• Public REIT Divests to Owner/Operator

    Blueprint facilitated the sale of a Massachusetts skilled nursing facility on behalf of a public REIT in the senior care sector. The REIT determined that the facility was a strong candidate for sale due to its location. Plus, the former operator was switching focus to other assets in its mutual portfolio.  Purpose-built in 1982 with... Read More »
  • Development Company Acquires Through Membership Buyout

    A Missouri-based real estate developer engaged Blueprint to facilitate its membership buyout of a joint venture partner. Brooks Blackmon, Ben Firestone and Lauren Nagle handled the transaction. Four years ago, the firm was brought on to raise capital, ultimately sourcing an institutional capital partner to develop a private pay seniors housing... Read More »
  • 60 Seconds with Swett: Previewing Our Capital Markets Conversation

    We know that the capital markets have made the biggest impact on M&A activity and property valuations in the last several years, changing the size of possible deals, the makeup of the properties sold and the buyers that could actually buy. Now that the capital markets have substantially improved and are getting better, barring a sudden and... Read More »
  • Seller Exits Seniors Industry with Divestment to REIT

    A single-asset seniors housing owner is exiting the industry with the sale of their property in Murrieta, California. Built in 2016 and 2018, Renaissance Village Murrieta has 142 units of assisted living and memory care in three stories. It was operating just below 70% occupancy, so there is plenty of room for a new owner to improve performance... Read More »
  • Deal Closes Following Buyer Withdrawals

    After a long process that saw multiple buyers pull out from the deal, the sale of Sarah Neuman Skilled Nursing Facility in Mamaroneck, New York, has closed with the help of Mark Myers at Kiser Group. Owned by a religious not-for-profit organization, The New Jewish Home, the facility features 301 beds and was losing money. Myers had previously... Read More »
Summit Healthcare REIT Makes Large Portfolio Acquisition

Summit Healthcare REIT Makes Large Portfolio Acquisition

Summit Healthcare REIT is entering Georgia with the acquisition of eight skilled nursing facilities across the state. Purchased for $130 million, or $157,000 per bed, the portfolio comprises 826 licensed beds. That per-bed value is certainly high for SNFs, but these days with so many buyers on the hunt for few facilities, we’ve seen bids creep up and up. A wholly-owned subsidiary of Summit is purchasing the portfolio, which will be leased back to the existing operator on a triple net basis. The undisclosed operator has a strong existing presence in the Peach State. CIBC U.S. and Oxford Finance funded the debt on the transaction. With this deal and another acquisition closed in 2021, Summit... Read More »
Summit Healthcare REIT Buys Three SNFs

Summit Healthcare REIT Buys Three SNFs

A wholly-owned subsidiary of Summit Healthcare REIT purchased three skilled nursing facilities in San Bernardino County, California with a total of 191 beds. The purchase price came to $20,055,000, or $105,000 per bed, higher than the average but well below the highest prices paid in the state.  The facilities will be triple-net leased to California-based Rockwell Healthcare, a new tenant for Summit Healthcare REIT. Summit is a registered non-traded REIT that focuses on seniors housing and care real estate in the U.S. Its current portfolio includes interests in 46 seniors housing facilities in 13 states.  Read More »
Lancaster Pollard Refinances Texas SNFs

Lancaster Pollard Refinances Texas SNFs

Four years on from their acquisition, four skilled nursing facilities owned by Summit Healthcare REIT refinanced through HUD, thanks to Jason Dopoulos of Lancaster Pollard. Located in Granbury, Woodville, Jacksonville, and Longview, Texas, Summit and its joint venture partner, Best Years, LLC, acquired the facilities in 2015 for $27 million, or $55,900 per bed. They were then leased back to the seller, a third-party operator. Fast forward to today, and Lancaster Pollard Mortgage Company provided $20.7 million in total HUD financing, the 17th completed deal closed for Summit by Lancaster Pollard. Totaling $120 million in par value, that’s a productive relationship. Read More »
Blueprint Closes Two Large Skilled Nursing Deals

Blueprint Closes Two Large Skilled Nursing Deals

Blueprint Healthcare Real Estate Advisors closed a couple of sales in the Old Northwest. First, Amy Sitzman and Michael Segal represented Sioux Falls, South Dakota-based The Evangelical Lutheran Good Samaritan Society in the not-for-profit’s sale of three Wisconsin skilled nursing facilities. Considered to be non-core, these facilities feature 162 skilled nursing beds, 19 independent living units and 12 age-restricted apartments. They were originally built in 1960s but had maintained a good reputation. In addition, occupancy and quality mix were strong, but despite high per-resident-day revenues, expenses ran too high. Expense management will be the job of the new owner/operator, which is... Read More »
Lancaster Pollard Represents Hawkeye In Iowa Skilled Nursing Sale

Lancaster Pollard Represents Hawkeye In Iowa Skilled Nursing Sale

Chad Elliot, Quintin Harris and Kevin Laidlaw of Lancaster Pollard represented the seller of a six-facility skilled nursing portfolio in Iowa. Owned by Hawkeye Care Centers, these six facilities total 551 beds, with three of the properties featuring a small assisted living or independent living portion. Quality mix was high (over 50%) and operating margin averaged in the low teens, which is not too bad for skilled nursing in this market. The Lancaster Pollard team sold the portfolio to Summit Healthcare REIT for $29.5 million, or about $53,500 per bed. Summit entered into a triple-net lease agreement with Accura HealthCare, an Iowa-based operator with 18 facilities across the state.... Read More »