JV Picks Up 32 Care Homes in Canada; $20M Campus Sale in Dallas
Revera and Axium Form JV to Own 32 LTC Homes in Canada
Revera and Axium Infrastructure completed a joint venture (JV) transaction to share ownership of 32 of Revera’s long-term care (LTC) homes in Ontario, Alberta, Manitoba, and British Columbia.
Revera, a senior living owner, operator, and investor, will continue to run the homes. Independent portfolio manager Axium owns a 75% equity interest, while Revera retains the remainder. Additional homes could be added over time, according to a release announcing the deal.
The homes provide government-funded long-term care, including 24-hour nursing and personal care and assistance with daily living, as well as on-site medical monitoring or supervision.
BMO Capital Markets acted as financial advisor and Torys LLP as legal advisor for Axium.
For Revera, Brookfield Financial and CIBC Capital Markets acted as financial advisors; Goodmans LLP was legal advisor.
CareTrust Replaces Pristine with Trio, Hillstone at Nine Sites
CareTrust REIT (Nasdaq: CTRE) on Tuesday announced the successful replacement of Pristine Senior Living with a pair of new operators at nine Ohio skilled nursing and assisted living facilities.
As of Tuesday, seven of the facilities — primarily located in the Dayton area — were leased to Trio Healthcare, Inc., while the remaining two were under the control of Hillstone Healthcare, Inc.
The San Clemente, Calif.-based CareTrust had terminated its leases with Pristine at the end of February. Trio operates 19 SNFs and assisted living facilities throughout Virginia and Ohio; Hillstone has a portfolio of 22 SNFs in the Buckeye State.
American Street Capital Secures $5.8M for SNF in Sterling, IL
American Street Capital (ASC) secured $5.8 million in permanent financing for the 121-bed Sterling Healthcare skilled nursing facility in Sterling, Ill.
The facility was transitioning from owner-operated to third-party leased, with an acquisition option at a relatively high leverage for the small market.
ASC secured a competitively priced five-year loan at a 70% advance. ASC president Igor Zhizhin originated the loan.
Blueprint Announces $20M SNF Campus Sale in Dallas
Blueprint Healthcare Real Estate Advisors announced the sale of Brentwood Healthcare, a 450-bed skilled nursing campus in the Dallas metropolitan area, for $20 million — or about $44,000 per bed.
The five-building campus was sold by a Texas-based owner-operator to a California-based owner-operator with a large skilled nursing presence in Texas.
Ensign Acquires Texas Post-Acute Care Campus
The Ensign Group (Nasdaq: ENSG) acquired the real estate and operations of the post-acute care and retirement campus Grace Presbyterian Village, effective May 1. The campus — which has 125 skilled nursing beds, 81 independent living units, 36 assisted living units, and 26 memory care units — will now be known as the Villages of Dallas.
A subsidiary of Keystone Care LLC, Ensign’s Texas-based portfolio subsidiary, will operate the facility.
The transaction brings Ensign’s skilled nursing portfolio to 183.
Written by Maggie Flynn