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 […]
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 […]
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 […]
The transactions keep on coming from Lancaster Pollard. After being revealed last month as the top HUD LEAN lender once again (with 79 transactions and nearly $770 million in volume during HUD’s fiscal year 2017), the firm has closed another two transactions on behalf of California-based borrowers. First, for Summit Healthcare REIT, Jason Dopoulos of […]
Summit Healthcare REIT just expanded its holdings in the Northeast, adding nine skilled nursing facilities with 1,285 licensed beds. Along with joint venture partner Fantasia Investment III LLC, a U.S.-based affiliate of Fantasia Holdings Group Co., Ltd., Summit acquired an interest in these facilities out of receivership.
Brian Clark of Heavenrich & Company just sold a 77-unit assisted living/memory care community in Chandler, Arizona (Phoenix MSA) for $13.4 million, or about $174,000 per unit. Mr. Clark represented the stand-alone not-for-profit seller, Pennington Gardens, in the community’s sale to Summit Healthcare REIT, a public non-traded REIT. Built in 2000, the community was 87% […]
We’ve read a lot about public REITs shedding their skilled nursing assets, but that’s not all they’re selling. A publicly traded REIT sold a pair of West Coast assisted living communities for $23 million, or $365,079 per unit. There is a 48-bed/24-unit assisted living/memory care community in Corvallis, Oregon, and a 78-bed/39-unit AL community in […]
We hope the team at Blueprint Healthcare Real Estate Advisors has found some time this NIC to celebrate their busy end to the summer, having announced four deals during the Fall conference. First up, with the help of Steve Thomes, Christopher Hyldahl, and Gideon Orion of Blueprint, as well as acquisition financing provided by Private Bank, […]
We write in the September issue of The SeniorCare Investor that after a four-year surge, skilled nursing valuations may be at a peak. We give many reasons why the sector is currently valued so high (rightfully so) but also why it probably won’t rise any higher. But in the meantime, high-valued deals are still closing, […]
LTC Properties (NYSE: LTC) expanded its relationship with Thrive Senior Living, acquiring and then leasing another property to the Atlanta-based operator for $14.3 million, or $204,286 per unit. Receiving its Certificate of Occupancy in May 2016, the community in Athens, Georgia was actually developed by a joint venture between Thrive, Paragon Real Estate and Summit […]