardini, Michael Segal and Ben Firestone of Blueprint Healthcare Real Estate Advisors represented the seller and led a bidding process that yielded 13 qualified offers. A partnership between a high-net-worth investor and an experienced... Read More »

New opportunity for shuttered SNF

Tampa, Florida-based real estate investor Liberty Group acquired a shuttered 120-bed skilled nursing facility in Nashville, Tennessee, with plans to convert it to a 90-unit assisted living community. Formerly owned by Signature HealthCARE, which operates some 30 long-term care facilities in the state, the facility closed in July 2015 following the loss of its Medicaid funding. The buyer, which owns and operates hotels and assisted living communities primarily in the Southeast, paid $1.8 million, or $15,000 per bed, and will rename the facility Bristol Terrace Assisted Living. Read More »