• 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 »
Hats Off to Capital Funding

Hats Off to Capital Funding

About three years after it acquired a 140-bed skilled nursing facility in Hatboro, Pennsylvania, Vita Healthcare Group decided to refinance the property with a HUD loan provided by Capital Funding. Craig Casagrande originated the $16.1 million mortgage, which takes out the original $13.36 million bridge loan and $1.5 million working capital loan provided by the firm to support the 2016 acquisition. That original financing included a turnaround component that increased the loan amount based on projected improvements to the facility’s performance. So, assuming a roughly 90% loan-to-cost, the 2016 purchase price can be estimated just below $15 million, or $106,100 per bed. In early 2016, the... Read More »
Skilled Nursing Portfolios Sell in the Northeast

Skilled Nursing Portfolios Sell in the Northeast

Halfway through 2018, Blueprint Healthcare Real Estate Advisors has so far announced 34 closings, making the prospect of breaking their 2017 record of 53 deals even closer. The firm closed June out with two more transactions featuring skilled nursing divestments in the Northeast. First, in New Jersey, Ben Firestone, Chris Hyldahl, Michael Segal and Gideon Orion sold four skilled nursing facilities totaling 654 beds for an undisclosed price. Located in high-barrier-to-entry markets near New York City and along the Jersey Shore, the facilities have undergone several extensive renovations, including adding new memory care units, ventilator units and outpatient therapy space. The buyer is an... Read More »

No rest for the weary

Capital Funding Group recently announced the closing of four transactions for three different skilled nursing facilities across the country. First up, Capital Funding provided an undisclosed amount of subordinated debt to finance the acquisition of a 175-bed SNF in Modesto, California. A group of private real estate investors was the buyer, which brought on an affiliate of Windsor Healthcare to operate. Next up, in a deal that may sound familiar to our readers, CFG financed Vita Healthcare Group’s acquisition of a 140-bed skilled nursing facility in Hatboro, Pennsylvania. There were three parts to the transaction. Capital Funding arranged a $13.36 bridge-to-HUD loan funded through a... Read More »
Hats Off to Capital Funding

Hats off to Vita

Already with three skilled nursing facilities in the state of New York, Vita Healthcare Group (which is based in New Jersey) has in the past seven months worked to grow its presence in the Mid-Atlantic region. Back in June 2015, the company purchased two facilities with 256 total beds in the towns of Columbia and Elizabeth, Pennsylvania for $18.3 million, or $71,445 per bed. Now, Vita has acquired a 140-bed facility in Hatboro (Philadelphia MSA) for an undisclosed price. Both transactions featured strikingly similar facilities. The Columbia and Elizabeth facilities were built in 1978 and 1968, respectively, and were 86% and 79% occupied, respectively. Meanwhile, the Hatboro facility was... Read More »

Capital Funding Group funds two SNF acquisitions

Capital Funding Group recently completed two bridge-to-HUD loans for the acquisition of three skilled nursing facilities. The first, an $18.29 million loan arranged by Craig Casagrande, financed the acquisition of two SNFs in Pennsylvania, totaling 256 beds. If this sounds familiar, you would be right, as the transaction, between buyer, Vita Healthcare Group and seller, a regional senior living operator, was featured in the June issue of The SeniorCare Investor. The two facilities, a 173-bed SNF (90% occupied) built in 1978 and a facility with 45 skilled nursing beds (75% occupied) and 38 personal care beds (85% occupied) built in 1968, with the skilled nursing beds added in 1996, were the... Read More »